v3.26.1
Net Assets
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Net Assets Net Assets
The following table presents transactions in Common Shares for the three months ended June 30, 2026:
For the three months ended June 30, 2026
SharesAmount
CLASS I
Subscriptions13,893,712 $335,039 
Share transfers between classes8,786,920 210,611 
Distributions reinvested13,906,090 334,638 
Share repurchases(79,162,113)(1,872,204)
Early repurchase deduction— 274 
Net increase (decrease)(42,575,391)(991,642)
CLASS S
Subscriptions3,753,204 90,375 
Share transfers between classes(2,346,581)(56,429)
Distributions reinvested6,730,320161,951 
Share repurchases(13,174,718)(311,627)
Early repurchase deduction—119 
Net increase (decrease)(5,037,775)(115,611)
CLASS D
Subscriptions1,299,612 31,226 
Share transfers between classes(6,440,339)(154,182)
Distributions reinvested58,166 1,400 
Share repurchases(883,176)(20,888)
Early repurchase deduction—4 
Net increase (decrease)(5,965,737)(142,440)
Total net increase (decrease)(53,578,903)$(1,249,693)
The following table presents transactions in Common Shares for the six months ended June 30, 2026:
For the six months ended June 30, 2026
SharesAmount
CLASS I
Subscriptions55,685,570 $1,366,966 
Share transfers between classes13,341,031 322,410 
Distributions reinvested28,585,613 696,023 
Share repurchases(173,351,086)(4,150,612)
Early repurchase deduction— 1,079 
Net increase (decrease)(75,738,872)(1,764,134)
CLASS S
Subscriptions15,493,323 379,507 
Share transfers between classes(6,774,720)(165,098)
Distributions reinvested13,638,833332,006 
Share repurchases(50,392,979)(1,211,943)
Early repurchase deduction—470 
Net increase (decrease)(28,035,543)(665,058)
CLASS D
Subscriptions1,494,138 36,029 
Share transfers between classes(6,566,311)(157,312)
Distributions reinvested130,781 3,188 
Share repurchases(3,126,154)(75,145)
Early repurchase deduction—18 
Net increase (decrease)(8,067,546)(193,222)
Total net increase (decrease)(111,841,961)$(2,622,414)
The following table presents transactions in Common Shares for the three months ended June 30, 2025:
For the three months ended June 30, 2025
SharesAmount
CLASS I
Subscriptions96,388,768$2,431,232 
Share transfers between classes1,646,39341,514 
Distributions reinvested14,104,486355,663 
Share repurchases(37,224,199)(936,933)
Early repurchase deduction— 551 
Net increase (decrease)74,915,448 1,892,027 
CLASS S
Subscriptions28,750,386725,144 
Share transfers between classes(1,377,218)(34,723)
Distributions reinvested6,781,888171,014 
Share repurchases(5,897,406)(148,438)
Early repurchase deduction—256 
Net increase (decrease)28,257,650 713,253 
CLASS D
Subscriptions2,263,871 57,076 
Share transfers between classes(269,175)(6,791)
Distributions reinvested136,047 3,431 
Share repurchases(454,553)(11,441)
Early repurchase deduction— 12 
Net increase (decrease)1,676,190 42,287 
Total net increase (decrease)104,849,288 $2,647,567 
The following table presents transactions in Common Shares for the six months ended June 30, 2025:
For the six months ended June 30, 2025
SharesAmount
CLASS I
Subscriptions192,123,807$4,862,984 
Share transfers between classes3,347,62384,735 
Distributions reinvested27,025,144683,840 
Share repurchases(55,553,366)(1,399,743)
Early repurchase deduction— 766 
Net increase (decrease)166,943,208 4,232,582 
CLASS S
Subscriptions61,565,2541,558,561 
Share transfers between classes(2,989,714)(75,689)
Distributions reinvested13,050,420330,231 
Share repurchases(10,518,196)(265,113)
Early repurchase deduction—358 
Net increase (decrease)61,107,764 1,548,348 
CLASS D
Subscriptions4,655,055 117,847 
Share transfers between classes(357,909)(9,046)
Distributions reinvested259,516 6,567 
Share repurchases(517,808)(13,038)
Early repurchase deduction—17 
Net increase (decrease)4,038,854 102,347 
Total net increase (decrease)232,089,826 $5,883,277 
Net Asset Value per Share and Offering Price
The Company determines NAV for each class of shares as of the last day of each calendar month. Share issuances related to monthly subscriptions are effective the first calendar day of each month. Shares are issued at an offering price equivalent to the most recent NAV per share available for each share class, which will be the prior calendar day NAV per share (i.e., the prior month-end NAV). The following table presents each month-end NAV per share for Class I, Class S and Class D Common Shares for the six months ended June 30, 2026:
NAV Per Share
For the Months EndedClass IClass SClass D
January 31, 2026$24.68 $24.68 $24.68 
February 28, 202624.38 24.38 24.38 
March 31, 202624.19 24.19 24.19 
April 30, 202624.06 24.06 24.06 
May 31, 202623.94 23.94 23.94 
June 30, 202623.65 23.65 23.65 
The following table presents each month-end NAV per share for Class I, Class S and Class D Common Shares for the six months ended June 30, 2025:
NAV Per Share
For the Months EndedClass IClass SClass D
January 31, 2025$25.42 $25.42 $25.42 
February 28, 202525.36 25.36 25.36 
March 31, 202525.25 25.25 25.25 
April 30, 202525.19 25.19 25.19 
May 31, 202525.21 25.21 25.21 
June 30, 202525.17 25.17 25.17 
Distributions
The Board authorizes and declares monthly distribution amounts per share of Class I, Class S and Class D Common Shares. The following tables present distributions that were declared and payable for the six months ended June 30, 2026:
Class I
Declaration DateRecord DatePayment DateDistribution Per ShareDistribution Amount
January 22, 2026January 31, 2026February 26, 2026$0.2000 $267,765 
February 19, 2026February 28, 2026March 26, 20260.2000 271,817 
March 19, 2026March 31, 2026April 28, 20260.2000 274,504 
April 20, 2026April 30, 2026May 28, 20260.2000 258,268 
May 20, 2026May 31, 2026June 25, 20260.2000 260,124 
June 22, 2026June 30, 2026July 28, 20260.2000 262,968 
$1.2000 $1,595,446 
Class S
Declaration DateRecord DatePayment DateDistribution Per ShareDistribution Amount
January 22, 2026January 31, 2026February 26, 2026$0.1824 $107,734 
February 19, 2026February 28, 2026March 26, 20260.1825 108,650 
March 19, 2026March 31, 2026April 28, 20260.1827 109,426 
April 20, 2026April 30, 2026May 28, 20260.1829 103,322 
May 20, 2026May 31, 2026June 25, 20260.1830 103,813 
June 22, 2026June 30, 2026July 28, 20260.1830 104,271 
$1.0965 $637,216 
Class D
Declaration DateRecord DatePayment DateDistribution Per ShareDistribution Amount
January 22, 2026January 31, 2026February 26, 2026$0.1948 $4,701 
February 19, 2026February 28, 2026March 26, 20260.1949 4,709 
March 19, 2026March 31, 2026April 28, 20260.1949 4,722 
April 20, 2026April 30, 2026May 28, 20260.1950 4,331 
May 20, 2026May 31, 2026June 25, 20260.1950 4,466 
June 22, 2026June 30, 2026July 28, 20260.1950 3,296 
$1.1696 $26,225 
The following tables present distributions that were declared and payable for the six months ended June 30, 2025:
Class I
Declaration DateRecord DatePayment DateDistribution Per ShareDistribution Amount
January 22, 2025January 31, 2025February 27, 2025$0.2200 $228,819 
February 20, 2025February 28, 2025March 26, 20250.2200 238,587 
March 19, 2025March 31, 2025April 24, 20250.2200 246,375 
April 16, 2025April 30, 2025May 27, 20250.2200 253,182 
May 19, 2025May 31, 2025June 26, 20250.2200 259,757 
June 19, 2025June 30, 2025July 24, 20250.2200 267,011 
$1.3200 $1,493,731 
Class S
Declaration DateRecord DatePayment DateDistribution Per ShareDistribution Amount
January 22, 2025January 31, 2025February 27, 2025$0.2020 $102,691 
February 20, 2025February 28, 2025March 26, 20250.2020 104,955 
March 19, 2025March 31, 2025April 24, 20250.2020 107,789 
April 16, 2025April 30, 2025May 27, 20250.2021 109,761 
May 19, 2025May 31, 2025June 26, 20250.2022 111,623 
June 19, 2025June 30, 2025July 24, 20250.2021 113,811 
$1.2124 $650,630 
Class D
Declaration DateRecord DatePayment DateDistribution Per ShareDistribution Amount
January 22, 2025January 31, 2025February 27, 2025$0.2147 $5,018 
February 20, 2025February 28, 2025March 26, 20250.2147 5,387 
March 19, 2025March 31, 2025April 24, 20250.2147 5,442 
April 16, 2025April 30, 2025May 27, 20250.2147 5,530 
May 19, 2025May 31, 2025June 26, 20250.2148 5,743 
June 19, 2025June 30, 2025July 24, 20250.2147 5,885 
$1.2883 $33,005 
Distribution Reinvestment Plan
The Company has adopted a distribution reinvestment plan (the “DRIP”), pursuant to which it reinvests all cash dividends declared by the Board on behalf of its shareholders who do not elect to receive their dividends in cash. As a result, if the Board authorizes, and the Company declares, a cash dividend or other distribution, then shareholders who have not opted out of the DRIP will have their cash distributions automatically reinvested in additional shares as described below, rather than receiving the cash dividend or other distribution. Distributions on fractional shares will be credited to each participating shareholder’s account to three decimal places. No action is required on the part of a registered shareholder to have his, her or its cash dividend or other distribution reinvested in our Common Shares, except shareholders in certain states. Investors and clients of certain participating brokers in states that do not permit automatic enrollment in the DRIP will automatically receive their distributions in cash unless they elect to have their cash distributions reinvested in additional Common Shares.
Character of Distributions
The Company may fund its cash distributions to shareholders from any source of funds available to the Company, including but not limited to offering proceeds, net investment income from operations, capital gains proceeds from the sale of assets, dividends or other distributions paid to it on account of preferred and common equity investments in portfolio companies and expense support from the Advisers, which is subject to recoupment.
Through June 30, 2026, a portion of the Company’s distributions resulted from expense support from the Sub-Adviser, and future distributions may result from expense support from the Sub-Adviser, each of which is subject to repayment by the Company within three years from the date of payment. The purpose of this arrangement avoids distributions being characterized as a return of capital for U.S. federal income tax purposes. Shareholders should understand that any such distribution is not based solely on the Company’s investment performance, and can only be sustained if the Company achieves positive investment performance in future periods or the Sub-Adviser continues to provide expense support. Shareholders should also understand that the Company’s future repayments of expense support will reduce the distributions that they would otherwise receive. There can be no assurance that the Company will achieve the performance necessary to sustain these distributions, or be able to pay distributions at all.
Sources of distributions, other than net investment income and realized gains on a GAAP basis, include required adjustments to GAAP net investment income in the current period to determine taxable income available for distributions. The following table presents the sources of cash distributions on a GAAP basis that the Company has declared on its Common Shares for the six months ended June 30, 2026:
For the six months ended June 30, 2026
Class IClass SClass D
Source of DistributionPer ShareAmountPer ShareAmountPer ShareAmount
Net investment income$1.2000 $1,595,446 $1.0965 $637,216 $1.1696 $26,225 
Net realized gains— — — — — — 
Total$1.2000 $1,595,446 $1.0965 $637,216 $1.1696 $26,225 
The following table presents the sources of cash distributions on a GAAP basis that the Company has declared on its Common Shares for the six months ended June 30, 2025:
For the six months ended June 30, 2025
Class IClass SClass D
Source of DistributionPer ShareAmountPer ShareAmountPer ShareAmount
Net investment income$1.3200 $1,493,731 $1.2124 $650,630 $1.2883 $33,005 
Net realized gains— — — — — — 
Total$1.3200 $1,493,731 $1.2124 $650,630 $1.2883 $33,005 
Share Repurchase Program
The Company has implemented a share repurchase program under which, at the discretion of the Board, the Company may repurchase, in each quarter, up to 5% of the NAV of the Company’s Common Shares outstanding (either by number of shares or aggregate NAV) as of the close of the previous calendar quarter. For the avoidance of doubt, such target amount is assessed each calendar quarter. The Board may amend or suspend the share repurchase program at any time (including to offer to purchase fewer shares) if in its reasonable judgment it deems such action to be in the best interest of shareholders, such as when a repurchase offer would place an undue burden on the Company’s liquidity, adversely affect the Company’s operations or risk having an adverse impact on the Company that would outweigh the benefit of the repurchase offer. As a result, share repurchases may not be available each quarter, or may only be available in an amount less than 5% of our Common Shares outstanding. The Company intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Exchange Act and the 1940 Act. Additionally, pursuant to Rule 23c-1(a)(10) under the 1940 Act, the Company may also repurchase its outstanding Common Shares outside of the share repurchase program. All shares purchased pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.
Under the share repurchase program, to the extent the Company offers to repurchase shares in any particular quarter, it is expected to repurchase shares pursuant to tender offers using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter, except that shares that have not been outstanding for at least one year will be repurchased at 98% of such NAV (an “Early Repurchase Deduction”). The one-year holding period will be satisfied if at least one year has elapsed from (a) the issuance date of the applicable Common Shares to (b) the subscription date immediately following the valuation date used in the repurchase of such Common Shares. The Early Repurchase Deduction may be waived in the case of repurchase requests arising from the death, divorce or qualified disability of the holder; in the event that a shareholder’s shares are repurchased because the shareholder has failed to maintain the $500 minimum account balance; or due to trade or operational error. In addition, the Company’s Common Shares are sold to certain investment vehicles (including feeder vehicles, registered investment companies or other investment funds), discretionary model portfolios and other similar arrangements. The Company, in its discretion, may waive the Early Repurchase Deduction for such investment vehicles, discretionary model portfolios and other similar arrangements in appropriate circumstances, including, but not limited to, for administrative, operational, rebalancing, regulatory or other purposes. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining shareholders.
Share Repurchases
For the three months ended June 30, 2026 and 2025, approximately 93,220,007 and 43,576,158 Common Shares were repurchased, respectively. For the six months ended June 30, 2026 and 2025, approximately 226,909,559 and 66,600,528 Common Shares were repurchased, respectively.
The following table presents the repurchases of Common Shares pursuant to the Company’s share repurchase program for the six months ended June 30, 2026:
Commencement Date
Repurchase Request Deadline
Total Number of Shares Repurchased (all classes) (1)
Percentage of Outstanding Shares Repurchased (2)
Price Paid Per ShareRepurchase Pricing Date
Amount Repurchased (all classes) (1)(3)
Maximum number of shares that may yet be purchased under the repurchase program (4)
February 2, 2026March 2, 2026133,689,552 7.0 %$24.19 March 31, 2026$3,232,786 — 
May 1, 2026May 29, 202693,220,007 5.0 %$23.65 June 30, 2026$2,204,322 — 
(1)For the three months ended March 31, 2026, repurchases include 10,247 Common Shares repurchased at a price equal to the Company's net asset value per share as of December 31, 2025 pursuant to the Company's tender offer that expired on December 2, 2025. For the three months ended June 30, 2026, repurchases include 119,735 Common Shares repurchased at a price equal to the Company's net asset value per share as of March 31, 2026 pursuant to the Company's tender offer that expired on March 2, 2026.
(2)Percentage is based on total shares as of the close of the previous calendar quarter.
(3)Amounts shown net of Early Repurchase Deduction.
(4)For the three months ended June 30, 2026, the Company received repurchase requests that exceeded its quarterly limits and accepted requests on a pro-rata basis in accordance with the terms of the Company’s share repurchase program.
The following table presents the repurchases of Common Shares pursuant to the Company’s share repurchase program for the six months ended June 30, 2025:
Commencement DateRepurchase Request DeadlineTotal Number of Shares Repurchased (all classes)
Percentage of Outstanding Shares Repurchased (1)
Price Paid Per ShareRepurchase Pricing Date
Amount Repurchased (all classes) (2)
Maximum number of shares that may yet be purchased under the repurchase program (3)
February 3, 2025March 3, 202523,024,370 1.5 %$25.25 March 31, 2025$581,043 — 
May 2, 2025May 30, 202543,576,158 2.6 %$25.17 June 30, 2025$1,095,993 — 
(1)Percentage is based on total shares as of the close of the previous calendar quarter.
(2)Amounts shown net of Early Repurchase Deduction.
(3)All repurchase requests were satisfied in full.