v3.26.1
Distributions
 6 Months Ended
Jun. 30, 2026
Income Tax Disclosure [Abstract]  
Distributions Distributions
The following tables reflect the cash distributions per share that the Company has declared on its Common Shares during the six months ended June 30, 2026 and 2025:
For the Six Months Ended June 30, 2026
Date DeclaredDistributionRecord DatePayment DateDistribution per Share
January 12, 2026RegularJanuary 30, 2026February 25, 2026$0.225 
February 6, 2026RegularFebruary 27, 2026March 27, 20260.225 
March 3, 2026RegularMarch 31, 2026April 28, 20260.225 
April 13, 2026RegularApril 30, 2026May 27, 20260.225 
April 30, 2026RegularMay 29, 2026June 26, 20260.225 
June 8, 2026RegularJune 30, 2026July 29, 20260.225 
Total$1.350 
For the Six Months Ended June 30, 2025
Date DeclaredDistributionRecord DatePayment DateDistribution per Share
January 10, 2025RegularJanuary 31, 2025February 26, 2025$0.250 
February 11, 2025RegularFebruary 28, 2025March 27, 20250.250 
March 10, 2025RegularMarch 31, 2025April 28, 20250.250 
March 10, 2025SpecialMarch 31, 2025April 28, 20250.100 
April 14, 2025RegularApril 30, 2025May 28, 20250.250 
May 9, 2025RegularMay 30, 2025June 26, 20250.250 
June 6, 2025RegularJune 30, 2025July 29, 20250.250 
Total$1.600 
Subject to applicable legal restrictions and the sole discretion of the Company’s Board, the Company intends to declare and pay regular cash distributions on a monthly basis. From time to time, the Company may also declare and pay special interim distributions in the form of cash or shares of its Common Shares at the discretion of the Company’s Board. These distributions have been or will be paid monthly to shareholders of record as of monthly record dates previously determined by the Company’s Board. Shareholders receive the distribution payments in cash or in Common Shares in accordance with their election under the Company’s distribution reinvestment plan. The timing and amount of any future distributions to shareholders are subject to applicable legal restrictions and the sole discretion of the Company’s Board.
The Company may fund its cash distributions to shareholders from any sources of funds legally available to it, including proceeds from the sale of Common Shares in the Private Offering, borrowings, net investment income from operations, capital gains proceeds from the sale of assets, non-capital gains proceeds from the sale of assets, and dividends or other distributions paid to the Company on account of preferred and common equity investments in portfolio companies. The Company has not established limits on the amount of funds it may use from available sources to make distributions. During certain periods, the Company’s distributions may exceed its earnings. As a result, it is possible that a portion of the distributions the Company makes may represent a return of capital.
A return of capital generally is a return of a shareholder’s investment rather than a return of earnings or gains derived from the Company’s investment activities. Each year a statement on Form 1099-DIV identifying the sources of the distributions (i.e., paid from ordinary income, paid from net capital gains on the sale of securities, and/or a return of capital) will be mailed to the Company’s shareholders. There can be no assurance that the Company will be able to pay distributions at a specific rate or at all.
The following table reflects the sources of the cash distributions on a tax basis that the Company has paid on its Common Shares during the six months ended June 30, 2026 and 2025:
Six Months Ended June 30,
20262025
Source of DistributionDistribution AmountPercentageDistribution AmountPercentage
Offering proceeds$— — $— — 
Borrowings— — — — 
Net investment income(1)
74,403 100 %54,468 100 %
Short-term capital gains proceeds from the sale of assets— — — — 
Long-term capital gains proceeds from the sale of assets— — — — 
Non-capital gains proceeds from the sale of assets— — — — 
Distributions on account of preferred and common equity— — — — 
Total$74,403 100 %$54,468 100 %
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(1)During the six months ended June 30, 2026 and 2025, 96.7% and 95.1%, respectively, of the Company’s gross investment income was attributable to cash income earned, 0.5% and 1.4%, respectively, was attributable to non-cash accretion of discount and 2.8% and 3.5%, respectively, was attributable to paid-in-kind, or PIK, interest.
The determination of the tax attributes of the Company’s distributions is made annually as of the end of the Company’s fiscal year based upon the Company’s taxable income for the full year and distributions paid for the full year. Therefore, a determination made on a quarterly basis may not be representative of the actual tax attributes of the Company’s distributions for a full year. The actual tax characteristics of distributions to shareholders are reported to shareholders annually on Form 1099-DIV.
As of June 30, 2026 and December 31, 2025, the Company’s gross unrealized appreciation on a tax basis was $33,059 and $36,745, respectively. As of June 30, 2026 and December 31, 2025, the Company’s gross unrealized depreciation on a tax basis was $42,697 and $12,813, respectively.
The aggregate cost of the Company’s investments for U.S. federal income tax purposes totaled $2,658,633 and $2,596,699 as of June 30, 2026 and December 31, 2025, respectively. The aggregate net unrealized appreciation (depreciation) on investments on a tax basis was $(9,469) and $28,396 as of June 30, 2026 and December 31, 2025, respectively. The aggregate net unrealized appreciation (depreciation) on investments on a tax basis excludes net unrealized appreciation (depreciation) from foreign currency forward contracts and foreign currency transactions. Net capital losses may be carried forward indefinitely, and their character is retained as short-term or long-term losses. As of June 30, 2026, the Company had no capital loss carryforwards available to offset future realized capital gains.