| Shareholders' Equity |
The following table summarizes the shareholder transactions in common shares during the three and six months ended June 30, 2026:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series I |
|
Series II |
|
Total |
|
|
Shares |
|
Consideration Amount |
|
Shares |
|
Consideration Amount |
|
Shares |
|
Consideration Amount |
|
A-II Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2025 |
|
13,598,460 |
|
$ |
356,813 |
|
|
40,151,313 |
|
$ |
1,056,092 |
|
|
53,749,773 |
|
$ |
1,412,905 |
|
Proceeds from issuance of shares(1)(3) |
|
764,655 |
|
|
21,537 |
|
|
3,036,961 |
|
|
86,755 |
|
|
3,801,616 |
|
|
108,292 |
|
Repurchases of shares |
|
(68,326 |
) |
|
(1,917 |
) |
|
(178,630 |
) |
|
(5,081 |
) |
|
(246,956 |
) |
|
(6,998 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series I |
|
Series II |
|
Total |
|
|
Shares |
|
Consideration Amount |
|
Shares |
|
Consideration Amount |
|
Shares |
|
Consideration Amount |
|
Reinvestment of distributions |
|
8,264 |
|
|
232 |
|
|
45,412 |
|
|
1,292 |
|
|
53,676 |
|
|
1,524 |
|
Net increase (decrease) |
|
704,593 |
|
$ |
19,852 |
|
|
2,903,743 |
|
$ |
82,966 |
|
|
3,608,336 |
|
$ |
102,818 |
|
Balance as of March 31, 2026 |
|
14,303,053 |
|
$ |
376,665 |
|
|
43,055,056 |
|
$ |
1,139,058 |
|
|
57,358,109 |
|
$ |
1,515,723 |
|
Proceeds from issuance of shares |
|
668,521 |
|
|
19,027 |
|
|
2,977,930 |
|
|
86,101 |
|
|
3,646,451 |
|
|
105,128 |
|
Repurchases of shares |
|
(440,304 |
) |
|
(12,442 |
) |
|
(154,888 |
) |
|
(4,446 |
) |
|
(595,192 |
) |
|
(16,888 |
) |
Reinvestment of distributions |
|
8,758 |
|
|
247 |
|
|
46,645 |
|
|
1,339 |
|
|
55,403 |
|
|
1,586 |
|
Net increase (decrease) |
|
236,975 |
|
$ |
6,832 |
|
|
2,869,686 |
|
$ |
82,994 |
|
|
3,106,661 |
|
$ |
89,826 |
|
Balance as of June 30, 2026 |
|
14,540,028 |
|
$ |
383,497 |
|
|
45,924,742 |
|
$ |
1,222,052 |
|
|
60,464,770 |
|
$ |
1,605,549 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
F-I Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2025 |
|
2,747,440 |
|
$ |
72,595 |
|
|
2,415,511 |
|
$ |
64,385 |
|
|
5,162,951 |
|
$ |
136,980 |
|
Proceeds from issuance of shares |
|
143,992 |
|
|
3,987 |
|
|
59,018 |
|
|
1,661 |
|
|
203,010 |
|
|
5,648 |
|
Repurchases of shares |
|
(12,255 |
) |
|
(339 |
) |
|
- |
|
|
- |
|
|
(12,255 |
) |
|
(339 |
) |
Reinvestment of distributions |
|
7,874 |
|
|
218 |
|
|
12,938 |
|
|
363 |
|
|
20,812 |
|
|
581 |
|
Net increase (decrease) |
|
139,611 |
|
$ |
3,866 |
|
|
71,956 |
|
$ |
2,024 |
|
|
211,567 |
|
$ |
5,890 |
|
Balance as of March 31, 2026 |
|
2,887,051 |
|
$ |
76,461 |
|
|
2,487,467 |
|
$ |
66,409 |
|
|
5,374,518 |
|
$ |
142,870 |
|
Proceeds from issuance of shares |
|
16,857 |
|
|
469 |
|
|
12,843 |
|
|
365 |
|
|
29,700 |
|
|
834 |
|
Repurchases of shares |
|
(40,857 |
) |
|
(1,136 |
) |
|
(23,140 |
) |
|
(654 |
) |
|
(63,997 |
) |
|
(1,790 |
) |
Reinvestment of distributions |
|
8,455 |
|
|
235 |
|
|
13,295 |
|
|
375 |
|
|
21,750 |
|
|
610 |
|
Net increase (decrease) |
|
(15,545 |
) |
$ |
(432 |
) |
|
2,998 |
|
$ |
86 |
|
|
(12,547 |
) |
$ |
(346 |
) |
Balance as of June 30, 2026 |
|
2,871,506 |
|
$ |
76,029 |
|
|
2,490,465 |
|
$ |
66,495 |
|
|
5,361,971 |
|
$ |
142,524 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
E Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2025 |
|
10,128 |
|
$ |
269 |
|
|
54,269 |
|
$ |
1,470 |
|
|
64,397 |
|
$ |
1,739 |
|
Proceeds from issuance of shares |
|
2,725 |
|
|
78 |
|
|
3,847 |
|
|
112 |
|
|
6,572 |
|
|
190 |
|
Repurchases of shares |
|
- |
|
|
- |
|
|
(783 |
) |
|
(22 |
) |
|
(783 |
) |
|
(22 |
) |
Reinvestment of distributions |
|
76 |
|
|
2 |
|
|
324 |
|
|
10 |
|
|
400 |
|
|
12 |
|
Net increase (decrease) |
|
2,801 |
|
$ |
80 |
|
|
3,388 |
|
$ |
100 |
|
|
6,189 |
|
$ |
180 |
|
Balance as of March 31, 2026 |
|
12,929 |
|
$ |
349 |
|
|
57,657 |
|
$ |
1,570 |
|
|
70,586 |
|
$ |
1,919 |
|
Proceeds from issuance of shares |
|
75,061 |
|
|
2,153 |
|
|
6,737 |
|
|
200 |
|
|
81,798 |
|
|
2,353 |
|
Repurchases of shares |
|
- |
|
|
- |
|
|
(570 |
) |
|
(17 |
) |
|
(570 |
) |
|
(17 |
) |
Reinvestment of distributions |
|
97 |
|
|
3 |
|
|
353 |
|
|
10 |
|
|
450 |
|
|
13 |
|
Net increase (decrease) |
|
75,158 |
|
$ |
2,156 |
|
|
6,520 |
|
$ |
193 |
|
|
81,678 |
|
$ |
2,349 |
|
Balance as of June 30, 2026 |
|
88,087 |
|
$ |
2,505 |
|
|
64,177 |
|
$ |
1,763 |
|
|
152,264 |
|
$ |
4,268 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
V Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2025 |
|
40 |
|
$ |
1 |
|
|
40 |
|
$ |
1 |
|
|
80 |
|
$ |
2 |
|
Proceeds from issuance of shares |
|
|
|
|
|
|
|
|
|
- |
|
|
- |
|
Repurchases of shares |
|
|
|
|
|
|
|
|
|
- |
|
|
- |
|
Reinvestment of distributions |
|
|
|
|
|
|
|
|
|
- |
|
|
- |
|
Net increase (decrease) |
|
- |
|
$ |
- |
|
|
- |
|
$ |
- |
|
|
- |
|
$ |
- |
|
Balance as of March 31, 2026 |
|
40 |
|
$ |
1 |
|
|
40 |
|
$ |
1 |
|
|
80 |
|
$ |
2 |
|
Proceeds from issuance of shares |
|
|
|
|
|
|
|
|
|
- |
|
|
- |
|
Repurchases of shares |
|
|
|
|
|
|
|
|
|
- |
|
|
- |
|
Reinvestment of distributions |
|
|
|
|
|
|
|
|
|
- |
|
|
- |
|
Net increase (decrease) |
|
- |
|
$ |
- |
|
|
- |
|
$ |
- |
|
|
- |
|
$ |
- |
|
Balance as of June 30, 2026 |
|
40 |
|
$ |
1 |
|
|
40 |
|
$ |
1 |
|
|
80 |
|
$ |
2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
I Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2025 |
|
2,011,856 |
|
$ |
54,366 |
|
|
394,865 |
|
$ |
10,765 |
|
|
2,406,721 |
|
$ |
65,131 |
|
Proceeds from issuance of shares(2) |
|
269,109 |
|
|
7,465 |
|
|
82,839 |
|
|
2,335 |
|
|
351,948 |
|
|
9,800 |
|
Repurchases of shares |
|
(5,116 |
) |
|
(142 |
) |
|
(90,850 |
) |
|
(2,559 |
) |
|
(95,966 |
) |
|
(2,701 |
) |
Reinvestment of distributions |
|
8,985 |
|
|
249 |
|
|
2,379 |
|
|
67 |
|
|
11,364 |
|
|
316 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series I |
|
Series II |
|
Total |
|
|
Shares |
|
Consideration Amount |
|
Shares |
|
Consideration Amount |
|
Shares |
|
Consideration Amount |
|
Net increase (decrease) |
|
272,978 |
|
$ |
7,572 |
|
|
(5,632 |
) |
$ |
(157 |
) |
|
267,346 |
|
$ |
7,415 |
|
Balance as of March 31, 2026 |
|
2,284,834 |
|
$ |
61,938 |
|
|
389,233 |
|
$ |
10,608 |
|
|
2,674,067 |
|
$ |
72,546 |
|
Proceeds from issuance of shares |
|
425,460 |
|
|
11,898 |
|
|
153,681 |
|
|
4,352 |
|
|
579,141 |
|
|
16,250 |
|
Repurchases of shares |
|
(32,478 |
) |
|
(903 |
) |
|
(1,673 |
) |
|
(47 |
) |
|
(34,151 |
) |
|
(950 |
) |
Reinvestment of distributions |
|
10,442 |
|
|
290 |
|
|
2,456 |
|
|
69 |
|
|
12,898 |
|
|
359 |
|
Net increase (decrease) |
|
403,424 |
|
$ |
11,285 |
|
|
154,464 |
|
$ |
4,374 |
|
|
557,888 |
|
$ |
15,659 |
|
Balance as of June 30, 2026 |
|
2,688,258 |
|
$ |
73,223 |
|
|
543,697 |
|
$ |
14,982 |
|
|
3,231,955 |
|
$ |
88,205 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
S Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2025 |
|
110 |
|
$ |
3 |
|
|
110 |
|
$ |
3 |
|
|
220 |
|
$ |
6 |
|
Proceeds from issuance of shares |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Repurchases of shares |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Reinvestment of distributions |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Net increase (decrease) |
|
- |
|
$ |
- |
|
|
- |
|
$ |
- |
|
|
- |
|
$ |
- |
|
Balance as of March 31, 2026 |
|
110 |
|
$ |
3 |
|
|
110 |
|
$ |
3 |
|
|
220 |
|
$ |
6 |
|
Proceeds from issuance of shares |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Repurchases of shares |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Reinvestment of distributions |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Net increase (decrease) |
|
- |
|
$ |
- |
|
|
- |
|
$ |
- |
|
|
- |
|
$ |
- |
|
Balance as of June 30, 2026 |
|
110 |
|
$ |
3 |
|
|
110 |
|
$ |
3 |
|
|
220 |
|
$ |
6 |
|
Total net increase (decrease) |
|
1,819,995 |
|
|
51,211 |
|
|
6,007,123 |
|
|
172,580 |
|
|
7,827,118 |
|
|
223,791 |
|
(1)Includes an aggregate of 3,655 Series I A-II Shares that were exchanged from an aggregate of 3,606 Shares of Series II A-II. (2)Includes an aggregate of 88,560 Series I I Shares that were exchanged from an aggregate of 87,213 Shares of Series II I. (3)Includes an aggregate of 924 shares of Series II A-II shares that were exchanged from an aggregate of 938 shares of Series I A-II Shares. The following table summarizes the shareholder transactions in common shares during the three and six months ended June 30, 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series I |
|
Series II |
|
Total |
|
|
Shares |
|
Consideration Amount |
|
Shares |
|
Consideration Amount |
|
Shares |
|
Consideration Amount |
|
A-II Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2024 |
|
8,109,427 |
|
$ |
208,185 |
|
|
24,755,955 |
|
$ |
635,417 |
|
|
32,865,382 |
|
$ |
843,602 |
|
Proceeds from issuance of shares |
|
1,947,990 |
|
|
52,226 |
|
|
3,175,414 |
|
|
85,565 |
|
|
5,123,404 |
|
|
137,791 |
|
Repurchases of shares |
|
(25,696 |
) |
|
(687 |
) |
|
(146,689 |
) |
|
(3,944 |
) |
|
(172,385 |
) |
|
(4,631 |
) |
Reinvestment of distributions |
|
865 |
|
|
23 |
|
|
28,037 |
|
|
754 |
|
|
28,902 |
|
|
777 |
|
Net increase (decrease) |
|
1,923,159 |
|
$ |
51,562 |
|
|
3,056,762 |
|
$ |
82,375 |
|
|
4,979,921 |
|
$ |
133,937 |
|
Balance as of March 31, 2025 |
|
10,032,586 |
|
$ |
259,747 |
|
|
27,812,717 |
|
$ |
717,792 |
|
|
37,845,303 |
|
$ |
977,539 |
|
Proceeds from issuance of shares |
|
1,215,044 |
|
|
32,737 |
|
|
5,319,554 |
|
|
144,134 |
|
|
6,534,598 |
|
|
176,871 |
|
Repurchases of shares |
|
(43,023 |
) |
|
(1,156 |
) |
|
(82,796 |
) |
|
(2,238 |
) |
|
(125,819 |
) |
|
(3,394 |
) |
Reinvestment of distributions |
|
5,114 |
|
|
137 |
|
|
29,042 |
|
|
786 |
|
|
34,156 |
|
|
923 |
|
Net increase (decrease) |
|
1,177,135 |
|
$ |
31,718 |
|
|
5,265,800 |
|
$ |
142,682 |
|
|
6,442,935 |
|
$ |
174,400 |
|
Balance as of June 30, 2025 |
|
11,209,721 |
|
$ |
291,465 |
|
|
33,078,517 |
|
$ |
860,474 |
|
|
44,288,238 |
|
$ |
1,151,939 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
F-I Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2024 |
|
1,154,705 |
|
$ |
30,014 |
|
|
999,415 |
|
$ |
26,174 |
|
|
2,154,120 |
|
$ |
56,188 |
|
Proceeds from issuance of shares |
|
157,210 |
|
|
4,178 |
|
|
86,039 |
|
|
2,298 |
|
|
243,249 |
|
|
6,476 |
|
Repurchases of shares |
|
(10,010 |
) |
|
(266 |
) |
|
- |
|
|
- |
|
|
(10,010 |
) |
|
(266 |
) |
Reinvestment of distributions |
|
2,395 |
|
|
64 |
|
|
6,067 |
|
|
162 |
|
|
8,462 |
|
|
226 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series I |
|
Series II |
|
Total |
|
|
Shares |
|
Consideration Amount |
|
Shares |
|
Consideration Amount |
|
Shares |
|
Consideration Amount |
|
Net increase (decrease) |
|
149,595 |
|
$ |
3,976 |
|
|
92,106 |
|
$ |
2,460 |
|
|
241,701 |
|
$ |
6,436 |
|
Balance as of March 31, 2025 |
|
1,304,300 |
|
$ |
33,990 |
|
|
1,091,521 |
|
$ |
28,634 |
|
|
2,395,821 |
|
$ |
62,624 |
|
Proceeds from issuance of shares |
|
1,144,861 |
|
|
30,585 |
|
|
77,514 |
|
|
2,083 |
|
|
1,222,375 |
|
|
32,668 |
|
Repurchases of shares |
|
(28,602 |
) |
|
(762 |
) |
|
- |
|
|
- |
|
|
(28,602 |
) |
|
(762 |
) |
Reinvestment of distributions |
|
3,183 |
|
|
85 |
|
|
6,758 |
|
|
181 |
|
|
9,941 |
|
|
266 |
|
Net increase (decrease) |
|
1,119,442 |
|
$ |
29,908 |
|
|
84,272 |
|
$ |
2,264 |
|
|
1,203,714 |
|
$ |
32,172 |
|
Balance as of June 30, 2025 |
|
2,423,742 |
|
$ |
63,898 |
|
|
1,175,793 |
|
$ |
30,898 |
|
|
3,599,535 |
|
$ |
94,796 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
E Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2024 |
|
4,262 |
|
$ |
110 |
|
|
19,052 |
|
$ |
499 |
|
|
23,314 |
|
$ |
609 |
|
Proceeds from issuance of shares |
|
3,907 |
|
|
105 |
|
|
13,186 |
|
|
358 |
|
|
17,093 |
|
|
463 |
|
Repurchases of shares |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Reinvestment of distributions |
|
32 |
|
|
1 |
|
|
113 |
|
|
3 |
|
|
145 |
|
|
4 |
|
Net increase (decrease) |
|
3,939 |
|
$ |
106 |
|
|
13,299 |
|
$ |
361 |
|
|
17,238 |
|
$ |
467 |
|
Balance as of March 31, 2025 |
|
8,201 |
|
$ |
216 |
|
|
32,351 |
|
$ |
860 |
|
|
40,552 |
|
$ |
1,076 |
|
Proceeds from issuance of shares |
|
|
|
|
|
10,135 |
|
|
279 |
|
|
10,135 |
|
|
279 |
|
Repurchases of shares |
|
|
|
|
|
(791 |
) |
|
(22 |
) |
|
(791 |
) |
|
(22 |
) |
Reinvestment of distributions |
|
61 |
|
|
2 |
|
|
207 |
|
|
6 |
|
|
268 |
|
|
8 |
|
Net increase (decrease) |
|
61 |
|
$ |
2 |
|
|
9,551 |
|
$ |
263 |
|
|
9,612 |
|
$ |
265 |
|
Balance as of June 30, 2025 |
|
8,262 |
|
$ |
218 |
|
|
41,902 |
|
$ |
1,123 |
|
|
50,164 |
|
$ |
1,341 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
V Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2024 |
|
40 |
|
$ |
1 |
|
|
40 |
|
$ |
1 |
|
|
80 |
|
$ |
2 |
|
Proceeds from issuance of shares |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Repurchases of shares |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Reinvestment of distributions |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Net increase (decrease) |
|
- |
|
$ |
- |
|
|
- |
|
$ |
- |
|
|
- |
|
$ |
- |
|
Balance as of March 31, 2025 |
|
40 |
|
$ |
1 |
|
|
40 |
|
$ |
1 |
|
|
80 |
|
$ |
2 |
|
Proceeds from issuance of shares |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Repurchases of shares |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Reinvestment of distributions |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Net increase (decrease) |
|
- |
|
$ |
- |
|
|
- |
|
$ |
- |
|
|
- |
|
$ |
- |
|
Balance as of June 30, 2025 |
|
40 |
|
$ |
1 |
|
|
40 |
|
$ |
1 |
|
|
80 |
|
$ |
2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
I Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2024 |
|
- |
|
$ |
- |
|
|
- |
|
$ |
- |
|
|
- |
|
$ |
- |
|
Proceeds from issuance of shares |
|
338,637 |
|
|
9,070 |
|
|
32,170 |
|
|
867 |
|
|
370,807 |
|
|
9,937 |
|
Repurchases of shares |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Reinvestment of distributions |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Net increase (decrease) |
|
338,637 |
|
$ |
9,070 |
|
|
32,170 |
|
$ |
867 |
|
|
370,807 |
|
$ |
9,937 |
|
Balance as of March 31, 2025 |
|
338,637 |
|
$ |
9,070 |
|
|
32,170 |
|
$ |
867 |
|
|
370,807 |
|
$ |
9,937 |
|
Proceeds from issuance of shares |
|
683,335 |
|
|
18,342 |
|
|
183,544 |
|
|
4,960 |
|
|
866,879 |
|
|
23,302 |
|
Repurchases of shares |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Reinvestment of distributions |
|
2,179 |
|
|
58 |
|
|
226 |
|
|
6 |
|
|
2,405 |
|
|
64 |
|
Net increase (decrease) |
|
685,514 |
|
$ |
18,400 |
|
|
183,770 |
|
$ |
4,966 |
|
|
869,284 |
|
$ |
23,366 |
|
Balance as of June 30, 2025 |
|
1,024,151 |
|
$ |
27,470 |
|
|
215,940 |
|
$ |
5,833 |
|
|
1,240,091 |
|
$ |
33,303 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
S Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2024 |
|
- |
|
$ |
- |
|
|
- |
|
$ |
- |
|
|
- |
|
$ |
- |
|
Proceeds from issuance of shares |
|
110 |
|
|
3 |
|
|
110 |
|
|
3 |
|
|
220 |
|
|
6 |
|
Repurchases of shares |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Reinvestment of distributions |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Net increase (decrease) |
|
110 |
|
$ |
3 |
|
|
110 |
|
$ |
3 |
|
|
220 |
|
$ |
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series I |
|
Series II |
|
Total |
|
|
Shares |
|
Consideration Amount |
|
Shares |
|
Consideration Amount |
|
Shares |
|
Consideration Amount |
|
Balance as of March 31, 2025 |
|
110 |
|
$ |
3 |
|
|
110 |
|
$ |
3 |
|
|
220 |
|
$ |
6 |
|
Proceeds from issuance of shares |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Repurchases of shares |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Reinvestment of distributions |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Net increase (decrease) |
|
- |
|
$ |
- |
|
|
- |
|
$ |
- |
|
|
- |
|
$ |
- |
|
Balance as of June 30, 2025 |
|
110 |
|
$ |
3 |
|
|
110 |
|
$ |
3 |
|
|
220 |
|
$ |
6 |
|
Total net increase (decrease) |
|
5,397,592 |
|
|
144,745 |
|
|
8,737,840 |
|
|
236,241 |
|
|
14,135,432 |
|
|
380,986 |
|
Distribution Reinvestment Plan The Company adopted a distribution reinvestment plan (the “DRIP”), in which cash distributions to Shareholders will automatically be reinvested in additional whole and fractional shares attributable to the type of Shares that a Shareholder owns unless and until an election is made on behalf of such participating Shareholder to withdraw from the DRIP and receive distributions in cash. The number of Shares to be received when distributions are reinvested will be determined by dividing the amount of the distribution, net of any applicable withholding taxes, by the Series’ NAV per Share as of the end of the prior month. Shares will be distributed in proportion to the Series and types of Shares held by the Shareholder under the DRIP. There will be no sales load charges on Shares issued to a Shareholder under the DRIP. For the three months ended June 30, 2026, the Company issued 8,758 Series I A-II Shares, 8,455 Series I F-I Shares, 10,442 Series I I Shares, 97 Series I E Shares, 46,645 Series II A-II Shares, 13,295 Series II F-I Shares, 2,456 Series II I Shares and 353 Series II E shares for an aggregate purchase price of $2,568 under the DRIP. For the six months ended June 30, 2026, the Company issued 17,023 Series I A-II Shares, 16,329 Series I F-I Shares, 19,427 Series I I Shares, 173 Series I E Shares, 92,057 Series II A-II Shares, 26,233 Series II F-I Shares, 4,835 Series II I Shares and 677 Series II E shares for an aggregate purchase price of $5,001 under the DRIP. For the three months ended June 30, 2025, the Company issued 5,114 Series I A-II Shares, 3,183 Series I F-I Shares, 2,179 Series I I Shares, 61 Series I E Shares, 29,042 Series II A-II Shares, 6,758 Series II F-I Shares, 226 Series II I Shares and 207 Series II E shares for an aggregate purchase price of $1,261 under the DRIP. For the six months ended June 30, 2025, the Company issued 5,979 Series I A-II Shares, 5,579 Series I F-I Shares, 2,179 Series I I Shares, 94 Series I E Shares, 57,079 Series II A-II Shares, 12,825 Series II F-I Shares, 226 Series II I Shares and 320 Series II E shares for an aggregate purchase price of $2,268 under the DRIP. Share Repurchases The Company has a share repurchase plan pursuant to which, on a quarterly basis, Shareholders may request that the Company repurchase all or any portion of their Shares. The Company may repurchase fewer Shares than have been requested in any particular quarter to be repurchased under the Company’s share repurchase plan, or none at all, in the Company's discretion at any time. The Company expects that each Series will conduct quarterly Share Repurchases for up to 5.0% of the aggregate NAV of the Company's outstanding Investor Shares and E Shares of each Series (measured across both Series using the average aggregate NAV across both Series as of the end of the immediately preceding three months). Generally, the price at which we make repurchases of our Shares will equal the NAV per Share of each applicable Share type of each applicable Series as of the last calendar day of the applicable, immediately preceding quarter. A repurchase window was opened to all share types in July 2026 and closed in August 2026. The transaction price per share for that repurchase window was the NAV per share of each respective share type as of June 30, 2026. For the three months ended June 30, 2026, the Company repurchased 440,304 Series I A-II Shares, 40,857 Series I F-I Shares, 32,478 Series I I Shares, 154,888 Series II A-II Shares, 570 Series II E shares, 23,140 Series II F-I Shares and 1,673 Series II I Shares for an aggregate purchase price of $19,645. For the six months ended June 30, 2026, the Company repurchased 508,630 Series I A-II Shares, 53,112 Series I F-I Shares, 37,594 Series I I Shares, 333,519 Series II A-II Shares, 1,353 Series II E Shares, 23,140 Series II F-I Shares and 92,523 Series II I Shares for an aggregate purchase price of $29,705. For the three months ended June 30, 2025, the Company repurchased 43,023 Series I A-II Shares, 28,602 Series I F-I Shares, 82,796 Series II A-II Shares and 791 Series II E shares of the Company’s equity securities for an aggregate purchase price of $4,178. For the six months ended June 30, 2025, the Company repurchased 68,718 Series I A-II Shares, 38,612 Series I F-I Shares, 229,485 Series II A-II Shares and 791 Series II E Shares of the Company’s equity securities for an aggregate purchase price of $9,075. Distribution The following table reflects the aggregate distributions per share declared for each applicable share type of the Company:
|
|
|
|
|
|
|
|
|
Type |
|
For the three months ended June 30, 2026 |
|
|
For the six months ended June 30, 2026 |
|
Series I |
|
|
|
|
|
|
A-II Shares |
|
$ |
0.22 |
|
|
$ |
0.43 |
|
F-I Shares |
|
$ |
0.21 |
|
|
$ |
0.42 |
|
E Shares |
|
$ |
0.22 |
|
|
$ |
0.43 |
|
I Shares |
|
$ |
0.21 |
|
|
$ |
0.42 |
|
S Shares |
|
$ |
0.21 |
|
|
$ |
0.42 |
|
Series II |
|
|
|
|
|
|
A-II Shares |
|
$ |
0.22 |
|
|
$ |
0.44 |
|
F-I Shares |
|
$ |
0.22 |
|
|
$ |
0.43 |
|
E Shares |
|
$ |
0.22 |
|
|
$ |
0.44 |
|
I Shares |
|
$ |
0.22 |
|
|
$ |
0.43 |
|
S Shares |
|
$ |
0.22 |
|
|
$ |
0.43 |
|
For the three months ended June 30, 2026, the distributions for each share type were payable to holders of record at the close of business day on June 30, 2026 and were paid on July 27, 2026. The distributions were paid in cash or reinvested in the shares of the Company for shareholders participating in the DRIP. The following table reflects the aggregate distributions per share declared for each applicable share type of the Company for the three and six months ended June 30, 2025 as follows:
|
|
|
|
|
|
|
|
|
Type |
|
For the three months ended June 30, 2025 |
|
|
For the six months ended June 30, 2025 |
|
Series I |
|
|
|
|
|
|
A-II Shares |
|
$ |
0.21 |
|
|
$ |
0.41 |
|
F-I Shares |
|
$ |
0.21 |
|
|
$ |
0.41 |
|
E Shares |
|
$ |
0.21 |
|
|
$ |
0.41 |
|
I Shares |
|
$ |
0.21 |
|
|
$ |
0.41 |
|
S Shares |
|
$ |
0.21 |
|
|
$ |
0.41 |
|
Series II |
|
|
|
|
|
|
A-II Shares |
|
$ |
0.21 |
|
|
$ |
0.41 |
|
F-I Shares |
|
$ |
0.21 |
|
|
$ |
0.41 |
|
E Shares |
|
$ |
0.21 |
|
|
$ |
0.41 |
|
I Shares |
|
$ |
0.21 |
|
|
$ |
0.41 |
|
S Shares |
|
$ |
0.21 |
|
|
$ |
0.41 |
|
For the three months ended June 30, 2025, the distributions for each share type were payable to holders of record at the close of business day on June 30, 2025 and were paid on July 28, 2025. The distributions were paid in cash or reinvested in the shares of the Company for shareholders participating in the DRIP.
|