v3.26.1
Net Assets
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Net Assets

7. Net Assets

Equity Issuance

In connection with its formation, the Fund has the authority to issue 200,000,000 Shares.

On September 29, 2017, the Fund completed its Initial Closing after entering into Subscription Agreements with several investors, including the Adviser, providing for the private placement of Shares. Under the terms of the Subscription Agreements, investors are required to fund drawdowns to purchase Shares up to the amount of their respective Capital Commitments on an as-needed basis upon the issuance of a capital draw-down notice. The total Capital Commitments of investors in the Fund as of June 30, 2026 was $803,757,855, of which 19% was unfunded. The total Capital Commitments of investors in the Fund as of December 31, 2025 was $775,624,993, of which 18% was unfunded. The minimum Capital Commitment of an investor is $50,000. The Adviser, however, may waive the minimum Capital Commitment at its discretion.

Capital Commitments may be drawn down by the Fund on a pro rata basis, as needed (including for follow-on investments), for paying the Fund’s expenses, including fees under the Third Amended and Restated Advisory Agreement, and/or maintaining a reserve account for the payment of future expenses or liabilities. The following table summarizes the total Shares issued and amount received related to capital drawdowns delivered pursuant to the Subscription Agreements during the three and six months ended June 30, 2026 and 2025:

 

 

For the six months ended
June 30, 2026

 

 

 

For the six months ended
June 30, 2025

 

Quarter Ended

 

Shares

 

 

Amount

 

 

 

Shares

 

 

Amount

 

March 31

 

 

965,604

 

 

$

9,272,169

 

 

 

 

4,796,671

 

 

$

46,074,834

 

June 30

 

 

3,190,670

 

 

$

29,721,436

 

 

 

 

—

 

 

$

—

 

Total capital drawdowns

 

 

4,156,274

 

 

$

38,993,605

 

 

 

 

4,796,671

 

 

$

46,074,834

 

 

Distributions

The following tables reflect the distributions declared on Shares during the three and six months ended June 30, 2026 and 2025:

 

Date Declared

 

Record Date

 

Payment Date

 

Amount Per Share

 

 

Dollar Amount

 

3/27/2026

 

3/27/2026

 

4/23/2026

 

$

0.20

 

 

$

15,678,682

 

6/26/2026

 

6/26/2026

 

7/22/2026

 

$

0.19

 

 

$

15,491,251

 

 

 

 

 

 

 

 

 

 

$

31,169,933

 

 

Date Declared

 

Record Date

 

Payment Date

 

Amount Per Share

 

 

Dollar Amount

 

3/27/2025

 

3/27/2025

 

4/24/2025

 

$

0.20

 

 

$

13,938,978

 

6/26/2025

 

6/26/2025

 

7/17/2025

 

$

0.20

 

 

$

13,766,885

 

 

 

 

 

 

 

 

 

$

27,705,863

 

 

Dividend Reinvestment Plan

On September 26, 2017, the Fund adopted a dividend reinvestment plan, which was amended and restated on November 11, 2021 (the “DRIP”). Pursuant to the DRIP (both before and after it was amended), stockholders receive dividends or other distributions in cash unless a stockholder elects to reinvest his or her dividends and other distributions. As a result of adopting the DRIP, if the Board authorizes, and the Fund declares, a cash dividend or distribution, stockholders who have opted into the DRIP will have their cash dividends or distributions automatically reinvested in additional Shares (net of any applicable withholding tax), rather than receiving cash.

The following tables summarize Shares distributed pursuant to the DRIP during the six months ended June 30, 2026 and 2025 to stockholders who opted into the DRIP:

 

Date Declared

 

Record Date

 

Reinvestment Date

 

Shares

 

 

Dollar Amount

 

3/27/2026

 

3/27/2026

 

3/31/2026

 

 

934,475

 

 

$

8,606,511

 

6/26/2026

 

6/26/2026

 

6/30/2026

 

 

942,429

 

 

$

8,626,243

 

 

 

 

 

 

 

 

1,876,904

 

 

$

17,232,754

 

 

Date Declared

 

Record Date

 

Reinvestment Date

 

Shares

 

 

Dollar Amount

 

3/27/2025

 

3/27/2025

 

3/31/2025

 

 

797,757

 

 

$

7,609,164

 

6/26/2025

 

6/26/2025

 

6/30/2025

 

 

797,761

 

 

$

7,569,777

 

 

 

 

 

 

 

 

1,595,518

 

 

$

15,178,941

 

 

General Tender Program

Beginning with the quarter ended March 31, 2021, the Fund began to conduct quarterly general tender offers (each, a “General Tender,” and collectively, the “General Tender Program”), at the Board’s discretion, in accordance with the requirements of Rule 13e-4 under the Exchange Act and the 1940 Act, to allow each of its stockholders to tender Shares at a specific per Share price (the “Purchase Price”) based on the Fund’s net asset value as of the last date of the quarter in which the General Tender is conducted. The Fund intends to conduct each General Tender to repurchase up to a certain percentage of the weighted average of the number of Shares outstanding during the three-month period prior to the quarter in which the General Tender is conducted. The General Tender Program includes numerous restrictions that limit stockholders’ ability to sell their Shares.

The following table summarizes share repurchases completed during the six months ended June 30, 2026:

 

Quarter Ended

 

Repurchase Date

 

Total Number of
Shares Offered
to Repurchase

 

 

Total Number of
Shares
Repurchased

 

 

Total
Consideration

 

 

No. of Shares
Repurchased/
Total Offer

 

 

Price Paid
Per Share

 

March 31

 

February 27, 2026

 

 

1,861,300

 

 

 

1,188,530

 

 

$

10,946,358

 

 

 

64

%

 

$

9.21

 

June 30

 

May 29, 2026

 

 

1,935,428

 

 

 

899,105

 

 

$

8,229,686

 

 

 

46

%

 

$

9.15

 

 

 

 

 

 

 

 

 

2,087,635

 

 

$

19,176,044

 

 

 

 

 

 

 

 

The following table summarizes share repurchases completed during the six months ended June 30, 2025:

 

Quarter Ended

 

Repurchase Date

 

Total Number of
Shares Offered
to Repurchase

 

 

Total Number of
Shares
Repurchased

 

 

Total
Consideration

 

 

No. of Shares
Repurchased/
Total Offer

 

 

Price Paid
Per Share

 

March 31

 

February 28, 2025

 

 

1,594,397

 

 

 

767,534

 

 

$

7,320,890

 

 

 

48

%

 

$

9.54

 

June 30

 

May 23, 2025

 

 

1,663,968

 

 

 

854,554

 

 

$

8,108,695

 

 

 

51

%

 

$

9.49

 

 

 

 

 

 

 

 

 

1,622,088

 

 

$

15,429,585