v3.26.3
Related Party Transactions (Tables)
 9 Months Ended
Sep. 30, 2026
Related Party Transactions [Abstract]  
Schedule of Related Party Transactions With respect to the calculation of Total Return to Shareholders, the following tables provides the applicable High Water Marks for the years ended December 31, 2026 and 2025:
For the year ended:Class FAClass AClass TClass DClass IClass S
December 31, 2026
$42.98 $38.21 $38.15 $37.94 $38.64 $43.48 
December 31, 2025
39.55 35.68 35.72 35.42 36.12 40.09 
Related party fees and expenses incurred for the quarter and nine months ended September 30, 2026 and 2025 are summarized below (in thousands):
Quarter Ended September 30,Nine Months Ended September 30,
Related PartySource Agreement & Description2026202520262025
Managing Dealer
Managing Dealer Agreement:
     Commissions(1)
$130 $180 $374 $465 
Dealer manager fees(1)
75 104 212 266 
Distribution and shareholder servicing fees(2)
301 327 925 998 
Manager and Sub-Manager
Management Agreement and Sub-Management Agreement:
     Offering expense reimbursement(3)(4)
318 494 701 1,644 
Base management fees(3)
7,170 6,420 20,604 17,490 
Total return incentive fees(3)
11,028 8,423 24,057 21,890 
Manager and Sub-Manager
Expense Support and Condition Reimbursement Agreement:
 Expense Support
(13)2,875 (13)(1,017)
     Reimbursement of Expense Support
(970)— — — 
Manager
Administrative Services Agreement:
Reimbursement of third-party operating expenses(3)(5)
33 36 116 124 
Shareholder servicing fees(2)
187 168 561 485 
Sub-Manager
Sub-Management Agreement:
Reimbursement of third-party pursuit costs(3)(6)
135 220 379 911 
Monitoring fees(7)
(594)— (594)— 
FOOTNOTES:
(1)Included in “Issuance of common shares through the Public Offerings” in the Company’s condensed consolidated statements of changes in net assets.
(2)Included in “Distribution and shareholder servicing fees” in the Company’s condensed consolidated statements of operations.
(3)Expenses subject to Expense Support, if applicable.
(4)Offering expense reimbursements are capitalized on the Company’s condensed consolidated statements of assets and liabilities as deferred offering expenses and expensed to the Company’s condensed consolidated statements of operations over the lesser of the offering period or 12 months.
(5)Included in “Professional services” in the Company’s condensed consolidated statements of operations.
(6)Includes reimbursement of third-party fees incurred for investments that did not close, including fees and expenses associated with performing due diligence reviews.
(7)Included in “Base management fees” in the Company’s condensed consolidated statements of operations. Affiliates of the Sub-Manager may charge periodic monitoring or similar fees to our minority equity positions (i.e., businesses in which the company does not own more than 50% of the voting securities) in connection with ongoing monitoring services provided by such affiliates with respect to those businesses (“monitoring fees”).
The following table presents amounts due to related parties net as of September 30, 2026 and December 31, 2025 (in thousands):
September 30, 2026December 31, 2025
Due from related parties:
Expense Support$13 $950 
Total due from related parties13 950 
Due to related parties:
Total return incentive fees$(24,057)$(30,321)
Base management fees, net of monitoring fees(2,333)(2,222)
Offering expenses(78)(65)
Distribution and shareholder servicing fees(98)(115)
Reimbursement of third-party operating expenses and pursuit costs(23)(17)
Total due to related parties$(26,589)$(32,740)
Due to related parties, net$(26,576)$(31,790)