v3.26.3
NET ASSETS
 9 Months Ended
Sep. 30, 2026
Equity [Abstract]  
NET ASSETS NET ASSETS
The Fund has the authority to issue an unlimited number of Shares.
The following table reflects the net assets activity for the three and nine months ended September 30, 2026 and 2025:
Common SharesCapital in Excess of Par ValueAccumulated Undistributed EarningsNet Assets
SharesAmount
Balance at December 31, 202583,633,744 $836 $1,969,450 $124,299 $2,094,585 
Issuances of common shares41,897,277 4191,046,883 — 1,047,302 
Shares issued in connection with dividend reinvestment plan741,183 718,518 — 18,525 
Dividends declared and payable ($0.6249, $0.5725, $0.6095 per Class I Share, Class S Share and Class D Share, respectively) as return of capital
— — (69,002)— (69,002)
Repurchased shares, net of early repurchase deduction(658,356)(5)(16,370)— (16,375)
Net investment income— — — 28,723 28,723 
Net realized gains on investments and derivatives— — — 195 195 
Net unrealized gains on investments and derivatives— — — 26,044 26,044 
Balance at March 31, 2026125,613,848 1,257 2,949,479 179,261 3,129,997 
Issuances of common shares75,563,115 7561,881,434 — 1,882,190 
Shares issued in connection with dividend reinvestment plan1,161,958 1128,934 — 28,945 
Dividends declared and payable ($0.6249, $0.5721, $0.6094, $0.3958 per Class I Share, Class S Share, Class D Share and Class N Share, respectively) as return of capital
— — (104,823)— (104,823)
Repurchased shares, net of early repurchase deduction(199,367)(2)(4,910)— (4,912)
Net investment income— — — 55,458 55,458 
Net realized losses on investments and derivatives— — — (315)(315)
Net unrealized gains on investments and derivatives— — — 43,519 43,519 
Balance at June 30, 2026202,139,554 2,022 4,750,114 277,923 5,030,059 
Issuances of common shares108,476,157 1,085 2,691,378 — 2,692,463 
Shares issued in connection with dividend reinvestment plan2,033,696 20 50,428 — 50,448 
Dividends declared and payable ($0.6249, $0.5718, $0.6093, $0.5936 per Class I Share, Class S Share, Class D Share and Class N Share, respectively) as return of capital
— — (172,396)— (172,396)
Repurchased shares, net of early repurchase deduction(480,845)(5)(11,875)— (11,880)
Net investment income———103,998 103,998 
Net realized losses on investments and derivatives———(1,083)(1,083)
Net unrealized gains on investments and derivatives———34,221 34,221 
Balance at September 30, 2026312,168,562 $3,122 $7,307,649 $415,059 $7,725,830 
Common SharesCapital in Excess of Par ValueAccumulated Undistributed EarningsNet Assets
 Shares  Amount
Balance at December 31, 20246,226,600 $62 $149,861 $6,530 $156,453 
Issuances of common shares16,479,636 165412,662 — 412,827 
Shares issued in connection with dividend reinvestment plan103,669 12,596 — 2,597 
Dividends declared and payable ($0.6750 per share) as return of capital
— — (11,355)— (11,355)
Net investment loss— — — (7,991)(7,991)
Net realized gains on investments and derivatives— — — 919 919 
Net unrealized gains on investments and derivatives— — — 15,144 15,144 
Balance at March 31, 202522,809,905 228 553,764 14,602 568,594 
Issuances of common shares9,716,022 97241,885 — 241,982 
Shares issued in connection with dividend reinvestment plan143,160 23,564 — 3,566 
Dividends declared and payable ($0.6330 per share) as return of capital
— — (18,396)— (18,396)
Net investment loss— — — (2,335)(2,335)
Net realized gains on investments and derivatives— — — 245 245 
Net unrealized gains on investments and derivatives— — — 21,407 21,407 
Balance at June 30, 202532,669,087 327 780,817 33,919 815,063 
Issuances of common shares25,697,617 257 639,691 — 639,948 
Shares issued in connection with dividend reinvestment plan282,410 2 7,019 — 7,021 
Dividends declared and payable ($0.6330 per share) as return of capital
— — (33,208)— (33,208)
Repurchase of shares, net of early repurchase(469,801)(4)(11,658)— (11,662)
Net investment loss———(4,506)(4,506)
Net realized gains on investments and derivatives———361 361 
Net unrealized gains on investments and derivatives———36,158 36,158 
Balance at September 30, 202558,179,313 $582 $1,382,661 $65,932 $1,449,175 
The following tables summarize transactions in Shares during the three and nine months ended September 30, 2026 and 2025:
Three months ended September 30,Nine months ended September 30,
2026
2025(1)
2026
2025(1)
SharesAmountSharesAmountSharesAmountSharesAmount
Class I
Subscriptions58,802,791 $1,459,666 25,697,617 $639,948 132,897,278 $3,308,699 51,893,275 $1,294,757 
Distributions reinvested1,406,790 34,898 282,410 7,021 3,144,469 78,244 529,239 13,184 
Share transfers between classes— — — — 9,984 249 — — 
Repurchased shares(469,052)(11,624)(469,801)(11,662)(1,320,785)(32,854)(469,801)(11,662)
Early repurchase deduction— 22 — — — 104 — — 
Dividends declared and payable— (125,081)— — — (280,327)— — 
Net increase59,740,529 1,357,881 25,510,226 635,307 134,730,946 3,074,115 51,952,713 1,296,279 
Class S
Subscriptions4,709,014 116,828 — — 14,817,469 369,012 — — 
Distributions reinvested132,102 3,278 — — 244,061 6,069 — — 
Repurchased shares— — — — (5,990)(149)— — 
Early repurchase deduction— 2 — — — 7 — — 
Dividends declared and payable— (8,607)— — — (17,252)— — 
Net increase4,841,116 111,501 — — 15,055,540 357,687 — — 
Class D
Subscriptions5,467,541 135,760 — — 7,479,580 185,860 — — 
Distributions reinvested44,494 1,104 — — 48,644 1,207 — — 
Share transfers between classes— — — — (9,984)(249)— — 
Repurchased shares— — — — — — — — 
Early repurchase deduction— 1 — — — 1 — — 
Dividends declared and payable— (3,967)— — — (4,647)— — 
Net increase5,512,035 132,898 — — 7,518,240 182,172 — — 
Class N
Subscriptions39,496,811 980,209 — — 70,742,222 1,758,384 — — 
Distributions reinvested450,310 11,168 — — 499,663 12,398 — — 
Repurchased shares(11,793)(293)— — (11,793)(293)— — 
Early repurchase deduction— 12 — — — 17 — — 
Dividends declared and payable— (34,741)— — — (43,995)— — 
Net increase39,935,328 956,355 — — 71,230,092 1,726,511 — — 
Total net increase110,029,008 $2,558,635 25,510,226 $635,307 228,534,818 $5,340,485 51,952,713 $1,296,279 
(1) As of September 30, 2025, the Fund had no Class D Shares, Class N Shares or Class S Shares outstanding.
NAV Per Share and Offering Price

The Fund determines NAV for the Shares as of the last day of each calendar month. Share issuances related to monthly subscriptions will be effective the first business day of each month. The NAV per Share is determined by dividing the value of total assets minus liabilities by the total number of Shares outstanding at the date as of which the determination is made. The following tables summarize each month-end NAV per Share for the nine months ended September 30, 2026 and 2025:
NAV Per Share
Class IClass SClass DClass N
January 31, 2026$25.0263 $25.0263 $25.0263 N/A
February 28, 202624.9252 24.9252 24.9252 N/A
March 31, 202624.9176 24.9176 24.9176 N/A
April 30, 202624.8805 24.8805 24.8805 N/A
May 31, 202624.9295 24.9295 24.9295 $24.9295 
June 30, 202624.8841 24.8841 24.8841 24.8841 
July 31, 202624.7711 24.7711 24.7711 24.7711 
August 31, 202624.7808 24.7808 24.7808 24.7808 
September 30, 202624.7489 24.7489 24.7489 24.7489 
NAV per Share (1)
Class I
January 31, 2025$25.0625 
February 28, 202524.9241 
March 31, 202524.9275 
April 30, 202524.8195 
May 31, 202524.9464 
June 30, 202524.9490 
July 31, 202524.8587 
August 31, 202524.8316 
September 30, 202524.9088 
(1) On May 14, 2025, the Board established four classes of Shares of the Fund and all issued and outstanding shares were reclassified as Class I Shares. As of September 30, 2025, the Fund had no Class D Shares, Class N Shares or Class S Shares outstanding.

Distribution Reinvestment Plan

The Fund has adopted a distribution reinvestment plan that provides for reinvestment of any distributions the Fund declares in cash on behalf of its shareholders, unless a shareholder elects to receive cash. As a result, if the Board authorizes, and the Fund declares, a cash distribution, then the shareholders who have not “opted out” of the Fund’s distribution reinvestment plan will have their cash distributions automatically reinvested in additional Shares rather than receiving the cash distribution. Distributions on fractional shares will be credited to each participating shareholder’s account. The purchase price for shares issued under the Fund’s distribution reinvestment plan will be equal to the most recent available NAV per Share for such shares at the time the distribution is payable.

Share Repurchase Program

The Fund has commenced a Share repurchase program (the “Share Repurchase Program”) pursuant to which the Fund intends to offer to repurchase, at the discretion of the Fund’s Board, up to 5% of its Shares outstanding as of the close of the previous calendar quarter. The Fund may from time to time seek to retire or repurchase its Shares through cash purchases, as well as retire, cancel or purchase any of the Fund’s outstanding debt through cash purchases and/or exchanges, in open market purchases, privately negotiated transactions or otherwise. The amounts involved may be material.

In accordance with the Share Repurchase Program, Shares repurchased in the Fund’s tender offer completed during the nine months ended September 30, 2026 were repurchased using a purchase price equal to the NAV per Share as of the last calendar day of the applicable month designated by the Board, except that the Fund deducted 2.00% from such NAV for Shares
that were not outstanding for at least one year (the “Early Repurchase Deduction”). For the three and nine months ended September 30, 2026, the Fund repurchased and retired 480,845 Shares and 1,338,568 Shares for a total price of $11.9 million and $33.2 million, respectively.