v3.26.3
Net Assets
 9 Months Ended
Sep. 30, 2026
Assets [Abstract]  
Net Assets

Note 7. Net Assets

The Company is authorized to issue 600,000,000 shares of Class I common stock, par value $0.001 per share, 200,000,000 shares of Class S common stock, par value $0.001 per share, 200,000,000 shares of Class D common stock, par value $0.001 per share, and 100,000,000 shares of preferred stock, par value $0.001 per share.

Shares of our common stock will be issued by us on a continuous basis at a price per share generally equal to our next calculated NAV per share.

The following tables summarize the total shares issued and proceeds received for the three and nine months ended September 30, 2026 and 2025 (in thousands, except share amounts):

 

 

Three months ended September 30, 2026

 

 

Nine months ended September 30, 2026

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

Class I:

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from shares sold

 

 

9,039,429

 

 

$

129,376

 

 

 

22,626,446

 

 

$

324,558

 

Distributions reinvested

 

 

254,855

 

 

 

3,648

 

 

 

725,980

 

 

 

10,436

 

Share repurchases, net of early repurchase deduction

 

 

(761,320

)

 

 

(10,932

)

 

 

(2,801,480

)

 

 

(40,318

)

Total

 

 

8,532,964

 

 

$

122,092

 

 

 

20,550,946

 

 

$

294,676

 

Class S:

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from shares sold

 

 

31,460

 

 

$

450

 

 

 

37,556

 

 

$

538

 

Distributions reinvested

 

 

403

 

 

 

6

 

 

 

542

 

 

 

8

 

Share repurchases, net of early repurchase deduction

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total

 

 

31,863

 

 

$

456

 

 

 

38,098

 

 

$

546

 

 

 

 

Three months ended September 30, 2025

 

 

Nine months ended September 30, 2025

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

Class I:

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from shares sold

 

 

8,636,908

 

 

$

124,840

 

 

 

17,744,054

 

 

$

257,085

 

Distributions reinvested

 

 

139,164

 

 

 

2,017

 

 

 

280,988

 

 

 

4,093

 

Share repurchases, net of early repurchase deduction

 

 

(17,906

)

 

 

(297

)

 

 

(25,323

)

 

 

(440

)

Total

 

 

8,758,166

 

 

$

126,560

 

 

 

17,999,719

 

 

$

260,738

 

There were no Class D shares outstanding for the three and nine months ended September 30, 2026. There were no Class S or Class D shares outstanding for the three and nine months ended September 30, 2025.

Net Asset Value per Share and Offering Price

The Company determines NAV for its common shares as of the last day of each calendar month. Shares are issued at an offering price equivalent to the most recent NAV per share available, which will be the prior calendar day NAV per share. The following tables summarize each month-end NAV per share during the three and nine months ended September 30, 2026 and 2025:

 

 

NAV Per Share (1)

 

For the Month Ended

 

Class I

 

 

Class S

 

 

Class D

 

January 31, 2026

 

$

14.42

 

 

$

—

 

 

$

—

 

February 28, 2026

 

$

14.44

 

 

$

—

 

 

$

—

 

March 31, 2026

 

$

14.38

 

 

$

14.38

 

 

$

—

 

April 30, 2026

 

$

14.37

 

 

$

14.37

 

 

$

—

 

May 31, 2026

 

$

14.33

 

 

$

14.33

 

 

$

—

 

June 30, 2026

 

$

14.30

 

 

$

14.30

 

 

$

—

 

July 31, 2026

 

$

14.30

 

 

$

14.30

 

 

$

—

 

August 31, 2026

 

$

14.31

 

 

$

14.31

 

 

$

—

 

September 30, 2026

 

$

14.29

 

 

$

14.29

 

 

$

—

 

 

 

 

NAV Per Share (1)

 

For the Month Ended

 

Class I

 

 

Class S

 

 

Class D

 

January 31, 2025

 

$

14.58

 

 

$

—

 

 

$

—

 

February 28, 2025

 

$

14.57

 

 

$

—

 

 

$

—

 

March 31, 2025

 

$

14.55

 

 

$

—

 

 

$

—

 

April 30, 2025

 

$

14.52

 

 

$

—

 

 

$

—

 

May 31, 2025

 

$

14.48

 

 

$

—

 

 

$

—

 

June 30, 2025

 

$

14.49

 

 

$

—

 

 

$

—

 

July 31, 2025

 

$

14.49

 

 

$

—

 

 

$

—

 

August 31, 2025

 

$

14.46

 

 

$

—

 

 

$

—

 

September 30, 2025

 

$

14.45

 

 

$

—

 

 

$

—

 
(1)
There were no Class D shares outstanding for the three and nine months ended September 30, 2026. There were no Class S or Class D shares outstanding for the three and nine months ended September 30, 2025.

Distributions

The Board authorizes and declares distribution amounts per share. The following tables present distributions that were declared during the three and nine months ended September 30, 2026 and 2025 (in thousands, except per share amounts):

 

 

 

 

 

Class I

 

 

Class S

 

Declaration Date

 

Record Date

 

Payment Date

 

Per Share

 

 

Amount

 

 

Per Share (1)

 

 

Amount

 

January 29, 2026

 

January 30, 2026

 

February 17, 2026

 

$

0.1250

 

 

$

6,002

 

 

$

—

 

 

$

—

 

February 27, 2026

 

February 27, 2026

 

March 16, 2026

 

 

0.1117

 

 

 

5,429

 

 

 

—

 

 

 

—

 

March 26, 2026

 

March 26, 2026

 

April 16, 2026

 

 

0.1224

 

 

 

6,049

 

 

 

0.1120

 

 

 

1

 

April 24, 2026

 

April 30, 2026

 

May 18, 2026

 

 

0.1192

 

 

 

6,873

 

 

 

0.1088

 

 

 

1

 

May 29, 2026

 

May 29, 2026

 

June 18, 2026

 

 

0.1191

 

 

 

6,735

 

 

 

0.1077

 

 

 

1

 

June 29, 2026

 

June 29, 2026

 

July 20, 2026

 

 

0.1149

 

 

 

6,572

 

 

 

0.1045

 

 

 

1

 

July 31, 2026

 

July 31, 2026

 

August 18, 2026

 

 

0.1185

 

 

 

7,089

 

 

 

0.1082

 

 

 

3

 

August 31, 2026

 

August 31, 2026

 

September 18, 2026

 

 

0.1163

 

 

 

6,973

 

 

 

0.1060

 

 

 

4

 

September 29, 2026

 

September 30, 2026

 

October 20, 2026

 

 

0.1126

 

 

 

7,598

 

 

 

0.1024

 

 

 

3

 

 

 

 

 

 

 

$

1.0597

 

 

$

59,320

 

 

$

0.7496

 

 

$

14

 
(1)
Class S distribution per share amounts are presented net of shareholder servicing and/or distribution fees.

 

 

 

 

 

 

Class I

 

 

Class S

 

Declaration Date

 

Record Date

 

Payment Date

 

Per Share

 

 

Amount

 

 

Per Share

 

 

Amount

 

January 30, 2025

 

January 31, 2025

 

February 14, 2025

 

$

0.1314

 

 

$

3,275

 

 

$

—

 

 

$

—

 

February 26, 2025

 

February 28, 2025

 

March 17, 2025

 

 

0.1263

 

 

 

3,209

 

 

 

—

 

 

 

—

 

March 27, 2025

 

March 27, 2025

 

April 15, 2025

 

 

0.1288

 

 

 

3,434

 

 

 

—

 

 

 

—

 

April 29, 2025

 

April 30, 2025

 

May 15, 2025

 

 

0.1252

 

 

 

3,599

 

 

 

—

 

 

 

—

 

May 29, 2025

 

May 30, 2025

 

June 16, 2025

 

 

0.1293

 

 

 

3,799

 

 

 

—

 

 

 

—

 

June 24, 2025

 

June 26, 2025

 

July 15, 2025

 

 

0.1250

 

 

 

3,991

 

 

 

—

 

 

 

—

 

July 28, 2025

 

July 30, 2025

 

August 15, 2025

 

 

0.1291

 

 

 

4,447

 

 

 

—

 

 

 

—

 

August 29, 2025

 

August 29, 2025

 

September 15, 2025

 

 

0.1289

 

 

 

4,597

 

 

 

—

 

 

 

—

 

September 26, 2025

 

September 26, 2025

 

October 15, 2025

 

 

0.1231

 

 

 

4,539

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

$

1.1471

 

 

$

34,890

 

 

$

—

 

 

$

—

 

There were no Class D shares outstanding for the three and nine months ended September 30, 2026. There were no Class S or Class D shares outstanding for the three and nine months ended September 30, 2025.

Distribution Reinvestment Plan

We have adopted a distribution reinvestment plan, pursuant to which we will reinvest all cash dividends or other distributions authorized by the Board of Directors and declared by the Company on behalf of stockholders who affirmatively elect to reinvest their dividends or other distributions in our common stock (with 100% and 50% election options). As a result, if the Board of Directors authorizes, and we declare, a cash dividend or other distribution, then stockholders who have opted to participate in our distribution reinvestment plan will have their cash distributions automatically reinvested in additional shares of common stock, rather than receiving the cash dividend or other distribution. Distributions on fractional shares will be credited to each participating shareholder’s account to three decimal places. Of the total distributions paid during the three and nine months ended September 30, 2026, $3.6 million and $10.4 million, respectively, was reinvested by stockholders. Of the total distributions paid during the three and nine months ended September 30, 2025, $2.0 million and $4.1 million, respectively, was reinvested by stockholders.

Share Repurchase Program

At the discretion of our Board of Directors, the Company has commenced a share repurchase program in which it intends to repurchase the Company’s common shares in an amount up to 5% of the Company’s NAV, calculated as of the prior calendar quarter. The Board of Directors may amend or suspend the share repurchase program if in its reasonable judgment it deems such action to be in the Company’s best interest and the best interest of our shareholders. As a result, share repurchases may not be available each quarter. Should the Board of Directors suspend the share repurchase program, the Board of Directors will consider whether the continued suspension of the program is in the best interests of the Company and shareholders on a quarterly basis. The Company intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Exchange Act and the Investment Company Act. All shares purchased by the Company pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.

Under the share repurchase plan, to the extent the Company offers to repurchase shares in any particular quarter, it is expected to repurchase shares pursuant to tender offers promptly after the tender offer window terminates using a purchase price equal to the NAV per share as of the valuation date in the tender offer, except that shares that have not been outstanding for at least one year will be repurchased at 98% of such NAV (an “Early Repurchase Deduction”). The one-year holding period is measured as of the subscription closing date immediately following the prospective repurchase date. The Early Repurchase Deduction may be waived in the case of repurchase requests arising from the death, divorce or qualified disability of the holder. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining shareholders.

If a repurchase offer is oversubscribed by shareholders who tender common shares, the Company will repurchase a pro rata portion of the common shares tendered by each shareholder based on the aggregate net asset value of the tendered shares by each shareholder.

During the three and nine months ended September 30, 2026, the Company repurchased 761,320 and 2,801,480, Class I common shares, respectively, for an aggregate of $10.9 million (net of Early Repurchase Deduction) and $40.3 million (net of Early Repurchase Deduction), respectively. During the three and nine months ended September 30, 2025, the Company repurchased 17,906 Class I common shares for an aggregate of $0.3 million (net of Early Repurchase Deduction) and 25,323 Class I common shares for an aggregate of $0.4 million (net of Early Repurchase Deduction), respectively, pursuant to the terms of tender offers made during the periods.