Distributions

9 Months Ended

Sep. 30, 2025

Distributions Made to Members or Limited Partners [Abstract]

Distributions

Distributions

The Company’s board of directors declared distributions on a monthly basis in each of the nine months ended September 30, 2025 and 2024 (nine record dates). The following table reflects the total distributions declared during the nine months ended September 30, 2025 and 2024 (in thousands except per share data):

	Nine Months Ended September 30,
	2025						2024
Distribution Period	Distributions Declared(1)		Distributions Reinvested(2)		Cash Distributions Net of Distributions Reinvested(2)		Distributions Declared(1)(2)		Distributions Reinvested(2)		Cash Distributions Net of Distributions Reinvested(2)
First Quarter	$	10,372	$	5,175	$	5,197	$	8,807	$	4,056	$	4,751
Second Quarter	10,547		5,335		5,212		9,214		4,344		4,870
Third Quarter	10,813		5,519		5,294		9,676		4,693		4,983
	$	31,732	$	16,029	$	15,703	$	27,697	$	13,093	$	14,604

FOOTNOTES:

(1)    The Company’s board of directors declared distributions per share on a monthly basis. See Note 12. “Financial Highlights” for distributions declared by share class. Monthly distributions declared per share for each share class were as follows:    

Record Date Period	Class FA		Class A		Class T		Class D		Class I		Class S
January 1, 2025 - September 30, 2025	$	0.104167	$	0.104167	$	0.083333	$	0.093750	$	0.104167	$	0.104167
January 1, 2024 - September 30, 2024	0.104167		0.104167		0.083333		0.093750		0.104167		0.104167

(2)    Amounts based on distribution record date.

The sources of declared distributions on a GAAP basis were as follows (in thousands):

	Nine Months Ended September 30,
	2025				2024
	Amount		% of Distributions Declared		Amount		% of Distributions Declared
Net investment income(1)	$	14,470	45.6	%	$	17,618	63.6	%
Net realized gain	1,432		4.5		—		—
Distributions in excess of net investment income(2)	15,830		49.9		10,079		36.4
Total distributions declared	$	31,732	100.0	%	$	27,697	100.0	%

FOOTNOTES:

(1)     Net investment income includes Expense Support of $1,017 and $0 for the nine months ended September 30, 2025 and 2024, respectively. See Note 5. “Related Party Transactions” for additional information.

(2)     Consists of distributions made from offering proceeds for the periods presented.

In September 2025, the Company’s board of directors declared a monthly cash distribution on the outstanding shares of all classes of common shares of record on October 27, 2025 of $0.104167 per share for Class FA shares, $0.104167 per share for Class A shares, $0.083333 per share for Class T shares, $0.093750 per share for Class D shares, $0.104167 per share for Class I shares and $0.104167 per share for Class S shares.