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Related Party Transactions (Tables)
 9 Months Ended
Sep. 30, 2025
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, 2025 and 2024:
For the year ended:Class FAClass AClass TClass DClass IClass S
December 31, 2025
$39.55 $35.68 $35.72 $35.42 $36.12 $40.09 
December 31, 2024
36.67 33.57 33.64 33.31 34.06 37.25 
Related party fees and expenses incurred for the quarter and nine months ended September 30, 2025 and 2024 are summarized below (in thousands):
Quarter Ended September 30,Nine Months Ended September 30,
Related PartySource Agreement & Description2025202420252024
Managing Dealer
Managing Dealer Agreement:
     Commissions(1)
$180 $692 $465 $1,734 
Dealer manager fees(1)
104 107 266 266 
Distribution and shareholder servicing fees(2)
327 334 998 971 
Manager and Sub-Manager
Management Agreement and Sub-Management Agreement:
     Offering expense reimbursement(3)(4)
494 338 1,644 879 
Base management fees(3)
6,420 4,802 17,490 13,028 
Total return incentive fees(3)
8,423 5,174 21,890 14,932 
Manager and Sub-Manager
Expense Support and Conditional Reimbursement Agreement:
 Expense Support
2,875 353 (1,017)— 
Manager
Administrative Services Agreement:
Reimbursement of third-party operating expenses(3)(5)
36 131 124 378 
Shareholder servicing fees(2)
168 — 485 — 
Sub-Manager
Sub-Management Agreement:
Reimbursement of third-party pursuit costs(3)(6)
220 (159)911 843 
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.
The following table presents amounts due to related parties net as of September 30, 2025 and December 31, 2024 (in thousands):
September 30, 2025December 31, 2024
Due from related parties:
Expense Support$1,017 $20 
Total due from related parties1,017 20 
Due to related parties:
Total return incentive fees$(21,890)$(24,119)
Base management fees(2,074)(1,758)
Offering expenses(212)(138)
Distribution and shareholder servicing fees(108)(115)
Reimbursement of third-party operating expenses and pursuit costs(602)(276)
Total due to related parties$(24,886)$(26,406)
Due to related parties, net$(23,869)$(26,386)