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NET ASSETS
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
NET ASSETS NET ASSETS
The Company has the authority to issue 200,000,000 shares of Class I common stock, par value $0.01 per share, of which 93,812,679 and 76,812,863 Shares were issued and outstanding as of December 31, 2025 and 2024, respectively. The Company has the authority to issue 50,000,000 shares of Class S common stock, par value $0.01 per share, and 50,000,000 shares of Class D common stock, par value $0.01 per share. There were no shares of Class S or Class D common stock outstanding as of December 31, 2025. The different classes of common stock have been issued in accordance with an exemptive order from the SEC that permits the Company to issue in the New Continuous Offering multiple classes of shares of its common stock with varying sales loads, contingent deferred sales charges, and/or asset-based service and/or distribution fees. Each class of shares is subject to different fees and expenses. The Company may offer additional classes of shares in the future.
Share Issuances
New Continuous Offering
The following table summarizes total shares of common stock issued and proceeds related to capital activity for the years ended December 31, 2025, 2024 and 2023. There were no shares of Class S or Class D common stock issued for the periods presented.
Shares Issued
(Class I)		Proceeds Received
(Class I)
2023
January 6, 2023674,324 $13,210 
April 11, 2023854,675 16,820 
July 6, 20231,193,694 23,074 
October 4, 20231,533,693 29,876 
Total4,256,386 $82,980 
2024
January 5, 20241,293,638 $25,213 
April 3, 2024701,357 13,852 
July 3, 20241,035,378 20,428 
August 21, 2024388,906 7,669 
October 9, 202423,561,825 464,875 
December 1, 2024308,190 6,013 
Total27,289,294 $538,050 
2025
January 1, 2025640,973 $12,454 
February 1, 2025592,986 11,534 
March 1, 2025191,543 3,718 
April 1, 2025343,968 6,615 
May 1, 2025284,021 5,413 
June 1, 2025294,504 5,622 
July 1, 2025412,605 7,881 
August 1, 2025254,146 4,847 
September 1, 2025203,395 3,877 
October 1, 202516,097,173 306,328 
November 1, 20251,096,670 20,782 
December 1, 2025178,707 3,367 
Total20,590,691 $392,438 
On January 1, 2026, the Company accepted subscriptions in the amount of $122,543 with 6,511,297 Class I Shares issued as of such date. On February 1, 2026, the Company accepted subscriptions in the amount of $15,077 with 801,534 Class I Shares issued as of such date. There were no shares of Class S or Class D common stock issued on January 1, 2026 and February 1, 2026.
Dividend Reinvestment
The Company has adopted a dividend reinvestment plan, pursuant to which all cash dividends declared by the Board of Directors are reinvested on behalf of common stockholders in Shares purchased in the New Continuous Offering who do not elect to receive their dividends on such Shares in cash. The following table summarizes the Shares issued under the dividend reinvestment plan for the years ended December 31, 2025, 2024 and 2023. There were no shares of Class S or Class D common stock outstanding for the periods presented.
Shares Issued
(Class I)		Total Consideration
(Class I)
2023
January 20, 202332,268 $641 
April 20, 202316,319 321 
July 21, 202328,032 553 
October 20, 202330,172 583 
Total106,791 $2,098 
2024
January 29, 202443,547 $849 
April 19, 202447,662 934 
July 19, 202458,337 1,156 
October 18, 202469,394 1,372 
December 17, 2024129,334 2,523 
Total348,274 $6,834 
2025
January 17, 202572,192 $1,403 
February 18, 202567,606 1,315 
March 18, 202568,955 1,338 
April 29, 202573,790 1,419 
May 30, 202570,167 1,337 
June 27, 202572,328 1,381 
July 29, 202572,868 1,392 
August 27, 202570,031 1,335 
September 26, 202572,289 1,378 
October 29, 202575,079 1,429 
November 25, 202585,066 1,612 
December 29, 202587,279 1,643 
Total887,650 $16,982 
Quarterly Tender Offers
In the second quarter of 2022, the Company commenced a quarterly liquidity program pursuant to which the Company conducted quarterly tender offers (the “Quarterly Tender Offer”) to repurchase up to 3.5% of Shares outstanding as of the end of the calendar quarter immediately prior to the quarter in which the Quarterly Tender Offer was conducted, at a per Share price equal to the NAV per Share as of the last date of the quarter in which the Quarterly Tender Offer was conducted, less an early repurchase fee of 2% of the NAV of such Shares in the case of Shares that have an initial issue date within the one year period prior to the valuation date associated with such Quarterly Tender Offer. On February 18, 2026, the Board of Directors approved an increase in the maximum number of Shares that may be repurchased through the Quarterly Tender Offers from 3.5% to 5.0% of the number of Shares outstanding as of the end of the calendar quarter immediately prior to the quarter in which the Quarterly Tender Offer is conducted. Accordingly, the Company now expects to offer to repurchase up to 5.0% of such number of Shares in each Quarterly Tender Offer. However, the Board of Directors has the discretion to determine whether or not the Company will purchase common stock from stockholders, and the Company is not required to conduct tender offers on a quarterly basis or at all. If during any consecutive 24-month period, the Company does not engage in a quarterly tender offer in which the Company accepts for purchase 100% of properly tendered Shares (a “Qualifying Tender”), the Company generally
will not make commitments for new portfolio investments (excluding short-term cash management investments under 30 days in duration) and will reserve available assets to satisfy future tender requests until a Qualifying Tender occurs, subject to the Company continuing to use available funds and liquidity for certain purposes. The most recent Qualifying Tender was the Quarterly Tender Offer that commenced on December 22, 2025, with a cash payment date of January 29, 2026.
The following summarizes the results of the Quarterly Tender Offers completed for the years ended December 31, 2025, 2024 and 2023. There were no shares of Class S or Class D common stock outstanding for the periods presented.
Cash Payment Date(1)
Percentage of Outstanding Shares Offered to Repurchase(2)
Price Paid Per ShareRepurchase Pricing Date
Amount Repurchased(3)
Class I Shares Repurchased
Percentage of Outstanding Shares Repurchased(4)
January 31, 20253.5%$19.43 December 31, 2024$16,063 826,938 1.1 %
April 28, 20253.5%$19.23 March 31, 2025$12,674 659,197 0.8 %
July 29, 20253.5%$19.10 June 30, 2025$34,036 1,782,012 2.3 %
October 29, 20253.5%$19.03 September 30, 2025$23,033 1,210,378 1.6 %
Cash Payment Date(1)
Percentage of Outstanding Shares Offered to Repurchase(2)
Price Paid Per ShareRepurchase Pricing Date
Amount Repurchased(3)
Class I Shares Repurchased
Percentage of Outstanding Shares Repurchased(4)
March 11, 20243.5%$19.60 December 31, 2023$59,799 3,050,962 5.4 %(5)
May 10, 20243.5%$19.81 March 31, 2024$53,405 2,695,879 4.9 %(6)
August 8, 20243.5%$19.76 June 30, 2024$15,591 789,019 1.5 %
November 13, 20243.5%$19.76 September 30, 2024$11,244 569,026 1.1 %
Cash Payment Date(1)
Percentage of Outstanding Shares Offered to Repurchase(2)
Price Paid Per ShareRepurchase Pricing Date
Amount Repurchased(3)
Class I Shares Repurchased
Percentage of Outstanding Shares Repurchased(4)
March 14, 20233.5%$19.72 December 31, 2022$41,763 2,117,816 3.6 %
May 12, 20233.5%$19.71 March 31, 2023$40,285 2,043,878 3.6 %
August 11, 20233.5%$19.34 June 30, 2023$30,205 1,562,102 2.8 %
November 10, 20233.5%$19.50 September 30, 2023$14,694 755,715 1.4 %
(1)Cash payment date is the date the Company pays cash in repayment of promissory notes issued in exchange for shares acquired by the Company upon completion of the tender offer.
(2)Amounts do not include additional shares for which the Company reserved the right to purchase as part of the Quarterly Tender Offer.
(3)Amount repurchased is inclusive of early repurchase fees, if applicable.
(4)Percentage based on the total shares as of the Repurchase Pricing Date.
(5)Pursuant to Rule 13e-4(f)(1) of the Exchange Act, the Company accepted an additional 1,109,441 shares in the Quarterly Tender Offer that had a December 31, 2023 Repurchase Pricing Date, representing approximately 2.0% of its common stock outstanding as of September 30, 2023.
(6)Pursuant to Rule 13e-4(f)(1) of the Exchange Act, the Company accepted an additional 726,073 shares in the Quarterly Tender Offer that had a March 31, 2024 Repurchase Pricing Date, representing approximately 1.3% of its common stock outstanding as of December 31, 2023.    

On December 22, 2025, the Company commenced a Quarterly Tender Offer pursuant to which the Company offered to repurchase up to 2,709,108 Shares, representing 3.5% of the number of Shares outstanding as of September 30, 2025. On January 21, 2026, the Quarterly Tender Offer expired and the Company accepted 4,180,330 Shares for purchase, which share amount includes an additional 1,471,222 Shares accepted. The 4,180,330 Shares represent approximately 4.5% of the total number of Shares outstanding as of December 31, 2025. The 1,471,222 of additional Shares included in the Quarterly Tender Offer represents approximately 1.9% of the number of Shares outstanding as of September 30, 2025. The purchase price of the Shares tendered is the Company’s NAV per Share as of December 31, 2025, or $18.82 per Share. In accordance with the terms of the Quarterly Tender Offer, a non-interest bearing, non-transferable and non-negotiable promissory note has been issued to the Company’s stockholders that participated in the tender offer, which is being held on the stockholders’ behalf, entitling the tendering stockholders to receive payment in an aggregate amount equal to the NAV of the tendered Shares as of December 31, 2025 less the 2% early repurchase fee applicable to Shares that have not been outstanding for at least one year.
The following tables summarize capital activity during the years ended December 31, 2025, 2024 and 2023:
 Common StockCapital in Excess of Par ValueAccumulated Net Investment Income (Loss)Accumulated Net Realized Gain (Loss)Accumulated Net Unrealized Appreciation (Depreciation)Total Net Assets
Class I SharesAmount
Balance, January 1, 2025
76,812,863 $768 $1,549,238 $48,343 $(52,331)$(53,556)$1,492,462 
Common stock issued20,590,691 206 392,232 — — — 392,438 
Dividend reinvestment887,650 9 16,973 — — — 16,982 
Repurchase of common stock(4,478,525)(45)(85,761)— — — (85,806)
Net investment income (loss)— — — 146,266 — — 146,266 
Net realized gain (loss)— — — — (58,506)— (58,506)
Net change in unrealized appreciation (depreciation)— — — — — 21,208 21,208 
Dividends declared— — — (159,420)— — (159,420)
Tax reclassification of stockholders’ equity in accordance with U.S. GAAP— — (1,655)(4,189)5,844 — — 
Balance, December 31, 2025
93,812,679 $938 $1,871,027 $31,000 $(104,993)$(32,348)$1,765,624 

 Common StockCapital in Excess of Par ValueAccumulated Net Investment Income (Loss)Accumulated Net Realized Gain (Loss)Accumulated Net Unrealized Appreciation (Depreciation)Total Net Assets
Class I SharesAmount
Balance, January 1, 2024
56,280,182 $563 $1,146,462 $31,238 $(3,256)$(71,795)$1,103,212 
Common stock issued27,289,294 273 537,777 — — — 538,050 
Dividend reinvestment348,273 3 6,831 — — — 6,834 
Repurchase of common stock(7,104,886)(71)(139,968)— — — (140,039)
Net investment income (loss)— — — 131,633 — — 131,633 
Net realized gain (loss)— — — — (46,196)— (46,196)
Net change in unrealized appreciation (depreciation)— — — — — 18,239 18,239 
Dividends declared— — — (119,271)— — (119,271)
Tax reclassification of stockholders’ equity in accordance with U.S. GAAP— — (1,864)4,743 (2,879)— — 
Balance, December 31, 2024
76,812,863 $768 $1,549,238 $48,343 $(52,331)$(53,556)$1,492,462 
 Common StockCapital in Excess of Par ValueAccumulated Net Investment Income (Loss)Accumulated Net Realized Gain (Loss)Accumulated Net Unrealized Appreciation (Depreciation)Total Net Assets
Class I SharesAmount
Balance, January 1, 2023
58,396,516 $584 $1,188,720 $8,819 $(5,997)$(40,625)$1,151,501 
Common stock issued4,256,386 43 82,937 — — — 82,980 
Dividend reinvestment106,791 1 2,097 — — — 2,098 
Repurchase of common stock(6,479,511)(65)(126,883)— — — (126,948)
Net investment income (loss)— — — 139,398 — — 139,398 
Net realized gain (loss)— — — — (93)— (93)
Net change in unrealized appreciation (depreciation)(31,170)(31,170)
Dividends declared— — — (114,554)— (114,554)
Tax reclassification of stockholders’ equity in accordance with U.S. GAAP— — (409)(2,425)2,834 — — 
Balance, December 31, 2023
56,280,182 $563 $1,146,462 $31,238 $(3,256)$(71,795)$1,103,212 
Earnings Per Share
The Company calculates earnings per share in accordance with ASC 260. Basic earnings per share is calculated by dividing the net increase (decrease) in net assets resulting from operations attributable to the Company by the weighted-average number of shares outstanding for the year.
Basic and diluted earnings per share were as follows:
 Year Ended December 31,
 202520242023
Net increase (decrease) in net assets resulting from operations$108,968 $103,676 $108,135 
Weighted-average shares outstanding81,573,132 59,200,911 56,551,480 
Basic and diluted earnings per Class I share$1.34 $1.75 $1.91 
    
Dividends
The following table summarizes the Company’s dividends declared for the years ended December 31, 2025, 2024 and 2023. There were no shares of Class S or Class D common stock outstanding for the periods presented.
Date DeclaredRecord DatePayment DatePer Share Amount
(Class I)
March 22, 2023March 22, 2023April 20, 2023$0.51 
June 21, 2023June 21, 2023July 21, 2023$0.51 
September 20, 2023September 20, 2023October 20, 2023$0.51 
December 20, 2023December 20, 2023January 19, 2024$0.51 
March 20, 2024March 20, 2024April 19, 2024$0.51 
June 18, 2024June 18, 2024July 19, 2024$0.51 
August 7, 2024August 7, 2024October 18, 2024$0.21 
September 25, 2024September 25, 2024October 18, 2024$0.30 
November 29, 2024November 29, 2024December 17, 2024$0.32 
December 18, 2024December 18, 2024January 17, 2025$0.17 
January 29, 2025January 31, 2025February 18, 2025$0.16 
February 26, 2025February 28, 2025March 18, 2025$0.16 
March 20, 2025March 31, 2025April 29, 2025$0.17 
April 24, 2025April 30, 2025May 30, 2025$0.16 
May 23, 2025May 30, 2025June 27, 2025$0.16 
June 17, 2025June 30, 2025July 29, 2025$0.17 
July 25, 2025July 31, 2025August 27, 2025$0.16 
August 25, 2025August 29, 2025September 26, 2025$0.16 
September 18, 2025September 30, 2025October 29, 2025$0.17 
October 28, 2025October 31, 2025November 25, 2025$0.16 
November 25, 2025November 28, 2025December 29, 2025$0.16 
December 18, 2025December 31, 2025January 29, 2026$0.17 
On January 28, 2026, the Board of Directors declared a dividend of $0.16 per Class I Share, which was payable on February 26, 2026 to common stockholders of record as of January 30, 2026.
On February 25, 2026, the Board of Directors declared a dividend of $0.16 per Class I Share, which is payable on or about March 27, 2026 to common stockholders of record as of February 27, 2026.