XML 28 R18.htm IDEA: XBRL DOCUMENT v3.22.2.2
Net Assets
 9 Months Ended
Sep. 30, 2022
Equity [Abstract]  
Net Assets Net Assets
The following table summarizes transactions in common shares of beneficial interest during the three months ended September 30, 2022 (dollars in thousands except share amounts):
September 30, 2022
SharesAmount
CLASS I
Subscriptions50,251,731$1,253,674 
Share transfers between classes672,82816,753 
Distributions reinvested6,079,533151,911 
Share repurchases(24,860,836)(612,073)
Early repurchase deduction— 426 
Net increase (decrease)32,143,256 $810,691 
CLASS S
Subscriptions24,072,466$601,002 
Share transfers between classes(260,310)(6,483)
Distributions reinvested2,447,30461,154 
Share repurchases(1,963,074)(48,331)
Early repurchase deduction—360 
Net increase (decrease)24,296,386 $607,702 
CLASS D
Subscriptions7,190,702 $179,680 
Share transfers between classes(412,518)(10,270)
Distributions reinvested456,349 11,404 
Share repurchases(154,765)(3,810)
Early repurchase deduction—14 
Net increase (decrease)7,079,768 $177,018 
Total net increase (decrease)63,519,410 $1,595,411 
The following table summarizes transactions in common shares of beneficial interest during the nine months ended September 30, 2022:
September 30, 2022
SharesAmount
CLASS I
Subscriptions271,964,030$6,973,021 
Share transfers between classes2,206,16356,232 
Distributions reinvested14,582,560370,696 
Share repurchases(36,739,213)(908,178)
Early repurchase deduction— 3,339 
Net increase (decrease)252,013,540 $6,495,110 
CLASS S
Subscriptions132,866,990$3,406,722 
Share transfers between classes(437,194)(11,003)
Distributions reinvested5,600,358142,331 
Share repurchases(3,628,447)(90,294)
Early repurchase deduction—711 
Net increase (decrease)134,401,707 $3,448,467 
CLASS D
Subscriptions27,916,681 $713,712 
Share transfers between classes(1,768,969)(45,229)
Distributions reinvested973,728 24,710 
Share repurchases(246,189)(6,087)
Early repurchase deduction—73 
Net increase (decrease)26,875,251 $687,179 
Total net increase (decrease)413,290,498 $10,630,756 
The following table summarizes transactions in common shares of beneficial interest during the three months ended September 30, 2021 (dollars in thousands except share amounts):
SharesAmount
CLASS I
Subscriptions96,021,435$2,479,115 
Share transfers between classes569,25314,693 
Distributions reinvested1,899,28049,034 
Share repurchases(109,860)(2,845)
Early repurchase deduction— 44 
Net increase (decrease)98,380,108 $2,540,041 
CLASS S
Subscriptions31,873,180$823,021 
Share transfers between classes(133,281)(3,439)
Distributions reinvested599,25815,471 
Share repurchases(3,875)(100)
Early repurchase deduction—13 
Net increase (decrease)32,335,282 $834,966 
CLASS D
Subscriptions5,133,862 $132,547 
Share transfers between classes(435,972)(11,254)
Distributions reinvested46,849 1,210 
Share repurchases—— 
Early repurchase deduction—1 
Net increase (decrease)4,744,739 $122,504 
Total net increase (decrease)135,460,129 $3,497,511 
The following table summarizes transactions in common shares of beneficial interest during the nine months ended September 30, 2021 (dollars in thousands except share amounts):
SharesAmount
CLASS I
Subscriptions240,492,026$6,148,343 
Share transfers between classes675,64217,438 
Distributions reinvested2,859,11873,596 
Share repurchases(158,598)(4,103)
Early repurchase deduction— 63 
Net increase (decrease)243,868,188 $6,235,337 
CLASS S
Subscriptions74,739,583$1,916,892 
Share transfers between classes(133,281)(3,439)
Distributions reinvested807,55320,812 
Share repurchases(3,875)(100)
Early repurchase deduction fees—19 
Net increase (decrease)75,409,980 $1,934,184 
CLASS D
Subscriptions8,259,128 $212,894 
Share transfers between classes(542,361)(13,999)
Distributions reinvested49,260 1,272 
Share repurchases—— 
Early repurchase deduction fees—1 
Net increase (decrease)7,766,027 $200,168 
Total net increase (decrease)327,044,195 $8,369,689 
Net Asset Value per Share and Offering Price
The Company determines NAV for each class of shares as of the last day of each calendar month. Share issuances related to monthly subscriptions are effective the first calendar day of each month. Shares are issued at an offering price equivalent to the most recent NAV per share available for each share class, which will be the prior calendar day NAV per share (i.e., the prior month-end NAV). The following table summarizes each month-end NAV per share for Class I, Class S and Class D common shares of beneficial interest during the nine months ended September 30, 2022 and 2021:
NAV Per Share
For the Months EndedClass IClass SClass D
January 31, 2022$25.93 $25.93 $25.93 
February 28, 202225.80 25.80 25.80 
March 31, 202225.82 25.82 25.82 
April 30, 202225.76 25.76 25.76 
May 31, 202225.28 25.28 25.28 
June 30, 202224.80 24.80 24.80 
July 31, 202225.02 25.02 25.02 
August 31, 202225.12 25.12 25.12 
September 30, 202224.62 24.62 24.62 
NAV Per Share
For the Months EndedClass IClass SClass D (1)
January 31, 2021$25.25 $25.25 $— 
February 28, 202125.36 25.36 — 
March 31, 202125.49 25.49 — 
April 30, 202125.59 25.59 — 
May 31, 202125.80 25.80 25.80 
June 30, 202125.81 25.81 25.81 
July 31, 202125.80 25.80 25.80 
August 31, 202125.84 25.84 25.84 
September 30, 202125.90 25.90 25.90 
(1)Class D commenced on May 1, 2021.
Distributions
The Board authorizes and declares monthly distribution amounts per share of Class I, Class S and Class D common shares of beneficial interest. The following table presents distributions that were declared during the nine months ended September 30, 2022:
Class I
Declaration DateRecord DatePayment DateDistribution Per ShareDistribution Amount
January 26, 2022January 31, 2022February 24, 2022$0.1740 $66,686 
February 23, 2022February 28, 2022March 25, 20220.1740 75,042 
March 23, 2022March 31, 2022April 28, 20220.1740 82,959 
April 23, 2022April 30, 2022May 27, 20220.1740 89,838 
May 23, 2022May 31, 2022June 29, 20220.1740 96,450 
June 23, 2022June 30, 2022July 27, 20220.1740 100,372 
July 20, 2022July 31, 2022August 29, 20220.1740 102,863 
August 24, 2022August 31, 2022September 28, 20220.2440 148,413 (1)
September 7, 2022September 30, 2022October 26, 20220.1740 108,483 
$1.6360 $871,106 
Class S
Declaration DateRecord DatePayment DateDistribution Per ShareDistribution Amount
January 26, 2022January 31, 2022February 24, 2022$0.1556 $23,816 
February 23, 2022February 28, 2022March 25, 20220.1556 26,598 
March 23, 2022March 31, 2022April 28, 20220.1557 29,834 
April 23, 2022April 30, 2022May 27, 20220.1557 32,985 
May 23, 2022May 31, 2022June 29, 20220.1558 35,893 
June 23, 2022June 30, 2022July 27, 20220.1561 38,018 
July 20, 2022July 31, 2022August 29, 20220.1564 39,451 
August 24, 2022August 31, 2022September 28, 20220.2263 58,706 (1)
September 7, 2022September 30, 2022October 26, 20220.1562 41,985 
$1.4734 $327,287 
Class D
Declaration DateRecord DatePayment DateDistribution Per ShareDistribution Amount
January 26, 2022January 31, 2022February 24, 2022$0.1686 $3,469 
February 23, 2022February 28, 2022March 25, 20220.1686 3,961 
March 23, 2022March 31, 2022April 28, 20220.1686 4,551 
April 23, 2022April 30, 2022May 27, 20220.1686 5,126 
May 23, 2022May 31, 2022June 29, 20220.1686 5,699 
June 23, 2022June 30, 2022July 27, 20220.1687 6,190 
July 20, 2022July 31, 2022August 29, 20220.1688 6,555 
August 24, 2022August 31, 2022September 28, 20220.2388 10,007 (1)
September 7, 2022September 30, 2022October 26, 20220.1688 7,401 
$1.5881 $52,959 

The following table presents distributions that were declared during the nine months ended September 30, 2021:
Class I
Declaration DateRecord DatePayment DateDistribution Per ShareDistribution Amount
January 29, 2021January 31, 2021February 24, 2021$0.1151 $3,431 
February 24, 2021February 28, 2021March 29, 20210.14277,206 
March 30, 2021March 31, 2021April 28, 20210.145810,483 
April 23, 2021April 30, 2021May 26, 20210.1510 15,074 
May 25, 2021May 31, 2021June 28, 20210.1563 19,336 
June 29, 2021June 30, 2021July 28, 20210.1667 24,261 
June 29, 2021June 30, 2021July 28, 20210.1233 17,944 (1)
July 21, 2021July 31, 2021August 27, 20210.1740 31,252 
August 25, 2021August 31, 2021September 28, 20210.1740 36,103 
September 27, 2021September 30, 2021October 27, 20210.1740 42,453 
$1.5229 $207,543 
Class S
Declaration DateRecord DatePayment DateDistribution Per ShareDistribution Amount
January 29, 2021January 31, 2021February 24, 2021$0.1008 $277 
February 24, 2021February 28, 2021March 29, 20210.1250827 
March 30, 2021March 31, 2021April 28, 20210.12811,426 
April 23, 2021April 30, 2021May 26, 20210.1329 2,994 
May 25, 2021May 31, 2021June 28, 20210.1382 4,607 
June 29, 2021June 30, 2021July 28, 20210.1484 6,391 
June 29, 2021June 30, 2021July 28, 20210.1233 5,311 (1)
July 21, 2021July 31, 2021August 27, 20210.1557 8,187 
August 25, 2021August 31, 2021September 28, 20210.1557 9,376 
September 27, 2021September 30, 2021October 27, 20210.1557 11,742 
$1.3638 $51,138 
Class D
Declaration DateRecord DatePayment DateDistribution Per ShareDistribution Amount
May 25, 2021May 31, 2021June 28, 2021$0.1510 $205 
June 29, 2021June 30, 2021July 28, 20210.1613 487 
June 29, 2021June 30, 2021July 28, 20210.1233 373 (1)
July 21, 2021July 31, 2021August 27, 20210.1686 749 
August 25, 2021August 31, 2021September 28, 20210.1686 997 
September 27, 2021September 30, 2021October 27, 20210.1686 1,309 
$0.9414 $4,120 
(1)Represents a special distribution.
Distribution Reinvestment Plan
The Company has adopted a distribution reinvestment plan, pursuant to which the Company will reinvest all cash dividends declared by the Board on behalf of our shareholders who do not elect to receive their dividends in cash as provided below. As a result, if the Board authorizes, and the Company declares, a cash dividend or other distribution, then shareholders who have not opted out of our distribution reinvestment plan will have their cash distributions automatically reinvested in additional shares as described below, 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.
Character of Distributions
The Company may fund its cash distributions to shareholders from any source of funds available to the Company, including but not limited to offering proceeds, net investment income from operations, capital gains proceeds from the sale of assets, dividends or other distributions paid to it on account of preferred and common equity investments in portfolio companies and expense support from the Adviser, which is subject to recoupment.
Through September 30, 2022, a portion of the Company’s distributions resulted from expense support from the Adviser, and future distributions may result from expense support from the Adviser, each of which is subject to repayment by the Company within three years from the date of payment. The purpose of this arrangement avoids distributions being characterized as a return of capital for U.S. federal income tax purposes. Shareholders should understand that any such distribution is not based solely on the Company’s investment performance, and can only be sustained if the Company achieves positive investment performance in future periods and/or the Adviser continues to provide expense support. Shareholders should also understand that the Company’s future repayments of expense support will reduce the distributions that they would otherwise receive. There can be no assurance that the Company will achieve the performance necessary to sustain these distributions, or be able to pay distributions at all.
Sources of distributions, other than net investment income and realized gains on a U.S. GAAP basis, include required adjustments to U.S. GAAP net investment income in the current period to determine taxable income available for distributions. The following tables reflect the sources of cash distributions on a U.S. GAAP basis that the Company has declared on its shares of common stock during the nine months ended September 30, 2022:
Class IClass SClass D
Source of DistributionPer ShareAmountPer ShareAmountPer ShareAmount
Net investment income$1.6360 $871,106 $1.4734 $327,287 $1.5881 $52,959 
Net realized gains— — — — — — 
Total$1.6360 $871,106 $1.4734 $327,287 $1.5881 $52,959 
The following tables reflect the sources of cash distributions on a U.S. GAAP basis that the Company has declared on its shares of common stock during the nine months ended September 30, 2021:
Class IClass SClass D
Source of DistributionPer ShareAmountPer ShareAmountPer ShareAmount
Net investment income$1.5229 $207,543 $1.3638 $51,138 $0.9414 $4,120 
Net realized gains— — — — — — 
Total$1.5229 $207,543 $1.3638 $51,138 $0.9414 $4,120 
Share Repurchase Program
At the discretion of the Board, the Company commenced a share repurchase program in which the Company may repurchase, in each quarter, up to 5% of the NAV of the Company’s common shares outstanding (either by number of shares or aggregate NAV) as of the close of the previous calendar quarter. The Board may amend or suspend the share repurchase program at any time if in its reasonable judgment it deems such action to be in the best interest of shareholders, such as when a repurchase offer would place an undue burden on the Company’s liquidity, adversely affect the Company’s operations or risk having an adverse impact on the Company that would outweigh the benefit of the repurchase offer. As a result, share repurchases may not be available each quarter. The Company intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act of 1934, as amended, and the 1940 Act. All shares purchased 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 using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter, except that shares that were issued on or after October 1, 2021, 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.
During the three months ended September 30, 2022, approximately 26,978,676 shares were repurchased (total value of $664.2 million based on September 30, 2022 NAV of $24.62). During the nine months ended September 30, 2022, approximately 40,613,906 shares were repurchased (total value of $1.0 billion based on September 30, 2022 NAV of $24.62).
During the three and nine months ended September 30, 2021, approximately 113,735 shares were repurchased (total value of $2.9 million based on September 30, 2021 NAV of $25.90).
The following table further summarizes the share repurchases completed during the nine months ended September 30, 2022:

Repurchase deadline requestPercentage of
Outstanding Shares
the Company Offered
to Repurchase(1)		Price Paid Per ShareRepurchase
Pricing Date		Amount
Repurchased (all classes)(3)		Number of Shares
Repurchased
(all classes)		Percentage of
Outstanding Shares
Repurchased (1)		Maximum number of shares that may yet be purchased under the repurchase plan (2)
February 28, 20225.00 %$25.82 March 31, 2022$54,464 2,146,916 0.43 %— 
May 31, 20225.00 %$24.80 June 30, 2022$282,505 11,488,257 1.66 %— 
August 31, 20225.00 %$24.62 September 30, 2022$663,415 26,978,603 3.19 %— 
(1)Percentage is based on total shares as of the close of the previous calendar quarter.
(2)All repurchase requests were satisfied in full.
(3)Amounts in thousands shown net of Early Repurchase Deduction
The following table further summarizes the share repurchases completed during the nine months ended September 30, 2021:
Repurchase deadline requestPercentage of
Outstanding Shares
the Company Offered
to Repurchase(1)		Repurchase
Pricing Date		Amount
Repurchased (all classes)(3)		Number of Shares
Repurchased
(all classes)(1)		Percentage of
Outstanding Shares
Repurchased (2)
May 28, 20215.00 %June 30, 2021$1,233 48,738 0.06 %
(1)Percentage is based on total shares as of the close of the previous calendar quarter.
(2)All repurchase requests were satisfied in full.
(3)Amounts in thousands.