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Net Assets
 9 Months Ended
Sep. 30, 2023
Equity [Abstract]  
Net Assets Net Assets
The following table presents transactions in Common Shares (dollars in thousands except share amounts):
For the three months ended September 30, 2023
SharesAmount
CLASS I
Subscriptions52,915,604 $1,320,655 
Share transfers between classes706,080 17,624 
Distributions reinvested8,098,617 202,132 
Share repurchases(16,240,256)(409,742)
Early repurchase deduction— 29 
Net increase (decrease)45,480,045 $1,130,698 
CLASS S
Subscriptions28,376,209 $708,441 
Share transfers between classes(523,520)(13,077)
Distributions reinvested3,591,47189,644 
Share repurchases(3,268,530)(82,465)
Early repurchase deduction—17 
Net increase (decrease)28,175,630 $702,560 
CLASS D
Subscriptions5,767,486 $143,591 
Share transfers between classes(182,545)(4,547)
Distributions reinvested35,658 891 
Share repurchases— — 
Early repurchase deduction—— 
Net increase (decrease)5,620,599 $139,935 
Total net increase (decrease)79,276,274 $1,973,193 
The following table presents transactions in Common Shares (dollars in thousands except share amounts):
For the nine months ended September 30, 2023
SharesAmount
CLASS I
Subscriptions111,912,417$2,782,476 
Share transfers between classes46,287,9821,149,483 
Distributions reinvested22,457,227557,869 
Share repurchases(89,584,561)(2,230,353)
Early repurchase deduction— 107 
Net increase (decrease)91,073,065 $2,259,582 
CLASS S
Subscriptions64,410,351$1,601,265 
Share transfers between classes(2,229,790)(55,217)
Distributions reinvested9,886,169245,606 
Share repurchases(13,878,075)(345,740)
Early repurchase deduction—186 
Net increase (decrease)58,188,655 $1,446,100 
CLASS D
Subscriptions8,690,107 $215,875 
Share transfers between classes(44,058,747)(1,094,266)
Distributions reinvested669,958 16,596 
Share repurchases(557,743)(13,827)
Early repurchase deduction—11 
Net increase (decrease)(35,256,425)$(875,611)
Total net increase (decrease)114,005,295 $2,830,071 
The following table presents transactions in Common Shares (dollars in thousands except share amounts):
For the three months ended 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 presents transactions in Common Shares (dollars in thousands except share amounts):
For the nine months ended 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 
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 presents each month-end NAV per share for Class I, Class S and Class D Common Shares during the nine months ended September 30, 2023 and 2022:
NAV Per Share
Class IClass SClass D
January 31, 2023$24.85 $24.85 $24.85 
February 28, 202324.84 24.84 24.84 
March 31, 202324.77 24.77 24.77 
April 30, 202324.87 24.87 24.87 
May 31, 202324.74 24.74 24.74 
June 30, 202324.86 24.86 24.86 
July 31, 202324.98 24.98 24.98 
August 31, 202325.04 25.04 25.04 
September 30, 202325.23 25.23 25.23 
NAV Per Share
Class 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 
Distributions

The Board authorizes and declares monthly distribution amounts per share of Class I, Class S and Class D Common Shares. The following table presents distributions that were declared and payable during the nine months ended September 30, 2023:
Class I
Declaration DateRecord DatePayment DateDistribution Per ShareDistribution Amount
January 25, 2023January 31, 2023February 24, 2023$0.2100 $125,726 
February 24, 2023February 28, 2023March 29, 20230.2100 127,513 
March 23, 2023March 31, 2023April 28, 20230.2100 138,990 
April 19, 2023April 30, 2023May 26, 20230.2100 135,044 
May 17, 2023May 31, 2023June 27, 20230.2100 137,362 
June 20, 2023June 30, 2023July 27, 20230.2100 142,770 
July 19, 2023July 31, 2023August 28, 20230.2100 138,028 
August 17, 2023August 31, 2023September 27, 20230.2200 148,342 
September 20, 2023September 30, 2023October 27, 20230.2200 153,681 
$1.9100 $1,247,456 
Class S
Declaration DateRecord DatePayment DateDistribution Per ShareDistribution Amount
January 25, 2023January 31, 2023February 24, 2023$0.1926 $55,316 
February 24, 2023February 28, 2023March 29, 20230.1924 56,106 
March 23, 2023March 31, 2023April 28, 20230.1924 57,471 
April 19, 2023April 30, 2023May 26, 20230.1925 58,078 
May 17, 2023May 31, 2023June 27, 20230.1924 59,351 
June 20, 2023June 30, 2023July 27, 20230.1925 61,185 
July 19, 2023July 31, 2023August 28, 20230.1924 62,065 
August 17, 2023August 31, 2023September 27, 20230.2023 67,089 
September 20, 2023September 30, 2023October 27, 20230.2023 69,591 
$1.7518 $546,252 
Class D
Declaration DateRecord DatePayment DateDistribution Per ShareDistribution Amount
January 25, 2023January 31, 2023February 24, 2023$0.2049 $10,247 
February 24, 2023February 28, 2023March 29, 20230.2048 10,343 
March 23, 2023March 31, 2023April 28, 20230.2048 1,659 
April 19, 2023April 30, 2023May 26, 20230.2048 1,591 
May 17, 2023May 31, 2023June 27, 20230.2048 1,564 
June 20, 2023June 30, 2023July 27, 20230.2048 1,649 
July 19, 2023July 31, 2023August 28, 20230.2048 2,551 
August 17, 2023August 31, 2023September 27, 20230.2148 2,635 
September 20, 2023September 30, 2023October 27, 20230.2148 2,908 
$1.8633 $35,147 
The following table presents distributions that were declared and payable 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 20, 2022April 30, 2022May 27, 20220.1740 89,838 
May 24, 2022May 31, 2022June 29, 20220.1740 96,450 
June 27, 2022June 30, 2022July 27, 20220.1740 100,372 
July 20, 2022July 31, 2022August 29, 20220.1740 102,863 
July 20, 2022August 21, 2022September 1, 20220.0700 42,578 (1)
August 24, 2022August 31, 2022September 28, 20220.1740 105,836 
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 20, 2022April 30, 2022May 27, 20220.1557 32,985 
May 24, 2022May 31, 2022June 29, 20220.1558 35,893 
June 27, 2022June 30, 2022July 27, 20220.1561 38,018 
July 20, 2022July 31, 2022August 29, 20220.1564 39,451 
July 20, 2022August 21, 2022September 1, 20220.0700 18,159 (1)
August 24, 2022August 31, 2022September 28, 20220.1563 40,547 
September 7, 2022September 30, 2022October 26, 20220.1563 41,985 
$1.4735 $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 20, 2022April 30, 2022May 27, 20220.1686 5,126 
May 24, 2022May 31, 2022June 29, 20220.1686 5,699 
June 27, 2022June 30, 2022July 27, 20220.1687 6,190 
July 20, 2022July 31, 2022August 29, 20220.1688 6,555 
July 20, 2022August 21, 2022September 1, 20220.0700 2,933 (1)
August 24, 2022August 31, 2022September 28, 20220.1688 7,073 
September 7, 2022September 30, 2022October 26, 20220.1688 7,401 
$1.5881 $52,959 
(1)Represents a special distribution.
Distribution Reinvestment Plan
The Company has adopted a distribution reinvestment plan, pursuant to which it reinvests all cash dividends declared by the Board on behalf of its shareholders who do not elect to receive their dividends in cash. 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 Company’s 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, 2023, 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. 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 GAAP basis, include required adjustments to GAAP net investment income in the current period to determine taxable income available for distributions. The following tables present the sources of cash distributions on a GAAP basis that the Company has declared on its Common Shares:
For the nine months ended September 30, 2023
Class IClass SClass D
Source of DistributionPer ShareAmountPer ShareAmountPer ShareAmount
Net investment income$1.9100 $1,247,456 $1.7518 $546,252 $1.8633 $35,147 
Net realized gains— — — — — — 
Total$1.9100 $1,247,456 $1.7518 $546,252 $1.8633 $35,147 
For the nine months ended September 30, 2022
Class IClass SClass D
Source of DistributionPer ShareAmountPer ShareAmountPer ShareAmount
Net investment income$1.6360 $871,106 $1.4735 $327,287 $1.5881 $52,959 
Net realized gains— — — — — — 
Total$1.6360 $871,106 $1.4735 $327,287 $1.5881 $52,959 
Share Repurchase Program
The Company has implemented a share repurchase program under which, at the discretion of the Board, 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. For the avoidance of doubt, such target amount is assessed each calendar quarter. The Board may amend or suspend the share repurchase program at any time (including to offer to purchase fewer shares) 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, or may only be available in an amount less than 5% of our Common Shares outstanding. 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. Additionally, pursuant to Rule 23c-1(a)(10) under the 1940 Act, the Company may also repurchase its outstanding Common Shares outside of the share repurchase program. 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 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 will be satisfied if at least one year has elapsed from (a) the issuance date of the applicable Common Shares to (b) the subscription date immediately following the valuation date used in the repurchase of such Common Shares. The Early Repurchase Deduction may be waived in the case of repurchase requests arising from the death, divorce or qualified disability of the holder; in the event that a shareholder’s shares are repurchased because the shareholder has failed to maintain the $500 minimum account balance; due to trade or operational error; and repurchases of shares submitted by discretionary model portfolio management programs (and similar arrangements) as approved by the Company. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining shareholders.
During the three months ended September 30, 2023 and 2022, approximately 19,508,786 and 26,978,603 shares were repurchased, respectively. During the nine months ended September 30, 2023 and 2022, approximately 104,020,379 and 40,613,776 shares were repurchased, respectively.
The following table presents the share repurchases completed during the nine months ended September 30, 2023:

Repurchase deadline requestTotal Number of Shares
Repurchased
(all classes)
Percentage of
Outstanding Shares
Repurchased (1)
Price Paid Per ShareRepurchase
Pricing Date
Amount
Repurchased (all classes) (3)
Maximum number of shares that may yet be purchased under the repurchase plan (2)
February 28, 202336,061,530 3.91 %$24.77 March 31, 2023$893,037 — 
May 31, 202348,450,063 5.20 %$24.86 June 30, 2023$1,204,418 — 
August, 31, 202319,508,786 2.04 %$25.23 September 30, 2023$492,161 — 
(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 shown net of Early Repurchase Deduction
The following table presents the share repurchases completed during the nine months ended September 30, 2022:
Repurchase deadline requestTotal Number of Shares
Repurchased
(all classes)
Percentage of
Outstanding Shares
Repurchased (1)
Price Paid Per ShareRepurchase
Pricing Date
Amount
Repurchased (all classes) (3)
Maximum number of shares that may yet be purchased under the repurchase plan (2)
February 28, 20222,146,916 0.43 %$25.82 March 31, 2022$54,464 — 
May 31, 202211,488,257 1.66 %$24.80 June 30, 2022$282,505 — 
August 31, 202226,978,603 3.19 %$24.62 September 30, 2022$663,415 — 
(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 shown net of Early Repurchase Deduction