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Net Assets
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Net Assets Net Assets
The following table presents transactions in Common Shares during the year ended December 31, 2024:
SharesAmount
CLASS I
Subscriptions292,239,395$7,452,201 
Share transfers between classes4,920,648125,969 
Distributions reinvested42,886,8491,093,651 
Share repurchases(65,108,461)(1,660,006)
Early repurchase deduction— 1,030 
Net increase (decrease)274,938,431 7,012,845 
CLASS S
Subscriptions122,935,5353,134,546 
Share transfers between classes(4,910,213)(125,680)
Distributions reinvested20,705,487528,016 
Share repurchases(16,458,223)(419,727)
Early repurchase deduction—509 
Net increase (decrease)122,272,586 3,117,664 
CLASS D
Subscriptions7,795,424 198,906 
Share transfers between classes(10,436)(289)
Distributions reinvested350,175 8,931 
Share repurchases(668,729)(17,076)
Early repurchase deduction—23 
Net increase (decrease)7,466,434 190,495 
Total net increase (decrease)404,677,451 $10,321,004 
The following table presents transactions in Common Shares during the year ended December 31, 2023:
SharesAmount
CLASS I
Subscriptions172,155,545$4,301,597 
Share transfers between classes46,741,1531,160,908 
Distributions reinvested31,244,345779,404 
Share repurchases(106,798,719)(2,667,420)
Early repurchase deduction— 199 
Net increase (decrease)143,342,324 3,574,688 
CLASS S
Subscriptions97,788,9072,442,624 
Share transfers between classes(2,790,572)(69,353)
Distributions reinvested13,972,434348,634 
Share repurchases(17,647,552)(441,447)
Early repurchase deduction—213 
Net increase (decrease)91,323,217 2,280,671 
CLASS D
Subscriptions10,437,577 259,923 
Share transfers between classes(43,951,096)(1,091,555)
Distributions reinvested728,009 18,060 
Share repurchases(557,743)(13,828)
Early repurchase deduction—12 
Net increase (decrease)(33,343,253)(827,388)
Total net increase (decrease)201,322,288 $5,027,971 
The following table presents transactions in Common Shares during the year ended December 31, 2022:
SharesAmount
CLASS I
Subscriptions299,758,354$7,657,964 
Share transfers between classes2,883,59772,944 
Distributions reinvested20,643,452520,100 
Share repurchases(78,639,416)(1,938,513)
Early repurchase deduction— 3,833 
Net increase (decrease)244,645,987 6,316,328 
CLASS S
Subscriptions151,557,7773,867,398 
Share transfers between classes(1,117,876)(27,793)
Distributions reinvested8,108,844204,169 
Share repurchases(8,432,731)(208,436)
Early repurchase deduction—828 
Net increase (decrease)150,116,014 3,836,166 
CLASS D
Subscriptions32,952,511 837,827 
Share transfers between classes(1,765,721)(45,151)
Distributions reinvested1,465,842 36,842 
Share repurchases(671,166)(16,537)
Early repurchase deduction—104 
Net increase (decrease)31,981,466 813,085 
Total net increase (decrease)426,743,467 $10,965,579 
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 year ended December 31, 2024:
NAV Per Share
For the Months EndedClass IClass SClass D
January 31, 2024$25.41 $25.41 $25.41 
February 29, 2024$25.43 $25.43 $25.43 
March 31, 2024$25.51 $25.51 $25.51 
April 30, 2024$25.54 $25.54 $25.54 
May 31, 2024$25.55 $25.55 $25.55 
June 30, 2024$25.57 $25.57 $25.57 
July 31, 2024$25.57 $25.57 $25.57 
August 31, 2024$25.53 $25.53 $25.53 
September 30, 2024$25.50 $25.50 $25.50 
October 31, 2024$25.52 $25.52 $25.52 
November 30, 2024$25.46 $25.46 $25.46 
December 31, 2024$25.42 $25.42 $25.42 
    
The following table presents each month-end NAV per share for Class I, Class S and Class D Common Shares during the year ended December 31, 2023:
NAV Per Share
For the Months EndedClass IClass SClass D
January 31, 2023$24.85 $24.85 $24.85 
February 28, 2023$24.84 $24.84 $24.84 
March 31, 2023$24.77 $24.77 $24.77 
April 30, 2023$24.87 $24.87 $24.87 
May 31, 2023$24.74 $24.74 $24.74 
June 30, 2023$24.86 $24.86 $24.86 
July 31, 2023$24.98 $24.98 $24.98 
August 31, 2023$25.04 $25.04 $25.04 
September 30, 2023$25.23 $25.23 $25.23 
October 31, 2023$25.18 $25.18 $25.18 
November 30, 2023$25.23 $25.23 $25.23 
December 31, 2023$25.39 $25.39 $25.39 
The following table presents each month-end NAV per share for Class I, Class S and Class D Common Shares during the year ended December 31, 2022:
NAV Per Share
For the Months EndedClass IClass SClass D
January 31, 2022$25.93 $25.93 $25.93 
February 28, 2022$25.80 $25.80 $25.80 
March 31, 2022$25.82 $25.82 $25.82 
April 30, 2022$25.76 $25.76 $25.76 
May 31, 2022$25.28 $25.28 $25.28 
June 30, 2022$24.80 $24.80 $24.80 
July 31, 2022$25.02 $25.02 $25.02 
August 31, 2022$25.12 $25.12 $25.12 
September 30, 2022$24.62 $24.62 $24.62 
October 31, 2022$24.60 $24.60 $24.60 
November 30, 2022$24.73 $24.73 $24.73 
December 31, 2022$24.59 $24.59 $24.59 
Distributions
The Board authorizes and declares monthly distribution amounts per share of Class I, Class S and Class D Common Shares.
The following tables present distributions that were declared and payable during the year ended December 31, 2024:
Class I
Declaration DateRecord DatePayment DateDistribution Per ShareDistribution Amount
January 24, 2024January 31, 2024February 28, 2024$0.2200 $168,161 
February 22, 2024February 29, 2024March 28, 20240.2200 173,210 
March 21, 2024March 31, 2024April 24, 20240.2200 179,042 
April 17, 2024April 30, 2024May 28, 20240.2200 181,701 
May 20, 2024May 31, 2024June 27, 20240.2200 189,402 
June 20, 2024June 30, 2024July 24, 20240.2200 195,500 
July 17, 2024July 31, 2024August 27, 20240.2200 198,554 
August 20, 2024August 31, 2024September 27, 20240.2200 204,327 
September 19, 2024September 30, 2024October 23, 20240.2200 210,943 
October 16, 2024October 31, 2024November 27, 20240.2200 212,313 
November 19, 2024November 30, 2024December 27, 20240.2200 219,730 
December 19, 2024December 31, 2024January 29, 20250.2200 225,850 
$2.6400 $2,358,733 
Class S
Declaration DateRecord DatePayment DateDistribution Per ShareDistribution Amount
January 24, 2024January 31, 2024February 28, 2024$0.2020 $77,794 
February 22, 2024February 29, 2024March 28, 20240.2020 79,946 
March 21, 2024March 31, 2024April 24, 20240.2020 82,446 
April 17, 2024April 30, 2024May 28, 20240.2019 84,392 
May 20, 2024May 31, 2024June 27, 20240.2019 86,840 
June 20, 2024June 30, 2024July 24, 20240.2019 89,255 
July 17, 2024July 31, 2024August 27, 20240.2019 90,392 
August 20, 2024August 31, 2024September 27, 20240.2019 92,814 
September 19, 2024September 30, 2024October 23, 20240.2019 95,008 
October 16, 2024October 31, 2024November 27, 20240.2019 96,361 
November 19, 2024November 30, 2024December 27, 20240.2019 98,530 
December 19, 2024December 31, 2024January 29, 20250.2020 100,990 
$2.4232 $1,074,768 
Class D
Declaration DateRecord DatePayment DateDistribution Per ShareDistribution Amount
January 24, 2024January 31, 2024February 28, 2024$0.2147 $3,474 
February 22, 2024February 29, 2024March 28, 20240.2147 3,512 
March 21, 2024March 31, 2024April 24, 20240.2147 3,556 
April 17, 2024April 30, 2024May 28, 20240.2147 3,636 
May 20, 2024May 31, 2024June 27, 20240.2147 4,277 
June 20, 2024June 30, 2024July 24, 20240.2147 4,338 
July 17, 2024July 31, 2024August 27, 20240.2147 4,363 
August 20, 2024August 31, 2024September 27, 20240.2147 4,479 
September 19, 2024September 30, 2024October 23, 20240.2147 4,602 
October 16, 2024October 31, 2024November 27, 20240.2147 4,672 
November 19, 2024November 30, 2024December 27, 20240.2147 4,874 
December 19, 2024December 31, 2024January 29, 20250.2147 4,922 
$2.5764 $50,705 
The following tables present distributions that were declared and payable during the year ended December 31, 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 
October 18, 2023October 31, 2023November 27, 20230.2200 156,483 
November 20, 2023November 30, 2023December 29, 20230.2200 160,165 
December 19, 2023December 31, 2023January 29, 20240.2200 165,395 
$2.5700 $1,729,499 
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 
October 18, 2023October 31, 2023November 27, 20230.2021 71,145 
November 20, 2023November 30, 2023December 29, 20230.2022 73,684 
December 19, 2023December 31, 2023January 29, 20240.2021 76,320 
$2.3582 $767,401 
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 
October 18, 2023October 31, 2023November 27, 20230.2147 3,161 
November 20, 2023November 30, 2023December 29, 20230.2148 3,256 
December 19, 2023December 31, 2023January 29, 20240.2147 3,318 
$2.5075 $44,882 
The following tables present distributions that were declared and payable during the year ended December 31, 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, 2022 (1)
August 21, 2022September 1, 20220.0700 42,578 
August 24, 2022August 31, 2022September 28, 20220.1740 105,836 
September 7, 2022September 30, 2022October 26, 20220.1740 108,483 
October 19, 2022October 31, 2022November 29, 20220.1900 116,878 
November 23, 2022November 30, 2022December 29, 20220.1900 118,609 
December 5, 2022December 30, 2022January 27, 20230.2100 132,959 
$2.2260 $1,239,553 
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, 2022 (1)
August 21, 2022September 1, 20220.0700 18,159 
August 24, 2022August 31, 2022September 28, 20220.1563 40,547 
September 7, 2022September 30, 2022October 26, 20220.1563 41,985 
October 19, 2022October 31, 2022November 29, 20220.1726 47,396 
November 23, 2022November 30, 2022December 29, 20220.1726 48,524 
December 5, 2022December 30, 2022January 27, 20230.1926 55,342 
$2.0113 $478,548 
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, 2022 (1)
August 21, 2022September 1, 20220.0700 2,933 
August 24, 2022August 31, 2022September 28, 20220.1688 7,073 
September 7, 2022September 30, 2022October 26, 20220.1688 7,401 
October 19, 2022October 31, 2022November 29, 20220.1849 8,469 
November 23, 2022November 30, 2022December 29, 20220.1849 8,792 
December 5, 2022December 30, 2022January 27, 20230.2049 10,084 
$2.1628 $80,303 
(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 the 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. No action is required on the part of a registered shareholder to have his, her or its cash dividend or other distribution reinvested in our shares, except shareholders in certain states. Investors and clients of certain participating brokers in states that do not permit automatic enrollment in our distribution reinvestment plan will automatically receive their distributions in cash unless they elect to have their cash distributions reinvested in additional Common Shares.
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 December 31, 2024, 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 GAAP basis, include required adjustments to GAAP net investment income in the current period to determine taxable income available for distributions. The following table presents the sources of cash distributions on a GAAP basis that the Company has declared on its Common Shares during the year ended December 31, 2024:

Class IClass SClass D
Source of DistributionPer ShareAmountPer ShareAmountPer ShareAmount
Net investment income$2.6400 $2,358,733 $2.4232 $1,074,768 $2.5764 $50,705 
Net realized gains— — — — — — 
Total$2.6400 $2,358,733 $2.4232 $1,074,768 $2.5764 $50,705 
The following table presents the sources of cash distributions on a GAAP basis that the Company has declared on its Common Shares during the year ended December 31, 2023:

Class IClass SClass D
Source of DistributionPer ShareAmountPer ShareAmountPer ShareAmount
Net investment income$2.5700 $1,729,499 $2.3582 $767,401 $2.5075 $44,882 
Net realized gains— — — — — — 
Total$2.5700 $1,729,499 $2.3582 $767,401 $2.5075 $44,882 

The following table presents the sources of cash distributions on a GAAP basis that the Company has declared on its Common Shares during the year ended December 31, 2022:

Class IClass SClass D
Source of DistributionPer ShareAmountPer ShareAmountPer ShareAmount
Net investment income$2.2260 $1,239,553 $2.0113 $478,548 $2.1628 $80,303 
Net realized gains— — — — — — 
Total$2.2260 $1,239,553 $2.0113 $478,548 $2.1628 $80,303 
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 program, 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. In addition, the Company’s Common Shares are sold to certain feeder vehicles primarily created to hold the Company’s Common Shares that in turn offer interests in such feeder vehicles to non-U.S. persons. For such feeder vehicles and similar arrangements in certain markets, the Company will not apply the Early Repurchase Deduction to the feeder vehicles or underlying investors, often because of administrative or systems limitations. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining shareholders.
Share Repurchases
During the years ended December 31, 2024, 2023, and 2022, approximately 82,235,413, 125,004,014, and 87,743,313 Common Shares were repurchased, respectively.
The following table presents the repurchases of Common Shares pursuant to the Company’s share repurchase plan during the years ended December 31, 2024:
Repurchase request deadlineTotal Number of Shares Repurchased (all classes)
Percentage of
Outstanding Shares
Repurchased (1)
Price Paid Per ShareRepurchase Pricing Date
Amount
Repurchased (all classes) (2)
Maximum number of shares that may yet be purchased under the repurchase plan (3)
February 29, 202421,862,087 1.9 %$25.51 March 31, 2024$557,579 — 
May 31, 202417,956,860 1.5 %$25.57 June 30, 2024$458,564 — 
August 30, 202421,482,182 1.6 %$25.50 September 30, 2024$547,076 — 
December 02, 202420,891,347 1.5 %$25.42 December 31, 2024$530,932 — 
(1)Percentage is based on total shares as of the close of the previous calendar quarter.
(2)Amounts shown net of Early Repurchase Deduction.
(3)All repurchase requests were satisfied in full.

Additionally, the Company repurchased 42,937 Common Shares at a price per share of $25.53 (which represented the net asset value per share as of August 31, 2024), for a total amount repurchased of $1.1 million during the year ended December 31, 2024.
The following table presents the repurchases of Common Shares pursuant to the Company’s share repurchase plan completed during the years ended December 31, 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) (2)
Maximum number of shares that may yet be purchased under the repurchase plan (3)
February 28, 202336,061,530 3.9 %$24.77 March 31, 2023$893,037 — 
May 31, 202348,450,063 5.2 %$24.86 June 30, 2023$1,204,418 — 
August 31, 202319,508,786 2.0 %$25.23 September 30, 2023$492,161 — 
November 30, 202320,983,635 2.0 %$25.39 December 31, 2023$532,655 — 
(1)Percentage is based on total shares as of the close of the previous calendar quarter.
(2)Amounts shown net of Early Repurchase Deduction.
(3)All repurchase requests were satisfied in full.
The following table presents the repurchases of Common Shares pursuant to the Company’s share repurchase plan completed during the year ended December 31, 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) (2)
Maximum number of shares that may yet be purchased under the repurchase plan (3)
February 28, 20222,146,916 0.4 %$25.82 March 31, 2022$54,464 — 
May 31, 202211,488,257 1.7 %$24.80 June 30, 2022$282,505 — 
August 31, 202226,978,603 3.2 %$24.62 September 30, 2022$663,415 — 
November 30, 202247,129,537 5.2 %$24.59 December 31, 2022$1,158,337 — 
(1)Percentage is based on total shares as of the close of the previous calendar quarter.
(2)Amounts shown net of Early Repurchase Deduction.
(3)All repurchase requests were satisfied in full.