Net Assets

9 Months Ended

Sep. 30, 2024

Note 9. Net Assets

Subscriptions and Drawdowns

The Company has the authority to issue up to 100 million shares of its common stock. Through its Private Offerings the Company will from time to time enter into subscription agreements (the “Subscription Agreements”) with investors. Under the terms of the Subscription Agreements, investors are required to fund drawdowns to purchase the Company’s Shares up to the amount of their respective Capital Commitment on an as-needed basis each time the Company delivers a drawdown notice. As of September 30, 2024, the Company had received Capital Commitments totaling $2.3 billion ($365.8 million remaining undrawn).

The following table summarizes the total shares issued and aggregate offering proceeds related to the Company’s capital drawdowns delivered pursuant to the Subscription Agreements as of September 30, 2024:


Share Issuance Date	Number of Shares Issued		Aggregate Offering Proceeds
December 21, 2021		12,000,000	$	299,988
June 23, 2022		2,509,410	$	60,000
September 21, 2022		2,787,307	$	65,000
December 29, 2022		2,991,256	$	65,000
March 8, 2023		2,601,909	$	60,000
April 21, 2023		4,446,421	$	100,000
August 8, 2023		3,225,807	$	75,000
December 29, 2023		4,310,345	$	100,000
March 27, 2024		9,449,812	$	225,000
June 5, 2024		16,366,612	$	400,000
July 10, 2024		4,163,197	$	100,000
September 27, 2024		14,553,015	$	350,000
Total		79,405,091	$	1,899,988

Distributions

The Company declared the following distributions for the nine months ended September 30, 2024 and 2023:


			Regular		Special		Per Share
Date Declared	Record Date	Payment Date	Distribution		Distribution		Amount		Total Amount
For Calendar Year 2024
March 6, 2024	March 15, 2024	March 28, 2024	$	0.65	$	—	$	0.65	$	26,182
May 8, 2024	June 14, 2024	June 27, 2024	$	0.65	$	0.08	$	0.73	$	48,879
August 12, 2024	September 13, 2024	September 27, 2024	$	0.65	$	0.02	$	0.67	$	48,486
							$	2.05	$	123,547
For Calendar Year 2023
March 13, 2023	March 29, 2023	April 17, 2023	$	0.65	$	—	$	0.65	$	16,073
June 21, 2023	June 21, 2023	June 28, 2023	$	0.65	$	—	$	0.65	$	19,378
August 3, 2023	August 4, 2023	September 28, 2023	$	—	$	0.03	$	0.03	$	917
August 3, 2023	September 15, 2023	September 28, 2023	$	0.65	$	—	$	0.65	$	21,965
							$	1.98	$	58,333

Dividend Reinvestment

The Company has adopted a dividend reinvestment plan (“DRP”), pursuant to which it reinvests all cash dividends declared by the Board on behalf of its Shareholders who elected not to receive their dividends in cash. Shareholders who have opted into the Company’s DRP will have their cash distributions automatically reinvested in additional Shares as described below, rather than receiving the cash dividend or other distribution. A participating Shareholder will receive an amount of Shares equal to the amount of the distribution on that participant’s shares divided by the most recent net asset value (“NAV”) per share that is available on the date such distribution was paid. Shareholders who receive distributions in the form of Shares will generally be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions; however, since their cash distributions will be reinvested, those Shareholders will not receive cash with which to pay any applicable taxes. The Company intends to use newly issued Shares to implement the DRP. Shares issued under the DRP will not reduce outstanding Capital Commitments.

The following table summarizes the DRP Shares issued to shareholders who have “opted in” to the DRP as of September 30, 2024 and the value of such Shares as of the payment dates:


Payment Date	DRP Shares Value		DRP Shares Issued
April 15, 2022	$	7,200		286,055
July 15, 2022	$	9,321		373,593
October 17, 2022	$	8,646		377,076
December 30, 2022	$	18,056		801,437
April 17, 2023	$	13,892		637,800
June 28, 2023	$	16,789		754,571
September 28, 2023	$	18,945		828,460
December 28, 2023	$	31,456		1,347,765
March 28, 2024	$	20,039		861,529
June 27, 2024	$	29,653		1,246,983
September 27, 2024	$	28,260		1,179,974
	$	202,257		8,695,243