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Share Data and Distributions
 3 Months Ended
Dec. 31, 2025
Stockholders' Equity Note [Abstract]  
Share Data and Distributions Share Data and Distributions
Changes in Net Assets
The following table presents the changes in net assets for the three months ended December 31, 2025:
Common Shares
  (Share amounts in thousands)SharesPar ValueAdditional Paid-in-CapitalAccumulated Distributable Earnings (Loss)Total Net Assets
Balance at September 30, 2025196,721 $1,967 $4,591,826 $(51,988)$4,541,805 
Issuance of Common Shares in private and public offering13,705 136 315,346 — 315,482 
Issuance of Common Shares under distribution reinvestment plan1,285 13 29,537 — 29,550 
Shares repurchased, net of early repurchase deduction(8,334)(83)(191,018)— (191,101)
Net investment income— — — 102,293 102,293 
Net unrealized appreciation (depreciation)— — — (32,141)(32,141)
Net realized gains (losses)— — — 6,953 6,953 
Provision for income tax (expense) benefit— — — (87)(87)
Distributions to shareholders— — — (109,191)(109,191)
Balance at December 31, 2025203,377 $2,033 $4,745,691 $(84,161)$4,663,563 
The following table presents the changes in net assets for the three months ended December 31, 2024:
Common Shares
  (Share amounts in thousands)SharesPar ValueAdditional Paid-in-CapitalAccumulated Distributable Earnings (Loss)Total Net Assets
Balance at September 30, 2024134,288 $1,343 $3,170,746 $(7,749)$3,164,340 
Issuance of Common Shares in public offering10,676 107 251,386 — 251,493 
Issuance of Common Shares under distribution reinvestment plan999 10 23,514 — 23,524 
Shares repurchased, net of early repurchase deduction(890)(9)(20,900)— (20,909)
Net investment income— — — 72,205 72,205 
Net unrealized appreciation (depreciation)— — — 963 963 
Net realized gains (losses)— — — 3,677 3,677 
Provision for income tax (expense) benefit— — — (65)(65)
Distributions to shareholders— — — (82,912)(82,912)
Balance at December 31, 2024145,073 $1,451 $3,424,746 $(13,881)$3,412,316 
Capital Activity
The Company has the authority to issue an unlimited number of Class I, Class S, Class T and Class D Common Shares. As of December 31, 2025, the Company has issued and sold 158,530,415 Class I shares for an aggregate purchase price of $3,722.2 million, 57,727,592 Class S shares for an aggregate purchase price of $1,355.9 million, 402,422 Class D shares for an aggregate purchase price of $9.3 million and 140,690 Class T shares for an aggregate purchase price of $3.2 million. As of December 31, 2025, the Company has issued 4,215,304 Class I shares, 5,070,892 Class S shares, 8,450 Class D shares and 914 Class T shares pursuant to its distribution reinvestment plan.
The following table summarizes transactions in Common Shares for the three months ended December 31, 2025:
SharesAmount
Class I
Issuance of Common Shares in private and public offering11,327,590 $260,769 
Share transfers between classes59,608 1,371 
Issuance of Common Shares under distribution reinvestment plan649,577 14,986 
Share repurchases, net of early repurchase deduction(6,046,676)(138,650)
Net increase (decrease)5,990,099 $138,476 
Class S
Issuance of Common Shares in public offering2,057,505 $47,358 
Share transfers between classes(59,608)(1,371)
Issuance of Common Shares under distribution reinvestment plan633,658 14,541 
Share repurchases, net of early repurchase deduction(2,286,405)(52,427)
Net increase (decrease)345,150 $8,101 
Class D
Issuance of Common Shares in public offering231,810 $5,327 
Issuance of Common Shares under distribution reinvestment plan1,322 9 
Share repurchases, net of early repurchase deduction(1,065)(24)
Net increase (decrease)232,067 $5,312 
Class T
Issuance of Common Shares in public offering87,958 $2,028 
Issuance of Common Shares under distribution reinvestment plan914 14 
Net increase (decrease)88,872 2,042 
Total net increase (decrease)6,656,188 $153,931 
The following table summarizes transactions in Common Shares for the three months ended December 31, 2024:
SharesAmount
Class I
Issuance of Common Shares in private and public offering7,385,753 $173,985 
Share transfers between classes44,803 1,056 
Issuance of Common Shares under distribution reinvestment plan444,229 10,465 
Share repurchases, net of early repurchase deduction(551,206)(12,962)
Net increase (decrease)7,323,579 $172,544 
Class S
Issuance of Common Shares in public offering3,262,446 $76,853 
Share transfers between classes(44,803)(1,056)
Issuance of Common Shares under distribution reinvestment plan553,254 13,033 
Share repurchases, net of early repurchase deduction(335,076)(7,870)
Net increase (decrease)3,435,821 $80,960 
Class D
Issuance of Common Shares in public offering27,811 $655 
Issuance of Common Shares under distribution reinvestment plan1,097 26 
Share repurchases, net of early repurchase deduction(3,287)(77)
Net increase (decrease)25,621 $604 
Total net increase (decrease)10,785,021 $254,108 
Net Asset Value per Share and Offering Price
The Company determines NAV per share for each class of shares as of the last calendar day of each month. Share issuances pursuant to accepted monthly subscriptions are effective the first calendar day of each month. Shares are issued and sold at a purchase 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 tables summarize each month-end NAV per share for Class I, Class S, Class D and Class T shares for the three months ended December 31, 2025 and 2024.
Class I SharesClass S SharesClass D SharesClass T Shares
October 31, 2025$22.98 $22.98 $22.98 $22.98 
November 30, 2025$22.95 $22.95 $22.95 $22.95 
December 31, 2025$22.93 $22.93 $22.93 $22.93 
Class I SharesClass S SharesClass D SharesClass T Shares
October 31, 2024$23.55 $23.55 $23.55 — 
November 30, 2024$23.56 $23.56 $23.56 — 
December 31, 2024$23.52 $23.52 $23.52 — 

Distributions
The Board authorizes and declares monthly distributions per outstanding Common Share. The following table presents distributions that were declared during the three months ended December 31, 2025:
Class I
DistributionDate DeclaredRecord DatePayment DateDistribution Per ShareDistribution Amount
MonthlyOctober 23, 2025October 30, 2025November 26, 2025$0.1800 $26,082 
MonthlyNovember 25, 2025November 27, 2025December 29, 20250.1800 26,767 
MonthlyDecember 24, 2025December 29, 2025February 2, 20260.1800 27,313 
$0.5400 $80,162 
Class S
DistributionDate DeclaredRecord DatePayment DateDistribution Per ShareDistribution Amount
MonthlyOctober 23, 2025October 30, 2025November 26, 2025$0.1636 $9,459 
MonthlyNovember 25, 2025November 27, 2025December 29, 20250.1637 9,608 
MonthlyDecember 24, 2025December 29, 2025February 2, 20260.1637 9,724 
$0.4910 $28,791 
Class D
DistributionDate DeclaredRecord DatePayment DateDistribution Per ShareDistribution Amount
MonthlyOctober 23, 2025October 30, 2025November 26, 2025$0.1752 $31 
MonthlyNovember 25, 2025November 27, 2025December 29, 20250.1752 71 
MonthlyDecember 24, 2025December 29, 2025February 2, 20260.1752 71 
$0.5256 $173 
Class T
DistributionDate DeclaredRecord DatePayment DateDistribution Per ShareDistribution Amount
MonthlyOctober 23, 2025October 30, 2025November 26, 2025$0.1636 $19 
MonthlyNovember 25, 2025November 27, 2025December 29, 20250.1637 $23 
MonthlyDecember 24, 2025December 29, 2025February 2, 20260.1637 $23 
$0.4910 $65 
The following table presents distributions that were declared during the three months ended December 31, 2024:
Class I
DistributionDate DeclaredRecord DatePayment DateDistribution Per ShareDistribution Amount
MonthlyOctober 24, 2024October 30, 2024November 26, 2024$0.2000 $18,473 
MonthlyNovember 26, 2024November 27, 2024December 27, 20240.2000 18,965 
SpecialDecember 26, 2024December 27, 2024February 3, 20250.2000 19,552 
$0.6000 $56,990 
Class S
DistributionDate DeclaredRecord DatePayment DateDistribution Per ShareDistribution Amount
MonthlyOctober 24, 2024October 30, 2024November 26, 2024$0.1833 $8,415 
MonthlyNovember 26, 2024November 27, 2024December 27, 20240.1833 8,632 
SpecialDecember 26, 2024December 27, 2024February 3, 20250.1833 8,816 
$0.5499 $25,863 
Class D
DistributionDate DeclaredRecord DatePayment DateDistribution Per ShareDistribution Amount
MonthlyOctober 24, 2024October 30, 2024November 26, 2024$0.1951 $16 
MonthlyNovember 26, 2024November 27, 2024December 27, 20240.1951 21 
SpecialDecember 26, 2024December 27, 2024February 3, 20250.1951 22 
$0.5853 $59 
For income tax purposes, the Company has reported its distributions for the 2025 calendar year as ordinary income. The character of such distributions was appropriately reported to the Internal Revenue Service and shareholders for the 2025 calendar year. To the extent the Company’s taxable earnings for a fiscal and taxable year fall below the amount of distributions paid for the fiscal and taxable year, a portion of the total amount of the Company’s distributions for the fiscal and taxable year is deemed a return of capital for U.S. federal income tax purposes to the Company’s shareholders.
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 its 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 the Company’s distribution reinvestment plan will have their cash distributions automatically reinvested in additional shares, 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 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.
Since inception through December 31, 2025, 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 is to avoid 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 Common Shares for the three months ended December 31, 2025:
Class IClass SClass DClass T
Source of DistributionPer ShareAmountPer ShareAmountPer ShareAmountPer ShareAmount
Net investment income$0.5070 $75,306 $0.4598 $26,972 $0.4968 $162 $0.4598 $60 
Distributions in excess of net investment income0.0330 4,856 0.0312 1,819 0.0288 $— 11 0.0312 $— 5 
Total$0.5400 $80,162 $0.4910 $28,791 $0.5256 $173 $0.4910 $65 
The following tables reflect the sources of cash distributions on a U.S. GAAP basis that the Company has declared on its Common Shares for the three months ended December 31, 2024:
Class IClass SClass D
Source of DistributionPer ShareAmountPer ShareAmountPer ShareAmount
Net investment income$0.5243 $49,829 $0.4745 $22,325 $0.5096 $51 
Distributions in excess of net investment income0.0757 7,161 0.0754 3,538 0.0757 8 
Total$0.6000 $56,990 $0.5499 $25,863 $0.5853 $59 

Share Repurchase Program
At the discretion of the Board, during the quarter ended September 30, 2022 the Company commenced a share repurchase program pursuant to which the Company intends to offer to repurchase, in each quarter, up to 5% of Common Shares outstanding (either by number of shares or aggregate NAV) as of the close of the previous calendar quarter; provided that the Company reserves the right in its sole discretion to purchase additional outstanding Shares representing up to 2% of the Company's outstanding Shares each quarter without amending or extending the repurchase offer as permitted by Rule 13e-4(f)(1) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Board may amend or suspend the share repurchase program at any time if it deems such action to be in the best interest of shareholders. As a result, share repurchases may not be available each quarter. The Company intends to conduct such repurchase offers pursuant to tender offers in accordance with the requirements of Rule 13e-4 promulgated under the Exchange Act and the Investment Company
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 program, to the extent the Company offers to repurchase shares in any particular quarter, it is expected to repurchase shares at the expiration of the tender offer at a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter (the “Valuation Date”), except that shares that have a prospective repurchase date that is within the one-year period following the original issue date of the shares will be subject to an early repurchase deduction of 2% of such NAV (an “Early Repurchase Deduction”). The one-year holding period will be deemed satisfied if the shares to be repurchased would have been outstanding for one year or longer as of the subscription closing date immediately following the applicable Valuation Date, which subscription closing date the Company deems the prospective repurchase date for the applicable offer. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining shareholders.
During the three months ended December 31, 2025, the Company repurchased pursuant to such tender offers an aggregate of 6,046,676 Class I shares, 2,286,405 Class S shares, 1,065 Class D shares and zero Class T shares. The following table presents the share repurchases completed during the three months ended December 31, 2025:

Repurchase Pricing DateTotal Number of Shares Repurchased (all classes)
Percentage of Outstanding Shares Repurchased (1)
Price Paid Per Share
Amount Repurchased (all classes)(2)
December 31, 20258,334,146 4.24 %$22.93 $191,101 
_____________________
(1) Percentage is based on total shares as of the close of the previous calendar quarter.
(2) Amounts shown net of Early Repurchase Deduction, where applicable.
During the three months ended December 31, 2024, the Company repurchased pursuant to such tender offers an aggregate of 551,206 Class I and 335,076 Class S shares and 3,287 Class D shares. The following table presents the share repurchases completed during the three months ended December 31, 2024:

Repurchase Pricing DateTotal Number of Shares Repurchased (all classes)
Percentage of Outstanding Shares Repurchased (1)
Price Paid Per Share
Amount Repurchased (all classes)(2)
December 31, 2024889,569 0.66 %$23.52 $20,910 
_____________________
(1) Percentage is based on total shares as of the close of the previous calendar quarter.
(2) Amounts shown net of Early Repurchase Deduction, where applicable.