Stockholders' Equity and Dividends

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Stockholders' Equity and Dividends

7. Stockholders’ Equity and Dividends

The Fund is offering on a continuous basis up to $2,500,000,000 of the Fund’s common shares of beneficial interest (“Common Shares”). The Fund is offering to sell any combination of three classes of Common Shares, Class D shares, Class S shares and Institutional shares, with a dollar value up to the maximum offering amount. The share classes have different ongoing shareholder servicing and/or distribution fees. In the initial offering of Common Shares, the per share purchase price for Common Shares in the primary offering was $25.00 per share. Thereafter, the purchase price per share for each class of Common Shares will equal the Fund’s NAV per share, as of the effective date of the monthly share purchase date. The Fund’s offering is a “best efforts” offering, which means that BlackRock Investments, LLC, the distributor for the offering, will use its best efforts to sell shares, but is not obligated to purchase or sell any specific amount of shares in this offering.

The Fund has the authority to issue an unlimited number of Common Shares of any class and an unlimited number of shares of preferred shares, at a par value $0.001 per share. As of March 31, 2023, the Fund had 5,905,404 Institutional shares issued and outstanding.

7. Stockholders’ Equity and Dividends (Continued)

The following table summarizes transactions in Common Shares during the three months ended March 31, 2023:

	Shares		Amount
Institutional Class
Subscriptions		803,632	$	19,381,650
Share transfers between classes		—		—
Distributions reinvested		133,196		3,197,723
Share Repurchases		—		—
Early Repurchase Deduction		—		—
Net Increase (Decrease)		936,828	$	22,579,373
Class S
Subscriptions		—		—
Share transfers between classes		—		—
Distributions reinvested		—		—
Share Repurchases		—		—
Early Repurchase Deduction		—		—
Net Increase (Decrease)		—		—
Class D		—		—
Subscriptions		—		—
Share transfers between classes		—		—
Distributions reinvested		—		—
Share Repurchases		—		—
Early Repurchase Deduction		—		—
Net Increase (Decrease)		—		—

We expect to determine our NAV for each class of shares each month as of the last day of each calendar month. The NAV per share for each class of shares is determined by dividing the value of total assets attributable to the class minus liabilities attributable to the class by the total number of Common Shares outstanding of the class at the date as of which the determination is made. 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 our monthly NAV per share for each of the three classes of shares since our inception through March 31, 2023.

	NAV per Share
For the Month Ended	Institutional Class		Class S	Class D
June 30, 2022	$	23.49	N/A	N/A
July 31, 2022		24.40	N/A	N/A
August 31, 2022		24.86	N/A	N/A
September 30, 2022		23.74	N/A	N/A
October 31, 2022		23.89	N/A	N/A
November 30, 2022		23.93	N/A	N/A
December 31, 2022		23.69	N/A	N/A
January 31, 2023		24.28	N/A	N/A
February 28, 2023		24.25	N/A	N/A
March 31, 2023		24.23	N/A	N/A

Dividends and distributions to common shareholders are recorded on the ex-dividend date. Distributions are declared considering net investment income available for distribution to shareholders, at the discretion of our Board of Trustees.

The following table summarizes the Fund's dividends declared for the three months ended March 31, 2023.

7. Stockholders’ Equity and Dividends (Continued)

Institutional Class

Date Declared	Record Date	Payment Date	Type	Amount Per Share		Total Amount
January 30, 2023	January 30, 2023	February 27, 2023	Regular	$	0.17	$	890,298
February 15, 2023	February 22, 2023	March 27, 2023	Regular		0.18		1,012,545
March 24, 2023	March 29, 2023	April 26, 2023	Regular		0.20		1,181,081
				$	0.55	$	3,083,924

Class S Shares

No Class S shares were outstanding for the three months ended March 31, 2023.

Class D Shares

No Class D shares were outstanding for the three months ended March 31, 2023.