Stockholders' Equity and Dividends

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Stockholders' Equity and Dividends

7. Stockholders’ Equity and Dividends

The Fund is offering on a continuous basis up to $5,000,000,000 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. The purchase price per share for each class of Common Shares equals 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 June 30, 2024, the Fund had 13,840,544 Institutional shares and 299,659 Class S shares issued and outstanding.

7. Stockholders’ Equity and Dividends (Continued)

The following table summarizes transactions in Common Shares for the six months ended June 30, 2024 and 2023:

	Six Months Ended June 30, (1)
	2024						2023
	Shares			Amount			Shares		Amount
Institutional Class
Subscriptions		3,729,990		$	93,010,612			1,322,013	$	31,935,992
Share transfers between classes		—			—			—		—
Distributions reinvested		525,610			13,098,484			278,218		6,709,771
Share Repurchases		(23,540	)		(588,029	)		—		—
Early Repurchase Deduction		—			—			—		—
Net Increase (Decrease)		4,232,060		$	105,521,067			1,600,231	$	38,645,763
Class S
Subscriptions		299,659			7,476,500			—		—
Share transfers between classes		—			—			—		—
Distributions reinvested		—			—			—		—
Share Repurchases		—			—			—		—
Early Repurchase Deduction		—			—			—		—
Net Increase (Decrease)		299,659			7,476,500			—		—
Class D		—			—			—		—
Subscriptions		—			—			—		—
Share transfers between classes		—			—			—		—
Distributions reinvested		—			—			—		—
Share Repurchases		—			—			—		—
Early Repurchase Deduction		—			—			—		—
Net Increase (Decrease)		—			—			—		—

______________________

(1)Class S commenced operations on June 1, 2024.

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 June 30, 2024.

7. Stockholders’ Equity and Dividends (Continued)

	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
April 30, 2023		24.38	N/A	N/A
May 31, 2023		24.05	N/A	N/A
June 30, 2023		24.49	N/A	N/A
July 31, 2023		24.73	N/A	N/A
August 31, 2023		24.85	N/A	N/A
September 30, 2023		24.99	N/A	N/A
October 31, 2023		24.70	N/A	N/A
November 30, 2023		24.87	N/A	N/A
December 31, 2023		24.85	N/A	N/A
January 31, 2024		24.92	N/A	N/A
February 29, 2024		24.93	N/A	N/A
March 31, 2024		24.98	N/A	N/A
April 30, 2024		24.93	N/A	N/A
May 31, 2024		24.95	N/A	N/A
June 30, 2024		24.84	24.84	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.

Institutional Class

The following tables summarize the Fund's dividends declared for the Institutional Class shares six months ended June 30, 2024 and 2023:

Date Declared	Record Date	Payment Date	Type	Amount Per Share		Total Amount
January 26, 2024	January 30, 2024	February 27, 2024	Regular	$	0.23	$	2,348,876
February 23, 2024	February 28, 2024	March 27, 2024	Regular		0.23		2,471,608
March 26, 2024	March 28, 2024	April 26, 2024	Regular		0.23		2,572,189
April 24, 2024	April 29, 2024	May 29, 2024	Regular		0.23		2,817,179
May 24, 2024	May 30, 2024	June 26, 2024	Regular		0.23		2,983,344
June 26, 2024	June 27, 2024	July 29, 2024	Regular		0.23		3,183,325
				$	1.38	$	16,376,521

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
April 25, 2023	April 27, 2023	May 26, 2023	Regular		0.21		1,304,322
May 26, 2023	May 30, 2023	June 27, 2023	Regular		0.21		1,340,292
June 30, 2023	June 30, 2023	July 26, 2023	Regular		0.21		1,379,449
				$	1.18	$	7,107,987

7. Stockholders’ Equity and Dividends (Continued)

Class S Shares

The following table summarizes the Fund's dividends declared for the Class S shares six months ended June 30, 2024. No Class S shares were outstanding for the six months ended June 30, 2023.

Date Declared (1)	Record Date	Payment Date	Type	Gross Amount Per Share		Amount Per Share Net of Shareholder Servicing  and/or Distribution Fees		Gross Amount		Net  Amount
June 26, 2024	June 27, 2024	July 29, 2024	Regular	$	0.23	$	0.21	$	68,922	$	63,626
				$	0.23	$	0.21	$	68,922	$	63,626

_____________________________________________

(1)Class S commenced operations on June 1, 2024.

Class D Shares

No Class D shares were outstanding for the six months ended June 30, 2024 and 2023.

Character of Distributions

The Fund may fund its cash distributions to shareholders from any source of funds available to the Fund, 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 Investment Adviser, which is subject to recoupment.

Through June 30, 2024, a portion of the Fund’s distributions resulted from expense support from the Investment Adviser, and future distributions may result from expense support from the Investment Adviser, each of which is subject to repayment by the Fund 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 Fund’s investment performance, and can only be sustained if the Fund achieves positive investment performance in future periods and/or the Investment Adviser continues to provide expense support. Shareholders should also understand that the Fund’s future repayments of expense support will reduce the distributions that they would otherwise receive. There can be no assurance that the Fund 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 Fund has declared on its common shares:

	For the six months ended June 30, 2024 (1)
	Class I				Class S				Class D
Source of Distribution	Per Share		Amount		Per Share		Amount		Per Share		Amount
Net investment income	$	1.38	$	16,376,521	$	0.21	$	63,626	$	—	$	—
Net realized gains		—		—		—		—		—		—
Total	$	1.38	$	16,376,521	$	0.21	$	63,626	$	—	$	—

	For the six months ended June 30, 2023
	Class I				Class S				Class D
Source of Distribution	Per Share		Amount		Per Share		Amount		Per Share		Amount
Net investment income	$	1.18	$	7,107,987	$	—	$	—	$	—	$	—
Net realized gains		—		—		—		—		—		—
Total	$	1.18	$	7,107,987	$	—	$	—	$	—	$	—

______________________________________

(1)Class S commenced operations on June 1, 2024.