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Net Assets
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Net Assets Net Assets
Equity Issuances

As of March 31, 2025 and December 31, 2024, the Company had 68,346,039 and 60,925,719, respectively, shares issued and outstanding with a par value of $0.001 per share.
The following tables summarize transactions in common shares during the three months ended March 31, 2025 and 2024:
Three Months Ended March 31, 2025
SharesAmount in Thousands
Class I:
Proceeds from shares sold5,435,339$137,433 
Share transfers between classes2,98976 
Distributions reinvested366,6739,272 
Repurchased shares, net of early repurchase reduction(255,521)(6,464)
Net increase (decrease)5,549,480$140,317 
Three Months Ended March 31, 2025
SharesAmount in Thousands
Class S:
Proceeds from shares sold1,800,742$45,531 
Share transfers between classes—— 
Distributions reinvested65,1021,646 
Repurchased shares, net of early repurchase reduction(2,189)(55)
Net increase (decrease)1,863,655$47,122 
Three Months Ended March 31, 2025
SharesAmount in Thousands
Class D:
Proceeds from shares sold11,540$292 
Share transfers between classes(2,989)(76)
Distributions reinvested60615 
Repurchased shares, net of early repurchase reduction(1,971)(50)
Net increase (decrease)7,186$181 
Three Months Ended March 31, 2024
SharesAmount in Thousands
Class I:
Proceeds from shares sold9,037,566$229,767 
Distributions reinvested159,7414,060 
Repurchased shares, net of early repurchase reduction(19,539)(487)
Net increase (decrease)9,177,768$233,340 
Three Months Ended March 31, 2024
SharesAmount in Thousands
Class S:
Proceeds from shares sold615,766$15,653 
Distributions reinvested28,689729 
Net increase (decrease)644,455$16,382 
Three Months Ended March 31, 2024
SharesAmount in Thousands
Class D:
Proceeds from shares sold24,776$630 
Distributions reinvested78720 
Net increase (decrease)25,563$650 
Dividends
The following table reflects dividends declared on common shares during the three months ended March 31, 2025 and 2024:

For the Three Months Ended March 31, 2025
Class I
Date DeclaredRecord DatePayment DateDividend per ShareAmount in Thousands
January 28, 2025January 31, 2025February 26, 2025$0.2300 $13,438 
February 25, 2025February 28, 2025March 27, 2025$0.2200 $13,365 
March 28, 2025March 31, 2025April 28, 2025$0.2200 $13,788 

For the Three Months Ended March 31, 2025
Class S
Date DeclaredRecord DatePayment DateDividend per ShareAmount in Thousands
January 28, 2025January 31, 2025February 26, 2025$0.2171 $933 
February 25, 2025February 28, 2025March 27, 2025$0.2084 $969 
March 28, 2025March 31, 2025April 28, 2025$0.2071 $1,159 

For the Three Months Ended March 31, 2025
Class D
Date DeclaredRecord DatePayment DateDividend per ShareAmount in Thousands
January 28, 2025January 31, 2025February 26, 2025$0.2300 $16 
February 25, 2025February 28, 2025March 27, 2025$0.2200 $17 
March 28, 2025March 31, 2025April 28, 2025$0.2200 $17 
For the Three Months Ended March 31, 2024
Class I
Date DeclaredRecord DatePayment DateDividend per ShareAmount in Thousands
January 28, 2024January 31, 2024February 29, 2024$0.2300 $7,355 
February 26, 2024February 29, 2024March 31, 2024$0.2300 $7,809 
March 28, 2024March 31, 2024April 30, 2024$0.2300 $9,064 
For the Three Months Ended March 31, 2024
Class S
Date DeclaredRecord DatePayment DateDividend per ShareAmount in Thousands
January 28, 2024January 31, 2024February 29, 2024$0.2246 $329 
February 26, 2024February 29, 2024March 31, 2024$0.2250 $363 
March 28, 2024March 31, 2024April 30, 2024$0.2246 $410 
For the Three Months Ended March 31, 2024
Class D
Date DeclaredRecord DatePayment DateDividend per ShareAmount in Thousands
January 28, 2024January 31, 2024February 29, 2024$0.2246 $3 
February 26, 2024February 29, 2024March 31, 2024$0.2250 $11 
March 28, 2024March 31, 2024April 30, 2024$0.2246 $12 

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 our 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.

Share Repurchase Plan

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. 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 plan, 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 is measured as of the subscription closing date immediately following the prospective repurchase date. The Early Repurchase Deduction may be waived in the case of repurchase requests arising from the death, divorce or qualified disability of the holder. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining shareholders.

The following table presents the share repurchases completed during the three months ended March 31, 2025:

Tender Offer Expiration DateTotal Number of Shares Repurchased (all classes)
Percentage of Outstanding Shares Repurchased(1)
Price paid Per ShareTender Offer Valuation Date
Amount Repurchased (all classes) (in thousands)(2)
Maximum number of shares that may yet be purchased under the repurchase plan(3)
January 29, 2025259,680 0.4 %$25.30 December 31, 2024$6,564 0
(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 repurchases were satisfied in full.

The following table presents the share repurchases completed during the three months ended March 31, 2024:

Tender Offer Expiration DateTotal Number of Shares Repurchased (all classes)
Percentage of Outstanding Shares Repurchased(1)
Price paid Per ShareTender Offer Valuation Date
Amount Repurchased (all classes) (in thousands)(2)
Maximum number of shares that may yet be purchased under the repurchase plan(3)
January 30, 202419,539 0.1 %$25.43 December 31, 2023$487 0
(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 repurchases were satisfied in full.

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.
All of the dividends declared during the three months ended March 31, 2025 and 2024 were derived from ordinary income, as determined on a tax basis. Taxable income is an estimate and is not fully determined until the Company's tax return is filed.