Net Assets

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Net Assets

9. Net Assets

In connection with its formation, the Company has the authority to issue an unlimited number of Common Shares of beneficial interest at $0.001 per share par value. On June 24, 2022, our Adviser purchased $30 thousand of Common Shares of the Company at a price of $25.00 per Common Share as our initial capital. These Common Shares were issued and sold in reliance upon Section 4(a)(2) of the Securities Act, which provides an exemption from the registration requirements of the Securities Act.

The Company has entered into subscription agreements (the “Subscription Agreements”) with investors providing for the private placement of the Company’s Common Shares. Under the terms of the Subscription Agreements, investors are required to fund drawdowns to purchase the Company’s Common Shares up to the amount of their respective Capital Commitment on an as-needed basis each time the Company delivers a drawdown notice to its investors. As of September 30, 2024, the Company had received Capital Commitments totaling $7.4 billion ($4.7 billion remaining undrawn). As of December 31, 2023, the Company had received Capital Commitments totaling $7.4 billion ($5.7 billion remaining undrawn).

The Company has a dividend reinvestment plan, whereby the Company may issue Common Shares in order to satisfy dividend reinvestment requests. The number of Common Shares to be issued to a shareholder is determined by dividing the total dollar amount of the cash dividend or distribution payable to a shareholder by the price per share of the Company’s Common Shares at the close of the payment date of a distribution. However, if the price per share on the payment date of a cash dividend or distribution exceeds the most recently computed net asset value per share, the Company will issue shares at the greater of (i) the most recently computed net asset value per share and (ii) 95% of the current price per share (or such lesser discount to the current price per share that still exceeds the most recently computed net asset value per share).

Pursuant to the Company’s dividend reinvestment plan, the following table summarizes the Common Shares issued to shareholders who have not opted out of the Company’s dividend reinvestment plan for the nine months ended September 30, 2024 and 2023. All shares issued to shareholders in the tables below are newly issued shares.

	For the Nine Months Ended
	September 30, 2024
		Date
Date Declared	Record Date	Shares Issued	Shares Issued
December 29, 2023	December 31, 2023	February 21, 2024		795,040
March 29, 2024	March 31, 2024	May 7, 2024		869,766
June 30, 2024	June 30, 2024	August 6, 2024		953,857
Total Common Shares Issued				2,618,663

	For the Nine Months Ended
	September 30, 2023
		Date
Date Declared	Record Date	Shares Issued	Shares Issued
March 30, 2023	March 31, 2023	May 10, 2023		371,108
June 30, 2023	June 30, 2023	August 16, 2023		629,647
Total Common Shares Issued				1,000,755

During the nine months ended September 30, 2024, the Company issued 2,618,663 Common Shares to investors who have not opted out of our dividend reinvestment plan for proceeds of $74.5 million. During the nine months ended September 30, 2023, the Company issued 1,000,755 Common Shares to investors who have not opted out of our dividend reinvestment plan for proceeds of $26.0 million.

The following table summarizes the total Common Shares issued and proceeds received related to the Company’s capital drawdowns delivered pursuant to the Subscription Agreements for the nine months ended September 30, 2024 and 2023:

Common Share Issuance Date	Number of Common Shares Issued		Proceeds Received
March 6, 2024		12,174,753	$	349,736
March 26, 2024		5,174,155		150,000
June 25, 2024		10,152,231		300,000
September 24, 2024		8,280,854		250,000
		35,781,993	$	1,049,736

Common Share Issuance Date	Number of Common Shares Issued		Proceeds Received
March 21, 2023		9,643,813	$	250,000
June 28, 2023		2,798,480		75,000
September 26, 2023		5,387,887		150,000
		17,830,180	$	475,000