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Net Assets
 9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Net Assets Net Assets
Subscriptions and Drawdowns
As of September 30, 2025 and December 31, 2024, the Company had 44,724,135 Shares issued and outstanding with a par value of $0.01 per Share. The Company has entered into subscription agreements with investors providing for the private placement of the Company’s Shares. Under the terms of the subscription agreements, investors are required to fund drawdowns to purchase the Company’s Shares up to the amount of their respective capital commitment on an as-needed basis each time the Adviser delivers a drawdown notice to such investors.
The following table summarizes capital activity for the three months ended September 30, 2025:
SharesCapital in Excess of Par ValueAccumulated Net Investment Income (Loss)Accumulated Net Realized Gain (Loss)Accumulated Net Unrealized Appreciation (Depreciation)
SharesAmountTotal Net Assets
Balance, beginning of period44,724,135 $447 $459,283 $5,366 $(8,275)$31,441 $488,262 
Common Shares issued— — — — — — — 
Distribution reinvestment— — — — — — — 
Repurchase of Shares— — — — — — — 
Net investment income (loss)— — — 8,942 — — 8,942 
Net realized gain (loss)— — — — 1,903 — 1,903 
Net change in unrealized appreciation (depreciation) on investments— — — — — (1,269)(1,269)
Net change in unrealized currency gain (losses) on non-investment assets and liabilities— — — — — (7,088)(7,088)
Distributions declared— — — (9,165)— — (9,165)
Tax reclassification of shareholders' equity in accordance with GAAP— — — — — — — 
Balance, end of period44,724,135 $447 $459,283 $5,143 $(6,372)$23,084 $481,585 

The following table summarizes capital activity for the three months ended September 30, 2024:
SharesCapital in Excess of Par ValueAccumulated Net Investment Income (Loss)Accumulated Net Realized Gain (Loss)Accumulated Net Unrealized Appreciation (Depreciation)
SharesAmountTotal Net Assets
Balance, beginning of period38,954,613 $390 $398,535 $8,572 $(7,529)$5,237 $405,205 
Common Shares issued5,769,522 57 60,821 — — — 60,878 
Distribution reinvestment— — — — — — — 
Repurchase of Shares— — — — — — — 
Net investment income (loss)— — — 10,066 — — 10,066 
Net realized gain (loss)— — — — 14,866 — 14,866 
Net change in unrealized appreciation (depreciation) on investments— — — — — 183 183 
Net change in unrealized currency gain (losses) on non-investment assets and liabilities— — — — — (1,324)(1,324)
Distributions declared— — — (9,349)— — (9,349)
Tax reclassification of shareholders' equity in accordance with GAAP— — — — — — — 
Balance, end of period44,724,135 $447 $459,356 $9,289 $7,337 $4,096 $480,525 
The following table summarizes capital activity for the nine months ended September 30, 2025:
SharesCapital in Excess of Par ValueAccumulated Net Investment Income (Loss)Accumulated Net Realized Gain (Loss)Accumulated Net Unrealized Appreciation (Depreciation)
SharesAmountTotal Net Assets
Balance, beginning of period44,724,135 $447 $459,283 $7,178 $(7,213)$(23,405)$436,290 
Common Shares issued— — $— — — — — 
Distribution reinvestment— — — — — — — 
Repurchase of Shares— — — — — — — 
Net investment income (loss)— — — 26,626 — — 26,626 
Net realized gain (loss)— — — — 841 — 841 
Net change in unrealized appreciation (depreciation) on investments— — — — — (1,280)(1,280)
Net change in unrealized currency gain (losses) on non-investment assets and liabilities— — — — — 47,769 47,769 
Distributions declared— — — (28,661)— — (28,661)
Tax reclassification of shareholders' equity in accordance with GAAP— — — — — — — 
Balance, end of period44,724,135 $447 $459,283 $5,143 $(6,372)$23,084 $481,585 

The following table summarizes capital activity for the nine months ended September 30, 2024:
SharesCapital in Excess of Par ValueAccumulated Net Investment Income (Loss)Accumulated Net Realized Gain (Loss)Accumulated Net Unrealized Appreciation (Depreciation)
SharesAmountTotal Net Assets
Balance, beginning of period38,954,613 $390 $398,535 $6,522 $11,561 $3,005 $420,013 
Common Shares issued5,769,522 57 60,821 — — — 60,878 
Distribution reinvestment— — — — — — — 
Repurchase of Shares— — — — — — — 
Net investment income (loss)— — — 29,510 — — 29,510 
Net realized gain (loss)— — — — (4,224)— (4,224)
Net change in unrealized appreciation (depreciation) on investments— — — — — (848)(848)
Net change in unrealized currency gain (losses) on non-investment assets and liabilities— — — — — 1,939 1,939 
Distributions declared— — — (26,743)— — (26,743)
Tax reclassification of shareholders' equity in accordance with GAAP— — — — — — — 
Balance, end of period44,724,135 $447 $459,356 $9,289 $7,337 $4,096 $480,525 

The Company’s distributions are recorded on the record date. The following table summarizes distributions declared during the nine months ended September 30, 2025:
Date DeclaredRecord DatePayment Date
Amount
Per Share
Total Distributions
March 4, 2025March 12, 2025March 14, 2025$0.23 $10,552 
April 28, 2025April 28, 2025June 2, 2025$0.20 $8,944 
July 30, 2025July 30, 2025August 15, 2025$0.20 $9,165 
Total
$28,661 

The following table summarizes distributions declared during the nine months ended September 30, 2024:

Date DeclaredRecord DatePayment DateAmount
Per Share		Total Distributions
March 6, 2024March 6, 2024March 22, 2024$0.20 $7,625 
May 2, 2024May 8, 2024May 22, 2024$0.25 $9,769 
July 30, 2024June 28, 2024August 16, 2024$0.24 9,349 
Total$26,743 


The U.S. federal income tax characterization of distributions declared and paid for the fiscal year will be determined at fiscal year-end based upon our investment company taxable income for the full fiscal year and distributions paid during the full year.
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.