Shareholders' Equity

6 Months Ended

Jun. 30, 2024

Stockholders' Equity Note [Abstract]

Shareholders' Equity

7.SHAREHOLDERS’ EQUITY

The following table summarizes shareholder transactions in common shares during the six months ended June 30, 2024:

	Series I				Series II				Total
	Shares		Consideration Amount		Shares		Consideration Amount		Shares		Consideration Amount
A-I Shares:
Balance as of December 31, 2023		-	$	-		-	$	-		-	$	-
Proceeds from issuance of shares		110		3		110		3		220		6
Net increase (decrease)		110	$	3		110	$	3		220	$	6
Balance as of June 30, 2024		110	$	3		110	$	3		220	$	6
E Shares:
Balance as of December 31, 2023		-	$	-		-	$	-		-	$	-
Proceeds from issuance of shares		-		-		2,000,000		50,000		2,000,000		50,000
Net increase (decrease)		-	$	-		2,000,000		50,000		2,000,000		50,000
Balance as of June 30, 2024		-	$	-		2,000,000		50,000		2,000,000		50,000
F-I Shares:
Balance as of December 31, 2023		-	$	-		-	$	-		-	$	-
Proceeds from issuance of shares		110		3		110		3		220		6
Net increase (decrease)		110	$	3		110	$	3		220	$	6
Balance as of June 30, 2024		110	$	3		110	$	3		220	$	6
F-S Shares:
Balance as of December 31, 2023		-	$	-		-	$	-		-	$	-
Proceeds from issuance of shares		110		3		110		3		220		6
Net increase (decrease)		110	$	3		110	$	3		220	$	6
Balance as of June 30, 2024		110	$	3		110	$	3		220	$	6
P-I Shares:
Balance as of December 31, 2023		-	$	-		-	$	-		-	$	-
Proceeds from issuance of shares		110		3		110		3		220		6
Net increase (decrease)		110	$	3		110	$	3		220	$	6
Balance as of June 30, 2024		110	$	3		110	$	3		220	$	6
P-S Shares:
Balance as of December 31, 2023		-	$	-		-	$	-		-	$	-
Proceeds from issuance of shares		110		2		110		2		220		4
Net increase (decrease)		110	$	2		110	$	2		220	$	4
Balance as of June 30, 2024		110	$	2		110	$	2		220	$	4
V Shares:
Balance as of December 31, 2023		40	$	1		40	$	1		80	$	2
Proceeds from issuance of shares		-		-		-		-		-		-
Net increase (decrease)		-	$	-		-	$	-		-	$	-
Balance as of June 30, 2024		40	$	1		40	$	1		80	$	2
Total net increase (decrease)		550	$	14		2,000,550	$	50,014		2,001,100	$	50,028

Distributions

Beginning with the end of the first full calendar quarter in which the Shares are sold to non-affiliates of Apollo, the Company will seek to declare, accrue and pay quarterly distributions. However, there is no guarantee that Series I or Series II will pay quarterly distributions consistently and at a specific rate, or at all. There were no distributions declared for the six months ended June 30, 2024.

Distribution Reinvestment Plan

The Company adopted a distribution reinvestment plan (the “DRIP”), in which cash distributions to shareholders will automatically be reinvested in additional whole and fractional shares attributable to the type of Shares that a shareholder owns unless and until an election is made on behalf of such participating shareholder to withdraw from the DRIP and receive distributions in cash. The number of Shares to be received when distributions are reinvested will be determined by dividing the amount of the distribution, net of any applicable withholding taxes, by the Series’ NAV per share as of the end of the prior month. Shares will be distributed in proportion to the Series and types of Shares held by the shareholder under the DRIP. There will be no sales load charges on Shares issued to a shareholder under the DRIP.

As of June 30, 2024, the Company had not issued any Shares under the DRIP.

Share Repurchases

The Company offers a share repurchase plan pursuant to which, on a quarterly basis, shareholders may request that we repurchase all or any portion of their Shares. The Company may repurchase fewer Shares than have been requested in any particular quarter to be repurchased under the Company’s share repurchase plan, or none at all, in the Board’s discretion at any time. We expect that each Series will conduct quarterly Share repurchases (each, a "Share Repurchase") for up to 5.0% of the aggregate NAV of our outstanding Investor Shares and E Shares of each Series (measured across both Series) at a price based on the NAV per Share as of the last business day of the quarter prior to the commencement of a Share Repurchase.

The Company expects to make Share Repurchases beginning with the second full quarter after the initial raising of third-party capital.