Shareholders' Equity

12 Months Ended

Dec. 31, 2024

Stockholders' Equity Note [Abstract]

Shareholders' Equity

7.SHAREHOLDERS’ EQUITY

On September 22, 2023, the Company issued 40 V Shares for both Series I and Series II for aggregate consideration of $1 and $1, respectively, to an affiliate of Apollo.

The following table summarizes shareholder transactions in common shares during the twelve months ended December 31, 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		621,948		15,651		1,042,219		26,375		1,664,167		42,026
Net increase (decrease)		621,948	$	15,651		1,042,219	$	26,375		1,664,167	$	42,026
Balance as of December 31, 2024		621,948	$	15,651		1,042,219	$	26,375		1,664,167	$	42,026
E Shares:
Balance as of December 31, 2023		-	$	-		-	$	-		-	$	-
Proceeds from issuance of shares		4,780		122		2,144,306		53,700		2,149,086		53,822
Net increase (decrease)		4,780	$	122		2,144,306	$	53,700		2,149,086	$	53,822
Balance as of December 31, 2024		4,780	$	122		2,144,306	$	53,700		2,149,086	$	53,822
F-I Shares:
Balance as of December 31, 2023		-	$	-		-	$	-		-	$	-
Proceeds from issuance of shares		997,457		25,368		2,250,251		57,155		3,247,708		82,523
Net increase (decrease)		997,457	$	25,368		2,250,251	$	57,155		3,247,708	$	82,523
Balance as of December 31, 2024		997,457	$	25,368		2,250,251	$	57,155		3,247,708	$	82,523
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 December 31, 2024		110	$	3		110	$	3		220	$	6
P-I Shares:
Balance as of December 31, 2023		-	$	-		-	$	-		-	$	-
Proceeds from issuance of shares		110		3		2,056		53		2,166		56
Net increase (decrease)		110	$	3		2,056	$	53		2,166	$	56
Balance as of December 31, 2024		110	$	3		2,056	$	53		2,166	$	56
P-S Shares:
Balance as of December 31, 2023		-	$	-		-	$	-		-	$	-
Proceeds from issuance of shares		110		3		1,679,525		42,957		1,679,635		42,960
Net increase (decrease)		110	$	3		1,679,525	$	42,957		1,679,635	$	42,960
Balance as of December 31, 2024		110	$	3		1,679,525	$	42,957		1,679,635	$	42,960
T-I Shares:
Balance as of December 31, 2023		-	$	-		-	$	-		-	$	-
Proceeds from issuance of shares		920,456		23,549		398,973		10,265		1,319,429		33,814
Net increase (decrease)		920,456	$	23,549		398,973	$	10,265		1,319,429	$	33,814
Balance as of December 31, 2024		920,456	$	23,549		398,973	$	10,265		1,319,429	$	33,814
T-S Shares:
Balance as of December 31, 2023		-	$	-		-	$	-		-	$	-
Proceeds from issuance of shares		645,824		16,583		248,807		6,385		894,631		22,968
Net increase (decrease)		645,824	$	16,583		248,807	$	6,385		894,631	$	22,968
Balance as of December 31, 2024		645,824	$	16,583		248,807	$	6,385		894,631	$	22,968
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 December 31, 2024		40	$	1		40	$	1		80	$	2
Total net increase (decrease)		3,190,795	$	81,282		7,766,247	$	196,893		10,957,042	$	278,175

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 December 31, 2024, the Company had not issued any Shares under the DRIP.

Distributions

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. For the year ended December 31, 2024, distributions of $741, $3,290, and $4,031 were declared by Series I, Series II, and the Company, respectively. The distributions were paid in cash or reinvested in the shares of the Company for shareholders participating in the DRIP of the Company.

The following table reflects the aggregate distributions declared for each applicable share type of the Company:

	Series I		Series II		Total
	Distributions declared		Distributions declared		Distributions declared
A-I Shares:	$	267	$	448	$	715
E Shares:		1		1,780	$	1,781
F-I Shares:		259		630		889
F-S Shares:		-		-	$	-
P-I Shares:		-		-		-
P-S Shares:		-		319	$	319
T-I Shares:		129		68	$	197
T-S Shares:		85		45	$	130
Total Distributions Declared:	$	741	$	3,290	$	4,031

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.