Shareholders' Equity

3 Months Ended

Mar. 31, 2025

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 three months ended March 31, 2025:

	Series I						Series II						Total
	Shares			Consideration Amount			Shares			Consideration Amount			Shares			Consideration Amount
A-I Shares:
Proceeds from issuance of shares		386,252		$	9,765			634,006		$	16,157			1,020,258		$	25,922
Shares issued under DRIP		-			-			267			7			267			7
Shares redeemed or exchanged		-			-			(19,818	)		(499	)		(19,818	)		(499	)
Net increase (decrease)		386,252		$	9,765			614,455		$	15,665			1,000,707		$	25,430
E Shares:
Proceeds from issuance of shares		2,039		$	53			14,232		$	358			16,271		$	411
Shares issued under DRIP		24			1			4,664			117			4,688			118
Shares redeemed or exchanged		(1,359	)		(35.00	)		-			-			(1,359	)		(35	)
Net increase (decrease)		704		$	19			18,896		$	475			19,600		$	494
F-I Shares:
Proceeds from issuance of shares		368,012		$	9,416			1,902,903		$	48,579			2,270,915		$	57,995
Shares issued under DRIP		4,184			106			4,314			109			8,498			215
Shares redeemed or exchanged		(133,650	)		(3,385	)		-			-			(133,650	)		(3,385	)
Net increase (decrease)		238,546		$	6,137			1,907,217		$	48,688			2,145,763		$	54,825
F-S Shares:
Proceeds from issuance of shares		-		$	-			-		$	-			-		$	-
Shares issued under DRIP		-			-			-			-			-			-
Shares redeemed or exchanged		-			-			-			-			-			-
Net increase (decrease)		-		$	-			-		$	-			-		$	-
P-I Shares:
Proceeds from issuance of shares		-		$	-			10,795		$	280			10,795		$	280
Shares issued under DRIP		-			-			14			-			14			-
Shares redeemed or exchanged		-			-			-			-			-			-
Net increase (decrease)		-		$	-			10,809		$	280			10,809		$	280
P-S Shares:
Proceeds from issuance of shares		-		$	-			1,831,098		$	46,972			1,831,098		$	46,972
Shares issued under DRIP		-			-			7,100			181			7,100			181
Shares redeemed or exchanged		-			-			-			-			-			-
Net increase (decrease)		-		$	-			1,838,198		$	47,153			1,838,198		$	47,153
T-I Shares:
Proceeds from issuance of shares		354,078		$	9,134			660,690		$	17,064			1,014,768		$	26,198
Shares issued under DRIP		4,185			107			2,423			62			6,608			169
Shares redeemed or exchanged		(7,828	)		(200	)		(1,943	)		(50	)		(9,771	)		(250	)
Net increase (decrease)		350,435		$	9,041			661,170		$	17,076			1,011,605		$	26,117
T-S Shares:
Proceeds from issuance of shares		743,973		$	19,099			2,109,327		$	54,252			2,853,300		$	73,351
Shares issued under DRIP		2,658			68			1,511			38			4,169			106
Shares redeemed or exchanged		(200,042	)		(5,114	)		(985	)		(25	)		(201,027	)		(5,139	)
Net increase (decrease)		546,589		$	14,053			2,109,853		$	54,265			2,656,442		$	68,318
V Shares:
Proceeds from issuance of shares		-		$	-			-		$	-			-		$	-
Shares issued under DRIP		-			-			-			-			-			-
Shares redeemed or exchanged		-			-			-			-			-			-
Net increase (decrease)		-		$	-			-		$	-			-		$	-
Total net increase (decrease)		1,522,526		$	39,015			7,160,598		$	183,602			8,683,124		$	222,617

The Company did not have any shareholder transactions in common shares during the three months ended March 31, 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.

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 three months ended March 31, 2025, distributions of $1,198, $4,095 and 5,293, 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. Please refer to the shareholder transactions table above for Shares issued under DRIP for the three months ended March 31, 2025. There were no distributions declared for the three months ended March 31, 2024.

The following table reflects the aggregate distributions declared for each applicable share type of the Company for the three months ended March 31, 2025:

	Series I		Series II		Total
	Distributions declared		Distributions declared		Distributions declared
A-I Shares:	$	262	$	438	$	700
E Shares:		1		845	$	846
F-I Shares:		295		1,050	$	1,345
F-S Shares:		0		0	$	1
P-I Shares:		0		2	$	2
P-S Shares:		0		1,010	$	1,010
T-I Shares:		358		258	$	616
T-S Shares:		281		492	$	773
Total Distributions Declared:	$	1,198	$	4,095	$	5,293

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.

Please refer to the shareholder transactions table above for Share Repurchases for the three months ended March 31, 2025. Share redemptions result in capital outflows from the Company, whereas Share exchanges involve the reinvestment of redemption proceeds from one Series of the Company to another. Both instances are captured in "Shares redeemed or exchanged" line within the Shareholder Transactions table above. There were no Shares redeemed or exchanged for the three months ended March 31, 2024.