Shareholders' Equity

6 Months Ended

Jun. 30, 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 June 30, 2025:

	Series I						Series II				Total
	Shares			Consideration Amount			Shares		Consideration Amount		Shares			Consideration Amount
A-I Shares:
Proceeds from issuance of shares	$	341,509		$	8,670		$	466,965	$	11,930	$	808,474		$	20,600
Shares issued under DRIP		-			-			216		5		216			5
Shares repurchased or exchanged		(3,945	)		(100	)		-		-		(3,945	)		(100	)
Net increase (decrease)	$	337,564		$	8,570		$	467,181	$	11,935	$	804,745		$	20,505
BD Shares:
Proceeds from issuance of shares	$	-		$	-		$	122,331	$	3,163	$	122,331		$	3,163
Shares issued under DRIP		-			-			-		-		-			-
Shares repurchased or exchanged		-			-			-		-		-			-
Net increase (decrease)	$	-		$	-		$	122,331	$	3,163	$	122,331		$	3,163
E Shares:
Proceeds from issuance of shares	$	96		$	2		$	6,039	$	152	$	6,135		$	154
Shares issued under DRIP		76			2			2,325		59		2,401			61
Shares repurchased or exchanged		-			-			-		-		-			-
Net increase (decrease)	$	172		$	4		$	8,364	$	211	$	8,536		$	215
F-I Shares:
Proceeds from issuance of shares	$	843,128		$	21,527		$	2,487,400	$	63,981	$	3,330,528		$	85,508
Shares issued under DRIP		5,747			146			8,746		224		14,493			370
Shares repurchased or exchanged		(39,714	)		(1,012	)		-		-		(39,714	)		(1,012	)
Net increase (decrease)	$	809,161		$	20,661		$	2,496,146	$	64,205	$	3,305,307		$	84,866
F-S Shares:
Proceeds from issuance of shares	$	-		$	-		$	-	$	-	$	-		$	-
Shares issued under DRIP		-			-			-		-		-			-
Shares repurchased or exchanged		-			-			-		-		-			-
Net increase (decrease)	$	-		$	-		$	-	$	-	$	-		$	-
I Shares:
Proceeds from issuance of shares	$	-		$	-			102,311	$	2,642		102,311		$	2,642
Shares issued under DRIP		-			-			-		-		-			-
Shares repurchased or exchanged		-			-			-		-		-			-
Net increase (decrease)	$	-		$	-			102,311	$	2,642		102,311		$	2,642
P-I Shares:
Proceeds from issuance of shares	$	-		$	-		$	38,238	$	1,000	$	38,238		$	1,000
Shares issued under DRIP		-			-			74		2		74			2
Shares repurchased or exchanged		-			-			-		-		-			-
Net increase (decrease)	$	-		$	-		$	38,312	$	1,002	$	38,312		$	1,002
P-S Shares:
Proceeds from issuance of shares	$	165,332		$	4,160		$	1,064,897	$	27,510	$	1,230,229		$	31,670
Shares issued under DRIP		-			-			22,640		584		22,640			584
Shares repurchased or exchanged		-			-			-		-		-			-
Net increase (decrease)	$	165,332		$	4,160		$	1,087,537	$	28,094	$	1,252,869		$	32,254
T-I Shares:
Proceeds from issuance of shares	$	602,919		$	15,530		$	1,364,919	$	35,538	$	1,967,838		$	51,068
Shares issued under DRIP		10,269			264			8,807		228		19,076			492
Shares repurchased or exchanged		(4,460	)		(115	)		-		-		(4,460	)		(115	)
Net increase (decrease)	$	608,728		$	15,679		$	1,373,726	$	35,766	$	1,982,454		$	51,445
T-S Shares:
Proceeds from issuance of shares	$	624,815		$	16,092		$	1,450,410	$	37,568	$	2,075,225		$	53,660
Shares issued under DRIP		6,835			176			10,361		268		17,196			444
Shares repurchased or exchanged		(112,189	)		(2,893	)		-		-		(112,189	)		(2,893	)
Net increase (decrease)	$	519,461		$	13,375		$	1,460,771	$	37,836	$	1,980,232		$	51,211
V Shares:
Proceeds from issuance of shares	$	-		$	-		$	-	$	-	$	-		$	-
Shares issued under DRIP		-			-			-		-		-			-
Shares repurchased or exchanged		-			-			-		-		-			-
Net increase (decrease)	$	-		$	-		$	-	$	-	$	-		$	-
Total net increase (decrease)	$	2,440,418		$	62,449		$	7,156,679	$	184,854	$	9,597,097		$	247,303

The following table summarizes shareholder transactions in common shares during the six months ended June 30, 2025:

	Series I						Series II						Total
	Shares			Consideration Amount			Shares			Consideration Amount			Shares			Consideration Amount
A-I Shares:
Proceeds from issuance of shares	$	727,761		$	18,435		$	1,100,971		$	28,087		$	1,828,732		$	46,522
Shares issued under DRIP		-			-			483			12			483			12
Shares repurchased or exchanged		(3,945	)		(100	)		(19,818	)		(499	)		(23,763	)		(599	)
Net increase (decrease)	$	723,816		$	18,335		$	1,081,636		$	27,600		$	1,805,452		$	45,935
BD Shares:
Proceeds from issuance of shares	$	-		$	-		$	122,331		$	3,163		$	122,331		$	3,163
Shares issued under DRIP		-			-			-		$	-			-			0
Shares repurchased or exchanged		-			-			-		$	-			-			0
Net increase (decrease)	$	-		$	-		$	122,331		$	3,163		$	122,331		$	3,163
E Shares:
Proceeds from issuance of shares	$	2,136		$	54		$	20,271		$	510		$	22,407		$	564
Shares issued under DRIP		100			3			6,989			175			7,089			178
Shares repurchased or exchanged		(1,359	)		(35.00	)		-			-			(1,359	)		(35	)
Net increase (decrease)	$	877		$	22		$	27,260		$	685		$	28,137		$	707
F-I Shares:
Proceeds from issuance of shares	$	1,211,140		$	30,943		$	4,390,303		$	112,560		$	5,601,443		$	143,503
Shares issued under DRIP		9,931			252			13,059			333			22,990			585
Shares repurchased or exchanged		(173,364	)		(4,396	)		-			-			(173,364	)		(4,396	)
Net increase (decrease)	$	1,047,707		$	26,799		$	4,403,362		$	112,893		$	5,451,069		$	139,692
F-S Shares:
Proceeds from issuance of shares	$	-		$	-		$	-		$	-		$	-		$	-
Shares issued under DRIP		-			-			-			-			-			-
Shares repurchased or exchanged		-			-			-			-			-			-
Net increase (decrease)	$	-		$	-		$	-		$	-		$	-		$	-
I Shares:
Proceeds from issuance of shares	$	-		$	-		$	102,311		$	2,642		$	102,311		$	2,642
Shares issued under DRIP		-			-			-			-			-			-
Shares repurchased or exchanged		-			-			-			-			-			-
Net increase (decrease)	$	-		$	-		$	102,311		$	2,642		$	102,311		$	2,642
P-I Shares:
Proceeds from issuance of shares	$	-		$	-		$	49,032		$	1,280		$	49,032		$	1,280
Shares issued under DRIP		-			-			88			2			88			2
Shares repurchased or exchanged		-			-			-			-			-			-
Net increase (decrease)	$	-		$	-		$	49,120		$	1,282		$	49,120		$	1,282
P-S Shares:
Proceeds from issuance of shares	$	165,332		$	4,160		$	2,895,995		$	74,482		$	3,061,327		$	78,642
Shares issued under DRIP		-			-			29,740			765			29,740			765
Shares repurchased or exchanged		-			-			-			-			-			-
Net increase (decrease)	$	165,332		$	4,160		$	2,925,735		$	75,247		$	3,091,067		$	79,407
T-I Shares:
Proceeds from issuance of shares	$	956,997		$	24,666		$	2,025,608		$	52,603		$	2,982,605		$	77,269
Shares issued under DRIP		14,454			371			11,230			290			25,684			661
Shares repurchased or exchanged		(12,288	)		(316	)		(1,943	)		(50	)		(14,231	)		(366	)
Net increase (decrease)	$	959,163		$	24,721		$	2,034,895		$	52,843		$	2,994,058		$	77,564
T-S Shares:
Proceeds from issuance of shares	$	1,368,788		$	35,191		$	3,559,737		$	91,820		$	4,928,525		$	127,011
Shares issued under DRIP		9,493			243			11,873			306			21,366			549
Shares repurchased or exchanged		(312,230	)		(8,007	)		(985	)		(25	)		(313,215	)		(8,032	)
Net increase (decrease)	$	1,066,051		$	27,427		$	3,570,625		$	92,101		$	4,636,676		$	119,528
V Shares:
Proceeds from issuance of shares	$	-		$	-		$	-		$	-		$	-		$	-
Shares issued under DRIP		-			-			-			-			-			-
Shares repurchased or exchanged		-			-			-			-			-			-
Net increase (decrease)	$	-		$	-		$	-		$	-		$	-		$	-
Total net increase (decrease)	$	3,962,946		$	101,464		$	14,317,275		$	368,456		$	18,280,221		$	469,920

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	$	-
Total net increase (decrease)	$	550	$	14	$	2,000,550	$	50,014	$	2,001,100	$	50,028

The Company did not have any shareholder transactions in common shares during the three 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.

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 June 30, 2025, distributions of $2,814, $9,448 and $12,262, were declared by Series I, Series II and the Company, respectively. For the six months ended June 30, 2025, distributions of $4,012, $13,543 and $17,555, 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 and six months ended June 30, 2025. There were no distributions declared for both the three and six months ended June 30, 2024.

The following table reflects the aggregate distributions declared for each applicable share type of the Company for the three months ended June 30, 2025:

	Series I		Series II		Total
	Distributions declared		Distributions declared		Distributions declared
A-I Shares:	$	503	$	960	$	1,463
BD Shares:	-			18		18
E Shares:		3		1,185		1,188
F-I Shares:		760		2,581		3,341
F-S Shares:	-		-		-
I Shares:	-			13		13
P-I Shares:	-			12		12
P-S Shares:		75		2,260		2,335
T-I Shares:		837		901		1,738
T-S Shares:		636		1,518		2,154
Total Distributions Declared:	$	2,814	$	9,448	$	12,262

The following table reflects the aggregate distributions declared for each applicable share type of the Company for the six months ended June 30, 2025:

	Series I		Series II		Total
	Distributions declared		Distributions declared		Distributions declared
A-I Shares:	$	765	$	1,399	$	2,164
BD Shares:	-			18		18
E Shares:		5		2,029		2,034
F-I Shares:		1,055		3,631		4,686
F-S Shares:	-		-		-
I Shares:	-			13		13
P-I Shares:	-			14		14
P-S Shares:		76		3,270		3,346
T-I Shares:		1,193		1,159		2,352
T-S Shares:		918		2,010		2,928
Total Distributions Declared:	$	4,012	$	13,543	$	17,555

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 and six months ended June 30, 2025. Share repurchases 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 both the three and six months ended June 30, 2024.