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Net Assets | 6 Months Ended
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Jun. 30, 2026
Equity [Abstract] |
Net Assets | Net Assets Equity Issuances The Company has the authority to issue 1,000,000,000 common shares at $0.01 per share par value. On January 13, 2025, as a result of the OBDE Mergers, the Company issued an aggregate of approximately 120,630,330 shares of the Company’s common stock. “At the Market” Offerings The Company is party to an equity distribution agreement with several banks (the “Equity Distribution Agreement”). The Equity Distribution Agreement provides that the Company may from time to time issue and sell, by means of “at the market” offerings, up to $750.0 million of its common stock. Subject to the terms and conditions of the Equity Distribution Agreement, sales of common stock, if any, may be made in transactions that are deemed to be “at the market” offerings as defined in Rule 415(a)(4) under the Securities Act. Under the Equity Distribution Agreement, common stock with an aggregate offering amount of $746.9 million remained available for issuance as of June 30, 2026. The Company may from time to time issue and sell shares of its common stock through public or “at the market” offerings. There were no sales of the Company’s common stock during the period ended June 30, 2026. The Company issued and sold the following shares of common stock during the period ended June 30, 2025:
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|  | For the Six Months Ended June 30, 2025
|  | Number of Shares Issued |  | Gross Proceeds |  | Underwriting Fees/Offering Expenses |  | Net Proceeds |  | Average Offering Price per Share(1)
“At the market” offerings |  | 200,603 |  |  | $ | 3,089 |  |  | $ | 19 |  |  | $ | 3,070 |  |  | $ | 15.40 |
|  | 200,603 |  |  | $ | 3,089 |  |  | $ | 19 |  |  | $ | 3,070 |  |  | $ | 15.40 |
_____________ (1)Represents the gross offering price per share before deducting underwriting discounts and commissions and offering expenses. Distributions The tables below present the distributions declared on shares of the Company’s common stock for the following periods:
|  | For the Six Months Ended June 30, 2026
Date Declared |  | Record Date |  | Payment Date |  | Distribution per Share
February 18, 2026 |  | March 31, 2026 |  | April 15, 2026 |  | $ | 0.37 |
May 5, 2026 |  | June 30, 2026 |  | July 15, 2026 |  | 0.31 |
|  | For the Six Months Ended June 30, 2025
Date Declared |  | Record Date |  | Payment Date |  | Distribution per Share
May 6, 2025 |  | June 30, 2025 |  | July 15, 2025 |  | $ | 0.37 |
May 6, 2025 (supplemental dividend) |  | May 30, 2025 |  | June 13, 2025 |  | 0.01 |
February 18, 2025 |  | March 31, 2025 |  | April 15, 2025 |  | 0.37 |
February 18, 2025 (supplemental dividend) |  | February 28, 2025 |  | March 17, 2025 |  | 0.05 |
Dividend Reinvestment With respect to distributions, the Company has adopted an “opt out” dividend reinvestment plan for common shareholders. As a result, in the event of a declared distribution, each shareholder that has not “opted out” of the dividend reinvestment plan will have their dividends or distributions automatically reinvested in additional shares of the Company’s common stock rather than receiving cash distributions. If newly issued shares are used to implement the dividend reinvestment plan, the number of shares to be issued to a shareholder will be determined by dividing the total dollar amount of the cash dividend or distribution payable to a shareholder by the market price per share of the Company’s common stock at the close of regular trading on the NYSE on the payment date of a distribution, or if no sale is reported for such day, the average of the reported bid and ask prices. However, if the market price per share on the payment date of a cash dividend or distribution exceeds the most recently computed net asset value per share, the Company will issue shares at the greater of (i) the most recently computed net asset value per share and (ii) 95% of the current market price per share (or such lesser discount to the current market price per share that still exceeded the most recently computed net asset value per share). If shares are purchased in the open market to implement the dividend reinvestment plan, the number of shares to be issued to a shareholder shall be determined by dividing the dollar amount of the cash dividend payable to such shareholder by the weighted average price per share for all shares purchased by the plan administrator in the open market in connection with the dividend. Shareholders who receive distributions in the form of shares of common stock will be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions. The following tables present the shares distributed pursuant to the dividend reinvestment plan for the following periods:
For the Six Months Ended June 30, 2026 |
Date Declared |  | Record Date |  | Payment Date |  | Shares |
February 18, 2026 |  | March 31, 2026 |  | April 15, 2026 |  | 1,373,306 | (1)
November 4, 2025 |  | December 31, 2025 |  | January 15, 2026 |  | 1,070,678 | (1)
_______________ (1)Shares purchased in the open market in order to satisfy dividends reinvested under the Company’s dividend reinvestment program.
For the Six Months Ended June 30, 2025 |
Date Declared |  | Record Date |  | Payment Date |  | Shares |
May 6, 2025 (supplemental dividend) |  | May 30, 2025 |  | June 13, 2025 |  | 25,513 | '(1)
February 18, 2025 |  | March 31, 2025 |  | April 15, 2025 |  | 998,642 | '(1)
February 18, 2025 (supplemental dividend) |  | February 28, 2025 |  | March 17, 2025 |  | 146,066 | '(1)
November 5, 2024 |  | December 31, 2024 |  | January 15, 2025 |  | 552,015 | '(1)
_______________ (1)Shares purchased in the open market in order to satisfy dividends reinvested under the Company’s dividend reinvestment program. 2025 Stock Repurchase Program On November 4, 2025, the Board approved a repurchase program (the “2025 Stock Repurchase Program”) under which the Company could repurchase up to $200.0 million of the Company’s common stock. Under the 2025 Repurchase Program, purchases could be made at management’s discretion from time to time in open-market transactions, including pursuant to trading plans with investment banks pursuant to Rule 10b5-1 of the Exchange Act, in accordance with all applicable rules and regulations. The 2025 Stock Repurchase Program terminated on February 17, 2026, in connection with the entry into the 2026 Stock Repurchase Program, as defined below. As of the program termination date, 11,599,738 shares of our common stock were repurchased pursuant to the 2025 Stock Repurchase Program for approximately $148.2 million since the 2025 Stock Repurchase Program’s inception. There were no repurchases made under the 2025 Stock Repurchase Program for the six months ended June 30, 2025. No shares were repurchased in 2026 under the 2025 Stock Repurchase Program. 2026 Stock Repurchase Program On February 17, 2026, the Board approved a repurchase program (the “2026 Stock Repurchase Program”) under which the Company may repurchase up to $300.0 million of its common stock. Under the 2026 Repurchase Program, purchases may be made at management’s discretion from time to time in open-market transactions, including pursuant to trading plans with investment banks pursuant to Rule 10b5-1 of the Exchange Act, in accordance with all applicable rules and regulations. Unless extended by the Board, the 2026 Stock Repurchase Program will terminate 18-months from the date it was approved. For the six months ended June 30, 2026, the Company had the following repurchase activity under the 2026 Stock Repurchase Program:
Period of Activity |  | Total Number of Shares Repurchased |  | Average Price Paid per Share |  | Approximate Dollar Value of Shares that have been Purchased Under the Plans |  | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plan
January 1, 2026 to January 31, 2026 |  | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
February 1, 2026 to February 28, 2026 |  | — |  |  | — |  |  | — |  |  | 300,000 |
March 1, 2026 to March 31, 2026 |  | 3,143,108 |  |  | 11.20 |  |  | 35,190 |  |  | 264,811 |
April 1, 2026 to April 30, 2026 |  | — |  |  | — |  |  | — |  |  | 264,811
May 1, 2026 to May 31, 2026 |  | 1,148,354 |  |  | 11.20 |  |  | 12,866 |  |  | 251,945
June 1, 2026 to June 30, 2026 |  | 2,014,501 |  |  | 11.04 |  |  | 22,240 |  |  | 229,705
|  | 6,305,963 |  |  |  |  | $ | 70,296 |  |  |

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