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Distributions
 9 Months Ended
Sep. 30, 2024
Distributed Earnings [Abstract]  
Distributions Capital
Investor Commitments
The following table summarizes the total capital commitments and unfunded capital commitments of Common Stock and Series A Preferred Stock as of September 30, 2024 and as of December 31, 2023, excluding the impact of net assets acquired as a result of the Mergers:
As of September 30, 2024As of December 31, 2023
Capital CommitmentsUnfunded Capital CommitmentsCapital CommitmentsUnfunded Capital Commitments
Common Stock$375,461 $— $375,461 $900 
Series A Preferred Stock77,500 — 77,500 — 
Total$452,961 $— $452,961 $900 
Capital Drawdowns
The following table summarizes the total shares issued and proceeds related to capital drawdowns of Common Stock for the nine months ended September 30, 2024:
Share Issue DateShares IssuedNet Proceeds Received
For the nine months ended September 30, 2024
April 24, 202461,058 $900 
Total Capital Drawdowns61,058 $900 
Refer to Note 17 - Merger with FBLC for shares of Common Stock issued in connection with the Mergers.
The following table summarizes the total shares issued and proceeds related to capital drawdowns of Common Stock for the year ended December 31, 2023:
Share Issue DateShares IssuedNet Proceeds Received
For the year ended December 31, 2023
March 27, 2023532,871 $8,073 
July 31, 2023111,905 1,645 
Total Capital Drawdowns644,776 $9,718 
The issuances of Common Stock described above were exempt from the registration requirements of the Securities Act, pursuant to Section 4(a)(2) thereof and Regulation D thereunder. The Company relied, in part, upon representations from investors in the relevant Subscription Agreements that each investor is an "accredited investor," as defined in Regulation D under the Securities Act.
For the nine months ended September 30, 2024, there were no capital drawdowns of Series A Preferred Stock.
The following table summarizes the total shares issued and proceeds, net of offering costs related to capital drawdowns of Series A Preferred Stock for the year ended December 31, 2023:
Share Issue DateShares IssuedNet Proceeds Received
For the year ended December 31, 2023
March 27, 202341,353 $41,291 
Total Capital Drawdowns41,353 $41,291 
Common Stock
The following table reflects the net assets attributable to Common Stock activity for the nine months ended September 30, 2024:
Common stock - sharesCommon stock - parAdditional paid in capitalTotal distributable earnings (loss)Total net assets attributable to common stock
Balance as of December 31, 202326,080,389 $26 $400,332 $(12,239)$388,119 
Net investment income (loss)— — — 49,737 49,737 
Net realized gain (loss) from investment transactions— — — 1,283 1,283 
Net change in unrealized appreciation (depreciation) on investments— — — (24,800)(24,800)
Accretion to redemption value of Series A redeemable convertible preferred stock— — — (5)(5)
Accrual of Series A redeemable convertible preferred stock distributions— — — (2,197)(2,197)
Distributions to common stockholders— — — (11,182)(11,182)
Issuance of shares in connection with the Mergers110,033,324 110 1,594,151 — 1,594,261 
Reinvested dividends221,360 
0 (1)
3,342 — 3,342 
Balance as of March 31, 2024136,335,073 $136 $1,997,825 $597 $1,998,558 
Net investment income (loss)— $— $— $48,677 $48,677 
Net realized gain (loss) from investment transactions— — — 250 250 
Net change in unrealized appreciation (depreciation) on investments— — — (16,015)(16,015)
Accretion to redemption value of Series A redeemable convertible preferred stock— — — (4)(4)
Accrual of Series A redeemable convertible preferred stock distributions— — — (1,687)(1,687)
Distributions to common stockholders— — — (45,004)(45,004)
Issuance of common stock, net of issuance costs61,058 
0 (1)
900 — 900 
Repurchases(2,837,405)(3)(41,167)— (41,170)
Reinvested dividends685,533 1 9,932 — 9,933 
Balance as of June 30, 2024134,244,259 $134 $1,967,490 $(13,186)$1,954,438 
Net investment income (loss)— $— $— $44,405 $44,405 
Net realized gain (loss) from investment transactions— — — (22,667)(22,667)
Net change in unrealized appreciation (depreciation) on investments— — — 8,810 8,810 
Accretion to redemption value of Series A redeemable convertible preferred stock— — — (5)(5)
Accrual of Series A redeemable convertible preferred stock distributions— — — (1,686)(1,686)
Distributions to common stockholders— — — (44,313)(44,313)
Issuance of common stock, net of issuance costs— — — — — 
Repurchases(128,843)
0 (1)
(1,847)— (1,847)
Reinvested dividends677,663 1 9,802 — 9,803 
Balance as of September 30, 2024134,793,079 $135 $1,975,445 $(28,642)$1,946,938 
(1) Less than $1.
The following table reflects the net assets attributable to Common Stock activity for the nine months ended September 30, 2023:
Common stock - sharesCommon stock - parAdditional paid in capitalTotal distributable earnings (loss)Total net assets attributable to common stock
Balance as of December 31, 202224,609,132 $25 $375,557 $(3,161)$372,421 
Net investment income (loss)— — — 12,061 12,061 
Net realized gain (loss) from investment transactions— — — (161)(161)
Net change in unrealized appreciation (depreciation) on investments— — — (1,261)(1,261)
Accretion to redemption value of Series A redeemable convertible preferred stock— — — (3)(3)
Accrual of Series A redeemable convertible preferred stock distributions— — — (1,023)(1,023)
Distributions to common stockholders— — — (10,584)(10,584)
Issuance of common stock, net of issuance costs532,871 1 8,072 — 8,073 
Reinvested dividends197,903 
0(1)
2,994 — 2,994 
Balance as of March 31, 202325,339,906 $26 $386,623 $(4,132)$382,517 
Net investment income (loss)— $— $— $13,636 $13,636 
Net realized gain (loss) from investment transactions— — — 31 31 
Net change in unrealized appreciation (depreciation) on investments— — — (2,198)(2,198)
Accretion to redemption value of Series A redeemable convertible preferred stock— — — (4)(4)
Accrual of Series A redeemable convertible preferred stock distributions— — — (2,197)(2,197)
Distributions to common stockholders— — — (10,895)(10,895)
Reinvested dividends202,931 
0(1)
3,074 — 3,074 
Balance as of June 30, 202325,542,837 $26 $389,697 $(5,759)$383,964 
Net investment income (loss)
— $— $— $14,069 $14,069 
Net realized gain (loss) from investment transactions
— — — (211)(211)
Net change in unrealized appreciation (depreciation) on investments
— — — 1,142 1,142 
Accretion to redemption value of Series A redeemable convertible preferred stock— — — (5)(5)
Accrual of Series A redeemable convertible preferred stock distributions— — — (2,197)(2,197)
Distributions to common stockholders— — — (10,978)(10,978)
Issuance of common stock, net of issuance costs111,905 
0(1)
1,645 — 1,645 
Reinvested dividends208,024 
0(1)
3,141 — 3,141 
Balance as of September 30, 202325,862,766 $26 $394,483 $(3,939)$390,570 
(1) Less than $1.
The Company has adopted a distribution reinvestment plan (the “DRIP”) pursuant to which all cash dividends or distributions (“Distributions”) declared by the Board of Directors are reinvested on behalf of investors who do not elect to receive their Distributions in cash (the “Participants”). As a result, if the Board of Directors declares a Distribution, then stockholders who have not elected to “opt out” of the DRIP will have their Distributions automatically reinvested in additional shares of the Company's Common Stock at a price equal to net asset value (“NAV”) per share as estimated in good faith by the Company on the payment date. The timing and amount of Distributions to stockholders are subject to applicable legal restrictions and the sole discretion of the Board of Directors.
The following table reflects the Common Stock activity for the nine months ended September 30, 2024:
SharesValue
Shares Sold110,094,382 $1,595,161 
Shares Issued through DRIP1,584,556 23,078 
Share Repurchases(2,966,248)(43,017)
108,712,690 $1,575,222 

The following table reflects the Common Stock activity for the year ended December 31, 2023:
SharesValue
Shares Sold642,732 $9,686 
Shares Issued through DRIP828,525 12,439 
1,471,257 $22,125 
Distributions
The following table reflects the distributions declared on shares of the Company’s Common Stock during the nine months ended September 30, 2024:

Date DeclaredRecord DatePayment DateAmount Per Share
For the Nine Months Ended September 30, 2024
January 9, 2024January 10, 2024January 11, 2024$0.43
May 7, 2024May 7, 2024May 13, 2024$0.29
May 7, 2024 (special)May 7, 2024May 13, 2024$0.04
August 5, 2024August 5, 2024August 15, 2024$0.29
August 5, 2024 (special)August 5, 2024August 15, 2024$0.04

The following table reflects the distributions declared on shares of the Company’s Common Stock during the nine months ended September 30, 2023:

Date DeclaredRecord DatePayment DateAmount Per Share
For the Nine Months Ended September 30, 2023
February 24, 2023February 24, 2023March 24, 2023$0.43
April 27, 2023April 27, 2023May 5, 2023$0.43
July 28, 2023July 28, 2023August 7, 2023$0.43


The following table reflects the distributions declared on shares of the Company’s Series A Preferred Stock during the nine months ended September 30, 2024:

Date DeclaredRecord DatePayment DateAmount Per Share
For the Nine Months Ended September 30, 2024
January 9, 2024January 10, 2024January 11, 2024$28.35
May 7, 2024May 7, 2024May 13, 2024$21.76
August 5, 2024August 5, 2024August 15, 2024$21.76

The following table reflects the distributions declared on shares of the Company’s Series A Preferred Stock during the nine months ended September 30, 2023:
Date DeclaredRecord DatePayment DateAmount Per Share
For the Nine Months Ended September 30, 2023
February 24, 2023February 24, 2023March 24, 2023$28.31
April 27, 2023April 27, 2023May 5, 2023$28.35
July 28, 2023July 28, 2023August 7, 2023$28.35