Subsequent Events |
9 Months Ended |
|---|---|
Sep. 30, 2024 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | Subsequent Events The Company’s management evaluated subsequent events through the date of issuance of the consolidated financial statements. There have been no additional subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in the consolidated financial statements as of September 30, 2024, except as discussed below.
Subscriptions
The Company received $222.9 million of net proceeds relating to the issuance of Class I shares, Class D shares, Class F and Class S shares for subscriptions effective October 1, 2024.
The Company received $319.5 million of net proceeds relating to the issuance of Class I shares, Class D shares, Class F and Class S shares for subscriptions effective November 1, 2024.
Distributions Declarations
On October 23, 2024, the Company declared net distributions of $0.1600 per Class I share, $0.1546 per Class D share, $0.1492 per Class F share, and $0.1416 per Class S share, all of which are payable on or about November 29, 2024 to shareholders of record as of October 31, 2024. Additionally, the Company declared variable supplemental distributions of $0.0550 for all share classes outstanding, all of which are payable on or about November 29, 2024 to shareholders of record as of October 31, 2024.
Financing Transactions
On October 11, 2024, and effective as of October 16, 2024 (the “Amendment Date”), the Company entered into that certain Waiver and Fifth Amendment to Loan and Servicing Agreement (the “Amendment”) with HLEND A, as borrower, Morgan Stanley Bank, N.A., Canadian Imperial Bank of Commerce, and CDPQ American Fixed Income V Inc., as lenders, and Morgan Stanley Senior Funding, Inc., as administrative agent, amending that certain Loan and Servicing Agreement, dated as of February 3, 2022, among the Company, as the servicer, HLEND A, as borrower, U.S. Bank Trust Company, National Association, as collateral agent, Morgan Stanley Senior Funding, Inc., as administrative agent, and the lenders from time to time party thereto. The Amendment provides for, among other things, (i) a decrease in the applicable margin to 2.00% per annum; provided that, during the amortization period, the applicable margin shall be increased by an additional 0.10% per annum, (ii) replacing CDOR with adjusted term CORRA as the Canadian Benchmark and (iii) extending the stated maturity to October 16, 2029.
On October 24, 2024, the Company entered into a Commitment Increase Agreement (the “Commitment Increase Agreement”) among the Company, Wells Fargo Bank, N.A., as the assuming lender (the “Assuming Lender”), and JPMorgan Chase Bank, N.A., as administrative agent, pursuant to the Revolving Credit Facility. The Commitment Increase Agreement provides for an increase in the Assuming Lender’s multicurrency commitment, thereby bringing aggregate commitments of the lenders under the Revolving Credit Facility from $1,375.0 million to $1,525.0 million through the accordion feature in the Revolving Credit Facility. The accordion feature in the Revolving Credit Facility allows the Company, under certain circumstances, to increase the total size of the facility to a maximum aggregate commitment of $1,912.5 million.
On November 8, 2024, the Company, as equity holder, entered into an amendment (the “HLEND C Funding Facility Amendment”) with HLEND C, as borrower, the Lenders party thereto; U.S. Bank Trust Company, National Association, as Administrative Agent and U.S. Collateral Agent; U.S. Bank National Association, as U.S. Custodian and Document Custodian; and Blackstone Asset Based Finance Advisors LP. The HLEND C Funding Facility Amendment provides for, among other things, a decrease in the applicable margin from 2.95% per annum to 2.30% per annum.
ULTRA III Maximum Investment
On October 9, 2024 the Company entered into an amendment (“Amendment No. 2”) to the LLC Agreement with COM to increase the maximum investment amounts for the Company and COM in ULTRA III from $400.0 million and $57.1 million, respectively, to $550.0 million and $78.6 million, respectively. The increased investment amounts for the Company and COM correspond to membership interests of 87.5% and 12.5%, respectively.
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