Gisele Bundchen is pregnant!

The model, 44, and boyfriend Joaquim Valente, 35, are expecting their first baby together, Bündchen’s third, a source close to Bündchen confirmed to PEOPLE on Monday, October 28.

“Gisele and Joaquim are happy with this new chapter in their lives and they look forward to creating a peaceful and loving environment for the entire family,” the source tells PEOPLE in a statement.

Bündchen has been in a relationship with the jiu-jitsu instructor since June 2023. Their baby will join Bündchen’s son Benjamin Rein, 14, and daughter Vivian Lake, 11, whom she shares with ex-husband Tom Brady.

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Bündchen, who was a Victoria’s Secret Angel from 1999 to 2006, was notably absent from the 2024 Victoria’s Secret Fashion Show held on October 15, despite a number of past Angels returning.

Bündchen and Valente were first spotted together in November 2022, when the couple visited Provincia de Puntarenas (a province on the coast of Costa Rica) with her two children.

After initially denying a romantic relationship with her trainer, a love bond later developed between the pair, and in February 2024, a source confirmed to PEOPLE that Bündchen and Valente have been dating since June 2023.

In June 2024, a source told PEOPLE that the supermodel has “flourished” since her divorce from Brady. “She’s safe and happy, and so busy with her life that she doesn’t have time to dwell on the negative things out there,” the source said.

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In February, another source told PEOPLE, “They have been dating since June. They are taking it slow. They started out as good friends at first. She is very private about this and wanted to keep it quiet while they got to know each other.”

Brady and Bündchen divorced in October 2022 after 13 years of marriage. The exes agreed to joint custody of their children.

Brady, 47, is also father to son John “Jack” Edward Thomas, 17, with his ex-girlfriend, actress Bridget Moynahan.