Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 2025

With respect to the calculation of Total Return to Shareholders, the following tables provides the applicable High Water Marks for the years ended December 31, 2025 and 2024:


For the year ended:	Class FA		Class A		Class T		Class D		Class I		Class S
December 31, 2025	$	39.55	$	35.68	$	35.72	$	35.42	$	36.12	$	40.09
December 31, 2024	36.67		33.57		33.64		33.31		34.06		37.25

Related party fees and expenses incurred for the quarter and six months ended June 30, 2025 and 2024 are summarized below (in thousands):


		Quarter Ended June 30,				Six Months Ended June 30,
Related Party	Source Agreement & Description	2025		2024		2025		2024
Managing Dealer	Managing Dealer Agreement: Commissions(1)	$	155	$	534	$	285	$	1,042
	Dealer manager fees(1)	90		75		162		159
	Distribution and shareholder servicing fees(2)	334		319		671		637
Manager and Sub-Manager	Management Agreement and Sub-Management Agreement: Offering expense reimbursement(3)(4)	610		285		1,150		541
	Base management fees(3)	5,765		4,208		11,070		8,226
	Total return incentive fees(3)	13,079		5,273		13,467		9,758
Manager and Sub-Manager	Expense Support and Conditional Reimbursement Agreement: Expense Support	(3,883)		(58)		(3,892)		(353)


Manager	Administrative Services Agreement: Reimbursement of third-party operating expenses(3)(5)	48		219		89		247
	Shareholder servicing fees(2)	163		—		317		—
Sub-Manager	Sub-Management Agreement: Reimbursement of third-party pursuit costs(3)(6)	274		497		691		1,002

FOOTNOTES:

(1)Included in “Issuance of common shares through the Public Offerings” in the Company’s condensed consolidated statements of changes in net assets.

(2)Included in “Distribution and shareholder servicing fees” in the Company’s condensed consolidated statements of operations.

(3)Expenses subject to Expense Support, if applicable.

(4)Offering expense reimbursements are capitalized on the Company’s condensed consolidated statements of assets and liabilities as deferred offering expenses and expensed to the Company’s condensed consolidated statements of operations over the lesser of the offering period or 12 months.

(5)Included in “Professional services” in the Company’s condensed consolidated statements of operations.

(6)Includes reimbursement of third-party fees incurred for investments that did not close, including fees and expenses associated with performing due diligence reviews.

The following table presents amounts due to related parties net as of June 30, 2025 and December 31, 2024 (in thousands):


	June 30, 2025		December 31, 2024
Due from related parties:
Expense Support	$	3,892	$	20
Total due from related parties	3,892		20
Due to related parties:
Total return incentive fees	$	(13,467)	$	(24,119)

Base management fees	(1,990)		(1,758)
Offering expenses	(187)		(138)
Distribution and shareholder servicing fees	(109)		(115)
Reimbursement of third-party operating expenses and pursuit costs	(611)		(276)
Total due to related parties	$	(16,364)	$	(26,406)
Due to related parties, net	$	(12,472)	$	(26,386)