| EQUITY OFFERINGS AND RELATED EXPENSES |
NOTE 4 — EQUITY OFFERINGS AND RELATED EXPENSES As of June 30, 2025, the Company has issued a total of 11,127,069 common shares of beneficial interest in connection with draw downs of of $130,000,000 from outstanding capital commitments and share purchases of $41,697,000 by investors pursuant to immediate share issuance subscription agreements and $2,999,482 from dividend reinvestments for total contributed capital of $174,696,482. As of June 30, 2025, the Company had $106,937,318 in uncalled capital commitments pursuant to draw down subscription agreements. | | | | | | | | | | | | | | | | | | | | | | | | | | | Organizational | | | | | Offering | | | Common Shares | | Number of | | Gross | | Expense | | Net | | Price | Type of Common Shares Issuance | | Issuance Date | | Shares | | Proceeds | | Allocation(1) | | Proceeds(2) | | Per Share | Capital draw down | | January 31, 2022 | | 2,333,334 | | $ | 35,000,000 | | $ | — | | $ | 35,000,000 | | $ | 15.00 | Capital draw down | | May 11, 2022 | | 1,355,013 | | | 20,000,000 | | | — | | | 20,000,000 | | | 14.76 | Capital draw down | | August 30, 2022 | | 1,358,696 | | | 20,000,000 | | | — | | | 20,000,000 | | | 14.72 | Dividend reinvestment | | August 31, 2022 | | 294 | | | 4,328 | | | — | | | 4,328 | | | 14.72 | Immediate share issuance | | September 27, 2022 | | 91,403 | | | 1,345,451 | | | 4,549 | | | 1,350,000 | | | 14.72 | Immediate share issuance | | November 7, 2022 | | 342,037 | | | 4,983,487 | | | 16,513 | | | 5,000,000 | | | 14.57 | Dividend reinvestment | | November 10, 2022 | | 2,656 | | | 39,566 | | | — | | | 39,566 | | | 14.90 | Dividend reinvestment | | January 13, 2023 | | 8,017 | | | 119,453 | | | — | | | 119,453 | | | 14.90 | Capital draw down | | March 29, 2023 | | 341,529 | | | 5,000,000 | | | — | | | 5,000,000 | | | 14.64 | Dividend reinvestment | | April 5, 2023 | | 10,629 | | | 155,616 | | | — | | | 155,616 | | | 14.64 | Immediate share issuance | | May 10, 2023 | | 339,316 | | | 4,981,160 | | | 18,840 | | | 5,000,000 | | | 14.68 | Dividend reinvestment | | July 5, 2023 | | 11,413 | | | 167,537 | | | — | | | 167,537 | | | 14.68 | Immediate share issuance | | July 31, 2023 | | 73,161 | | | 1,095,959 | | | 4,041 | | | 1,100,000 | | | 14.98 | Capital draw down | | August 15, 2023 | | 667,556 | | | 10,000,000 | | | — | | | 10,000,000 | | | 14.98 | Dividend reinvestment | | October 6, 2023 | | 12,050 | | | 180,507 | | | — | | | 180,507 | | | 14.98 | Immediate share issuance | | December 28, 2023 | | 155,032 | | | 2,340,989 | | | 9,011 | | | 2,350,000 | | | 15.10 | Dividend reinvestment | | January 5, 2024 | | 13,315 | | | 201,062 | | | — | | | 201,062 | | | 15.10 | Immediate share issuance | | January 30, 2024 | | 117,897 | | | 1,793,210 | | | 6,790 | | | 1,800,000 | | | 15.21 | Dividend reinvestment | | January 31, 2024 | | 4,938 | | | 75,104 | | | — | | | 75,104 | | | 15.21 | Dividend reinvestment | | February 29, 2024 | | 5,133 | | | 78,073 | | | — | | | 78,073 | | | 15.21 | Immediate share issuance | | March 1, 2024 | | 73,683 | | | 1,120,712 | | | 4,288 | | | 1,125,000 | | | 15.21 | Immediate share issuance | | March 28, 2024 | | 40,936 | | | 622,624 | | | 2,376 | | | 625,000 | | | 15.21 | Dividend reinvestment | | April 1, 2024 | | 5,717 | | | 86,960 | | | — | | | 86,960 | | | 15.21 | Immediate share issuance | | April 29, 2024 | | 414,531 | | | 6,325,743 | | | 24,257 | | | 6,350,000 | | | 15.26 | Dividend reinvestment | | April 30, 2024 | | 6,198 | | | 94,576 | | | — | | | 94,576 | | | 15.26 | Capital draw down | | May 22, 2024 | | 1,310,616 | | | 20,000,000 | | | — | | | 20,000,000 | | | 15.26 | Immediate share issuance | | May 31, 2024 | | 214,138 | | | 3,267,729 | | | 12,271 | | | 3,280,000 | | | 15.26 | Dividend reinvestment | | May 31, 2024 | | 7,930 | | | 121,011 | | | — | | | 121,011 | | | 15.26 | Immediate share issuance | | June 26, 2024 | | 65,283 | | | 996,220 | | | 3,780 | | | 1,000,000 | | | 15.26 | Dividend reinvestment | | June 28, 2024 | | 8,086 | | | 123,392 | | | — | | | 123,392 | | | 15.26 | Immediate share issuance | | July 30, 2024 | | 104,924 | | | 1,593,789 | | | 6,211 | | | 1,600,000 | | | 15.19 | Dividend reinvestment | | July 31, 2024 | | 8,014 | | | 121,739 | | | — | | | 121,739 | | | 15.19 | Immediate share issuance | | August 27, 2024 | | 49,182 | | | 747,086 | | | 2,914 | | | 750,000 | | | 15.19 | Dividend reinvestment | | August 30, 2024 | | 9,424 | | | 143,144 | | | — | | | 143,144 | | | 15.19 | Share repurchase program | | September 19, 2024 | | (373,094) | | | (5,667,305) | | | — | | | (5,667,305) | | | 15.19 | Immediate share issuance | | September 24, 2024 | | 196,726 | | | 2,988,271 | | | 11,729 | | | 3,000,000 | | | 15.19 | Dividend reinvestment | | September 30, 2024 | | 9,264 | | | 140,726 | | | — | | | 140,726 | | | 15.19 | Immediate share issuance | | October 30, 2024 | | 29,603 | | | 448,186 | | | 1,814 | | | 450,000 | | | 15.14 | Dividend reinvestment | | October 31, 2024 | | 10,747 | | | 162,714 | | | — | | | 162,714 | | | 15.14 | Immediate share issuance | | November 27, 2024 | | 33,876 | | | 512,872 | | | 2,128 | | | 515,000 | | | 15.14 | Dividend reinvestment | | November 29, 2024 | | 10,956 | | | 165,869 | | | — | | | 165,869 | | | 15.14 | Capital draw down | | December 23, 2024 | | 1,328,901 | | | 20,000,000 | | | — | | | 20,000,000 | | | 15.05 | Immediate share issuance | | December 27, 2024 | | 27,790 | | | 418,238 | | | 1,762 | | | 420,000 | | | 15.05 | Share repurchase program | | December 31, 2024 | | (132,978) | | | (1,999,989) | | | — | | | (1,999,989) | | | 15.04 | Dividend reinvestment | | December 31, 2024 | | 11,223 | | | 168,791 | | | — | | | 168,791 | | | 15.04 | Immediate share issuance | | January 30, 2025 | | 23,646 | | | 358,474 | | | 1,526 | | | 360,000 | | | 15.16 | Dividend reinvestment | | January 31, 2025 | | 7,429 | | | 112,770 | | | — | | | 112,770 | | | 15.18 | Immediate share issuance | | February 28, 2025 | | 73,889 | | | 1,120,144 | | | 4,856 | | | 1,125,000 | | | 15.16 | Dividend reinvestment | | February 28, 2025 | | 6,833 | | | 103,586 | | | — | | | 103,586 | | | 15.16 | Immediate share issuance | | March 27, 2025 | | 39,407 | | | 597,405 | | | 2,595 | | | 600,000 | | | 15.16 | Dividend reinvestment | | March 31, 2025 | | 7,022 | | | 106,474 | | | — | | | 106,474 | | | 15.16 | Share repurchase program | | April 2, 2025 | | (22,609) | | | (342,751) | | | — | | | (342,751) | | | 15.16 | Immediate share issuance | | April 30, 2025 | | 29,419 | | | 448,024 | | | 1,976 | | | 450,000 | | | 15.23 | Dividend reinvestment | | April 30, 2025 | | 7,045 | | | 107,292 | | | — | | | 107,292 | | | 15.23 | Immediate share issuance | | May 29, 2025 | | 153,795 | | | 2,340,754 | | | 10,246 | | | 2,351,000 | | | 15.22 | Dividend reinvestment | | May 30, 2025 | | 7,176 | | | 109,215 | | | — | | | 109,215 | | | 15.22 | Immediate share issuance | | June 30, 2025 | | 71,696 | | | 1,091,189 | | | 4,812 | | | 1,096,001 | | | 15.22 | Dividend reinvestment | | June 30, 2025 | | 7,226 | | | 109,976 | | | — | | | 109,976 | | | 15.22 | Total | | | | 11,127,069 | | $ | 166,527,152 | | $ | 159,285 | | $ | 166,686,437 | | | |
| (1) | Pro rata expense of organizational and offering costs incurred by the Company in connection with the Company’s formation and offerings. The Organizational Expense Allocation represents a reduction to capital commitments to investors subsequent to the initial closing. |
| (2) | Net Proceeds per this equity table will differ from the Consolidated Statements of Assets and Liabilities as of June 30, 2025, in the amount of $807,288, which represents a tax reclassification of stockholders’ equity in accordance with U.S. GAAP. This reclassification reduces paid-in capital and increases (decreases) distributable earnings (loss) (by increasing (decreasing) accumulated undistributed gain (deficit)). |
Share Repurchase Program The following tables summarize the total shares repurchased that were validly tendered under the Share Repurchase Program and not withdrawn prior to the expiration of the applicable tender offer as of June 30, 2025: | | | | | | | | | | | | | | | | | 5% of Shares | | | | | | | | | | | Redemption | Type of Common | | Offered | | Common Shares | | Number of | | Percentage of | | Net Repurchase | | Price | Shares Issuance | | for Repurchase | | Redemption Date | | Shares Repurchased | | Shares Repurchased | | Amount | | Per Share | Share repurchase program | | 469,527 | | September 19, 2024 | | 373,094 | | 4.0% | | | 5,667,305 | | | 15.19 | Share repurchase program | | 469,749 | | December 31, 2024 | | 132,978 | | 1.4% | | | 1,999,989 | | | 15.04 | Share repurchase program | | 535,755 | | April 2, 2025 | | 22,609 | | 0.2% | | | 342,751 | | | 15.16 | Total | | | | | | 528,681 | | | | $ | 8,010,045 | | | |
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