SUBSEQUENT EVENTS |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Subsequent Events [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Management has evaluated all known subsequent events through the date of issuance of these consolidated financial statements and notes the following: Co-Investment Exemptive Order On January 6, 2026, we, our Adviser and certain affiliates received an exemptive order from the SEC, which superseded the Order, that permits us, among other things, to participate with other funds managed by the Adviser or certain affiliates, including Prospect Capital Corporation, Priority Income Fund, Inc. and Prospect Enhanced Yield Fund, in certain co-investment transactions where co-investing would otherwise be prohibited under the 1940 Act, subject to the conditions included therein. Distributions: On January 23, 2026, our Board of Directors declared a distribution for the month of January 2026, which reflects a targeted annualized distribution rate of 10.0% based on the net asset value per share for the first fiscal quarter ended September 30, 2025. The distribution has a record date as of the close of business of the last Friday of January 2026. The distribution will be payable to stockholders of record as of the monthly record date set forth below.
Issuance of Common Stock For the period beginning January 1, 2026 and ending February 11, 2026, the Company issued 141,753 shares of its Class A common stock pursuant to its distribution reinvestment plan in the amount of $582,602. OZK Credit Facility On January 30, 2026, February 5, 2026, and February 6, 2026, the Company drew $500,000, $3,100,000, and $500,000 on the OZK Credit Facility. On January 5, 2026, January 16, 2026, February 4, 2026, and February 11, 2026 the Company repaid $250,000, $500,000, $600,000, and $3,100,000 on the OZK Credit Facility, respectively. As of February 11, 2026, the outstanding balance on the OZK Credit Facility was $36,690,732. Investment Activity During the period beginning January 1, 2026 and ending February 11, 2026, the Company made two investments in a portfolio company totaling $533,640. During the period beginning January 1, 2026 and ending February 11, 2026, the Company sold one investment in a portfolio company totaling $1,180,000. NASAA-Related Amendments During our state registration process, certain state securities regulatory authorities requested certain changes to our charter, bylaws, Amended and Restated Advisory Agreement and Administration Agreement based on the North American Securities Administrators Association Omnibus Guidelines. On December 23, 2025, our Board of Directors unanimously approved such changes and, on January 14, 2026, we filed with the SEC an information statement informing our stockholders that a Special Meeting of Stockholders will be held on March 4, 2026 to approve the proposed changes to our charter. A stockholder who holds a majority of our outstanding common stock voted in favor of the proposed changes to our charter in a written consent dated December 23, 2025. We expect that the proposed changes to our charter will be effected immediately after the special meeting of stockholders by filing the Fifth Articles of Amendment and Restatement with the State Department of Assessments and Taxation of Maryland, and we expect that, on the same day, we will adopt the Fifth Amended and Restated Bylaws and enter into the Second Amended and Restated Advisory Agreement and the Second Amended and Restated Administration Agreement. Distribution Agreement On January 26, 2026, the Company entered into a Distribution Agreement (the "Distribution Agreement") with Ultimus Fund Distributors, LLC (the "Distributor") to act as distributor in the Company's Multi-Class Offering. The Distribution Agreement will become effective as of the effective date of the post-effective amendment to the Company’s registration statement on Form N-2 naming the Distributor as the distributor of the Company (the "Distribution Agreement Effective Date"). Either party may terminate the Distribution Agreement upon 60 days’ written notice to the other party. Pursuant to the Distribution Agreement, the Company will indemnify the Distributor, its officers, directors, employees and other agents in certain circumstances, except that such parties will not be indemnified for any liability to which they would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence in the performance of their duties, or by reason of their reckless disregard of their obligations and duties under the Distribution Agreement. Ultimus Fund Solutions, LLC, an affiliate of the Distributor, is expected to serve as the Company's transfer agent, plan administrator, distribution paying agent and registrar. Termination of Dealer Manager Agreement On January 26, 2026, the Company signed an agreement with the Dealer Manager to terminate its existing Dealer Manager Agreement. The termination of the existing Dealer Manager Agreement will be effective as of the Distribution Agreement Effective Date. The termination is by mutual agreement of the parties and no early termination penalties will be incurred by the Company resulting from the termination of the existing Dealer Manager Agreement.
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