Note 14. Subsequent Events

Management has performed an evaluation of subsequent events through March 12, 2026, 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 December 31, 2025, except as discussed below.

Distribution Declarations

On January 27, 2026, the Board declared net distributions of $0.1875 per Class I share, which are payable on or about February 27, 2026 to shareholders of record as of January 30, 2026.

On February 27, 2026, the Board declared net distributions of $0.1875 per Class I share, which are payable on or about March 31, 2026 to shareholders of record as of February 27, 2026.

Share Repurchase and Subscriptions

On February 2, 2026, the Company commenced a tender offer to repurchase up to 5% of its Class I shares outstanding as of December 31, 2025 which expired on March 3, 2026. Prior to the expiration of the tender offer, 274,992 shares were validly tendered, representing 0.8% of the Company's outstanding shares as of December 31, 2025.

Subsequent to December 31, 2025, the Company received additional subscriptions of approximately $93.5 million. On January 2, 2026, the Company received $56.6 million of subscriptions and issued 2,177,269 of new shares. On February 2, 2026, the Company received $19.3 million of subscriptions and issued 745,167 of new shares. On March 2, 2026, the Company received $17.6 million of subscriptions, the shares for which are expected to be issued in accordance with the Company’s subscription procedures.

Transfer Agent Agreement

On January 27, 2026, the Company entered into a Transfer Agent Servicing Agreement (the “Transfer Agent Agreement”) with U.S. Bancorp Fund Services, LLC d/b/a U.S. Bank Global Fund Services as the Company’s transfer agent (“U.S. Bank”), effective as of February 1, 2026. Pursuant to the Transfer Agent Agreement, U.S. Bank, among other things, receives and processes orders for the purchase of Common Shares in accordance with applicable rules and regulations. U.S. Bank also processes any subscription agreements received from prospective holders of Shares and share repurchase requests. The Transfer Agent Agreement may be terminated by the Company or U.S. Bank (i) upon giving ninety (90) days’ prior written notice to the other party or such shorter period as is mutually agreed upon by the parties or (ii) upon written notice to the other party if certain events enumerated in the Transfer Agent Agreement occur.

In addition, and in connection with the transition to U.S. Bank as the Company’s transfer agent as discussed above, the Company and SS&C Technologies, Inc. and SS&C GIDS, Inc. (together, “SS&C”) mutually agreed on January 23, 2026 to amend the term of the Transfer Agent Servicing Agreement dated as of September 29, 2023 by and between the Company and SS&C such that the last day of provision of transfer agency services was January 31, 2026.

Credit Facility Upsize

On January 30, 2026, the Company entered into the Third Amendment to Senior Secured Revolving Credit Agreement (the “Third Amendment”), which amends that certain Senior Secured Revolving Credit Agreement, dated as of December 29, 2023, among the Company, as borrower, Sumitomo Mitsui Banking Corporation, as administrative agent, and the lenders and issuing banks party thereto (as amended to date, including by the First Amendment to Senior Secured Revolving Credit Agreement, dated as of November 13, 2024, the Second Amendment to Senior Secured Revolving Credit Agreement, dated as of December 18, 2024, and as further amended by the Third Amendment, the “Credit Agreement”). The parties to the Third Amendment include the Company, as borrower, the lenders party thereto and Sumitomo Mitsui Banking Corporation, as Administrative Agent and, solely with respect to Section 5.11 therein, as Collateral Agent. The Third Amendment provides for, among other things, an increase of the total facility amount from $575,000,000 to $650,000,000.

Fourth Amended and Restated Declaration of Trust

Effective March 11, 2026, the Company adopted the Fourth Amended and Restated Declaration of Trust (the “Fourth Amended and Restated Declaration of Trust”). The Fourth Amended and Restated Declaration of Trust includes, among other updates, certain amendments made in response to comments issued by certain state securities regulators in connection with their review of the Company’s continuous offering of common shares of beneficial interest (the “Offering”). The Fourth Amended and Restated Declaration of Trust, among other items, expands the definition of “Controlling Person,” requires that the Board be classified and that each of the Trustees be elected/re-elected for three-year terms subject to shareholder approval, requires shareholder approval for business combination transactions and dissolution/liquidation of the Company, revises the indemnification provisions, and clarifies certain provisions with respect to the reimbursement of certain costs and expenses of the Administrator.

Amended and Restated Bylaws

Effective March 11, 2026, the Company adopted the Amended and Restated Bylaws (the "Amended and Restated Bylaws"). The Amended and Restated Bylaws include, among other updates, certain amendments made in response to comments issued by certain state securities regulators in connection with their review of the Offering. The Amended and Restated Bylaws, among other items, revise the quorum requirement at both shareholder meetings and Board meetings, and amend requirements for contested Trustee elections and notice requirements for shareholder proposals.

Amendment to the Investment Advisory Agreement

On February 18, 2026, the Board approved an amendment to the Company's Investment Advisory Agreement (the “Amendment”), effective March 11, 2026, in response to comments issued by certain state securities regulators in connection with their review of the Offering. The Amendment, among other items, requires the Company to obtain shareholder approval in connection with certain mergers, and clarifies that the Company's funds shall be protected from claims of affiliated companies and their creditors.