Agreements and Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2025

The Management Fee shall be calculated at a rate based on the value of the most recently published net asset value and payable quarterly in arrears at the rates set forth below:


Base Management Fee						Net Assets as of Most Recently Completed Quarter
0.1125% (1.35% annualized)						Less than or equal to $150.0 million
0.0917% (1.10% annualized)						Greater than $150.0 million but less than or equal to $300.0 million
0.0823% (0.9875% annualized)						Greater than $300.0 million but less than or equal to $500.0 million
0.0710% (0.85% annualized)						Greater than $500.0 million

The amount of any Expense Payment by the Adviser, and our obligation to make a Reimbursement Payment, is determined by whether the Company exceeds an annual expense cap equal to a percentage of NAV (the “Annual Expense Cap”).


Expense Cap						NAV
0.5% (2.00% annualized)						Less than or equal to $150.0 million
0.4375% (1.75% annualized)						Greater than $150.0 million but less than or equal to $200.0 million
0.375% (1.50% annualized)						Greater than $200.0 million but less than or equal to $250.0 million
0.3375% (1.35% annualized)						Greater than$250.0 million but less than or equal to $300.0 million
0.3125% (1.25% annualized)						Greater than $300.0 million but less than or equal to $350.0 million
0.2875% (1.15% annualized)						Greater than $350.0 million but less than or equal to $400.0 million
0.2500% (1.00% annualized)						Greater than $400.0 million