Note 8. Net Assets

In connection with its formation, the Company has the authority to issue an unlimited number of Common Shares at $0.001 per share par value. On May 1, 2025, an affiliate of the Adviser subscribed for 1,000 Common Shares at $25.00 per share. The Company issues Common Shares in the Private Offering on a monthly basis at an offering price generally equal to the NAV per Common Share.

On July 18, 2025, the Company acquired 100% of the equity interests in A-Star II Funding SPV LP and A-Star II Master Fund LP from certain affiliates of the Adviser, valued at a total acquisition price of $103,746. In exchange, the Company paid $53,746 of cash to Antares Holdings (or an affiliate thereof) and issued approximately 2 million Common Shares, par value $0.001 per share, at $25 per Common Share to Antares Holdings (or an affiliate thereof) in kind for $50,000 of assets. As of December 31, 2025, there were no outstanding balances in connection with the acquisition of A-Star II Funding SPV LP and A-Star II Master Fund LP. All of the contributed and purchased assets were originated by affiliates of the Adviser within the past 5 years from the transaction date.

The Company determines NAV for Common Shares as of the last day of each calendar month. Share issuances related to monthly subscriptions are effective the first calendar day of each month. Shares are issued at an offering price equivalent to the most recent NAV per share available, which will be the prior calendar day NAV per share (i.e. the prior month-end NAV).

The issuance of Common Shares is exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), pursuant to Section 4(a)(2) thereof and Regulation D thereunder. The Company relies, in part, upon representations from the relevant investor in the subscription agreement (the “Subscription Agreement”) that the investor is an “accredited investor” as defined in Regulation D under the Securities Act. The sale of Common Shares is made pursuant to the Subscription Agreement entered into with the relevant investor(s).

Share Repurchase Program

We will commence a share repurchase program, commencing at least one year following the date on which unaffiliated investors first purchase Common Shares, in which we intend to repurchase, semi-annually, up to 7.5% of the Common Shares outstanding (either by number of Common Shares or aggregate NAV) as of the close of the previous semi-annual period. Our Board of Directors may amend, suspend or terminate the share repurchase program if it deems such action to be in the best interest of us and the best interest of our shareholders. As a result, share repurchases may not be available each semi-annual period. We intend to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the 1940 Act. All shares purchased pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.

Under our share repurchase program, to the extent we offer to repurchase shares in any particular semi-annual period, we expect to repurchase shares pursuant to tender offers using a purchase price equal to the NAV per share as of the last calendar day of the applicable semi-annual period, except that shares that have not been outstanding for at least six months from the end of the Non-Tender Period (as defined herein) will be subject to an early repurchase deduction of 5%. Shareholders are required to agree pursuant to the terms of the Subscription Agreement that they will not tender Shares in a tender offer with a valuation date that is within the 12-month period following the issue date of such tendered Shares (the “Non-Tender Period”).

The Early Repurchase Deduction will be retained by the Company for the benefit of remaining holders of Common Shares, and will reduce the repurchase proceeds. The Early Repurchase Deduction may be waived, at our discretion, in the case of repurchase requests arising from the death, divorce or qualified disability of the holder. Common Shares issued pursuant to the Fund’s distribution reinvestment plan (“DRIP”) are not subject to early repurchase deduction.

Distributions

Distribution Reinvestment Plan

The Company has adopted a distribution reinvestment plan, pursuant to which the Company reinvests all cash distributions declared on behalf of the Company’s shareholders who do not elect to receive their distributions in cash. As a result, if the Board authorizes and declares a cash distribution, then the shareholders who have enrolled in the distribution reinvestment plan will have their cash distributions automatically reinvested in additional Common Shares, rather than receiving the cash distribution. The Company expects to use newly issued shares to implement the distribution reinvestment plan. Distributions on fractional shares are credited to each participating shareholder’s account to three decimal places.