| Schedule of Outstanding Class E Redeemable Common Shares |
The following table details the movement of and net proceeds received from the Company’s outstanding common shares for the period from July 14, 2023 (date of initial capitalization) through December 31, 2023 and during the years ended December 31, 2025 and 2024 (dollars in thousands, except for share and per share data):
|
|
|
|
|
|
|
|
|
|
|
Class S
Common Shares |
|
Class I
Common Shares |
|
Total |
|
Shares outstanding as of July 14, 2023 (date of initial capitalization) |
|
— |
|
|
— |
|
|
— |
|
Common shares issued |
|
259,750 |
|
|
67,050 |
|
|
326,800 |
|
DRIP shares issued |
|
— |
|
|
— |
|
|
— |
|
Shares outstanding as of December 31, 2023 |
|
259,750 |
|
|
67,050 |
|
|
326,800 |
|
|
|
|
|
|
|
|
Proceeds from issuance of common shares |
$ |
5,195 |
|
$ |
1,341 |
|
$ |
6,536 |
|
|
|
|
|
|
|
|
Shares outstanding as of December 31, 2023 |
|
259,750 |
|
|
67,050 |
|
|
326,800 |
|
Common shares issued |
|
4,665,255 |
|
|
3,668,601 |
|
|
8,333,856 |
|
DRIP shares issued |
|
139,759 |
|
|
87,767 |
|
|
227,526 |
|
Shares outstanding as of December 31, 2024 |
|
5,064,764 |
|
|
3,823,418 |
|
|
8,888,182 |
|
|
|
|
|
|
|
|
Proceeds from issuance of common shares |
$ |
96,967 |
|
$ |
75,241 |
|
$ |
172,208 |
|
|
|
|
|
|
|
|
Shares outstanding as of December 31, 2024 |
|
5,064,764 |
|
|
3,823,418 |
|
|
8,888,182 |
|
Common shares issued |
|
2,168,588 |
|
|
2,501,247 |
|
|
4,669,835 |
|
DRIP shares issued |
|
314,230 |
|
|
202,644 |
|
|
516,874 |
|
Common shares repurchased |
|
(157,941 |
) |
|
(316,599 |
) |
|
(474,540 |
) |
Shares outstanding as of December 31, 2025 |
|
7,389,641 |
|
|
6,210,710 |
|
|
13,600,351 |
|
|
|
|
|
|
|
|
Proceeds from issuance of common shares |
$ |
50,554 |
|
$ |
54,694 |
|
$ |
105,248 |
|
|
| Schedule of Distributions Declared |
The following table details the aggregate distributions declared for Class S common shares for the years ended December 31, 2025 and 2024 and the period from July 14, 2023 (date of initial capitalization) through December 31, 2023:
|
|
|
|
|
|
|
|
|
|
|
|
|
Class S Common Shares |
|
|
For the Year Ended
December 31, 2025 |
|
|
For the Year Ended
December 31, 2024 |
|
|
For the Period from July 14, 2023 (date of initial capitalization) through December 31, 2023 |
|
Aggregate gross distributions declared per redeemable common share |
$ |
2.0148 |
|
|
$ |
1.5592 |
|
|
$ |
0.1292 |
|
Shareholder servicing fee per redeemable common share(1) |
|
(0.1718 |
) |
|
|
(0.1703 |
) |
|
|
(0.0144 |
) |
Net distributions declared per redeemable common share |
$ |
1.8430 |
|
|
$ |
1.3889 |
|
|
$ |
0.1148 |
|
__________________ (1)Refer to Note 10 — “Related Party Transactions” below for further information on shareholder servicing fees. The following table details the aggregate distributions declared for Class I common shares for the years ended December 31, 2025 and 2024 and the period from July 14, 2023 (date of initial capitalization) through December 31, 2023:
|
|
|
|
|
|
|
|
|
|
|
|
|
Class I Common Shares |
|
|
For the Year Ended
December 31, 2025 |
|
|
For the Year Ended
December 31, 2024 |
|
|
For the Period from July 14, 2023 (date of initial capitalization) through December 31, 2023 |
|
Aggregate gross distributions declared per redeemable common share |
$ |
2.0148 |
|
|
$ |
1.5592 |
|
|
$ |
0.1292 |
|
Shareholder servicing fee per redeemable common share(1) |
|
— |
|
|
|
— |
|
|
|
— |
|
Net distributions declared per redeemable common share |
$ |
2.0148 |
|
|
$ |
1.5592 |
|
|
$ |
0.1292 |
|
__________________ (1)There is no shareholder servicing fee with respect Class I shares. Refer to Note 10 — “Related Party Transactions” below for further information on shareholder servicing fees.
|
| Schedule of Outstanding Class E Redeemable Common Shares |
The following table details the movement in the Company’s outstanding Class E redeemable common shares during the period from July 14, 2023 (date of initial capitalization) through December 31, 2023 and during the years ended December 31, 2024 and 2025 (dollars in thousands, except for share and per share data):
|
|
|
|
|
Class E Redeemable Common Shares |
|
Shares outstanding as of July 14, 2023 (date of initial capitalization) |
|
— |
|
Redeemable common shares issued |
|
1,603,050 |
|
Redeemable common shares issued as performance fee compensation |
|
— |
|
DRIP shares issued |
|
— |
|
Shares outstanding as of December 31, 2023 |
|
1,603,050 |
|
|
|
|
Proceeds from issuance of Class E redeemable common shares |
$ |
32,061 |
|
|
|
|
Shares outstanding as of December 31, 2023 |
|
1,603,050 |
|
Redeemable common shares issued |
|
29,822 |
|
Redeemable common shares issued as performance fee compensation |
|
33,790 |
|
DRIP shares issued |
|
1,233 |
|
Independent trustees' restricted common shares grant (1) |
|
3,002 |
|
Shares outstanding as of December 31, 2024 |
|
1,670,897 |
|
|
|
|
Proceeds from issuance of Class E redeemable common shares |
$ |
1,373 |
|
|
|
|
Shares outstanding as of December 31, 2024 |
|
1,670,897 |
|
Redeemable common shares issued |
|
28,083 |
|
DRIP shares issued |
|
1,825 |
|
Independent trustees' restricted common shares grant (1) |
|
2,932 |
|
Shares outstanding as of December 31, 2025 |
|
1,703,737 |
|
|
|
|
Proceeds from issuance of Class E redeemable common shares |
$ |
683 |
|
__________________ (1)The independent trustees’ restricted common shares grant represents approximately $0.1 million and $0.1 million of the annual compensation paid to the independent trustees in the form of restricted common shares for the years ended December 31, 2025 and 2024, respectively.
|
| Schedule of Distributions Declared |
The following table details the aggregate distributions declared for the Class E redeemable common shares for the years ended December 31, 2025 and 2024 and for the period from July 14, 2023 (date of initial capitalization) through December 31, 2023:
|
|
|
|
|
|
|
|
|
|
|
|
|
Class E Redeemable
Common Shares |
|
|
For the Year Ended
December 31, 2025 |
|
|
For the Year Ended
December 31, 2024 |
|
|
For the Period from July 14, 2023 (date of initial capitalization) through December 31, 2023 |
|
Aggregate gross distributions declared per redeemable common share |
$ |
2.0148 |
|
|
$ |
1.5592 |
|
|
$ |
0.1292 |
|
Shareholder servicing fee per redeemable common share(1) |
|
— |
|
|
|
— |
|
|
|
— |
|
Net distributions declared per redeemable common share |
$ |
2.0148 |
|
|
$ |
1.5592 |
|
|
$ |
0.1292 |
|
__________________ (1)There is no shareholder servicing fee with respect to the Class E redeemable common shares. Refer to Note 10 — “Related Party Transactions” below for further information on shareholder servicing fees.
|