Agreements and Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2026

Summary of Expense Payments and related Reimbursement Payments

The following table shows the summary of expense payments and related reimbursement payments since the Company’s commencement of operations:


	Expense Payments Made by Advisor		Cumulative Reimbursement Payments to Advisor		Unreimbursed Expense Payments		Reimbursement Eligibility Expiration	Effective Rate of Distribution per share of Common Stock(2)		Operating Expense Ratio(3)
For the Quarter Ended
September 30, 2024(1)	$	2,831	$	2,831	$	—	September 30, 2027		—		37.07	%
December 31, 2024		1,143		1,143		—	December 31, 2027		—		7.30	%
March 31, 2025		1,313		1,313		—	March 31, 2028		—		2.34	%
June 30, 2025		1,935		1,267		668	June 30, 2028		—		1.25	%
September 30, 2025		403		—		403	September 30, 2028		—		0.69	%
December 31, 2025		106		—		106	December 31, 2028	2.30%			0.61	%
Total	$	7,731	$	6,554	$	1,177

(1)

Included in this amount is $1,562 of Expense Payments made by the Advisor relating to expenses incurred by the Company for the period from October 16, 2023 (inception) through the quarter ended June 30, 2024.

(2)

The effective rate of distribution per share is expressed as a percentage equal to the annualized regular cash distributions per share as of the end of the applicable quarter, exclusive of returns of capital and declared special dividends or special distributions, if any, divided by the NAV per share of Common Stock as of the previous calendar quarter end.

(3)

The operating expense ratio is calculated by dividing the quarterly operating expenses, less organizational and offering expenses, base management fees and incentive fees owed to the Advisor, and interest expense, by the Company’s net assets as of each quarter end.