v3.26.1
Capital
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Capital

Note 8—Capital

During the three months ended March 31, 2026 and 2025, the Fund’s capital stock activity was as follows:

Share Issuances

There were no shares issued related for subscriptions for the three months ended March 31, 2026.

The following table summarizes the total shares issued and net proceeds (in thousands) through the dividend reinvestment plan ("DRIP") for the three months ended March 31, 2026.

Share Issue Date

 

Shares Issued

 

 

Net Proceeds Received

 

January 30, 2026

 

 

76

 

 

$

2

 

February 27, 2026

 

 

76

 

 

 

2

 

March 31, 2026

 

 

79

 

 

 

2

 

Total Shares Issued

 

 

231

 

 

$

6

 

The following table summarizes the total shares issued and net proceeds (in thousands) for the three months ended March 31, 2025.

Share Issue Date

 

Shares Issued

 

 

Net Proceeds Received

 

January 2, 2025

 

 

2,769,444

 

 

$

70,150

 

Total Shares Issued

 

 

2,769,444

 

 

$

70,150

 

The following table summarizes the total shares issued and net proceeds (in thousands) through the DRIP for the three months ended March 31, 2025.

Share Issue Date

 

Shares Issued

 

 

Net Proceeds

 

January 31, 2025

 

 

38

 

 

$

1

 

February 28, 2025

 

 

39

 

 

 

1

 

March 31, 2025

 

 

47

 

 

 

1

 

Total Shares Issued

 

 

124

 

 

$

3

 

As of March 31, 2026 and December 31, 2025, Comvest Group Holdings SPV II LLC, a wholly-owned subsidiary of an affiliate of Manulife | Comvest Credit Partners, owned 409 and 409, respectively, of the Fund's Class I shares, Feeder Fund I owned 9,955,652 and 9,955,652, respectively, of the Fund's Class I shares, and Feeder Fund II owned 7,874,687 and 7,874,687, respectively, of the Fund's Class I shares.

Distributions and Dividends

Distributions declared during the three months ended March 31, 2026 and 2025, totaled $11,708 and $5,656.

The following table reflects distributions, including dividends and returns of capital, if any, declared per share by the Board for the three months ended March 31, 2026.

Date Declared

 

Record Date

 

Payment Date

 

Per Share Amount

 

January 29, 2026

 

January 29, 2026

 

February 23, 2026

 

$

0.21

 

February 26, 2026

 

February 26, 2026

 

March 26, 2026

 

$

0.21

 

March 30, 2026

 

March 30, 2026

 

April 22, 2026

 

$

0.21

 

The following table reflects distributions, including dividends and returns of capital, if any, declared per share by the Board for the three months ended March 31, 2025.

Date Declared

 

Record Date

 

Payment Date

 

Per Share Amount

 

January 29, 2025

 

January 30, 2025

 

February 21, 2025

 

$

0.16

 

February 27, 2025

 

February 27, 2025

 

March 24, 2025

 

$

0.17

 

March 27, 2025

 

March 28, 2025

 

April 24, 2025

 

$

0.20

 

Distributions to the Fund’s shareholders are recorded on the last business day of the month. The Fund intends to make distributions to its shareholders that will be sufficient to enable the Fund to qualify and maintain its status as a RIC.

The Fund has adopted a DRIP whereby shareholders, at the time of completing their subscription agreement, must select whether to receive their distributions in cash or automatically reinvest such distributions in additional shares.

The Fund uses only newly-issued Shares to implement the DRIP. The number of Shares issued to a shareholder that has not elected to have its distributions in cash shall be determined by dividing the total dollar amount of the distribution payable to such participant by the net asset value per share as of the last day of the month immediately preceding the date such distribution was declared (the “Reference NAV”); provided that in the event a distribution is declared on the last day of the month, the Reference NAV shall be deemed to be the net asset value per share as of such day. In addition, dividend reinvestment will be made net of any applicable U.S. withholding taxes.