Note 8. Share Repurchase Plan

On March 4, 2025, the board of trustees adopted the Share Repurchase Plan. Pursuant to the Share Repurchase Plan, shareholders may request on a quarterly basis that the Company repurchase all or a portion of their common shares. The Company is not obligated to repurchase any common shares and may choose to repurchase only some, or even none, of the common shares that have been requested to be repurchased in any particular quarter in its discretion. Repurchases will be made at the transaction price in effect on the repurchase date, which will generally be equal to our prior month's NAV per share, except that common shares that have not been outstanding for at least one year will be repurchased at 95% of the transaction price (an "Early Repurchase Deduction"). The one year holding period is measured from the first calendar day of the month in which the shares were issued to the subscription closing date immediately following the prospective repurchase date. The Early Repurchase Deduction will not apply to shares acquired through our distribution reinvestment plan (the “DRIP”).

The aggregate NAV of total repurchases of all classes under the Share Repurchase Plan will be limited to no more than 5% of the aggregate NAV per calendar quarter (measured using the aggregate NAV as of the end of the immediately preceding month). Common shares issued to the Advisors pursuant to the Advisory Agreements (as defined in Note 10) or in connection with the Initial Sponsor Investments will not be subject to these repurchase limitations. There were no repurchases for the three and six months ended June 30, 2025 and three months ended June 30, 2026, pursuant to the Share Repurchase Plan. For the six months ended June 30, 2026, there were $0.1 million in total repurchases under the Share Repurchase Plan. In addition, the Company effected repurchases of Class F-I shares held by Anchor Investors for approximately $30.0 million, which were not subject to the Share Repurchase Plan. See Note 6 - Equity - Anchor Investors.

In the event that the Company determines to repurchase some but not all of the common shares submitted for repurchase during any calendar quarter, common shares repurchased at the end of the calendar quarter will be repurchased on a pro rata basis. All unsatisfied repurchase requests must be resubmitted after the start of the next calendar quarter, or upon the recommencement of the Share Repurchase Plan, as applicable, subject in each case to the limitations of the Share Repurchase Plan.