v3.26.1
Related Party Transactions (Tables)
 6 Months Ended
Jun. 30, 2026
Related Party Transactions [Abstract]  
Schedule of Accrued Fees and Expenses and Amounts Subject to Reimbursement
The following table describes the fees and expenses accrued under the Advisory Agreement, the Administration Agreement and the Distribution and Servicing Plan (as defined herein), as applicable, during the three and six months ended June 30, 2026 and 2025:
Related PartyThree Months Ended
June 30,		Six Months Ended
June 30,
Source AgreementDescription2026202520262025
The AdviserInvestment advisory agreement
Base Management Fee(1)
$3,141 $1,776 $6,237 $3,087 
The AdviserInvestment advisory agreement
Capital Gains Incentive Fee(2)
$— $170 $(1,576)$489 
The AdviserInvestment advisory agreement
Subordinated Income Incentive Fee(3)
$2,775 $1,858 $5,468 $3,423 
The AdviserAdministration agreement
Administrative Services Expenses(4)
$821 $325 $1,436 $681 
Placement Agents
Distribution and servicing plan
Distribution/Servicing Fees(5)
$— $— $— $— 
________________
(1)The Adviser agreed to waive all management fees accrued under the Advisory Agreement through September 30, 2025. As of June 30, 2026, $3,141 in management fees were payable to the Adviser.
(2)During the six months ended June 30, 2026 and 2025, the Company accrued capital gains incentive fees of $(1,576) and $489, respectively, based on the performance of its portfolio. As of June 30, 2026, the Company had no capital gains incentive fees payable. No capital gains incentive fees are actually payable by the Company with respect to unrealized gains unless and until those gains are actually realized. See Note 2 for a discussion of the methodology employed by the Company in calculating the capital gains incentive fees.
(3)The Adviser agreed to waive all subordinated income incentive fees accrued under the Advisory Agreement through September 30, 2025. As of June 30, 2026, $2,775 in subordinated income incentive fees were payable to the Adviser.
(4)During the six months ended June 30, 2026 and 2025, $1,300 and $621, respectively, of administrative services expenses related to the allocation of costs of administrative personnel for services rendered to the Company by the Adviser and the remainder related to other reimbursable expenses, including reimbursement of fees related to transactional expenses for prospective investments, such as fees and expenses associated with performing due diligence reviews of investments that do not close, often referred to as “broken deal” costs. Broken deal costs were $55 and $71 for the six months ended June 30, 2026 and 2025, respectively. The Company paid $825 and $463 in administrative services expenses to the Adviser during the six months ended June 30, 2026 and 2025, respectively.
(5)Represents the Distribution/Servicing Fees retained by the Placement Agents and not re-allowed to selected broker-dealers or financial representatives.
The following table reflects the amounts agreed to be paid by the Adviser and subject to reimbursement by the Company under the Expense Support Agreement and the expiration for future possible reimbursements by the Company as of June 30, 2026:
For the Three Months EndedAmountExpiration Date
June 30, 2024$347 June 30, 2027
September 30, 2024662 September 30, 2027
December 31, 20241,206 December 31, 2027
March 31, 2025895 March 31, 2028
June 30, 2025— June 30, 2028
September 30, 2025— September 30, 2028
December 31, 20251,445 December 31, 2028
March 31, 2026— March 31, 2029
June 30, 2026— June 30, 2029
Total$4,555