| EQUITY OFFERINGS AND RELATED EXPENSES |
NOTE 4 — EQUITY OFFERINGS AND RELATED EXPENSES As of June 30, 2026, the Company has issued a total of 15,310,795 common shares of beneficial interest in connection with draw downs of $167,500,000 from outstanding capital commitments and share purchases of $58,577,870 by investors pursuant to immediate share issuance subscription agreements and $4,346,067 from dividend reinvestments for total contributed capital of $230,423,937. As of June 30, 2026, the Company had $50,187,318 in uncalled capital commitments pursuant to draw down subscription agreements. | | | | | | | | | | | | | | | | | | | | | | | | | | Organizational | | | | | Offering | | | Common Shares | | Number of | | Gross | | Expense | | Net | | Price | Type of Common Shares Issuance | | Issuance Date | | Shares | | Proceeds | | Allocation(1) | | Proceeds(2) | | Per Share | Dividend reinvestment | | January 30, 2026 | | 8,262 | | $ | 125,577 | | $ | - | | $ | 125,577 | | $ | 15.20 | Immediate share issuance | | February 2, 2026 | | 183,902 | | | 2,797,151 | | | 11,849 | | | 2,809,000 | | | 15.21 | Share repurchase program | | February 26, 2026 | | (357,092) | | | (5,431,365) | | | - | | | (5,431,365) | | | 15.21 | Immediate share issuance | | February 27, 2026 | | 1,309 | | | 19,916 | | | 84 | | | 20,000 | | | 15.21 | Dividend reinvestment | | February 27, 2026 | | 7,720 | | | 117,425 | | | - | | | 117,425 | | | 15.21 | Dividend reinvestment | | March 31, 2026 | | 7,773 | | | 118,229 | | | - | | | 118,229 | | | 15.21 | Total net (decrease) for the three months ended March 31, 2026 | | | | (148,126) | | $ | (2,253,067) | | $ | 11,933 | | $ | (2,241,134) | | | | Dividend reinvestment | | April 30, 2026 | | 7,638 | | $ | 115,569 | | $ | - | | $ | 115,569 | | $ | 15.13 | Capital draw down | | May 1, 2026 | | 660,941 | | | 10,000,000 | | | - | | | 10,000,000 | | | 15.13 | Share repurchase program | | May 1, 2026 | | (390,667) | | | (5,910,786) | | | - | | | (5,910,786) | | | 15.13 | Immediate share issuance | | May 1, 2026 | | 4,936 | | | 74,684 | | | 316 | | | 75,000 | | | 15.13 | Immediate share issuance | | May 29, 2026 | | 23,050 | | | 348,522 | | | 1,478 | | | 350,000 | | | 15.12 | Dividend reinvestment | | May 29, 2026 | | 6,231 | | | 94,339 | | | - | | | 94,339 | | | 15.14 | Immediate share issuance | | June 12, 2026 | | 46,100 | | | 697,037 | | | 2,963 | | | 700,000 | | | 15.12 | Capital draw down | | June 30, 2026 | | 330,687 | | | 5,000,000 | | | - | | | 5,000,000 | | | 15.12 | Immediate share issuance | | June 30, 2026 | | 47,747 | | | 721,944 | | | 3,056 | | | 725,000 | | | 15.12 | Dividend reinvestment | | June 30, 2026 | | 6,272 | | | 94,951 | | | - | | | 94,951 | | | 15.14 | Total net increase for the three months ended June 30, 2026 | | | | 742,935 | | $ | 11,236,260 | | $ | 7,813 | | $ | 11,244,073 | | | | Total net increase for the six months ended June 30, 2026 | | | | 594,809 | | $ | 8,983,193 | | $ | 19,746 | | $ | 9,002,939 | | | |
| (1) | Pro rata expense of organizational and offering costs incurred by the Company in connection with the Company’s formation and offerings. The Organizational Expense Allocation represents a reduction to capital commitments to investors subsequent to the initial closing. |
| (2) | Net Proceeds per this equity table will differ from the Consolidated Statements of Assets and Liabilities as of June 30, 2026, in the amount of $1,144,294, which represents a tax reclassification of stockholders’ equity in accordance with U.S. GAAP. This reclassification reduces paid-in capital and increases (decreases) distributable earnings (loss) (by increasing (decreasing) accumulated undistributed net investment income). |
Share Repurchase Program The following tables summarize the total shares repurchased that were validly tendered under the Share Repurchase Program and not withdrawn prior to the expiration of the applicable tender offer as of June 30, 2026: | | | | | | | | | | | | | | | | | 5% of Shares | | | | | | | | | | | Redemption | Type of Common | | Offered | | Common Shares | | Number of | | Percentage of | | Net Repurchase | | Price | Shares Issuance | | for Repurchase | | Redemption Date | | Shares Repurchased | | Shares Repurchased | | Amount | | Per Share | Share repurchase program | | 469,527 | | September 19, 2024 | | 373,094 | | 4.0% | | | 5,667,305 | | | 15.19 | Share repurchase program | | 469,749 | | December 31, 2024 | | 132,978 | | 1.4% | | | 1,999,989 | | | 15.04 | Share repurchase program | | 535,755 | | April 2, 2025 | | 22,609 | | 0.2% | | | 342,751 | | | 15.16 | Share repurchase program | | 543,666 | | July 24, 2025 | | 141,270 | | 1.3% | | | 2,160,019 | | | 15.29 | Share repurchase program | | 556,353 | | October 24, 2025 | | 176,879 | | 1.6% | | | 2,697,405 | | | 15.25 | Share repurchase program | | 618,571 | | February 26, 2026 | | 357,092 | | 2.9% | | | 5,431,365 | | | 15.21 | Share repurchase program | | 656,070 | | May 1, 2026 | | 390,667 | | 3.0% | | | 5,910,786 | | | 15.13 | Total | | | | | | 1,203,922 | | | | $ | 18,298,834 | | | |
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