The following table describes the fees and expenses accrued under the Advisory Agreement, the Administration Agreement and the Expense Support Agreement (as defined herein), as applicable, during the three and six months ended June 30, 2026 and 2025:


Related Party			Three Months Ended June 30,				Six Months Ended June 30,
	Source Agreement	Description	2026		2025		2026		2025
The Adviser	Investment advisory agreement	Base Management Fee(1)	$	5,030	$	3,347	$	10,037	$	6,155
The Adviser	Investment advisory agreement	Capital Gains Incentive Fee(2)	$	—	$	(18)	$	(2,947)	$	498
The Adviser	Investment advisory agreement	Subordinated Income Incentive Fee(3)	$	5,020	$	3,680	$	9,896	$	6,875
The Adviser	Administration agreement	Administrative Services Expenses(4)	$	1,012	$	546	$	1,698	$	1,138
The Adviser	Administration agreement	Organizational & Offering Costs(5)	$	—	$	440	$	—	$	440

(2)During the six months ended June 30, 2026 and 2025, the Company accrued capital gains incentive fees of $(2,947) and $498, 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, $5,020 in subordinated income incentive fees were payable to the Adviser.

(4)During the six months ended June 30, 2026 and 2025, $1,671 and $1,022, 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 $92 and $86 for the six months ended June 30, 2026 and 2025, respectively. The Company paid $1,213 and $631 in administrative services expenses to the Adviser during the six months ended June 30, 2026 and 2025, respectively.

(5)The Adviser previously agreed to advance all of the Company’s organizational and offering expenses on the Company’s behalf through a date determined by the Adviser in its discretion. As of June 30, 2026, the Company incurred organizational and offering expenses of $991 and $5,564, respectively, which expenses the Adviser elected to cover pursuant to the Expense Support Agreement, subject to reimbursement by the Company pursuant to its terms. In no event will the Company bear in excess of $1.5 million in organizational expenses; the Adviser has agreed to be responsible for any organizational expenses in excess of $1.5 million. During the six months ended June 30, 2026 and 2025, the Company expensed organizational and offering costs of $0 and $440, respectively, which related to reimbursements to the Adviser for organizational and offering costs incurred on the Company’s behalf, including salaries and other direct expenses of the Adviser’s personnel and employees of its affiliates in connection with the offering of the Company’s Common Shares.