Significant Accounting Policies	6 Months Ended
Jun. 30, 2026
Accounting Policies [Abstract]
Significant Accounting Policies	Note 2 – Significant Accounting Policies Basis of Presentation The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”). In the opinion of management, all adjustments considered necessary for the fair presentation of the consolidated financial statements have been included. The Company is an investment company under the criteria established in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services—Investment Companies (“ASC 946”) and applies the specialized accounting and reporting guidance included therein. The interim consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, certain disclosures accompanying the annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending December 31, 2026. Certain changes were made to prior period amounts to conform to the current period presentation. Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. It also requires management to exercise judgment in the process of applying the Company’s accounting policies. Actual results could differ from those estimates. Cash Cash represents demand deposits held at financial institutions. Cash is held at major financial institutions and is subject to credit risk to the extent those balances exceed applicable Federal Deposit Insurance Corporation (FDIC) or Securities Investor Protection Corporation (SIPC) limitations. Restricted cash was $1,572 thousand and $1,451 thousand as of June 30, 2026 and December 31, 2025, respectively. Restricted cash consists of deposits held at Wells Fargo Bank related to the Fund’s credit facility with Wells Fargo Bank and not yet available for use by the Fund. At any point in time, the restrictions on cash under the revolving credit facility agreement are for a period of less than 30 days. Organization Costs Organization costs will be borne by the Company. Costs associated with the organization of the Company have been expensed as incurred, subject to the Expense Support Agreement (as defined below in Note 4 - Related Party Transactions). These costs consist primarily of legal fees and other fees of organizing the Company. For the three and six months ended June 30, 2026, the Company incurred organizational costs of $388 thousand and $857 thousand, respectively. For the three and six months ended June 30, 2025, the Company incurred organizational costs of $1,572 thousand and $1,579 thousand, respectively. Offering Costs Offering costs in excess of the Expense Support Agreement (defined below in Note 4 - Related Party Transactions) will be borne by the Company. These offering costs, if any, are capitalized as deferred offering costs on the Consolidated Statements of Assets and Liabilities and amortized over a twelve-month period. These costs consist primarily of legal fees and other fees incurred in connection with the private offering. For the three and six months ended June 30, 2026, the Company incurred $131 thousand and $389 thousand, respectively, of offering costs, and amortized $86 thousand and $139 thousand, respectively, of offering costs. The Company did not incur offering costs for the three and six months ended June 30, 2025. Deferred Financing Costs, Interest Expense, and Credit Facility Fees Interest expense and unused commitment fees on the Company’s borrowings are recorded on an accrual basis. Unused commitment fees are included in Interest expense and credit facility fees in the accompanying Consolidated Statements of Operations. Deferred financing costs represent capitalized fees and other direct incremental costs incurred in connection with the Company’s borrowings. These amounts are amortized on a straight-line basis over the expected term of the credit facility. The unamortized balance of such costs is included in Credit Facility (as defined below in Note 5 - Borrowings), net of deferred financing costs in the accompanying Consolidated Statements of Assets and Liabilities when amounts are outstanding under the related debt arrangement. In periods in which there are no outstanding borrowings under the related credit facility, unamortized deferred financing costs are presented as an asset within other assets on the Consolidated Statements of Assets and Liabilities. The amortization of such costs is included in Interest expense and credit facility fees in the accompanying Consolidated Statements of Operations. Refer to Note 5 for interest incurred as of June 30, 2026. As of June 30, 2026 and December 31, 2025, the Company had unamortized deferred financing costs of $1,647 thousand and $478 thousand, respectively. Amortization expense for deferred financing costs for the three and six months ended June 30, 2026 was $83 thousand and $163 thousand, respectively. Amortization expense for deferred financing costs for the three and six months ended June 30, 2025 was $53 thousand and $97 thousand, respectively. Investments Investment transactions are recorded on the trade date. Realized gains or losses are measured as the difference between the net proceeds from the repayment or sale of an investment and the investment’s amortized cost basis, using the specific identification method and without regard to unrealized appreciation or depreciation previously recognized. Realized gains or losses also include investments charged off during the period, net of recoveries. Net change in unrealized appreciation (depreciation) on investments as presented in the accompanying Consolidated Statements of Operations reflects the net change in the fair value of investments, including the reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized. See Note 3 - Fair Value Measurements for further information about fair value measurements. Revenue Recognition Interest income and payment-in-kind (“PIK”) interest are recorded on an accrual basis and Interest income includes the accretion of discounts and amortization of premiums. Discounts from and premiums to par value on investments purchased are accreted/amortized into interest income over the life of the respective security using the effective interest method. To the extent loans contain PIK provisions, PIK interest, computed at the contractual rates, is accrued, recorded as interest income and added to the principal balance of the loan. PIK interest income added to the principal balance is generally collected upon repayment of the outstanding principal. As of both June 30, 2026 and December 31, 2025, there were 14 and 8 loans, respectively, in the portfolio that earned PIK income. For the three and six months ended June 30, 2026, the Company earned PIK interest income of $ 228 thousand and $325 thousand , respectively. For the three and six months ended June 30, 2025, the Company earned PIK interest income of $8 thousand and $8 thousand, respectively. Loans are generally placed on non-accrual status when interest and/or principal payments become materially past due and there is reasonable doubt that principal or interest will be collected in full. Recognition of interest income on that loan will cease until all principal and interest are current through payment or until a restructuring occurs, such that the interest income is deemed to be collectible. However, the Company remains contractually entitled to this interest. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon the Company’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest are paid or there is no longer any reasonable doubt that such principal or interest will be collected in full and, in the Company’s judgment, the loans are likely to remain current. The Company may make exceptions to this policy if the loan has sufficient collateral value or is in the process of collection. Accrued interest is written off when it becomes probable that the interest will not be collected, and the amount of uncollectible interest can be reasonably estimated. The Company did not have any loans on non-accrual status as of June 30, 2026 and December 31, 2025. Dividend income earned on short-term money market investments is accrued daily. Other income may include income such as consent, waiver, amendment, unused, underwriting, arranger and prepayment fees associated with the Company’s investment activities. Such fees are recognized as income when earned or the services are rendered. For the three and six months ended June 30, 2026, the Company earned $3 thousand and $28 thousand, respectively, in other income, primarily from unused fees. For the three and six months ended June 30, 2025, the Company earned $1 thousand and $1 thousand, respectively, in other income, primarily from unused fees. Income Taxes The Company intends to elect to be treated, and intends to qualify annually thereafter, as a RIC under the Code. If the Company qualifies and elects to be treated as a RIC, and for so long as it maintains such qualification, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its shareholders as dividends. Therefore, no provision for federal income taxes is recorded in the consolidated financial statements of the Company. Rather, any tax liability related to income earned and distributed by the Company would represent obligations of the Company’s investors. To qualify for and maintain qualification as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must also annually distribute dividends for U.S. federal income tax purposes to its shareholders out of the assets legally available for distribution of an amount generally at least equal to 90% of the sum of its investment company taxable income, determined without regard to any deduction for dividends paid. The Company may be subject to federal excise tax imposed at a rate of 4% on certain undistributed amounts. Additionally, in order to avoid the imposition of a U.S. federal excise tax, we are required to distribute, in respect of each calendar year, dividends to our shareholders of an amount at least equal to the sum of 98% of our calendar year net ordinary income (taking into account certain deferrals and elections); 98.2 % of our capital gain net income (adjusted for certain ordinary losses) for the one year period ending on October 31 of such calendar year; and any net ordinary income and capital gain net income for preceding calendar years that were not distributed during such calendar years and on which we previously did not incur any U.S. federal income tax. If we fail to qualify as a RIC for any reason and become subject to U.S. federal corporate income tax, the resulting corporate taxes could substantially reduce our net assets, the amount of income available for distribution and the amount of our distributions. Such a failure would have a material adverse effect on us and our shareholders. In addition, we could be required to recognize unrealized gains, incur substantial taxes and interest and make substantial distributions in order to re-qualify as a RIC. We cannot assure shareholders that they will receive any distributions. Depending on the level of taxable income earned in a tax year, the Company can be expected to carry forward taxable income (including net capital gains, if any) in excess of current year dividend distributions from the current tax year into the next tax year and pay a nondeductible 4% U.S. federal excise tax on such taxable income, as required. To the extent that the Company determines that the estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such income, the Company accrues excise tax on estimated excess taxable income. The Company did not have any uncertain tax positions that met the recognition or measurement criteria of ASC 740-10-25, Income Taxes (“ASC Topic 740”), nor did the Company have any unrecognized tax benefits as of the periods presented herein. The Company’s current tax year, 2025, 2024, and 2023 federal and state tax returns remain subject to examination by the Internal Revenue Service and state departments of revenue. For the three and six months ended June 30, 2026, the Company recorded current tax expense of $0 and $61 thousand, primarily related to taxable income generated within certain consolidated subsidiaries and blocker entities. For the three and six months ended June 30, 2025, the Company recorded current tax expense of $0 and $0, primarily related to taxable income generated within certain consolidated subsidiaries and blocker entities. Deferred tax assets and liabilities are recognized for temporary differences between the financial reporting basis and the tax basis of assets and liabilities. As of June 30, 2026 and 2025, the Company has determined that any deferred tax balances are not material to the consolidated financial statements. The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as tax benefits or expenses in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, ongoing analyses of tax laws, regulations and interpretations thereof. Consolidation As provided under ASC 946, the Company will generally not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the results of the Company’s wholly owned subsidiaries: ASP BDC Lev Facilitation LLC, Adams Street Credit Solutions Blocker LLC and Adams Street PC Funding LLC. All intercompany balances and transactions have been eliminated. Expenses The Company is responsible for software costs, insurance costs and other expenses related to the Company’s operations. Such expenses, including expenses incurred and paid by the Adviser on behalf of the Company, are generally expected to be reimbursed by the Company. Costs incurred for annual subscriptions and insurance policies are generally recorded as a deferred charge and are amortized using the straight-line method over the term of the subscription or policy period. Deferred costs related to the Company’s trustees’ and officers’ liability insurance are presented in prepaid expenses and other assets on the Company’s Consolidated Statements of Assets and Liabilities. Functional Currency The functional currency of the Company is the U.S. dollar, and all transactions were in U.S. dollars. Earnings per Common Share The Company computes earnings per common share in accordance with ASC Topic 260, Earnings Per Share (“ASC 260”). Basic earnings per common share is calculated by dividing the net increase (decrease) in net assets resulting from operations attributable to common shares by the weighted-average number of common shares outstanding. Diluted earnings per common share reflects the assumed conversion of all dilutive securities.

The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”). In the opinion of management, all adjustments considered necessary for the fair presentation of the consolidated financial statements have been included. The Company is an investment company under the criteria established in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services—Investment Companies (“ASC 946”) and applies the specialized accounting and reporting guidance included therein.

The interim consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form

10-Q

and Articles 6, 10 and 12 of Regulation S-X. Accordingly, certain disclosures accompanying the annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending December 31, 2026.

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. It also requires management to exercise judgment in the process of applying the Company’s accounting policies. Actual results could differ from those estimates.

Cash represents demand deposits held at financial institutions. Cash is held at major financial institutions and is subject to credit risk to the extent those balances exceed applicable Federal Deposit Insurance Corporation (FDIC) or Securities Investor Protection Corporation (SIPC) limitations. Restricted cash was

$1,572 thousand and $1,451

thousand as of June 30, 2026 and December 31, 2025, respectively. Restricted cash consists of deposits held at Wells Fargo Bank related to the Fund’s credit facility with Wells Fargo Bank and not yet available for use by the Fund. At any point in time, the restrictions on cash under the revolving credit facility agreement are for a period of less than 30 days.

Organization costs will be borne by the Company. Costs associated with the organization of the Company have been expensed as incurred, subject to the Expense Support Agreement (as defined below in Note 4 - Related Party Transactions). These costs consist primarily of legal fees and other fees of organizing the Company.

For the three and six months ended June 30, 2026, the Company incurred organizational costs of $388 thousand and $857 thousand, respectively. For the three and six months ended June 30, 2025, the Company incurred organizational costs of $1,572 thousand and $1,579 thousand, respectively.

Offering costs in excess of the Expense Support Agreement (defined below in Note 4 - Related Party Transactions) will be borne by the Company. These offering costs, if any, are capitalized as deferred offering costs on the Consolidated Statements of Assets and Liabilities and amortized over a twelve-month period. These costs consist primarily of legal fees and other fees incurred in connection with the private offering.

For the three and six months ended June 30, 2026, the Company incurred $131 thousand and $389 thousand, respectively, of offering costs, and amortized $86 thousand and $139 thousand, respectively, of offering costs. The Company

did

not

incur offering costs for the three and six months ended June 30, 2025.

Deferred financing costs represent capitalized fees and other direct incremental costs incurred in connection with the Company’s borrowings. These amounts are amortized on a straight-line basis over the expected term of the credit facility. The unamortized balance of such costs is included in Credit Facility (as defined below in Note 5 - Borrowings), net of deferred financing costs in the accompanying Consolidated Statements of Assets and Liabilities when amounts are outstanding under the related debt arrangement. In periods in which there are no outstanding borrowings under the related credit facility, unamortized deferred financing costs are presented as an asset within other assets on the Consolidated Statements of Assets and Liabilities. The amortization of such costs is included in Interest expense and credit facility fees in the accompanying Consolidated Statements of Operations. Refer to Note 5 for interest incurred as of June 30, 2026.

As of June 30, 2026 and December 31, 2025, the Company had unamortized deferred financing costs of $1,647 thousand and $478 thousand, respectively. Amortization expense for deferred financing costs for the three and six months ended June 30, 2026 was $83 thousand and $163 thousand, respectively. Amortization expense for deferred financing costs for the three and six months ended June 30, 2025 was $53 thousand and $97 thousand, respectively.

Investment transactions are recorded on the trade date. Realized gains or losses are measured as the difference between the net proceeds from the repayment or sale of an investment and the investment’s amortized cost basis, using the specific identification method and without regard to unrealized appreciation or depreciation previously recognized. Realized gains or losses also include investments charged off during the period, net of recoveries. Net change in unrealized appreciation (depreciation) on investments as presented in the accompanying Consolidated Statements of Operations reflects the net change in the fair value of investments, including the reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized. See Note 3 - Fair Value Measurements for further information about fair value measurements.

Interest income and payment-in-kind (“PIK”) interest are recorded on an accrual basis and Interest income includes the accretion of discounts and amortization of premiums. Discounts from and premiums to par value on investments purchased are accreted/amortized into interest income over the life of the respective security using the effective interest method. To the extent loans contain PIK provisions, PIK interest, computed at the contractual rates, is accrued, recorded as interest income and added to the principal balance of the loan. PIK interest income added to the principal balance is generally collected upon repayment of the outstanding principal. As of both June 30, 2026 and December 31, 2025, there were 14 and 8 loans, respectively, in the portfolio that earned PIK income. For the three and six months ended June 30, 2026, the Company earned PIK interest income of

228 thousand and $325 thousand

respectively. For the three and six months ended June 30, 2025, the Company earned PIK interest income of $8 thousand and $8 thousand, respectively.

Loans are generally placed on

non-accrual

status when interest and/or principal payments become materially past due and there is reasonable doubt that principal or interest will be collected in full. Recognition of interest income on that loan will cease until all principal and interest are current through payment or until a restructuring occurs, such that the interest income is deemed to be collectible. However, the Company remains contractually entitled to this interest. Accrued and unpaid interest is generally reversed when a loan is placed on

non-accrual

status. Interest payments received on

non-accrual

loans may be recognized as income or applied to principal depending upon the Company’s judgment regarding collectability.

Non-accrual

loans are restored to accrual status when past due principal and interest are paid or there is no longer any reasonable doubt that such principal or interest will be collected in full and, in the Company’s judgment, the loans are likely to remain current. The Company may make exceptions to this policy if the loan has sufficient collateral value or is in the process of collection. Accrued interest is written off when it becomes probable that the interest will not be collected, and the amount of uncollectible interest can be reasonably estimated. The Company did not have any loans on

non-accrual

status as of June 30, 2026 and December 31, 2025.

Dividend income earned on short-term money market investments is accrued daily. Other income may include income such as consent, waiver, amendment, unused, underwriting, arranger and prepayment fees associated with the Company’s investment activities. Such fees are recognized as income when earned or the services are rendered. For the three and six months ended June 30, 2026, the Company earned $3 thousand and $28 thousand, respectively, in other income, primarily from unused fees. For the three and six months ended June 30, 2025, the Company earned $1 thousand and $1 thousand, respectively, in other income, primarily from unused fees.

The Company intends to elect to be treated, and intends to qualify annually thereafter, as a RIC under the Code. If the Company qualifies and elects to be treated as a RIC, and for so long as it maintains such qualification, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its shareholders as dividends. Therefore, no provision for federal income taxes is recorded in the consolidated financial statements of the Company. Rather, any tax liability related to income earned and distributed by the Company would represent obligations of the Company’s investors. To qualify for and maintain qualification as a RIC, the Company must, among other things, meet certain

source-of-income

and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must also annually distribute dividends for U.S. federal income tax purposes to its shareholders out of the assets legally available for distribution of an amount generally at least equal to 90% of the sum of its investment company taxable income, determined without regard to any deduction for dividends paid. The Company may be subject to federal excise tax imposed at a rate of 4% on certain undistributed amounts.

Additionally, in order to avoid the imposition of a U.S. federal excise tax, we are required to distribute, in respect of each calendar year, dividends to our shareholders of an amount at least equal to the sum of

98% of our calendar year net ordinary income (taking into account certain deferrals and elections); 98.2

% of our capital gain net income (adjusted for certain ordinary losses) for the one year period ending on October 31 of such calendar year; and any net ordinary income and capital gain net income for preceding calendar years that were not distributed during such calendar years and on which we previously did not incur any U.S. federal income tax. If we fail to qualify as a RIC for any reason and become subject to U.S. federal corporate income tax, the resulting corporate taxes could substantially reduce our net assets, the amount of income available for distribution and the amount of our distributions. Such a failure would have a material adverse effect on us and our shareholders. In addition, we could be required to recognize unrealized gains, incur substantial taxes and interest and make substantial distributions in order to

re-qualify

as a RIC. We cannot assure shareholders that they will receive any distributions.

Depending on the level of taxable income earned in a tax year, the Company can be expected to carry forward taxable income (including net capital gains, if any) in excess of current year dividend distributions from the current tax year into the next tax year and pay a nondeductible 4% U.S. federal excise tax on such taxable income, as required. To the extent that the Company determines that the estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such income, the Company accrues excise tax on estimated excess taxable income.

The Company did not have any uncertain tax positions that met the recognition or measurement criteria of ASC

740-10-25,

Income Taxes (“ASC Topic 740”), nor did the Company have any unrecognized tax benefits as of the periods presented herein. The Company’s current tax year, 2025, 2024, and 2023 federal and state tax returns remain subject to examination by the Internal Revenue Service and state departments of revenue.

For the three and six months ended June 30, 2026, the Company recorded current tax expense of $0 and $61 thousand, primarily related to taxable income generated within certain consolidated subsidiaries and blocker entities. For the three and six months ended June 30, 2025, the Company recorded current tax expense of $0 and $0, primarily related to taxable income generated within certain consolidated subsidiaries and blocker entities.

Deferred tax assets and liabilities are recognized for temporary differences between the financial reporting basis and the tax basis of assets and liabilities. As of June 30, 2026 and 2025, the Company has determined that any deferred tax balances are not material to the consolidated financial statements.

The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are

“more-likely-than-not”

to be sustained by the applicable tax authority. Tax positions not deemed to meet the

“more-likely-than-not”

threshold are reserved and recorded as tax benefits or expenses in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, ongoing analyses of tax laws, regulations and interpretations thereof.

As provided under ASC 946, the Company will generally not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the results of the Company’s wholly owned subsidiaries: ASP BDC Lev Facilitation LLC, Adams Street Credit Solutions Blocker LLC and Adams Street PC Funding LLC. All intercompany balances and transactions have been eliminated.

The Company is responsible for software costs, insurance costs and other expenses related to the Company’s operations. Such expenses, including expenses incurred and paid by the Adviser on behalf of the Company, are generally expected to be reimbursed by the Company. Costs incurred for annual subscriptions and insurance policies are generally recorded as a deferred charge and are amortized using the straight-line method over the term of the subscription or policy period. Deferred costs related to the Company’s trustees’ and officers’ liability insurance are presented in prepaid expenses and other assets on the Company’s Consolidated Statements of Assets and Liabilities.

The Company computes earnings per common share in accordance with ASC Topic 260, Earnings Per Share (“ASC 260”). Basic earnings per common share is calculated by dividing the net increase (decrease) in net assets resulting from operations attributable to common shares by the weighted-average number of common shares outstanding. Diluted earnings per common share reflects the assumed conversion of all dilutive securities.