| Equity |
Note 7. Equity Since April 10, 2025, the Fund had the authority to issue an unlimited number of Shares. A shareholder shall have no liability in excess of its obligation to pay the purchase price for its Shares. For the period from April 10, 2025 (date of Conversion) through June 30, 2026, Share transaction activity is as follows:
|
|
|
|
|
|
|
|
|
|
|
For the period from April 10, 2025 (date of Conversion) through June 30, 2026 |
|
Shares Issuance Date |
|
Number of Shares |
|
|
Aggregate Offering Proceeds |
|
April 10, 2025 - initial conversion to unitized LLC |
|
|
13,601,380 |
|
|
$ |
340,034,511 |
|
June 12, 2025 - contributions during the period |
|
|
1,385,809 |
|
|
|
35,000,000 |
|
August 1, 2025 - contributions during the period |
|
|
893,212 |
|
|
|
22,500,000 |
|
September 1, 2025 - contributions during the period |
|
|
768,927 |
|
|
|
19,500,000 |
|
November 3, 2025 - contributions during the period |
|
|
1,265,416 |
|
|
|
31,500,000 |
|
December 1, 2025 - contributions during the period |
|
|
519,232 |
|
|
|
13,000,000 |
|
January 2, 2026 - contributions during the period |
|
|
2,015,084 |
|
|
|
50,500,000 |
|
February 1, 2026 - contributions during the period |
|
|
456,132 |
|
|
|
11,500,000 |
|
April 1, 2026 - contributions during the period |
|
|
2,025,357 |
|
|
|
50,000,000 |
|
Net increases |
|
|
22,930,549 |
|
|
$ |
573,534,511 |
|
The number of Shares issued and outstanding as of June 30, 2026 and December 31, 2025, were 22,930,549 and 18,433,976, respectively. Investor Commitments The following table summarizes the total capital commitments and unfunded capital commitments of Shares as of June 30, 2026 and December 31, 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
As of June 30, 2026 |
|
|
As of December 31, 2025 |
|
Capital Commitments |
|
Unfunded Capital Commitments (1) |
|
|
Capital Commitments |
|
Unfunded Capital Commitments |
|
$ |
644,176,768 |
|
$ |
84,391,869 |
|
|
$ |
632,176,768 |
|
$ |
184,391,869 |
|
(1)Limited Partners that had uncalled capital prior to the Conversion may have their unfunded capital commitments called, alongside monthly subscriptions or intra-month, during the 18-months following the Conversion. As of June 30, 2026, the unfunded capital commitments that may be called from these partners totaled $84,391,869. The following tables detail the activity of Shareholders’ Equity for the three and six months ended June 30, 2026 and 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2026 |
|
Partners' Capital |
|
|
Shares at Par Value |
|
|
Capital in Excess of Par Value |
|
|
Total Distributable (Loss) Earnings |
|
|
Total Shareholders' Equity |
|
Balance as of March 31, 2026 |
|
$ |
— |
|
|
$ |
20,905 |
|
|
$ |
522,915,285 |
|
|
$ |
(6,840,138 |
) |
|
$ |
516,096,052 |
|
Net investment income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
9,660,214 |
|
|
|
9,660,214 |
|
Net realized loss from investment
transactions |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(5,243 |
) |
|
|
(5,243 |
) |
Net change in unrealized depreciation on
investments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,924,721 |
) |
|
|
(2,924,721 |
) |
Net change in deferred income tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(98,911 |
) |
|
|
(98,911 |
) |
Issuance of Shares |
|
|
— |
|
|
|
2,026 |
|
|
|
49,997,974 |
|
|
|
— |
|
|
|
50,000,000 |
|
Distribution to Shareholders |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(9,630,831 |
) |
|
|
(9,630,831 |
) |
Balance as of June 30, 2026 |
|
$ |
— |
|
|
$ |
22,931 |
|
|
$ |
572,913,259 |
|
|
$ |
(9,839,630 |
) |
|
$ |
563,096,560 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2026 |
|
Partners' Capital |
|
|
Shares at Par Value |
|
|
Capital in Excess of Par Value |
|
|
Total Distributable (Loss) Earnings |
|
|
Total Shareholders' Equity |
|
Balance as of December 31, 2025 |
|
$ |
— |
|
|
$ |
18,434 |
|
|
$ |
460,917,756 |
|
|
$ |
1,031,757 |
|
|
$ |
461,967,947 |
|
Net investment income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
18,436,551 |
|
|
|
18,436,551 |
|
Net realized gain from investment
transactions |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
70,720 |
|
|
|
70,720 |
|
Net change in unrealized depreciation on
investments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(10,853,352 |
) |
|
|
(10,853,352 |
) |
Net change in deferred income tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(114,295 |
) |
|
|
(114,295 |
) |
Issuance of Shares |
|
|
— |
|
|
|
4,497 |
|
|
|
111,995,503 |
|
|
|
— |
|
|
|
112,000,000 |
|
Distribution to Shareholders |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(18,411,011 |
) |
|
|
(18,411,011 |
) |
Balance as of June 30, 2026 |
|
$ |
— |
|
|
$ |
22,931 |
|
|
$ |
572,913,259 |
|
|
$ |
(9,839,630 |
) |
|
$ |
563,096,560 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2025 |
|
Partners' Capital |
|
|
Shares at Par Value |
|
|
Capital in Excess of Par Value |
|
|
Total Distributable (Loss) Earnings |
|
|
Total Shareholders' Equity |
|
Balance as of March 31, 2025 |
|
$ |
339,102,930 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
339,102,930 |
|
Conversion to unitized LLC |
|
|
(340,034,511 |
) |
|
|
13,601 |
|
|
|
340,020,910 |
|
|
|
— |
|
|
|
— |
|
Net investment income |
|
|
931,581 |
|
|
|
— |
|
|
|
— |
|
|
|
5,721,130 |
|
|
|
6,652,711 |
|
Net realized gain from investment
transactions |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
29,803 |
|
|
|
29,803 |
|
Net change in unrealized depreciation on
investments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(4,372,749 |
) |
|
|
(4,372,749 |
) |
Net change in deferred income tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(818,338 |
) |
|
|
(818,338 |
) |
Issuance of Shares |
|
|
— |
|
|
|
1,386 |
|
|
|
34,998,614 |
|
|
|
— |
|
|
|
35,000,000 |
|
Balance as of June 30, 2025 |
|
$ |
— |
|
|
$ |
14,987 |
|
|
$ |
375,019,524 |
|
|
$ |
559,846 |
|
|
$ |
375,594,357 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2025 |
|
Partners' Capital |
|
|
Shares at Par Value |
|
|
Capital in Excess of Par Value |
|
|
Total Distributable (Loss) Earnings |
|
|
Total Shareholders' Equity |
|
Balance as of December 31, 2024 |
|
$ |
340,294,184 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
340,294,184 |
|
Conversion to unitized LLC |
|
|
(340,034,511 |
) |
|
|
13,601 |
|
|
|
340,020,910 |
|
|
|
— |
|
|
|
— |
|
Net investment income |
|
|
(259,673 |
) |
|
|
— |
|
|
|
— |
|
|
|
16,150,288 |
|
|
|
15,890,615 |
|
Net realized gain from investment
transactions |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
883,173 |
|
|
|
883,173 |
|
Net change in unrealized depreciation on
investments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(8,118,432 |
) |
|
|
(8,118,432 |
) |
Net change in deferred income tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(818,338 |
) |
|
|
(818,338 |
) |
Issuance of Shares |
|
|
— |
|
|
|
1,386 |
|
|
|
34,998,614 |
|
|
|
— |
|
|
|
35,000,000 |
|
Distribution to Shareholders |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(7,536,845 |
) |
|
|
(7,536,845 |
) |
Balance as of June 30, 2025 |
|
$ |
— |
|
|
$ |
14,987 |
|
|
$ |
375,019,524 |
|
|
$ |
559,846 |
|
|
$ |
375,594,357 |
|
|