Shareholders' Equity |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Equity [Abstract] | |
| Shareholders' Equity | Shareholders' Equity The Fund has the authority to issue an unlimited number of shares of beneficial interest. Seed Capital On June 28, 2024, during the Fund’s private fund stage (prior to the Conversion), the Fund’s two initial members, EPCM Holdings LLC (an affiliate of the Adviser) and Trinity Capital Inc. (an affiliate of the Sub-Adviser), made capital commitments of $50.0 million and $10.0 million, respectively, in reliance upon the available exemptions from registration requirements of Section 4(a)(2) of and Regulation D under the Securities Act. These capital commitments have been called by the Fund and funded over time to make certain investments and pay certain expenses, and the related interests in the Fund were converted to 6,013,221 shares of the Fund in connection with the Conversion. On September 19, 2025, EPCM Holdings LLC transferred 100% of its interests in the Fund to its affiliate, EPH Investments LLC, which is also an affiliate of the Adviser. Private Offering The Fund conducts a continuous private offering of its shares to investors in reliance on exemptions from the registration requirements of the Securities Act, including the exemptions provided by Section 4(a)(2) of the Securities Act and Regulation D and Regulation S promulgated thereunder (the “Private Offering”). The Fund offers and sells shares to (i) persons who are “accredited investors” within the meaning of Regulation D under the Securities Act and (ii) non-U.S. persons outside the United States in compliance with Regulation S under the Securities Act. Eagle Point Securities LLC, an affiliate of the Adviser, serves as the dealer manager (the “Dealer Manager”) for the Private Offering, on a best-efforts basis, pursuant to a dealer manager agreement with the Fund. See “Note 11 – Related Party Transactions” and “Note 14 – Subsequent Events” for additional information. Share Repurchase Program No shareholder has the right to require the Fund to redeem shares. No public market for shares exists, and none is expected to develop in the future. Subject to the Board of Trustees' discretion, the Fund intends to offer to repurchase shares from shareholders in each quarter in an amount up to 5% of the shares outstanding, calculated as of the prior calendar quarter end. At the discretion of the Board of Trustees, the Fund may extend multiple offers to repurchase shares in a quarter in an aggregate amount of 5% of the shares outstanding. The Fund’s Board may amend, suspend or terminate the share repurchase program at any time if it deems such action to be in the Fund’s best interest and the best interest of the shareholders. As a result, share repurchases may not be available each quarter. The Fund intends to conduct repurchase offers in accordance with the requirements of Rule 13e-4 under the Exchange Act and the 1940 Act. The Fund did not repurchase any shares during the three and six months ended June 30, 2026. Distribution Reinvestment Plan The Fund’s distribution reinvestment plan (“DRIP”) provides for the reinvestment of distributions in the form of shares, unless a shareholder has elected to receive distributions in cash. As a result, if the Fund declares a cash distribution, its shareholders who have not “opted out” of the DRIP by the applicable opt out date will have their cash distribution automatically reinvested into additional shares. Shares will be issued pursuant to the DRIP at a price equal to 95% of their most recently determined NAV as of the payment date. There is no sales load or other charge for distribution reinvestment, and the plan administrator’s fees are paid by the Fund. Participants in the DRIP may purchase fractional shares so that 100% of the distributions are used to acquire shares. The Fund reserves the right to amend or terminate the DRIP. Brokerage firms and other financial intermediaries may decide not to participate in the Fund’s DRIP but may provide a similar distribution reinvestment plan for their clients. During the three and six months ended June 30, 2026, no shares were issued under the DRIP. Distributions The Fund intends to authorize and declare ordinary cash distributions on a quarterly basis and pay such distributions on a monthly basis.
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