Transactions in Shares

Distributions

Distributions to shareholders are recorded on the record date. To the extent that the Fund has income available, the Fund intends to distribute monthly distributions to its shareholders. The Fund’s monthly distributions, if any, will be determined by the Board. Any distributions to the Fund’s shareholders will be declared out of assets legally available for distribution.

Distribution Reinvestment Plan

On May 30, 2024, the Fund adopted a distribution reinvestment plan. See Note 2 “Summary of Significant Accounting Policies–Distributions.”

Share Repurchase Program

Beginning the first full calendar quarter following the date on which the Offering began, the Fund commenced a share repurchase program in which the Fund intends to repurchase, in each quarter, subject to the discretion of the Board, up to 5% of the Fund’s Common Shares outstanding (by number of shares) as of the close of the previous calendar quarter. The Board may amend, suspend or terminate the share repurchase program if it deems such action to be in the Fund’s best interest and the best interest of the Fund’s shareholders. As a result, share repurchases may not be available each quarter.

The Fund expects to repurchase shares pursuant to tender offers each quarter using a purchase price that will be disclosed in accordance with Securities Exchange Act of 1934, as amended (the “Exchange Act”), tender offer rules, except that shares that have not been outstanding for at least one year will be repurchased at 98% of such purchase price (an “Early Repurchase Deduction”). The one-year holding period is measured as of the subscription closing date immediately following the prospective repurchase date. The Early Repurchase Deduction may be waived in the case of repurchase requests arising from the death, divorce or qualified disability of the holder. The Early Repurchase Deduction will be retained by the Fund for the benefit of remaining shareholders.

The Fund intends to conduct the repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Exchange Act and the 1940 Act. All shares purchased by the Fund pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.

During the three months ended June 30, 2026, the Fund recognized redemption fees of $100,501 in connection with shareholder repurchases conducted under its monthly tender offer program. Such fees, which are generally equal to 2% of the redemption proceeds for shares redeemed prior to satisfying the applicable holding period, were calculated based on the Fund's net asset value as of March 31, 2026. The redemption price and corresponding fee were determined using the previous quarter end valuation date. Redemption fees are retained by the Fund for the benefit of remaining shareholders. No redemption fees were recognized during the three months ended June 30, 2025.