Related Party Transactions |
3 Months Ended |
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Jun. 30, 2026 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions | Related Party Transactions (a)Investment Advisory Agreement Under the terms of the Investment Advisory Agreement between the Company and the Adviser (the “Investment Advisory Agreement”), the Adviser provides investment advice and manages the day-to-day business and affairs of the Company, in each case under the ultimate supervision of the Board. Pursuant to the Investment Advisory Agreement, effective upon the IPO of the Company, the Company will pay the Adviser a management fee (the “Management Fee”) consisting of two components: a Base Management Fee and an Incentive Fee on Capital Gains. The Base Management Fee will be calculated and payable quarterly at an annual rate of 2.00% of the Company’s Net Assets determined quarterly as of the end of each quarter. For purposes of determining the Base Management Fee payable to the Adviser, the Company’s Net Assets will be calculated prior to any reduction for the accrual of the Management Fee for that quarter. “Net Assets” means the total assets of the Company minus the Company’s liabilities. The Incentive Fee on Capital Gains will be calculated and payable as of the end of each fiscal year (or, upon termination of the Investment Advisory Agreement, as of the termination date). The Incentive Fee on Capital Gains will equal 20% of the Company’s realized capital gains, if any, on a cumulative basis from inception through the end of each fiscal year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid Incentive Fees on Capital Gains. In no event will the Incentive Fee on Capital Gains exceed the amount permitted by the Advisers Act, including Section 205 thereof. There were no Management Fees incurred during the period ended June 30, 2026 and March 31, 2026. (b)Administration Agreement The Company has entered into an Administration Agreement with the Administrator subsequent to year end. Under the Administration Agreement, the Administrator performs, or oversees the performance of administrative services necessary for the operation of the Company, which include, among other things, being responsible for the financial records which the Company is required to maintain and preparing reports to the Shareholders and reports filed with the SEC. In addition, the Administrator assists in determining and publishing the Company’s NAV, oversees the preparation and filing of the Company’s tax returns, oversees the printing and dissemination of reports to the Shareholders, and generally oversees the payment of the Company’s expenses and the performance of administrative and professional services rendered to the Company by others. The Company will reimburse the Administrator for its allocable portion of the costs and expenses incurred by the Administrator in performance by the Administrator of its duties under the Administration Agreement, including technology costs and the Company’s allocable portion of cost of compensation and related expenses of the Company’s Principal Financial Officer and Chief Compliance Officer and their respective staffs, as well as any costs and expenses incurred by the Administrator relating to any administrative or operating services provided by the Administrator to the Company (including costs and expenses incurred by the Administrator in connection with the delegation of its obligations under the Administration Agreement to the Sub-Administrator). The Board reviews the allocation methodologies with respect to such expenses. Under the Administration Agreement, non-investment professionals of the Administrator may provide, on behalf of the Company, managerial assistance to those portfolio companies to which the Company is required to provide such assistance. To the extent that the Company’s Administrator outsources any of its functions, the Company pays the fees associated with such functions on a direct basis without profit to the Administrator. There were no expenses allocable to the Company for the period ended June 30, 2026 under this agreement. (c)Organizational Costs Support and Reimbursement Letter Agreement On June 29, 2026, the Company entered into an Organizational Costs Support and Reimbursement Letter Agreement with the Affiliate and the Adviser, which was approved by the Board. Pursuant to this agreement, the Affiliate agreed to pay all organizational costs incurred by the Company or incurred by the Affiliate on the Company’s behalf prior to an IPO of its Shares. Organizational costs advanced by the Affiliate under this agreement totaled $1,603,347 through June 30, 2026, comprising $1,191,516 incurred during the three months ended June 30, 2026 and $411,831 incurred and accrued in periods through March 31, 2026. Under the agreement, in the event the Company had not consummated an IPO of its Shares, the Affiliate would have irrevocably forborne its right to seek reimbursement from the Company for such organizational costs. The organizational costs were charged to the Company by the Affiliate immediately upon the consummation of the IPO, and the Company reimbursed the Affiliate for such organizational costs from the proceeds received by the Company from the IPO, which immediately reduced the NAV of each Share purchased in the IPO. As of June 30, 2026, the Company had recorded $1,603,347 Accrued Organizational Expenses and a corresponding amount as Due from Affiliate on the Statement of Assets and Liabilities, as the IPO was not consummated as of that date. (d)Tax Sharing Agreement The Company has a tax sharing agreement with the Affiliate, and pursuant to the agreement, the Company pays the Affiliate amounts related to income taxes owed. For the three-month period ended June 30, 2026, the Company accrued no federal income taxes payable under the agreement and accrued $262 of state franchise taxes payable under the agreement.
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