Subsequent Events

9 Months Ended

Sep. 30, 2025

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

The Company has evaluated subsequent events through November 7, 2025, the date on which the consolidated financial statements were issued.

Change in Transfer Agent: On November 4, 2025, the Company and Ultimus entered into a transfer agent agreement (the “Transfer Agent Agreement”), pursuant to which Ultimus was appointed to provide transfer agent services on behalf of the Company and serve as plan administrator under the Company's dividend reinvestment plan. Either party can terminate the Transfer Agent Agreement at the end of the Initial Term (as defined in the Transfer Agent Agreement) or a Renewal Term (as defined in the Transfer Agent Agreement) by providing written notice of termination to the other party at least 90 days prior to the end of the Initial Term or then-current Renewal Term.

Second Amended and Restated DRIP: On November 4, 2025, the Board approved the second amended and restated dividend reinvestment plan (the "Second Amended and Restated DRIP"), which amended the price per share used for distributions reinvested to be the most recent NAV per share as of the most recent effective date on which shares are issued to the Company's investors in a closing of a private offering immediately preceding the payment date of such distribution. Additionally, the Second Amended and Restated DRIP appointed Ultimus Fund Solutions, LLC ("Ultimus”) as the Plan Administrator (as defined in the Second Amended and Restated DRIP). The Second Amended and Restated DRIP became effective on November 4, 2025.

Stock Issuances: On October 1, 2025, the Company sold 7,273,996 shares for an aggregate consideration of $72,958. The Company received proceeds of $73,444 effective November 3, 2025 relating to the issuance of shares.

Distributions: On October 28, 2025, the Company made a distribution of $22,117, $9,895 of which was reinvested pursuant to the DRIP at a NAV per share of $10.25.