Stock Issuances

3 Months Ended

Mar. 31, 2026

Stock Issuances [Abstract]

Stock Issuances

Note 9. Stock Issuances

On July 29, 2025, the SEC issued the Multi-Class Order granting the Company’s application for exemptive relief from sections 18(a)(2), 18(c), 18(i) and 61(a) under the 1940 Act. Under the terms of the Multi-Class Order, effective March 31, 2026, the Company is offering Class I, Class S, Class D and Class SP shares of Common Stock under the Multi-Class Offering. Effective March 31, 2026, all issued and outstanding shares of Common Stock were reclassified as Class I shares. As of March 31, 2026, there were 10,016,984, Class I shares outstanding and no Class S, Class D or Class SP shares outstanding.

As of March 31, 2026 and December 31, 2025, the total number of shares of all classes of capital stock that the Company has the authority to issue was 200,000,000 shares of Common Stock, par value $0.001 per share.

New Stockholders admitted to the Company or existing Stockholders increasing their Capital Commitments at a particular closing will be required to purchase shares of the Company with an aggregate purchase price necessary to ensure that all Stockholders in the Company have generally contributed the same percentage of their Capital Commitments to the Company immediately following such purchase (a “Catch-up Purchase”) and each such Stockholder shall be issued a number of shares of the Company based on a per share purchase price determined by the Board. A Catch-up Purchase may be made in multiple installments as determined by the Advisor based on the Company’s capital requirements. The per share purchase price shall be at least equal to the NAV per share in accordance with the limitations of Section 23 of the 1940 Act. The Board may set the price per share above the NAV per share based on a variety of factors, including without limitation, the total amount of the Company’s organizational and other expenses that will have accrued following the Company’s initial closing.

For the three months ended March 31, 2026 and 2025, the Company entered into subscription agreements (collectively, the “Subscription Agreements”) with new investors, providing for the private placement of common shares. Under the terms of the Subscription Agreements, investors are required to fund drawdowns to purchase common shares up to the amount of their respective capital commitments on an as-needed basis with a minimum of 8 business days’ prior notice. As of March 31, 2026 and December 31, 2025, the Company had received capital commitments totaling $294,909,780 and $292,885,780, respectively.

As of March 31, 2026, net contributions of $287,070,558 had been made by Stockholders and $7,839,222 remained available to be drawn by the Company.

The following tables summarize the issuance of Class I shares for the three months ended March 31, 2026 and 2025:

Date	Price per share		Shares Issued		Proceeds
For the three months ended March 31, 2026
March 26, 2026	$	23.34		49,191.00	$	1,155,000
				49,191.00	$	1,155,000

For the period ended March 31, 2025 there were no new share issuances.

Date	Price per share		Shares Issued		Proceeds
Stock issued in connection with dividend reinvestment plan
January 30, 2026	$	23.48		115,306		$	2,727,836
Total				115,306		$	2,727,836

Date	Price per share		Shares Issued		Proceeds
Stock issued in connection with dividend reinvestment plan
January 31, 2025	$	24.47		109,175		$	2,671,518
				109,175			2,671,518

As of March 31, 2026, the Company received subscriptions in advance of $312,500.