Discretionary Repurchase of Shares of Common Stock and Distributions

3 Months Ended

Mar. 31, 2026

Discretionary Repurchase of Shares of Common Stock and Distributions [Abstract]

Discretionary Repurchase of Shares of Common Stock and Distributions

Note 10. Discretionary Repurchase of Shares of Common Stock and Distributions

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.

Beginning with the quarter ended September 30, 2022, the Company began to conduct quarterly tender offers, at the Board’s discretion, in accordance with the requirements of Rule 13e-4 under the Exchange Act and the 1940 Act, to permit Stockholders to tender their shares of common stock at a specific per share price (“Purchase Price”) based on the Company’s NAV as of the last date of the quarter in which the tender offer is conducted. The Company intends to conduct each tender offer to repurchase up to 2.5% of the number of shares of common stock outstanding as of the end of the prior quarter in which the tender offer is conducted, subject to numerous restrictions that limit Stockholders’ ability to sell their shares of common stock.

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

Quarter Ended	Purchase Price		Shares Repurchased		Amount
Stock repurchased in connection with tender offer
March 31, 2026	$	23.34		253,072.52		$	5,906,689
Total				253,072.52		$	5,906,689

Quarter Ended	Purchase Price		Shares Repurchased		Amount Paid in Cash
Stock repurchased in connection with tender offer
March 31, 2025	$	24.55		256,233.52		$	6,290,542
Total				256,233.52		$	6,290,542

The Company’s distributions are recorded on the record date. For the three months ended March 31, 2026, the following table summarizes the distribution declared on Class I shares and that remains payable as of March 31, 2026.

Date Declared	Record Date	Payment/Issuance Date	Amount Per Share			Amount Paid in Cash			Amount Settled via Newly Issued Shares			Total
For the three months ended March 31, 2026
December 30, 2025	December 31, 2025	January 30, 2026		$	0.56		$	3,072,262		$	2,727,836		$	5,800,098
March 30, 2026	March 30, 2026	May 20, 2026		$	0.55		$	2,985,728		$	2,662,803		$	5,648,531
Total				$	1.11		$	6,057,990		$	5,390,639		$	11,448,629

The following table summarizes the settlement of distributions declared and recorded as of March 31, 2025, respectively, and the subsequent payment and issuance of those distributions for the three months ended March 31, 2025 on Class I shares:

Date Declared	Record Date	Payment/Issuance Date	Amount Per Share			Amount Paid in Cash			Amount Settled via Newly Issued Shares			Total
For the three months ended March 31, 2025
December 31, 2024	December 31, 2024	January 31, 2025		$	0.54		$	2,651,253		$	2,671,518		$	5,322,771
Total				$	0.54		$	2,651,253		$	2,671,518		$	5,322,771