EQUITY OFFERINGS AND RELATED EXPENSES

6 Months Ended

Jun. 30, 2023

EQUITY OFFERINGS AND RELATED EXPENSES

EQUITY OFFERINGS AND RELATED EXPENSES

NOTE 4 — EQUITY OFFERINGS AND RELATED EXPENSES

On January 31, 2022, the Company completed an initial closing of capital commitments and received an aggregate capital commitment of $226,687,500. On this same date, pursuant to this capital commitment, the Company issued 2,333,334 common shares of beneficial interest at a price of $15.00 for total aggregate proceeds of $35,000,000.

As of June 30, 2023, the Company has issued a total of 6,182,924 common shares of beneficial interest in connection with draw downs of $80,000,000 of capital commitments and immediate share purchases of $11,350,000 from investors pursuant to subscription agreements and $318,962 from dividend reinvestments for total contributed capital of $91,668,962.

						Organizational			Offering
	Common Shares	Number of	Gross		Expense		Net		Price
Type of Common Shares Issuance	Issuance Date	Shares	Proceeds		Allocation(1)		Proceeds(2)		Per Share
Capital draw down	January 31, 2022	2,333,334	$	35,000,000	$	—	$	35,000,000	$	15.00
Capital draw down	May 11, 2022	1,355,013		20,000,000		—		20,000,000		14.76
Capital draw down	August 30, 2022	1,358,696		20,000,000		—		20,000,000		14.72
Dividend reinvestment	August 31, 2022	294		4,328		—		4,328		14.72
Immediate share issuance	September 27, 2022	91,403		1,345,451		4,549		1,350,000		14.72
Immediate share issuance	November 7, 2022	342,037		4,983,487		16,513		5,000,000		14.57
Dividend reinvestment	November 10, 2022	2,656		39,566		—		39,566		14.90
Dividend reinvestment	January 13, 2023	8,017		119,453		—		119,453		14.90
Capital draw down	March 29, 2023	341,529		5,000,000		—		5,000,000		14.64
Dividend reinvestment	April 5, 2023	10,629		155,615		—		155,615		14.64
Immediate share issuance	May 10, 2023	339,316		4,981,160		18,840		5,000,000		14.68
Total		6,182,924	$	91,629,060	$	39,902	$	91,668,962

(1) Pro rata expense of organizational and offering costs incurred by the Company in connection with the Company’s formation and offerings. The Organizational Expense Allocation represents a reduction to capital commitments to investors subsequent to the initial closing.

(2) Net Proceeds per this equity table will differ from the Statement of Assets and Liabilities as of June 30, 2023, in the amount of $388,214, which represents a tax reclassification of stockholders’ equity in accordance with U.S. GAAP. This reclassification reduces paid-in capital and increases (decreases) distributable earnings (loss) (by increasing (decreasing) accumulated undistributed gain (deficit)).