Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Accrued Fees and Expenses and Amounts Subject to Reimbursement

The following table describes the fees and expenses accrued under the Advisory Agreement, the Administration Agreement and the Expense Support Agreement, as applicable, during the years ended December 31, 2024 and 2023:


			Year Ended
Related Party			December 31,
	Source Agreement	Description	2024		2023
The Adviser	Investment advisory agreement	Base Management Fee(1)	$	5,659	$	1,345
The Adviser	Investment advisory agreement	Capital Gains Incentive Fee(2)	$	1,076	$	390
The Adviser	Investment advisory agreement	Subordinated Incentive Fee on Income(3)	$	6,855	$	1,218
The Adviser	Administration agreement	Administrative Services Expenses(4)	$	1,902	$	895
The Adviser	Administration agreement	Organizational & Offering Costs(5)	$	2,711	$	—
The Adviser	Expense support agreement	Expense Recoupment(6)	$	436	$	—

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(1)The Adviser agreed to waive all management fees accrued under the Advisory Agreement through March 31, 2025. As of December 31, 2024, no management fees were payable to the Adviser.

(2)During the year ended December 31, 2024, the Company accrued capital gains incentive fees of $1,076 based on the performance of its portfolio, of which $1,176 was based on unrealized appreciation and $(100) was based on realized gains net of unrealized depreciation. No capital gains incentive fees are actually payable by the Company with respect to unrealized gains unless and until those gains are actually realized. See Note 2 for a discussion of the methodology employed by the Company in calculating the capital gains incentive fees.

(3)The Adviser agreed to waive all subordinated incentive fees on income accrued under the Advisory Agreement through March 31, 2025. As of December 31, 2024, no subordinated incentive fees on income were payable to the Adviser.

(4)During the year ended December 31, 2024, $1,670 of administrative services expenses related to the allocation of costs of administrative personnel for services rendered to the Company by the Adviser and the remainder related to other reimbursable expenses, including reimbursement of fees related to transactional expenses for prospective investments, such as fees and expenses associated with performing due diligence reviews of investments that do not close, often referred to as “broken deal” costs. Broken deal costs were $178 for the year ended December 31, 2024. The Company paid $1,712 in administrative services expenses to the Adviser during the year ended December 31, 2024.

(5)During the year ended December 31, 2024, the Company expensed organizational and offering costs of $2,711, which related to reimbursements to the Adviser for organizational and offering costs incurred on the Company’s behalf, including salaries and other direct expenses of the Adviser’s personnel and employees of its affiliates while engaged in registering and marketing the Company’s Common Shares.

(6)During the year ended December 31, 2024, the Company accrued $436 for expense recoupments payable to the Adviser under the Expense Support Agreement (see “—Expense Support and Conditional Reimbursement” below). As of December 31, 2024, no expense recoupments remained payable to the Adviser.