Net Assets

9 Months Ended

Sep. 30, 2025

Equity [Abstract]

Net Assets

Net Assets

The Company has the authority to issue an unlimited number of shares. Prior to the BDC Election Date, the Company exchanged 17,146,374 shares to the shareholders of the Ramp Vehicle with a value of $342.9 million and received $354.7 million in Capital Commitments. Of the $354.7 million in total Capital Commitments, the Company called $327.1 million prior to the BDC Election Date in order to make investments and support the operations of the Ramp Vehicle and adjusted $9.5 million in capital commitments of shareholders in the Ramp Vehicle.

The Company has entered into subscription agreements (the “Subscription Agreements”) with investors. Investors are required to enter into capital commitment arrangements (each, a “Capital Commitment”) with the Company to purchase shares, pursuant to which the investors are required to fund drawdowns to purchase shares up to the amount of their respective Capital Commitments each time the Company delivers a drawdown notice, which will be delivered at least 10 days prior to any subsequent funding date. All Capital Commitments from the earliest investor(s) must be called in totality before Capital Commitments from later subscribing investors is called. The purchase price of the shares for each capital call will be set at a per-share price that is at least equal to the NAV per share for the quarter in which capital is called, subject to the limitations under Section 23 of the 1940 Act. The Board may set the per-share price above NAV per share based on a variety of factors.

The Company has adopted a dividend reinvestment plan that provides for reinvestment of dividends and other distributions. No action will be required on the part of a shareholder to have his or her cash dividends and distributions reinvested in the Company’s shares. A shareholder could instead elect to receive a dividend or distribution in cash by notifying the Adviser in writing, so that such notice is received by the Adviser no later than 10 days prior to the record date.

The number of shares to be issued to a shareholder under the dividend reinvestment plan will be determined by dividing the total dollar amount of the distribution payable to a shareholder by the NAV per share as of the last day of the Company’s calendar quarter immediately preceding the date such distribution was declared.