Disclaimer: Past performance is not necessarily indicative of future results. See Return Methodology and Information for more information.
1. The Fund currently intends to make a distribution each month to its shareholders of the net investment income of the Fund after payment of Fund operating expenses. The Fund currently estimates that the distributions are entirely from ordinary income. The information provided is based on estimates available as of Report Date, during which the fund had no leverage. The amounts and sources of distributions reported in this material are only estimates and are not being provided for U.S. tax reporting purposes. The final determination of the source and tax characteristics of all distributions will be made after the end of the year based primarily on tax reporting from the Fund’s underlying investments. Shareholders should know that a subsequent determination of a return of capital will reduce the tax basis of their shares and potentially increase the taxable gain, if any, upon disposition of their shares. There is no assurance that the Fund will continue to declare distributions or that they will continue at these rates. The distribution yield is calculated by annualizing the most recent declared regular distribution and dividing by the Fund’s Public Offering Price.
2. The Public Offering Price is the most recent price that the shares were offered to be sold. The Public Offering Price per share in the Fund is based on the valuation date applicable to your date of purchase and, as such, the foregoing does not reflect the price per share to be paid by investors in the future. The information provided regarding holdings is not a recommendation to buy or sell any security. Portfolio holdings are fluid and are subject to daily change based on market conditions and other factors. The Fund determines the net asset value per share by dividing the value of the Fund’s portfolio investments, cash, and other assets (including interest accrued but not collected) less the Fund’s liabilities (including accrued expenses, the aggregate liquidation preference of any preferred stock, borrowings and interest payable) by the total number of outstanding shares.
3. Return Methodology and Information: Past performance is not necessarily indicative of future results. Portfolio investments are stated at estimated fair value as determined by the Board of Directors pursuant to policies and procedures established by the Board of Directors. Fair value is defined in Account Standards Codification 820 (“ASC 820”), which states in part that fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Substantially all securities are valued using subjective unobservable inputs and are categorized as level 3 securities for purposes of ASC 820. There can be no assurance that the Fund would receive the value assigned to each portfolio investment if the Fund were to sell investments at a measurement date. On May 15, 2025, the Board of Directors of the Fund approved an Amended and Restated Expense Support Agreement to be entered into upon expiration of the currently effective Expense Support Agreement (as more fully described in the Fund’s registration statement, as supplemented and amended). Until such time that the Fund has total assets of $100,000,000 (the “Expense Payment Period”), the Adviser will pay and otherwise be legally responsible for the Ordinary Operating Expenses (as defined in the Amended and Restated Expense Support Agreement) incurred by or on behalf of the Fund that exceed 1/12th of 1.50% per month based on the Fund’s previous month’s total assets (the “Expense Cap”). The Fund will pay and otherwise be legally responsible for Ordinary Operating Expenses up to the Expense Cap incurred by it or by others on its behalf until the end of the Expense Payment Period and for all Ordinary Operating Expenses incurred by it or others on its behalf on and after the Expense Payment Period. Please review the Fund’s prospectus for more detail on the expense waiver. See Summary of Principal Terms for management fee and incentive fee waiver information. The Adviser has agreed to voluntarily and irrevocably waive any Incentive Fee due from the Fund to the Adviser through the period ending March 31, 2026, pursuant to the Investment Advisory Agreement between the Fund and the Adviser. All returns presented are unaudited.
Returns for periods greater than one year are annualized and are unannualized for periods of less than one year, unless otherwise stated. Net returns are calculated net of expenses, management fees, and performance allocations, and include the reinvestment of all distributions at the NAV as stated in the prospectus, including any discounts. Annualized ITD means the annualized inception to date net return since inception, as of Report Date. Inception to Date means the unannualized cumulative inception to date net return since inception, as of Report Date. Inception date for Share Class A is 06/01/2023.
