| Schedule of Shareholder Servicing and/or Distribution Fees |
The following table shows the shareholder servicing and/or distribution fees the Fund and, ultimately, certain classes of the Fund’s common shareholders, pay the Intermediary Manager with respect to Class S shares and Class D shares on an annualized basis as a percentage of the Fund’s NAV for such class. Subject to FINRA and other limitations on underwriting compensation, the Fund and, ultimately, certain classes of the Fund’s shareholders, will pay a shareholder servicing and/or distribution fee equal to 0.85% per annum of the aggregate NAV for Class S shares and a shareholder servicing and/or distribution fee equal to 0.25% per annum of the aggregate NAV for Class D shares, in each case, payable monthly. No shareholder servicing and/or distribution fees are paid with respect to Class I shares. | | | | | | Annual Shareholder Servicing | | | | and/or Distribution Fees as a % | | | | of NAV | | Class S | | 0.85 | % | Class D | | 0.25 | % | Class I | | — | % |
The shareholder servicing and/or distribution fees that were attributable to Class S shares and Class D shares for the years ended December 31, 2025, 2024 and 2023 were as follows: | | | | | | | | | | | | For the Years Ended
December 31, | | | 2025 | | 2024 | | 2023 | Class S | | $ | 9,454 | | $ | 5,028 | | $ | 657 | Class D | | $ | 1,614 | | $ | 364 | | $ | 36 |
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| Schedule of Expense Payments and Related Reimbursement Payments |
| | | | | | | | | | | | | | | | | | | | | | | | | | | Base | | | | | | | | | | | Ratio of | | | | | | | | | | | Management | | | | | Expense | | | | | Operating | | | | | | | | Expense | | Fee and | | | | | Support No | | | | | Expenses to | | | | | | | | Support | | Income | | Recoupment | | Longer Eligible | | Unreimbursed | | Average Net | | Annualized | | Eligible for | | | from the | | Based Fee | | of Expense | | for | | Expense | | Assets for the | | Distribution | | Reimbursement | For the Month Ended | | Adviser | | Waived | | Support | | Reimbursement | | Support | | Period(1) | | per Share(2) | | through | December 31, 2022 | | $ | 1,449 | | $ | (129) | | $ | (1,320) | | $ | — | | $ | — | | 5.04 | % | | — | | 12/31/2025 | January 31, 2023 | | $ | 1,088 | | $ | (398) | | $ | (690) | | $ | — | | $ | — | | 4.56 | % | | — | | 01/31/2026 | February 28, 2023 | | $ | 891 | | $ | (216) | | $ | (675) | | $ | — | | $ | — | | 3.53 | % | | — | | 02/28/2026 | March 31, 2023 | | $ | 916 | | $ | (144) | | $ | (772) | | $ | — | | $ | — | | 3.63 | % | | — | | 03/31/2026 | April 30, 2023 | | $ | 1,083 | | $ | (458) | | $ | (625) | | $ | — | | $ | — | | 2.99 | % | | — | | 04/30/2026 | May 31, 2023 | | $ | 1,312 | | $ | (569) | | $ | (743) | | $ | — | | $ | — | | 2.47 | % | | — | | 05/31/2026 | June 30, 2023 | | $ | 2,253 | | $ | (727) | | $ | (1,526) | | $ | — | | $ | — | | 2.48 | % | | — | | 06/30/2026 | July 31, 2023 | | $ | 2,502 | | $ | (1,132) | | $ | (1,370) | | $ | — | | $ | — | | 1.16 | % | | — | | 07/31/2026 | August 31, 2023 | | $ | 2,300 | | $ | — | | $ | (2,300) | | $ | — | | $ | — | | 1.94 | % | $ | 2.3910 | | 08/31/2026 | September 30, 2023 | | $ | 1,636 | | $ | — | | $ | (1,636) | | $ | — | | $ | — | | 1.66 | % | $ | 2.3910 | | 09/30/2026 | October 31, 2023 | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | 1.20 | % | $ | 2.3910 | | 10/31/2026 | November 30, 2023 | | $ | 1,637 | | $ | — | | $ | (1,637) | | $ | — | | $ | — | | 1.18 | % | $ | 2.5716 | | 11/30/2026 | December 31, 2023 | | $ | 1,144 | | $ | — | | $ | (1,144) | | $ | — | | $ | — | | 1.08 | % | $ | 2.5716 | | 12/31/2026 | January 31, 2024 | | $ | 1,592 | | $ | — | | $ | (1,592) | | $ | — | | $ | — | | 1.20 | % | $ | 2.5716 | | 01/31/2027 | February 29, 2024 | | $ | 2,183 | | $ | — | | $ | (2,183) | | $ | — | | $ | — | | 1.10 | % | $ | 2.5716 | | 02/28/2027 | March 31, 2024 | | $ | 2,194 | | $ | — | | $ | (2,194) | | $ | — | | $ | — | | 1.49 | % | $ | 2.5716 | | 03/31/2027 | April 30, 2024 | | $ | 3,066 | | $ | — | | $ | (2,112) | | $ | — | | $ | 954 | | 1.21 | % | $ | 2.5716 | | 04/30/2027 | May 31, 2024 | | $ | 2,437 | | $ | — | | $ | — | | $ | — | | $ | 2,437 | | 1.18 | % | $ | 2.5716 | | 05/31/2027 | June 30, 2024 | | $ | 3,170 | | $ | — | | $ | — | | $ | — | | $ | 3,170 | | 1.22 | % | $ | 2.5716 | | 06/30/2027 | July 31, 2024 | | $ | 1,164 | | $ | — | | $ | — | | $ | — | | $ | 1,164 | | 1.01 | % | $ | 2.5716 | | 07/31/2027 | August 31, 2024 | | $ | 4,291 | | $ | — | | $ | — | | $ | — | | $ | 4,291 | | 1.02 | % | $ | 2.5716 | | 08/31/2027 | September 30, 2024 | | $ | 5,402 | | $ | — | | $ | — | | $ | — | | $ | 5,402 | | 0.96 | % | $ | 2.5716 | | 09/30/2027 | October 31, 2024 | | $ | 3,598 | | $ | — | | $ | — | | $ | — | | $ | 3,598 | | 0.95 | % | $ | 2.5716 | | 10/31/2027 | November 30, 2024 | | $ | 3,911 | | $ | — | | $ | — | | $ | — | | $ | 3,911 | | 0.95 | % | $ | 2.5716 | | 11/30/2027 | December 31, 2024 | | $ | 3,736 | | $ | — | | $ | — | | $ | — | | $ | 3,736 | | 0.86 | % | $ | 2.5716 | | 12/31/2027 | January 31, 2025 | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | 0.81 | % | $ | 2.5716 | | 01/31/2028 | February 28, 2025 | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | 0.94 | % | $ | 2.5716 | | 02/29/2028 | March 31, 2025 | | $ | 10,436 | | $ | — | | $ | — | | $ | — | | $ | 10,436 | | 0.91 | % | $ | 2.5716 | | 03/31/2028 | April 30, 2025 | | $ | 9,348 | | $ | — | | $ | — | | $ | — | | $ | 9,348 | | 0.93 | % | $ | 2.5716 | | 04/30/2028 | May 31, 2025 | | $ | 4,915 | | $ | — | | $ | — | | $ | — | | $ | 4,915 | | 0.80 | % | $ | 2.5716 | | 05/31/2028 | June 30, 2025 | | $ | 5,853 | | $ | — | | $ | — | | $ | — | | $ | 5,853 | | 0.95 | % | $ | 2.5716 | | 06/30/2028 | July 31, 2025 | | $ | 5,655 | | $ | — | | $ | — | | $ | — | | $ | 5,655 | | 0.88 | % | $ | 2.5716 | | 07/31/2028 | August 31, 2025 | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | 0.82 | % | $ | 2.5716 | | 08/31/2028 | September 30, 2025 | | $ | 9,708 | | $ | — | | $ | — | | $ | — | | $ | 9,708 | | 0.80 | % | $ | 2.5716 | | 09/30/2028 | October 31, 2025 | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | 0.77 | % | $ | 2.5716 | | 10/31/2028 | November 30, 2025 | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | 0.76 | % | $ | 2.5716 | | 11/30/2028 | December 31, 2025 | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | 0.86 | % | $ | 2.5716 | | 12/31/2028 |
| (1) | In accordance with the Expense Support and Conditional Reimbursement Agreement, the ratio of operating expenses excludes organization and offering expenses, stated interest expense, any base management fee and any incentive fee. |
| (2) | The annualized distribution per share is the annualized regular cash distributions per share, exclusive of returns of capital, distribution rate reductions due to distribution and shareholder servicing fees and special distributions, if any. |
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