The following table summarizes the related party costs incurred by the Company for the three months ended March 31, 2026: | | | | | | | | | | | | | Three Months Ended
March 31, 2026 | | | | | | | | | | | | | | Affiliate Costs | | | | | | | | | Management fees before rebate | $ | 973,235 | | | | | | | | | Less: outside fees earned | (233,988) | | | | | | | | | Management fees | 739,247 | | | | | | | | | Incentive fee on net investment income | 1,023,725 | | | | | | | | | General and administrative expenses reimbursable to Adviser | 685,922 | | | | | | | | | Professional fees reimbursable to Adviser | 20,023 | | | | | | | | | Total | $ | 2,468,917 | | | | | | | |
The following table summarizes the related party costs incurred by the Company under the Management Agreement prior to the Conversion for the three months ended March 31, 2025: | | | | | | | | | | | Three Months Ended
March 31, 2025 | | | | | | Affiliate Costs | | | | | Management fees | | | $ | 944,770 | | | Less: outside fees earned | | | (128,580) | | | Base management fees | | | 816,190 | | | Incentive fees earned | | | — | | | General and administrative expenses reimbursable to Manager | | | 562,496 | | | Professional fees reimbursable to Manager | | | 6,038 | | | Total | | | $ | 1,384,724 | |
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