Series 2026

Class B Notes — Delayed Draw

Class B Senior Unsecured Notes are structured as delayed draw facilities. Capital is committed at signing and drawn in tranches via draw notices as the Issuer requests. Minimum: $500,000.

Class B Structure

Committed capital deployed in tranches.

Class B Notes are a delayed draw structure. The investor commits a principal amount at signing. The Issuer draws on the committed capital through draw notices as the operating or acquisition needs of the platform require. Interest accrues only on drawn principal.

Key Terms

  • Minimum commitment: $500,000
  • Funding: Tranched via draw notices — not fully funded at close
  • Interest accrues on drawn (funded) principal only
  • Cash interest (Option A): 8.00% per annum on drawn principal, paid quarterly
  • PIK interest (Option A): 2.00% per annum on drawn principal, compounding annually
  • Draw notices: Issued by the Issuer specifying amount and purpose
  • Security: Senior unsecured obligation of the Issuer
  • Eligibility: Verified accredited investors only (Rule 506c)

Draw Notice Process

When the Issuer requires capital, it issues a Draw Notice specifying the draw amount, purpose, and funding date. The investor funds the draw by wire within the period specified in the Note Agreement. Interest begins accruing on the drawn amount from the funding date.

Class B snapshot
Minimum$500,000
MaximumUp to commitment
Funding typeDelayed draw — tranched
Interest baseDrawn principal only
Option A cash rate8.00% p.a.
Option A PIK rate2.00% p.a.
Draw mechanismDraw Notices
Investor eligibilityVerified accredited only
Express Interest

Class B Notes involve additional complexity compared to Class A. The investor commits capital but does not immediately deploy it. The draw schedule, unfunded commitment period, and specific conditions for draw notices are set forth in the Note Agreement and must be reviewed carefully. This page is for informational purposes only. All investors must be verified accredited investors under Rule 506(c). Counsel review is required before Class B subscriptions are accepted.