Administration Agreement
The Adviser also serves as the administrator of the Company (in such capacity, the “Administrator“). Subject to the supervision of the Board, the Administrator provides the administrative services necessary for the Company to operate and the Company utilizes the Administrator’s office facilities, equipment and recordkeeping services. The Company reimburses the Administrator for all reasonable costs and expenses incurred by the Administrator in providing these services, facilities and personnel, as provided by the administration agreement by and between the Company and the Administrator (the “Administration Agreement“). In addition, the Administrator is permitted to delegate its duties under the Administration Agreement to affiliates or third parties, and the Company reimburses the expenses of these parties incurred directly and/or paid by the Administrator on the Company’s behalf.
The Company reimburses the Administrator for the allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations under the Administration Agreement, including furnishing the Company with office facilities, equipment and clerical, bookkeeping and recordkeeping services at such facilities, as well as providing the Company with other administrative services. In addition, the Company reimburses the Administrator for the fees and expenses associated with performing compliance functions, and the Company’s allocable portion of the compensation of certain of the Company’s officers, including the Company’s Chief Financial Officer, Chief Compliance Officer and any support staff. The Adviser can waive any amounts owed to it under the Administration Agreement, at its discretion.
For the three and six months ended June 30, 2024, the Company incurred $252,753 and $501,629, respectively, of administrative overhead expenses that were included in the Consolidated Statements of Operations as professional fees. For the three and six months ended June 30, 2023, the Company incurred $329,000 and $658,000, respectively, of administrative overhead expenses that were included in the Consolidated Statements of Operations as professional fees. As of June 30, 2024 and December 31, 2023, $252,753 and $312,184, respectively, of administrative overhead expenses remained payable and were included on the Consolidated Statements of Assets and Liabilities as accounts payable and accrued expenses. For the three and six months ended June 30, 2024 and 2023, the Administrator did not waive any charges that were eligible for reimbursement under the terms of the Administration Agreement.
Sub-Administration and Custodian Fees
On January 22, 2021, the Adviser entered into a sub-administration agreement with U.S. Bank Global Fund Services (in such capacity, the “Sub-Administrator“) under which the Sub-Administrator provides various accounting and other administrative services with respect to the Company. The Company pays the Sub-Administrator fees for services the Administrator determines are commercially reasonable in its sole discretion. The Company also reimburses the Sub-Administrator for all reasonable expenses. To the extent that the Sub-Administrator outsources any of its functions, the Sub-Administrator pays any compensation associated with such functions. The Sub-Administrator also serves as the Company’s custodian (in such capacity, the “Custodian“).
For the three and six months ended June 30, 2024, the Company incurred expenses for services provided by the Sub-Administrator and the Custodian of $555,699 and $893,691, respectively, that were included on the Consolidated Statements of Operations as professional fees. For the three and six months ended June 30, 2023, the Company incurred expenses for services provided by the Sub-Administrator and the Custodian of $441,657 and $679,150, respectively, that were included on the Consolidated Statements of Operations as professional fees. As of June 30, 2024 and December 31, 2023, $417,810 and $313,074, respectively, remained payable and were included on the Consolidated Statements of Assets and Liabilities as accounts payable and accrued expenses.
Transfer Agent Fees
The Company has entered into a transfer agent servicing agreement with U.S. Bank Global Fund Services (in such capacity, the “Transfer Agent”). For the three and six months ended June 30, 2024, the Company incurred (benefit) expenses for services provided by the Transfer Agent of $(1,002) and $18,998, respectively, that were included on the Consolidated Statements of Operations as professional fees. For the three and six months ended June 30, 2023, the Company incurred expenses for services provided by the Transfer Agent of $9,096 and $29,096, respectively, that were included on the Consolidated Statements of Operations as professional fees. As of June 30, 2024 and December 31, 2023, $15,810 and $25,878, respectively, remained payable and were included on the Consolidated Statements of Assets and Liabilities as accounts payable and accrued expenses.
