Net Assets

6 Months Ended

Jun. 30, 2025

Note 8. Net Assets

Unregistered Sales of Equity Securities

As of June 30, 2025, the Company had the authority to issue an unlimited number of Shares at $0.001 par value per share. The following table summarizes the Company’s share issuances since inception through June 30, 2025.


	Shares	Proceeds		Average Issuance
Share Issuance Date	Issued	Received		Price per Share
June 30, 2023	50	$	1,000	$	20.00
November 14, 2023	171,824		3,436,474		20.00
February 13, 2024	973,655		19,473,102		20.00
April 15, 2024	2,482,469		38,892,227		15.67
September 3, 2024	2,901,546		44,013,319		15.17
December 2, 2024	3,333,813		50,542,802		15.16
March 3, 2025	3,375,974		51,358,465		15.21
June 24, 2025	2,003,675		30,678,886		15.31
Total	15,243,006	$	238,396,275	$	15.64

The sales of the Shares were made pursuant to subscription agreements entered into by the Company with its investors. Under the terms of the subscription agreements, each investor is required to fund drawdowns to purchase Shares up to the amount of their respective Capital Commitments each time the Company delivers a drawdown notice with a minimum of 10 business days prior notice to the date on which payment will be due.

As of June 30, 2025 and December 31, 2024, the Company had 15,243,006 and 9,863,357 shares outstanding, respectively. As of June 30, 2025, the Company had $508,507,100 of capital commitments, of which $269,508,233 remained undrawn. As of December 31, 2024, the Company had $505,663,513 of capital commitments, of which $348,907,133 remained undrawn.

There were no dividends declared or reinvested from inception through June 30, 2025.

Share Repurchases

Prior to a Liquidity Event, and subject to market conditions and the Board’s commercially reasonable judgment, the Company may from time to time offer to repurchase Shares pursuant to written tenders by Members.

The Company does not currently intend to institute a share repurchase program and share repurchases will be effected only in extremely limited circumstances in accordance with applicable law. Any periodic repurchase offers are subject in part to our available cash and compliance with the BDC and RIC qualification and diversification rules promulgated under the 1940 Act and the Code, respectively.

During the six months ended June 30, 2025 and 2024, the Company did not repurchase any Shares.

- Definition

The entire disclosure for equity.

+ References

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+ Details

Andalusian Credit Company, LLC 10-Q