Note 7—Capital

During the three and nine months ended September 30, 2025 and 2024, the Fund’s capital stock activity was as follows:

Share Issuances

The following table summarizes the total shares issued and net proceeds (in thousands) for the three and nine months ended September 30, 2025.


Share Issue Date	Shares Issued		Net Proceeds Received
January 2, 2025		2,769,444	$	70,150
April 1, 2025		1,182,206		30,064
May 1, 2025		596,896		15,000
June 1, 2025		1,787,133		45,000
July 1, 2025		594,530		15,000
August 1, 2025		987,752		25,000
September 1, 2025		1,975,504		50,000
Total Shares Issued		9,893,465	$	250,214

The following table summarizes the total shares issued and net proceeds (in thousands) through the dividend reinvestment plan ("DRIP")

for the three and nine months ended September 30, 2025.


Share Issue Date	Shares Issued		Net Proceeds Received
January 31, 2025		38	$	1
February 28, 2025		39		1
March 31, 2025		47		1
April 30, 2025		72		2
May 31, 2025		76		2
June 30, 2025		73		2
July 30, 2025		74		2
August 30, 2025		75		2
September 30, 2025		67		2
Total Shares Issued		561	$	15

The following table summarizes the total shares issued and net proceeds (in thousands) for the three and nine months ended September 30, 2024.


Share Issue Date	Shares Issued		Net Proceeds Received
March 28, 2024		561,122	$	14,000
April 30, 2024		497,810		12,500
June 28, 2024		1,196,172		30,000
September 30, 2024		659,490		16,540
Total Shares Issued		2,914,594	$	73,040

There were no shares issued through the DRIP for the three and nine months ended September 30, 2024.

As of September 30, 2025 and December 31, 2024, Comvest Group Holdings SPV II LLC, a wholly-owned subsidiary of an affiliate of Comvest Partners, owned 409 and 409, respectively, of the Fund's Class I shares, Feeder Fund I owned 9,955,652 and 4,854,006, respectively, of the Fund's Class I shares, and Feeder Fund II owned 7,874,687 and 3,091,288, respectively, of the Fund's Class I shares.

Distributions and Dividends

Distributions paid during the three and nine months ended September 30, 2025, totaled $9,979 and $23,980, respectively. Distributions paid during the three and nine months ended September 30, 2024, totaled $2,001 and $3,623, respectively.

The following table reflects distributions declared, per share, by the Board for the three and nine months ended September 30, 2025.


Date Declared	Record Date	Payment Date	Per Share Amount
January 29, 2025	January 30, 2025	February 21, 2025	$	0.16
February 27, 2025	February 27, 2025	March 24, 2025	$	0.17
March 27, 2025	March 28, 2025	April 24, 2025	$	0.20
April 28, 2025	April 29, 2025	May 22, 2025	$	0.21
May 28, 2025	May 29, 2025	June 23, 2025	$	0.22
June 25, 2025	June 27, 2025	July 23, 2025	$	0.21
July 24, 2025	July 30, 2025	August 25, 2025	$	0.21
August 27, 2025	August 28, 2025	September 25, 2025	$	0.21
September 29, 2025	September 29, 2025	October 24, 2025	$	0.20

The following table reflects distributions declared, per share, by the Board for the three and nine months ended September 30, 2024.


Date Declared	Record Date	Payment Date	Per Share Amount
March 27, 2024	March 27, 2024	March 28, 2024	$	0.54
June 27, 2024	June 27, 2024	June 28, 2024	$	0.48
September 27, 2024	September 27, 2024	September 30, 2024	$	0.60

Distributions to the Fund’s shareholders are recorded on the last business day of the month. The Fund intends to make distributions to its shareholders that will be sufficient to enable the Fund to qualify and maintain its status as a RIC. For the year ended December 31,

2024, the Fund distributed net investment income on a quarterly basis and beginning in January 2025, the Fund commenced monthly distributions.

The Fund has adopted a DRIP whereby shareholders, at the time of completing their subscription agreement, must select whether to receive their distributions in cash or automatically reinvest such distributions in additional shares.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

John Hancock Comvest Private Income Fund 10-Q