EQUITY OFFERINGS AND RELATED EXPENSES

12 Months Ended

Dec. 31, 2025

EQUITY OFFERINGS AND RELATED EXPENSES

EQUITY OFFERINGS AND RELATED EXPENSES

NOTE 4 — EQUITY OFFERINGS AND RELATED EXPENSES

The table below illustrates the number of shares of common stock the Company has issued since Inception through various equity offerings and pursuant to the Company’s DRIP.

												Average
	Number of	Gross		Underwriting		Offering		Fees Covered		Net		Offering
Issuance of Common Stock	Shares	Proceeds(1)(2)		Fees		Expenses		by Advisor		Proceeds(3)		Price
Year ended December 31, 2012	12,035,023	$	180,522,093	$	4,959,720	$	835,500	$	—	$	174,726,873	$	14.90
Year ended December 31, 2013	63,998		899,964		—		—		—		899,964		14.06
Year ended December 31, 2014	380,936		5,485,780		75,510		29,904		—		5,380,366		14.47
Year ended December 31, 2017	3,465,922		48,741,406		1,358,880		307,021		—		47,075,505		14.06
Year ended December 31, 2018	7,931		93,737		—		—		—		93,737		11.85
Year ended December 31, 2019	3,177,936		45,862,995		1,015,127		559,261		37,546		44,326,153		14.43
Year ended December 31, 2020	354,257		5,023,843		5,680		84,592		66,423		4,999,994		14.40
Year ended December 31, 2021	31,592		449,515		6,744		53,327		4,255		393,699		14.23
Year ended December 31, 2022	149,174		2,070,935		31,066		530,842		87,605		1,596,632		13.88
Year ended December 31, 2023	4,458,873		62,871,349		943,248		247,701		477,088		62,157,488		14.10
Year ended December 31, 2024	3,355,476		46,494,756		698,166		435,390		—		45,361,200		13.65
Year ended December 31, 2025	1,466,136		20,588,960		308,998		606,848		—		19,673,114		13.83
Total	28,947,254	$	419,105,333	$	9,403,139	$	3,690,386	$	672,917	$	406,684,725

(1) Net of partial share redemptions. Such share redemptions impacted gross proceeds by $94, $757, ($1,051), ($142), ($31) and ($29) for the years ended December 31, 2020, 2019, 2018, 2017, 2016 and 2015, respectively.

(2) Includes common shares issued under the DRIP of $228,943 and $94,788 during the years ended December 31, 2020 and 2018, respectively; $0 for the years ended December 31, 2025, 2024, 2023, 2021, 2019, 2017, 2016 and 2015, respectively; and $390,505, $938,385, and $113,000 for the years ended December 31, 2014, 2013, and 2012, respectively.

(3) Net Proceeds per this equity table will differ from the Consolidated Statements of Assets and Liabilities as of December 31, 2025, 2024, and 2023 in the amount of $8,825,985, $7,434,858 and $5,707,301, respectively, which represents a tax reclassification of stockholders’ equity in accordance with U.S. GAAP. This reclassification reduces paid-in capital and increases distributable earnings (increasing accumulated undistributed net investment income).

On November 16, 2021, the Company entered into an equity distribution agreement, as amended and restated on August 29, 2023 (the “2021 Equity Distribution Agreement”) with Keefe Bruyette & Woods, Inc. and Raymond James & Associates, Inc., as sales agents and/or principal thereunder. Under the 2021 Equity Distribution Agreement, the Company was permitted to issue and sell, from time to time, up to $50,000,000 in aggregate offering price of shares of common stock, par value $0.001 per share, with the intention to use the net proceeds from this at-the-market sales program to repay certain outstanding indebtedness and make investments in portfolio companies in accordance with its investment objective and strategies.

On August 11, 2023, the Company entered into an equity distribution agreement (the “2023 Equity Distribution Agreement”) with Keefe Bruyette & Woods, Inc. and Raymond James & Associates, Inc., as sales agents and/or principal thereunder. Under the 2023 Equity Distribution Agreement, the Company was permitted to issue and sell, from time to time, up to $100,000,000 in aggregate offering price of shares of common stock, par value $0.001 per share, with the intention to use the net proceeds from this at-the-market sales program to repay certain outstanding indebtedness and make investments in portfolio companies in accordance with its investment objective and strategies. Upon execution of the 2023 Equity Distribution Agreement, the Company no longer sold any shares under the 2021 Equity Distribution Agreement.

On September 9, 2025, the Company entered into an equity distribution agreement (the “2025 Equity Distribution Agreement” and together with the 2023 Equity Distribution Agreement and the 2021 Equity Distribution Agreement, the “Equity Distribution Agreements”) with Keefe Bruyette & Woods, Inc. and Raymond James & Associates, Inc., as sales agents and/or principal thereunder. Under the 2025 Equity Distribution Agreement, the Company may issue and sell, from time to time, up to $100,000,000 in aggregate offering price of shares of common stock, par value $0.001 per share, with the intention to use the net proceeds from this at-the-market sales program to repay certain outstanding indebtedness and make investments in portfolio companies in accordance with its investment objective and strategies.

Upon execution of the 2025 Equity Distribution Agreement, the Company no longer sold any shares under the 2023 Equity Distribution Agreement. The Company refers to its issuance and sale of shares under the Equity Distribution Agreements as the “ATM Program”.

The Company issued 1,466,136 shares during the year ended December 31, 2025 under the ATM Program, for gross proceeds of $20,588,960 and underwriting fees and other expenses of $915,846. The average per share offering price of shares issued in the ATM Program during the year ended December 31, 2025 was $14.04. The Company issued 3,355,476 shares during the year ended December 31, 2024 under the ATM Program, for gross proceeds of $46,494,756 and underwriting fees and other expenses of $1,133,556. The average per share offering price of shares issued in the ATM Program during the year ended December 31, 2024 was $13.86. The Advisor agreed to reimburse the Company for underwriting fees and expenses incurred in connection with the ATM Program to the extent the per share price of the shares to the public, less underwriting fees, was less than the then-current net asset value per share. For both the fiscal years ended December 31, 2025 and 2024, the Advisor was not required to reimburse underwriting fees as all shares were issued at a premium to net asset value.

The Company did not issue any new shares of common stock through the DRIP for the years ended December 31, 2025 and 2024.