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FINANCIAL HIGHLIGHTS

12 Months Ended

Dec. 31, 2025

FINANCIAL HIGHLIGHTS

FINANCIAL HIGHLIGHTS

NOTE 8 — FINANCIAL HIGHLIGHTS


			For the years ended
			December 31,			December 31,			December 31,			December 31,			December 31,
			2025			2024			2023			2022			2021

Per Share Data:⁽¹⁾
Net asset value at beginning of period			$	13.46		$	13.26		$	14.02		$	14.61		$	14.03
Net investment income				1.30			1.64			1.92			1.46			1.01
Change in unrealized (depreciation) appreciation on investments				(0.39)			0.76			0.13			(0.90)			(0.36)
Net realized gain (loss)				0.05			(0.62)			(1.38)			0.19			1.22
Loss on debt extinguishment				(0.01)			—			—			—			(0.03)
Benefit (provision) for taxes on net realized losses (gains) on investments				—			—			0.14			—			(0.15)
Benefit (provision) for taxes on net unrealized depreciation (appreciation) on investments				—			0.01			(0.01)			(0.01)			0.03
Total from operations				0.95			1.79			0.80			0.74			1.72
Sales load				(0.01)			(0.03)			(0.04)			—			—
Offering costs				(0.02)			(0.02)			(0.01)			(0.03)			—
Stockholder distributions from:
Net investment income				(1.60)			(1.59)			(1.59)			(1.11)			(1.09)
Net realized capital gains				—			(0.02)			(0.02)			(0.19)			(0.05)
Accretive effect of stock offerings (issuing shares above net asset value per share)				0.02			0.03			0.09			—			—
Other⁽³⁾				0.02			0.04			0.01			—			—
Net asset value at end of period			$	12.82		$	13.46		$	13.26		$	14.02		$	14.61
Per share market value at end of period			$	12.68		$	13.76		$	12.85		$	13.26		$	13.02
Total return based on market value⁽⁴⁾				3.63	%		18.89	%		8.72	%		12.32	%		30.78	%
Weighted average shares outstanding for the period				28,364,809			25,596,593			22,004,648			19,552,931			19,489,750
Ratio/Supplemental Data:
Net assets at end of period			$	371,178,956		$	369,921,940		$	319,939,788		$	275,776,613		$	285,111,233
Weighted average net assets			$	375,498,196		$	343,272,777		$	301,285,626		$	281,745,332		$	274,188,692
Annualized ratio of gross operating expenses to net assets⁽⁷⁾				18.26	%		18.77	%		21.27	%		16.59	%		16.90	%
Annualized ratio of net operating expenses to net assets⁽⁷⁾				17.38	%		18.24	%		21.16	%		16.59	%		16.90	%
Annualized ratio of interest expense and other fees to net assets⁽²⁾				9.31	%		9.18	%		10.62	%		8.68	%		6.83	%
Annualized ratio of net investment income before fee waiver to net assets⁽⁷⁾				8.94	%		11.68	%		13.91	%		8.68	%		6.83	%
Annualized ratio of net investment income to net assets⁽⁷⁾				9.82	%		12.21	%		14.01	%		10.15	%		7.21	%
Portfolio turnover⁽⁵⁾				14.11	%		16.82	%		15.38	%		15.26	%		39.11	%
Notes payable			$	125,000,000		$	100,000,000		$	100,000,000		$	100,000,000		$	100,000,000
Credit Facility payable			$	236,649,288		$	175,386,301		$	160,085,705		$	199,200,425		$	177,340,000
SBA-guaranteed debentures			$	299,000,000		$	325,000,000		$	325,000,000		$	313,600,000		$	250,000,000
Asset coverage ratio⁽⁶⁾				2.03	x		2.34	x		2.23	x		1.92	x		2.03	x


			For the years ended
			December 31,			December 31,			December 31,			December 31,			December 31,
			2020			2019			2018			2017			2016

Per Share Data:⁽¹⁾
Net asset value at beginning of period			$	14.14		$	14.09		$	13.81		$	13.69		$	13.19
Net investment income				1.13			1.23			1.42			1.21			1.39
Change in unrealized appreciation (depreciation) on investments				0.44			(0.85)			(0.11)			—			1.49
Net realized (loss) gain				(0.52)			1.07			0.35			0.31			(1.05)
(Provision) benefit for taxes on net unrealized (appreciation) depreciation on investments				(0.01)			—			(0.02)			—			0.03
Total from investment operations				1.04			1.45			1.64			1.52			1.86
Sales Load				—			(0.06)			—			(0.09)			—
Offering Costs				—			(0.03)			—			(0.02)			—
Stockholder distributions from:
Net investment income				(1.15)			(0.54)			(1.03)			(1.20)			(1.36)
Net realized capital gains				—			(0.82)			(0.33)			(0.16)			—
Accretive effect of stock offerings (issuing shares above net asset value per share)				—			0.05			—			—			—
Other⁽³⁾				—			—			—			0.07			—
Net asset value at end of period			$	14.03		$	14.14		$	14.09		$	13.81		$	13.69
Per share market value at end of period			$	10.88		$	14.23		$	12.95		$	13.14		$	12.06
Total return based on market value⁽⁴⁾				(13.73)	%		21.97	%		8.68	%		20.29	%		42.83	%
Weighted average shares outstanding for the period				19,471,500			18,275,696			15,953,571			14,870,981			12,479,959
Ratio/Supplemental Data:
Net assets at end of period			$	273,360,649		$	270,571,173		$	224,845,007		$	220,247,242		$	170,881,785
Weighted average net assets			$	253,034,571		$	259,020,507		$	223,750,302		$	195,211,550		$	165,189,142
Annualized ratio of gross operating expenses to net assets⁽⁷⁾⁽⁸⁾				13.75	%		14.11	%		13.72	%		11.10	%		13.20	%
Annualized ratio of net operating expenses to net assets⁽⁷⁾⁽⁸⁾				13.75	%		14.11	%		13.72	%		11.10	%		13.20	%
Annualized ratio of interest expense and other fees to net assets⁽²⁾				6.29	%		5.78	%		5.51	%		4.02	%		4.84	%
Annualized ratio of net investment income before fee waiver to net assets⁽⁷⁾				6.29	%		5.78	%		10.09	%		9.21	%		10.71	%
Annualized ratio of net investment income to net assets⁽⁷⁾				8.58	%		8.64	%		10.09	%		9.21	%		10.71	%
Portfolio Turnover⁽⁵⁾				21.27	%		23.17	%		32.29	%		48.31	%		15.80	%
Notes payable			$	48,875,000		$	48,875,000		$	48,875,000		$	48,875,000		$	25,000,000
Credit Facility payable			$	174,000,000		$	161,550,000		$	99,550,000		$	40,750,000		$	116,000,000
SBA-guaranteed debentures			$	176,500,000		$	161,000,000		$	150,000,000		$	90,000,000		$	65,000,000
Asset coverage ratio⁽⁶⁾				2.23	x		2.29	x		2.51	x		3.46	x		2.21	x

(1)	Based on weighted-average number of common shares outstanding for the period.

(2)	Excludes debt extinguishment costs of $539,250 and $416,725 for the years ended December 31, 2021 and 2017, respectively. Including these costs, this ratio would be 7.02% and 4.24% for the years ended December 31, 2021 and 2017, respectively.

(3)	Includes the impact of different share amounts as a result of calculating certain per share data based on weighted average shares outstanding during the period and certain per share data based on shares outstanding as of the period end.

(4)	Total return on market value is based on the change in market price per share since the end of the prior quarter and includes dividends paid, which are assumed to be reinvested. The total returns are not annualized.

(5)	Calculated as the lesser of purchases or paydowns divided by average fair value of investments for the period and is not annualized.

(6)	Asset coverage ratio is equal to total assets less all liabilities and indebtedness not represented by senior securities over the aggregate amount of the senior securities. SBA-guaranteed debentures are excluded from the numerator and denominator.

(7)

These ratios include the impact of the benefit (provision) for income taxes related to net unrealized depreciation (appreciation) on certain investments of $188,893, ($126,957), ($213,214), $510,868, ($224,877), ($66,760) and $373,131 for the years ended December 31, 2024, 2023, 2022, 2021, 2020, 2019 and 2016, respectively, as well as $2,221, $2,987,847 and ($2,957,220) of benefit (provision) for taxes on realized gains on investments for the years ended December 31, 2024, 2023 and 2021, respectively, which are not reflected in net investment income, gross operating expenses or net operating expenses. The provision for income taxes related to net realized gain (loss) or unrealized depreciation (appreciation) on investments at Taxable Subsidiaries to net assets for the years ended December 31, 2024, 2023, 2022, 2021, 2020, 2019 and 2016 is 0.05%, (0.04%), (0.08%), (0.89%), (0.09%), (0.03%) and (0.16%), respectively. These ratios exclude debt extinguishment costs of ($539,250) and ($416,275) for the years ended December 31, 2021 and 2017, respectively.

(8)	Deferred offering costs of $261,761 for the year ended December 31, 2016 are not annualized.