PORTFOLIO INVESTMENTS AND FAIR VALUE (Tables)

12 Months Ended

Dec. 31, 2025

PORTFOLIO INVESTMENTS AND FAIR VALUE

Schedule of total fair value and cost of investments

The composition of the Company’s investments as of December 31, 2025 was as follows:

	Cost		Fair Value
Senior Secured – First Lien(1)	$	951,615,061	$	908,669,800
Senior Secured – Second Lien		12,111,653		12,025,000
Unsecured Debt		318,425		123,789
Equity		62,094,547		86,804,806
Total Investments	$	1,026,139,686	$	1,007,623,395

(1) Includes unitranche investments, which accounted for 4.0% of the Company’s portfolio at fair value. Unitranche structures may combine characteristics of first lien senior secured loans as well as second lien and/or subordinated loans. The Company’s unitranche loans will expose it to the risks associated with the second lien and subordinated loans to the extent it invests in the “last-out” tranche.

The composition of the Company’s investments as of December 31, 2024 was as follows:

	Cost		Fair Value
Senior Secured – First Lien(1)	$	884,322,462	$	856,096,255
Senior Secured – Second Lien		12,073,732		11,948,850
Unsecured Debt		6,755,866		6,612,493
Equity		58,636,646		78,840,090
Total Investments	$	961,788,706	$	953,497,688

(1) Includes unitranche investments, which accounted for 2.0% of the Company’s portfolio at fair value. Unitranche structures may combine characteristics of first lien senior secured loans as well as second lien and/or subordinated loans. The Company’s unitranche loans will expose it to the risks associated with second lien and subordinated loans to the extent it invests in the “last-out” tranche.

Schedule of fair values of investments disaggregated into three levels of fair value hierarchy

The fair values of the Company’s investments disaggregated into the three levels of the fair value hierarchy based upon the lowest level of significant input used in the valuation as of December 31, 2025 were as follows:

	Quoted Prices
	in Active
	Markets		Significant Other		Significant
	for Identical		Observable		Unobservable
	Securities		Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
Senior Secured – First Lien	$	—	$	—	$	908,669,800	$	908,669,800
Senior Secured – Second Lien		—		—		12,025,000		12,025,000
Unsecured Debt		—		—		123,789		123,789
Equity		—		—		86,804,806		86,804,806
Total Investments	$	—	$	—	$	1,007,623,395	$	1,007,623,395

The fair values of the Company’s investments disaggregated into the three levels of the fair value hierarchy based upon the lowest level of significant input used in the valuation as of December 31, 2024 were as follows:

	Quoted Prices
	in Active
	Markets		Significant Other		Significant
	for Identical		Observable		Unobservable
	Securities		Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
Senior Secured – First Lien	$	—	$	—	$	856,096,255	$	856,096,255
Senior Secured – Second Lien		—		—		11,948,850		11,948,850
Unsecured Debt		—		—		6,612,493		6,612,493
Equity		—		—		78,840,090		78,840,090
Total Investments	$	—	$	—	$	953,497,688	$	953,497,688

Schedule of change in aggregate values of Level 3 portfolio investments

The aggregate values of Level 3 portfolio investments changed during the year ended December 31, 2025 as follows:

	Senior Secured		Senior Secured
	Loans-First		Loans-Second		Unsecured
	Lien		Lien		Debt		Equity		Total
Fair value at beginning of period	$	856,096,255	$	11,948,850	$	6,612,493	$	78,840,090	$	953,497,688
Purchases of investments		186,821,022		—		9,454		8,904,074		195,734,550
PIK interest		5,188,864		—		561,606		5,802		5,756,272
Sales and redemptions		(121,906,047)		—		(7,021,819)		(12,566,138)		(141,494,004)
Realized (losses) gains		(5,651,690)		—		—		7,114,167		1,462,477
Change in unrealized (depreciation) appreciation included in earnings(1)		(15,593,776)		38,229		(53,944)		4,502,560		(11,106,931)
Change in unrealized appreciation on foreign currency included in earnings		874,729		—		2,680		4,251		881,660
Amortization of premium and accretion of discount, net		2,840,443		37,921		13,319		—		2,891,683
Fair value at end of period	$	908,669,800	$	12,025,000	$	123,789	$	86,804,806	$	1,007,623,395

(1) Includes reversal of positions during the year ended December 31, 2025.

The aggregate values of Level 3 portfolio investments changed during the year ended December 31, 2024 as follows:

	Senior Secured		Senior Secured
	Loans-First		Loans-Second		Unsecured
	Lien		Lien		Debt		Equity		Total
Fair value at beginning of period	$	774,789,320	$	21,957,500	$	5,956,280	$	71,757,583	$	874,460,683
Purchases of investments		213,545,132		—		117,066		7,492,735		221,154,933
PIK interest		2,824,403		—		485,708		—		3,310,111
Sales and redemptions		(126,924,841)		(9,782,348)		—		(14,985,096)		(151,692,285)
Realized (losses) gains		(1,580,768)		(20,475,000)		—		6,212,362		(15,843,406)
Change in unrealized (depreciation) appreciation included in earnings(1)		(9,026,597)		20,187,185		40,312		8,369,509		19,570,409
Change in unrealized depreciation on foreign currency included in earnings		(169,778)		—		(1,778)		(7,003)		(178,559)
Amortization of premium and accretion of discount, net		2,639,384		61,513		14,905		—		2,715,802
Fair value at end of period	$	856,096,255	$	11,948,850	$	6,612,493	$	78,840,090	$	953,497,688

(1) Includes reversal of positions during the year ended December 31, 2024.

Summary of geographical concentration of investment portfolio

The following is a summary of geographical concentration of the Company’s investment portfolio as of December 31, 2025:

					% of Total
					Investments at
	Cost		Fair Value		Fair Value
California	$	199,175,312	$	192,583,333	19.12	%
Texas		149,955,251		147,396,649	14.63	%
Florida		102,086,659		96,730,609	9.60	%
New York		59,320,592		59,952,294	5.95	%
Illinois		69,282,731		55,796,619	5.54	%
Pennsylvania		47,721,299		49,296,019	4.89	%
Colorado		41,413,399		39,386,741	3.91	%
Arizona		34,208,744		37,526,211	3.72	%
Ohio		35,249,934		36,769,186	3.65	%
Canada		36,116,171		36,140,789	3.59	%
North Carolina		31,163,913		32,456,489	3.22	%
Massachusetts		24,283,990		25,043,277	2.49	%
Iowa		22,351,338		22,467,248	2.23	%
New Jersey		19,768,069		19,924,612	1.98	%
Tennessee		20,495,678		18,827,946	1.87	%
Virginia		17,506,416		17,764,137	1.76	%
Georgia		5,876,197		17,168,351	1.70	%
District of Columbia		10,685,508		14,469,710	1.44	%
Michigan		12,060,200		12,255,578	1.22	%
Minnesota		11,769,582		11,916,373	1.18	%
Missouri		10,898,062		11,109,063	1.10	%
Idaho		9,479,007		9,517,417	0.94	%
Louisiana		9,153,384		9,297,784	0.92	%
Oregon		8,860,277		9,202,699	0.91	%
Maryland		7,530,655		7,549,733	0.75	%
Wisconsin		21,458,139		7,360,720	0.73	%
South Carolina		4,847,580		4,966,273	0.49	%
Washington		1,273,384		2,605,719	0.26	%
United Kingdom		2,148,215		2,141,816	0.21	%
Total Investments	$	1,026,139,686	$	1,007,623,395	100.00	%

The following is a summary of geographical concentration of the Company’s investment portfolio as of December 31, 2024:

					% of Total
					Investments
	Cost		Fair Value		at Fair Value
Texas	$	159,028,754	$	154,041,942	16.15	%
California		160,285,777		152,583,692	16.00	%
Florida		108,434,730		104,718,969	10.98	%
Illinois		66,486,029		56,591,435	5.94	%
Pennsylvania		53,271,774		54,438,594	5.71	%
Arizona		43,552,887		46,839,063	4.91	%
New York		36,116,358		36,306,098	3.81	%
Ohio		33,645,676		35,847,804	3.76	%
Canada		32,107,256		32,375,749	3.40	%
Colorado		31,283,806		28,218,186	2.96	%
Wisconsin		27,935,159		23,352,084	2.45	%
District of Columbia		22,711,852		26,654,283	2.80	%
Georgia		12,391,680		23,345,077	2.45	%
North Carolina		20,946,327		22,314,018	2.34	%
Tennessee		20,490,429		20,703,772	2.17	%
Massachusetts		19,965,590		20,559,398	2.16	%
Missouri		18,590,476		18,712,569	1.96	%
Iowa		13,486,486		13,486,486	1.41	%
Idaho		11,763,648		11,830,192	1.24	%
New Jersey		11,181,815		11,754,323	1.23	%
Michigan		11,389,446		11,510,608	1.21	%
Louisiana		9,216,389		9,371,830	0.98	%
Virginia		9,293,896		9,373,367	0.98	%
Washington		8,193,234		8,216,962	0.86	%
Maryland		7,529,294		7,526,300	0.79	%
Minnesota		6,448,091		6,452,144	0.68	%
South Carolina		4,836,178		4,984,667	0.52	%
Indiana		743,770		920,343	0.10	%
United Kingdom		461,899		467,733	0.05	%
Total Investments	$	961,788,706	$	953,497,688	100.00	%

Summary of industry concentration of investment portfolio

The following is a summary of industry concentration of the Company’s investment portfolio as of December 31, 2025:

					% of Total
					Investments at
	Cost		Fair Value		Fair Value
Services: Business	$	265,116,204	$	266,803,107	26.48	%
High Tech Industries		103,212,518		106,937,496	10.61	%
Healthcare & Pharmaceuticals		92,736,458		92,182,392	9.15	%
Media: Advertising, Printing & Publishing		78,965,841		79,030,004	7.84	%
Capital Equipment		61,644,736		65,191,527	6.47	%
Beverage & Food		54,323,129		58,129,551	5.77	%
Consumer Goods: Non-Durable		61,701,885		53,502,252	5.31	%
Services: Consumer		42,793,668		40,569,003	4.03	%
Construction & Building		36,950,838		37,219,214	3.69	%
Consumer Goods: Durable		35,569,885		31,655,077	3.14	%
Aerospace & Defense		28,192,548		25,968,951	2.58	%
Environmental Industries		20,190,193		22,323,773	2.22	%
Chemicals, Plastics, & Rubber		20,054,202		19,792,281	1.96	%
Transportation & Logistics		16,593,938		16,791,026	1.67	%
Media: Broadcasting & Subscription		12,057,869		15,196,592	1.51	%
Retail		14,715,878		14,756,518	1.46	%
Energy: Oil & Gas		11,802,297		11,077,160	1.10	%
Hotel, Gaming, & Leisure		9,181,622		9,331,063	0.93	%
Wholesale		8,900,149		8,921,351	0.89	%
FIRE: Real Estate		18,419,200		8,379,604	0.83	%
Media: Diversified & Production		7,495,599		7,566,694	0.75	%
Containers, Packaging, & Glass		20,714,369		6,360,684	0.63	%
Finance		-		6,187,401	0.61	%
Education		4,806,660		3,750,674	0.37	%
Total Investments	$	1,026,139,686	$	1,007,623,395	100.00	%

The following is a summary of industry concentration of the Company’s investment portfolio as of December 31, 2024:

					% of Total
					Investments
	Cost		Fair Value		at Fair Value
Services: Business	$	219,665,133	$	234,908,112	24.64	%
High Tech Industries		91,135,577		93,468,792	9.81	%
Healthcare & Pharmaceuticals		85,300,317		85,478,418	8.97	%
Media: Advertising, Printing & Publishing		71,318,416		72,291,584	7.58	%
Beverage & Food		64,052,951		68,902,142	7.23	%
Consumer Goods: Non-Durable		67,123,135		54,473,282	5.71	%
Services: Consumer		49,388,222		46,066,301	4.83	%
Capital Equipment		41,322,214		43,647,466	4.58	%
Consumer Goods: Durable		43,393,413		42,094,390	4.41	%
Chemicals, Plastics, & Rubber		36,693,101		36,907,602	3.87	%
Construction & Building		32,374,992		32,979,859	3.46	%
Aerospace & Defense		26,014,106		21,624,091	2.27	%
Environmental Industries		18,903,681		18,282,056	1.92	%
Transportation & Logistics		17,244,131		17,532,488	1.84	%
Retail		14,799,085		14,723,620	1.54	%
Media: Broadcasting & Subscription		12,170,577		14,314,711	1.50	%
Containers, Packaging, & Glass		18,007,571		12,911,794	1.35	%
Energy: Oil & Gas		11,353,959		10,728,031	1.13	%
Hotel, Gaming, & Leisure		7,113,661		8,142,050	0.85	%
FIRE: Real Estate		17,934,808		7,652,436	0.80	%
Media: Diversified & Production		5,822,637		5,934,853	0.62	%
Education		10,537,738		5,341,151	0.56	%
Finance		119,281		5,092,459	0.53	%
Total Investments	$	961,788,706	$	953,497,688	100.00	%

Schedule of quantitative information about Level 3 fair value measurements

The following provides quantitative information about Level 3 fair value measurements as of December 31, 2025. During the year ended December 31, 2025, investments valued at $81,810,288 changed valuation methods from

transaction value to the income and market approaches due to the transaction price no longer being reflective of current market conditions.

Description:	Fair Value		Valuation Technique	Unobservable Inputs	Range (Weighted Average)
First lien debt	$	788,539,535	Income approach(1)(2)	HY credit spreads	-1.89% to 11.20% (-0.14%)
				Risk free rates	-2.03% to 1.73% (-0.33%)
	$	87,821,690	Market approach(1)	EBITDA multiple	4.4x to 10.1x (6.8x)(3)
	$	32,308,575	Transaction value	Transaction price	N/A
Second lien debt	$	12,025,000	Income approach(1)(2)	HY credit spreads	-0.17% to 2.35% (0.75%)
				Risk free rates	-0.16% to -0.10% (-0.14%)
Unsecured debt	$	10,380	Income approach(1)(2)	HY credit spreads	-0.59% to -0.59% (-0.59%)
				Risk free rates	-0.31% to -0.31% (-0.31%)
	$	113,409	Market approach(1)	EBITDA multiple	4.4x to 8.7x (8.5x)(3)
Equity investments	$	66,907,041	Market approach(4)	EBITDA multiple	3.2x to 18.2x (10.2x)
				Revenue multiple	7.0x to 9.0x (7.7x)
	$	19,897,765	Transaction value	Transaction price	N/A
Total Long Term Level 3 Investments	$	1,007,623,395

(1) Inclusive of but not limited to (a) the market approach, which is used to determine sufficient enterprise value, and (b) the income approach, which is based on discounting future cash flows using an appropriate market yield.

(2) The Company calculates the price of the loan by discounting future cash flows, which include forecasted future BSBY, SOFR, or SONIA rates based on the published forward curve at the valuation date, using an appropriate yield calculated as of the valuation date. This yield is calculated based on the loan’s yield at the original investment and is adjusted as of the valuation date based on: changes in comparable credit spreads, changes in risk free interest rates (per swap rates), and changes in credit quality (via an estimated shadow rating). Significant movements in any of these factors would result in a significantly lower or higher fair value measurement. As an example, the “Range (Average)” for a first lien debt instruments in the table above indicates that the change in the HY spreads between the date a loan closed and the valuation date ranged from (1.89)% ( (189) basis points) to 11.20% (1,120 basis points). The weighted average of all changes was (0.14)% ((14) basis points).

(3) Median of LTM (last twelve months) EBITDA multiples of comparable companies.

(4) The primary significant unobservable input used in the fair value measurement of the Company’s equity investments is the EBITDA multiple (the “Multiple”). Significant increases (decreases) in the Multiple in isolation would result in a significantly higher (lower) fair value measurement. To determine the Multiple for the market approach, the Company considers current market trading and/or transaction multiple, portfolio company performance (financial ratios) relative to public and private peer companies and leverage levels, among other factors. Changes in one or more of these factors can have a similar directional change on other factors in determining the appropriate Multiple to use in the market approach.

The following provides quantitative information about Level 3 fair value measurements as of December 31, 2024:

Description:	Fair Value		Valuation Technique	Unobservable Inputs	Range (Weighted Average)
First lien debt	$	778,177,769	Income approach(1)(2)	HY credit spreads	-3.39% to 8.32% (-0.54%)
				Risk free rates	-1.18% to 2.44% (0.19%)
			Market approach(1)	EBITDA multiple	4.6x to 26.3x (13.3x)(3)
	$	77,918,486	Transaction value	Transaction price	N/A
Second lien debt	$	11,948,850	Income approach(1)(2)	HY credit spreads	-0.72% to -0.32% (-0.46%)
				Risk free rates	-0.35% to 0.14% (-0.04%)
			Market approach(1)	EBITDA multiple	5.3 to 11.8x (9.4x)(3)
Unsecured debt	$	6,581,668	Income approach(1)(2)	HY credit spreads	0.18% to 0.18% (0.18%)
				Risk free rates	-0.18% to -0.18% (-0.18%)
	$	30,825	Transaction value	Transaction price	N/A
Equity investments	$	64,002,282	Market approach(4)	EBITDA multiple	3.5x to 18.3x (10.4x)
	$	14,837,808	Transaction value	Transaction price	N/A
Total Long Term Level 3 Investments	$	953,497,688

(1) Inclusive of but not limited to (a) the market approach, which is used to determine sufficient enterprise value, and (b) the income approach, which is based on discounting future cash flows using an appropriate market yield.

(2) The Company calculates the price of the loan by discounting future cash flows, which include forecasted future SOFR rates based on the published forward SOFR curve at the valuation date, using an appropriate yield calculated as of the valuation date. This yield is calculated based on the loan’s yield at the original investment and is adjusted as of the valuation date based on: changes in comparable credit spreads, changes in risk free interest rates (per swap rates), and changes in credit quality (via an estimated shadow rating). Significant movements in any of these factors would result in a significantly lower or higher fair value measurement. As an example, the “Range (Average)” for a first lien debt instruments in the table above indicates that the change in the HY spreads between the date a loan closed and the valuation date ranged from (3.39)% ( (339) basis points) to 8.32% (832 basis points). The average of all changes was (0.54)% ( (54) basis points).

(3) Median of LTM (last twelve months) EBITDA multiples of comparable companies.

(4) The primary significant unobservable input used in the fair value measurement of the Company’s equity investments is the Multiple. Significant increases (decreases) in the Multiple in isolation would result in a significantly higher (lower) fair value measurement. To determine the Multiple for the market approach, the Company considers current market trading and/or transaction multiple, portfolio company performance (financial ratios) relative to public and private peer companies and leverage levels, among other factors. Changes in one or more of these factors can have a similar directional change on other factors in determining the appropriate Multiple to use in the market approach.