PORTFOLIO INVESTMENTS AND FAIR VALUE (Tables)

3 Months Ended

Mar. 31, 2026

PORTFOLIO INVESTMENTS AND FAIR VALUE

Schedule of total fair value and cost of investments

At March 31, 2026, the Company had investments in 116 portfolio companies. The composition of its investments as of March 31, 2026 was as follows:

	Cost		Fair Value
Senior Secured – First Lien(1)	$	940,012,590	$	891,688,561
Senior Secured – Second Lien		12,115,000		12,025,000
Unsecured Debt		311,853		80,670
Equity		62,878,875		86,200,333
Total Investments	$	1,015,318,318	$	989,994,564

(1) Includes unitranche investments, which accounted for 4.3% of the Company’s portfolio at fair value. Unitranche structures may combine characteristics of first lien senior secured, as well as second lien and/or subordinated loans. The Company’s unitranche loans will expose it to certain risk associated with second lien and subordinated loans to the extent it invests in the “last-out” tranche.

At December 31, 2025, the Company had investments in 115 portfolio companies. The composition of its 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, as well as second lien and/or subordinated loans. The Company’s unitranche loans will expose it to certain risk associated with second lien and subordinated loans to the extent it invests in the “last-out” tranche.

Schedule of aggregate gross unrealized appreciation and depreciation and aggregate cost and fair value of portfolio company securities

The aggregate gross unrealized appreciation and depreciation and the aggregate cost and fair value of the Company’s portfolio company securities as of March 31, 2026 and December 31, 2025 were as follows:

	March 31, 2026		December 31, 2025
Aggregate cost of portfolio company securities	$	1,015,318,318	$	1,026,139,686
Gross unrealized appreciation of portfolio company securities		57,996,806		59,298,870
Gross unrealized depreciation of portfolio company securities		(82,964,383)		(77,718,103)
Gross unrealized (depreciation) appreciation on foreign currency translations of portfolio company securities		(17,731)		26,900
Gross unrealized depreciation on foreign currency translations of portfolio company securities		(338,446)		(123,958)
Aggregate fair value of portfolio company securities	$	989,994,564	$	1,007,623,395

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 March 31, 2026 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	$	—	$	—	$	891,688,561	$	891,688,561
Senior Secured – Second Lien		—		—		12,025,000		12,025,000
Unsecured Debt		—		—		80,670		80,670
Equity		—		—		86,200,333		86,200,333
Total Investments	$	—	$	—	$	989,994,564	$	989,994,564

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

Schedule of change in aggregate values of Level 3 portfolio investments

The aggregate values of Level 3 portfolio investments changed during the three months ended March 31, 2026 as follows:

	Senior Secured		Senior Secured
	Loans-First		Loans-Second		Unsecured
	Lien		Lien		Debt		Equity		Total
Fair value at beginning of period	$	908,669,800	$	12,025,000	$	123,789	$	86,804,806	$	1,007,623,395
Purchases of investments		26,571,073		—		—		1,104,429		27,675,502
PIK interest		1,670,654		—		3,733		—		1,674,387
Sales and redemptions		(40,554,410)		—		(10,305)		(1,039,222)		(41,603,937)
Realized gains		—		—		—		719,121		719,121
Change in unrealized depreciation included in earnings(1)		(5,125,399)		(3,347)		(35,479)		(1,384,121)		(6,548,346)
Change in unrealized depreciation on foreign currency included in earnings		(253,371)		—		(1,068)		(4,680)		(259,119)
Amortization of premium and accretion of discount, net		710,214		3,347		—		—		713,561
Fair value at end of period	$	891,688,561	$	12,025,000	$	80,670	$	86,200,333	$	989,994,564

(1) Includes reversal of positions during the three months ended March 31, 2026.

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.

Summary of geographical concentration of investment portfolio

The following is a summary of geographical concentration in the Company’s investment portfolio as of March 31, 2026:

					% of Total
					Investments at
	Cost		Fair Value		Fair Value
California	$	189,529,089	$	181,459,980	18.33	%
Texas		149,271,130		146,181,261	14.77	%
Florida		101,785,470		95,795,089	9.67	%
New York		59,269,009		59,775,558	6.04	%
Illinois		70,439,146		51,373,377	5.19	%
Pennsylvania		47,675,965		49,385,387	4.99	%
Colorado		41,648,469		40,498,263	4.09	%
Arizona		34,115,701		37,580,504	3.80	%
Ohio		25,964,453		27,444,553	2.77	%
Canada		35,005,849		35,005,230	3.54	%
North Carolina		31,311,773		32,106,220	3.24	%
Massachusetts		12,020,071		12,085,740	1.22	%
Iowa		22,424,245		22,504,749	2.27	%
New Jersey		19,808,993		19,644,077	1.98	%
Tennessee		28,392,241		26,319,065	2.66	%
Virginia		19,491,436		19,755,351	2.00	%
Georgia		5,648,249		16,863,235	1.70	%
District of Columbia		16,710,796		20,865,467	2.11	%
Michigan		16,160,287		16,350,670	1.65	%
Minnesota		11,749,250		12,309,055	1.24	%
Missouri		12,076,156		12,321,099	1.24	%
Idaho		9,266,572		9,300,380	0.94	%
Louisiana		9,137,351		9,521,865	0.96	%
Oregon		8,846,137		9,112,640	0.92	%
Maryland		7,445,883		7,423,950	0.75	%
Wisconsin		21,474,694		9,491,204	0.96	%
South Carolina		5,226,209		5,340,805	0.54	%
Washington		1,273,384		2,145,280	0.22	%
United Kingdom		2,150,310		2,034,510	0.21	%
Total Investments	$	1,015,318,318	$	989,994,564	100.00	%

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

					% of Total
					Investments
	Cost		Fair Value		at 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	%

Summary of industry concentration of investment portfolio

The following is a summary of industry concentration in the Company’s investment portfolio as of March 31, 2026:

					% of Total
					Investments at
	Cost		Fair Value		Fair Value
Services: Business	$	279,930,309	$	279,261,336	28.21	%
Healthcare & Pharmaceuticals		97,090,678		97,046,413	9.80	%
High Tech Industries		83,330,629		86,899,397	8.78	%
Capital Equipment		61,564,601		65,891,385	6.66	%
Media: Advertising, Printing & Publishing		66,726,987		65,691,326	6.64	%
Beverage & Food		55,445,308		56,582,066	5.72	%
Consumer Goods: Non-Durable		61,572,096		52,712,306	5.32	%
Services: Consumer		42,752,415		40,715,215	4.11	%
Construction & Building		36,423,448		36,602,096	3.70	%
Consumer Goods: Durable		35,878,938		31,267,997	3.16	%
Aerospace & Defense		28,847,730		26,526,734	2.68	%
Environmental Industries		20,510,466		24,397,581	2.46	%
Chemicals, Plastics, & Rubber		19,723,334		19,622,459	1.98	%
Transportation & Logistics		16,690,858		16,769,097	1.69	%
Media: Broadcasting & Subscription		12,029,788		14,864,681	1.50	%
Retail		14,645,681		14,677,856	1.48	%
Energy: Oil & Gas		11,793,290		11,237,570	1.14	%
Hotel, Gaming, & Leisure		9,172,112		9,307,731	0.94	%
Wholesale		8,877,153		8,893,339	0.90	%
Containers, Packaging, & Glass		20,730,924		8,403,531	0.85	%
Media: Diversified & Production		7,523,041		7,472,354	0.75	%
FIRE: Real Estate		19,179,572		6,069,487	0.61	%
Finance		-		5,704,257	0.58	%
Education		4,878,960		3,378,350	0.34	%
Total Investments	$	1,015,318,318	$	989,994,564	100.00	%

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

					% of Total
					Investments
	Cost		Fair Value		at 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	%

Schedule of quantitative information about Level 3 fair value measurements

The following provides quantitative information about the Company’s Level 3 fair value measurements as of March 31, 2026. During the three months ended March 31, 2026, investments valued at $38,546,162 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	$	771,026,046	Income approach(1)(2)	HY credit spreads	-1.65% to 14.75% (0.47%)
				Risk free rates	-0.85% to 1.46% (-0.05%)
	$	103,607,493	Market approach(1)	EBITDA multiple	5.0x to 10.6x (7.8x)(3)
	$	17,055,022	Transaction value	Transaction price	N/A
Second lien debt	$	7,615,000	Income approach(1)(2)	HY credit spreads	0.51% to 0.51% (0.51%)
				Risk free rates	0.15% to 0.15% (0.15%)
	$	4,410,000	Market approach(1)	EBITDA multiple	6.5x to 6.5x (6.5x)(3)
Unsecured debt	$	80,670	Market approach(1)	EBITDA multiple	6.9x to 9.5x (8.3x)(3)
Equity investments	$	71,024,059	Market approach(4)	EBITDA multiple	3.6x to 17.9x (10.1x)
				Revenue multiple	6.5x to 8.7x (7.4x)
	$	15,176,274	Transaction value	Transaction price	N/A
Total Long Term Level 3 Investments	$	989,994,564

(1) Included 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 could result in a significantly lower or higher fair value measurement. As an example, the “Range (Weighted Average)” for first lien debt investments in the table above indicates that the change in the HY credit spreads between the date a loan closed and the valuation date ranged from (1.65)% ( (165) basis points) to 14.75% (1,475 basis points). The average of all changes was 0.47% ( 47 basis points).

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

(4) The 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.

The following provides quantitative information about Level 3 fair value measurements as of December 31, 2025.

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%)
	$	87821690	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 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 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.