PORTFOLIO INVESTMENTS AND FAIR VALUE

6 Months Ended

Jun. 30, 2026

PORTFOLIO INVESTMENTS AND FAIR VALUE

PORTFOLIO INVESTMENTS AND FAIR VALUE

NOTE 6 — PORTFOLIO INVESTMENTS AND FAIR VALUE

In accordance with the authoritative guidance on fair value measurements and disclosures under U.S. GAAP, the Company discloses the fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy

gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The guidance establishes three levels of the fair value hierarchy as follows:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not considered to be active or financial instruments for which significant inputs are observable, either directly or indirectly; and

Level 3 — Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

The level of an asset or liability within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes “observable” requires significant judgment by management.

The Board considers whether the volume and level of activity for the asset or liability have significantly decreased and identifies transactions that are not orderly in determining fair value. Accordingly, if the Board determines that either the volume and/or level of activity for an asset or liability has significantly decreased (from normal conditions for that asset or liability) or price quotations or observable inputs are not associated with orderly transactions, increased analysis and management judgment will be required to estimate fair value. Valuation techniques such as an income approach might be appropriate to supplement or replace a market approach in those circumstances.

At June 30, 2026, the Company had investments in 116 portfolio companies. The composition of the Company’s investments as of June 30, 2026 was as follows:

	Cost		Fair Value
Senior Secured – First Lien(1)	$	901,407,481	$	863,348,047
Senior Secured – Second Lien		12,115,000		12,115,000
Unsecured Debt		344,582		132,977
Equity		63,760,986		92,650,393
Total Investments	$	977,628,049	$	968,246,417

(1) Includes unitranche investments, which accounted for 4.5% 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.

The Company’s investment portfolio may contain loans that are in the form of lines of credit or revolving credit facilities, which require the Company to provide funding when requested by portfolio companies in accordance with the terms of the underlying loan agreements. As of June 30, 2026 and December 31, 2025, the Company had 77 and 77 of such investments, respectively, with aggregate unfunded commitments of $45,657,572 and $53,380,015, respectively. The Company maintains sufficient liquidity (through cash on hand and available borrowings under the Credit Facility) to fund such unfunded commitments should the need arise.

The aggregate gross unrealized appreciation and depreciation and the aggregate cost and fair value of the Company’s portfolio company securities as of June 30, 2026 and December 31, 2025 were as follows:

	June 30, 2026		December 31, 2025
Aggregate cost of portfolio company securities	$	977,628,049	$	1,026,139,686
Gross unrealized appreciation of portfolio company securities		64,497,633		59,298,870
Gross unrealized depreciation of portfolio company securities		(73,565,772)		(77,718,103)
Gross unrealized appreciation on foreign currency translations of portfolio company securities		2,965		26,900
Gross unrealized depreciation on foreign currency translations of portfolio company securities		(316,458)		(123,958)
Aggregate fair value of portfolio company securities	$	968,246,417	$	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 June 30, 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	$	—	$	—	$	863,348,047	$	863,348,047
Senior Secured – Second Lien		—		—		12,115,000		12,115,000
Unsecured Debt		—		—		132,977		132,977
Equity		—		—		92,650,393		92,650,393
Total Investments	$	—	$	—	$	968,246,417	$	968,246,417

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 change in aggregate values of Level 3 portfolio investments during the six months ended June 30, 2026 was 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		44,017,283		—		29,822		4,538,509		48,585,614
PIK interest		3,386,096		—		6,639		—		3,392,735
Sales and redemptions		(93,718,076)		—		(10,304)		(1,780,795)		(95,509,175)
Realized losses		(5,273,144)		—		—		(1,091,275)		(6,364,419)
Change in unrealized depreciation included in earnings(1)		5,095,933		86,653		(15,901)		4,184,407		9,351,092
Change in unrealized depreciation on foreign currency included in earnings		(210,108)		—		(1,068)		(5,259)		(216,435)
Amortization of premium and accretion of discount, net		1,380,263		3,347		—		—		1,383,610
Fair value at end of period	$	863,348,047	$	12,115,000	$	132,977	$	92,650,393	$	968,246,417

(1) Includes reversal of positions during the six months ended June 30, 2026.

There were no Level 3 transfers during the six months ended June 30, 2026.

The change in aggregate values of Level 3 portfolio investments during the year ended December 31, 2025 was 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.

There were no Level 3 transfers during the year ended December 31, 2025.

The following is a summary of geographical concentration of the Company’s investment portfolio as of June 30, 2026:

					% of Total
					Investments at
	Cost		Fair Value		Fair Value
California	$	178,427,458	$	174,860,639	18.06	%
Texas		136,764,088		133,424,017	13.78	%
Florida		99,848,846		92,837,302	9.58	%
New York		59,724,419		60,236,700	6.22	%
Illinois		64,092,415		52,438,419	5.42	%
Pennsylvania		48,141,996		49,661,336	5.13	%
Arizona		39,046,821		43,069,884	4.45	%
Canada		34,656,965		34,628,895	3.58	%
North Carolina		31,297,354		32,061,028	3.31	%
Colorado		32,717,165		31,605,891	3.26	%
Ohio		25,865,195		29,370,213	3.03	%
Tennessee		28,690,957		26,777,126	2.77	%
Iowa		22,527,154		22,617,898	2.34	%
District of Columbia		16,647,591		20,906,791	2.16	%
Virginia		19,567,712		20,181,650	2.08	%
New Jersey		19,814,276		19,373,145	2.00	%
Georgia		5,720,286		17,029,281	1.76	%
Michigan		16,138,226		16,421,501	1.70	%
Wisconsin		25,887,018		16,198,621	1.67	%
Missouri		12,274,070		12,585,720	1.30	%
Minnesota		11,729,076		12,520,307	1.29	%
Massachusetts		11,999,782		11,983,168	1.24	%
Louisiana		9,380,895		9,733,481	1.01	%
Oregon		8,832,150		9,114,741	0.94	%
Idaho		8,505,623		8,533,009	0.88	%
Maryland		7,320,131		7,298,211	0.75	%
Washington		1,273,384		2,026,618	0.21	%
South Carolina		290,158		387,566	0.04	%
United Kingdom		446,838		363,259	0.04	%
Total Investments	$	977,628,049	$	968,246,417	100.00	%

The following is a summary of geographical concentration of 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	%

The following is a summary of industry concentration of the Company’s investment portfolio as of June 30, 2026:

					% of Total
					Investments at
	Cost		Fair Value		Fair Value
Services: Business	$	267,146,512	$	279,023,494	28.81	%
Healthcare & Pharmaceuticals		92,789,334		93,248,553	9.63	%
High Tech Industries		83,799,028		87,870,512	9.08	%
Capital Equipment		66,024,758		70,816,608	7.31	%
Media: Advertising, Printing & Publishing		66,686,918		65,378,889	6.75	%
Beverage & Food		53,586,210		54,209,390	5.60	%
Consumer Goods: Non-Durable		60,023,531		49,964,505	5.16	%
Services: Consumer		42,711,724		40,914,720	4.23	%
Construction & Building		36,574,917		38,007,732	3.93	%
Consumer Goods: Durable		35,293,483		29,585,372	3.06	%
Aerospace & Defense		29,523,481		27,078,323	2.80	%
Environmental Industries		20,775,702		26,355,158	2.72	%
Chemicals, Plastics, & Rubber		18,987,958		18,855,490	1.95	%
Transportation & Logistics		16,711,941		16,762,366	1.73	%
Retail		14,658,412		14,681,990	1.52	%
Energy: Oil & Gas		12,407,569		11,617,564	1.20	%
Containers, Packaging, & Glass		20,877,339		10,844,141	1.12	%
Wholesale		8,900,589		8,956,207	0.92	%
FIRE: Real Estate		19,369,665		6,491,544	0.67	%
Media: Diversified & Production		5,825,064		5,811,029	0.60	%
Finance		-		5,436,063	0.56	%
Education		4,953,914		3,714,282	0.38	%
Media: Broadcasting & Subscription		-		2,622,485	0.27	%
Total Investments	$	977,628,049	$	968,246,417	100.00	%

The following is a summary of industry concentration of 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	%

The following provides quantitative information about Level 3 fair value measurements as of June 30, 2026. During the six months ended June 30, 2026, investments valued at $52,260,125 changed valuation techniques from transaction value to the income and market approaches, as applicable, 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	$	753,188,093	Income approach(1)(2)	HY credit spreads	-1.73% to 13.46% (0.32%)
				Risk free rates	-1.49% to 2.32% (0.35%)
	$	101,896,262	Market approach(1)	EBITDA multiple	5.0x to 11.3x (8.0x)(3)
	$	8,263,692	Transaction value	Transaction price	N/A
Second lien debt	$	12,115,000	Income approach(1)(2)	HY credit spreads	0.37% to 0.37% (0.37%)
				Risk free rates	0.54% to 0.54% (0.54%)
Unsecured debt	$	29,835	Income approach(1)(2)	HY credit spreads	0.20% to 0.20% (0.20%)
				Risk free rates	-0.06% to -0.06% (-0.06%)
Unsecured debt	$	103,142	Market approach(1)	EBITDA multiple	6.8x to 9.3x (8.4x)(3)
Equity investments	$	78,824,396	Market approach(4)	EBITDA multiple	3.8x to 18.1x (10.1x)
				Revenue multiple	6.4x to 9.1x (7.5x)
	$	13,825,997	Transaction value	Transaction price	N/A
Total Long Term Level 3 Investments	$	968,246,417

(1) Weighted average based on fair value as of June 30, 2026.

(2) 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.

(3) 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 (1.73)% ((173) basis points) to 13.46% (1,346 basis points). The average of all changes was 0.32% (32 basis points).

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

(5) 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 could 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. During the year ended December 31, 2025, investments valued at $81,810,288 changed valuation techniques from transaction value to the income and market approaches, as applicable, 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%)
	$	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) Weighted average based on fair value as of December 31, 2025.

(2) 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.

(3) 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 (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 (1.89)% (189) basis points) to 11.20% (1,120 basis points). The average of all changes was (0.14)% ((14) basis points).

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

(5) 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 multiples, 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.