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NOTES

6 Months Ended

Jun. 30, 2025

NOTE 11 — NOTES

On January 14, 2021, the Company issued $100,000,000 in aggregate principal amount of 4.875% fixed-rate notes due 2026 (the “2026 Notes Payable”). The 2026 Notes Payable will mature on March 30, 2026 and may be redeemed in whole or in part at any time or from time to time at the Company’s option on or after December 31, 2025, at a redemption price equal to 100% of the outstanding principal, plus accrued and unpaid interest. Interest on the 2026 Notes Payable is payable semi-annually beginning September 30, 2021. As of both June 30, 2025 and December 31, 2024, the aggregate carrying amount of the 2026 Notes Payable was approximately $100,000,000. The 2026 Notes Payable are institutional, non-traded notes.

In connection with the issuance and maintenance of the 2026 Notes Payable, the Company incurred $2,327,835 of fees, which are being amortized over the term of the 2026 Notes Payable. As of June 30, 2025 and December 31, 2024, $334,122 and $555,645 of prepaid financing costs had yet to be amortized, respectively. These financing costs are presented on the Consolidated Statements of Assets and Liabilities as a deduction from the debt liability.

On April 1, 2025, the Company issued $75,000,000 in aggregate principal amount of 7.250% fixed-rate notes due 2030 (the “2030 Notes Payable” and together with the 2026 Notes Payable, the “Notes Payable”). The 2030 Notes Payable will mature on April 1, 2030 and may be redeemed in whole or in part at any time or from time to time at the Company’s option on or after October 1, 2029, at a redemption price equal to 100% of the outstanding principal, plus accrued and unpaid interest. Interest on the 2030 Notes Payable is

payable semi-annually beginning October 1, 2025. As of June 30, 2025, the aggregate carrying amount of the 2030 Notes Payable was approximately $75,000,000. The 2030 Notes Payable are institutional, non-traded notes.

In connection with the issuance and maintenance of the 2030 Notes Payable, the Company incurred $2,469,056 of fees, which are being amortized over the term of the 2030 Notes Payable. As of June 30, 2025, $2,355,677 of prepaid financing costs had yet to be amortized. These financing costs are presented on the Consolidated Statements of Assets and Liabilities as a deduction from the debt liability.

The following table summarizes the interest expense and deferred financing costs on the 2026 Notes Payable for the three and six months ended June 30, 2025 and 2024:


	For the three months ended						For the six months ended
	June 30, 2025			June 30, 2024			June 30, 2025			June 30, 2024
Interest expense	$	1,218,750		$	1,224,750		$	2,437,500		$	2,443,500
Deferred financing costs		111,374			111,374			221,524			222,747
Total interest and financing expenses	$	1,330,124		$	1,336,124		$	2,659,024		$	2,666,247
Weighted average interest rate		4.9	%		4.9	%		4.9	%		4.9	%
Effective interest rate (including fee amortization)		5.4	%		5.4	%		5.4	%		5.4	%
Average debt outstanding	$	100,000,000		$	100,000,000		$	100,000,000		$	100,000,000
Cash paid for interest	$	—		$	6,000		$	2,437,500		$	2,443,500

The following is a summary of the 2026 Notes Payable, net of deferred financing costs:


	June 30, 2025		December 31, 2024
2026 Notes Payable	$	100,000,000	$	100,000,000
Deferred financing costs		(334,122)		(555,645)
2026 Notes Payable, net of deferred financing costs and discount	$	99,665,878	$	99,444,355

The following table summarizes the interest expense and deferred financing costs on the 2030 Notes Payable for the three and six months ended June 30, 2025:


	For the three months ended			For the six months ended
	June 30, 2025			June 30, 2025
Interest expense	$	1,374,375		$	1,374,375
Deferred financing costs		81,944			81,944
Discount amortization		31,436			31,436
Total interest and financing expenses	$	1,487,755		$	1,487,755
Weighted average interest rate		7.4	%		7.4	%⁽¹⁾
Effective interest rate (including fee amortization)		8.0	%		8.0	%⁽¹⁾
Average debt outstanding	$	75,000,000		$	75,000,000	⁽¹⁾
Cash paid for interest	$	15,000		$	15,000

(1) Calculated for the period from April 1, 2025, the date of the 2030 Notes Payable offering, through June 30, 2025.

The following is a summary of the 2030 Notes Payable, net of deferred financing costs:


	June 30, 2025
2030 Notes Payable	$	75,000,000
Deferred financing costs		(1,616,862)
Discount on 2030 Notes Payable		(738,815)
2030 Notes Payable, net of deferred financing costs and discount	$	72,644,323

The indenture and supplements thereto relating to the Notes Payable contain certain covenants, including but not limited to (i) a requirement that the Company comply with the asset coverage requirements of the 1940 Act or any successor provisions, and (ii) a requirement to provide financial information to the holders of the notes and the trustee under the indenture if the Company should no longer be subject to the reporting requirements under the Exchange Act. As of June 30, 2025 and 2024, the Company was in compliance with these covenants.