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Financial Highlights

3 Months Ended

Mar. 31, 2026

Note 12. Financial Highlights

The following is a schedule of financial highlights for the three months ended March 31, 2026 and 2025:

	For the three months ended March 31, 2026
	2026			2025
Per share data:
Net asset value at beginning of period	$	23.48		$	24.43
Net investment income (loss) ⁽¹⁾		0.41			0.42
Net realized and unrealized gain (loss)⁽¹⁾		-			(0.30	)
Net increase (decrease) in net assets resulting from operations⁽¹⁾		0.41			0.12
Stockholder distributions⁽²⁾		(0.55	)		-
Dividend reinvestment plan distributions⁽²⁾		(0.26	)		(0.27	)
Other ⁽³⁾		0.26			0.27
Net asset value at end of period	$	23.34		$	24.55
Net assets at end of period	$	233,782,772		$	238,358,817
Shares outstanding at end of period⁽⁷⁾		10,016,984			9,710,243
Total return ⁽⁴⁾		1.77	%		2.71	%
Ratio/Supplemental data:
Ratio of expenses to average net assets before incentive fees⁽⁵⁾		8.26	%		8.81	%
Ratio of expenses to average net assets after incentive fees⁽⁵⁾		8.33	%		9.16	%
Ratio of net investment income (loss) to average net assets after incentive fees⁽⁵⁾		7.26	%		8.14	%
Portfolio turnover⁽⁶⁾		2.72	%		4.31	%

(1)

The per share data was derived by using the weighted average shares outstanding during the periods presented.

(2)

Management monitors available taxable earnings, including net investment income and realized capital gains, to determine if a tax return of capital may occur for the year. To the extent the Company’s taxable earnings fall below the total amount of the Company’s distributions for that fiscal year, a portion of those distributions may be deemed a tax return of capital to the Company’s stockholders. The tax character of distributions will be determined at the end of the fiscal year.

(3)

Includes the impact of different share amounts used in calculating per share data 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 a period end or transaction date.

(4)

Total return is calculated as the change in net asset value ("NAV") per share during the period, divided by the beginning NAV per share and assumes reinvestment of dividends at NAV. Total return is not annualized.

(5)

Ratios are annualized for periods less than one year. To the extent incentive fees and waivers are included within the ratio, they are not annualized.

(6)

Ratio is not annualized.

(7)

Effective March 31, 2026, as part of the Company's offering of multiple classes of shares of Common Stock, all shares of the Company's Common Stock issued prior to March 31, 2026 were reclassified as Class I shares of Common Stock to conform with the current period presentation. As of March 31, 2026, there were 10,016,984 Class I shares outstanding and no Class S, Class D, or Class SP shares outstanding.