Financial Highlights (Tables)

6 Months Ended

Jun. 30, 2025

Below is the schedule of financial highlights of the Company for the six months ended June 30, 2025 and June 30, 2024:


Per Common Share Data:(1)	For the six months ended June 30, 2025	For the six months ended June 30, 2024
Net asset value, beginning of period	$14.81	$14.85
Net investment income (loss)	0.74	0.62
Net realized and unrealized gain (loss)	0.10	0.04
Net increase (decrease) in net assets resulting from operations	0.84	0.66
Initial issuance of Common Stock	—	—
Effect of offering price of subscriptions(2)	—	(0.02)
Distributions declared	(0.70)	(0.60)
Net asset value, end of period	$14.95	$14.89

Total return based on NAV(3)	5.75%	4.33%
Common shares outstanding, end of period	24,293,039	22,458,336
Weighted average shares outstanding	24,098,036	21,880,114
Net assets, end of period	$363,095	$334,371

Ratio/Supplemental data(4):
Ratio of net investment income (loss) to average net assets	10.03%	8.36%
Ratio of expenses to average net assets	12.79%	6.14%
Ratio of expenses (before management fees, incentive fees and interest and financing expenses) to average net assets	1.84%	2.10%
Weighted average debt outstanding	$412,810	$63,612
Total debt outstanding	$484,482	$177,855
Asset coverage ratio(5)	242.7%	288.0%
Portfolio turnover	18%	3%

(1)The per share data were derived by using the weighted average shares from the date of the first issuance of shares,

through June 30, 2025 and June 30, 2024.

(2)Increase (decrease) was due to the offering price of subscriptions during the period (See note 9).

(3)Total return was based upon the change in net asset value per share between the opening and ending net assets per

share and the issuance of common stock in the period. Total return is not annualized.

(4)Annualized, except for organizational expenses, if any, which are non-recurring.

(5)On September 30, 2024, the Company received exemptive relief from the SEC allowing the Company to modify the

asset coverage requirement to exclude the SBA-guaranteed debentures from this calculation. The inclusion of

unfunded commitments in the calculation of the asset coverage ratio would not cause us to be below the required

amount of regulatory coverage.