SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2025

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

NOTE 13 — SUBSEQUENT EVENTS

Investment Portfolio

The Company invested in the following portfolio companies subsequent to December 31, 2025:

Activity Type	Date	Company Name	Company Description	Investment Amount		Instrument Type
Add-On Investment	January 2, 2026	Bart & Associates, LLC*	Provider of content, information, tech-enabled services, and hosts competitions for the U.S. equine industry	$	1,000,000	Senior Secured – First Lien
				$	32,595	Equity
New Investment	January 9, 2026	Silver Parent, LLC	Senior-care focused placement platform	$	4,611,400	Senior Secured – First Lien
				$	1,006,422	Revolver Commitment
				$	387,436	Equity
Add-On Investment	January 15, 2026	GRC Java Holdings, LLC*	Specialty coffee platform	$	17,332	Equity
Add-On Investment	January 21, 2026	evolv Holdco, LLC*	Digital transformation consulting firm	$	4,530	Equity
Add-On Investment	February 2, 2026	BI Investors, LLC*	Provider of center-based applied behavioral analysis therapy services	$	4,467	Equity
Add-On Investment	February 3, 2026	Green Topco Holdings, LLC*	Cyber-security focused value-added reseller and associated service provider	$	11,896	Equity
Add-On Investment	February 6, 2026	SP MWM Holdco LLC*	Provider of test and measurement services and equipment	$	113,721	Equity
Add-On Investment	February 9, 2026	Michelli, LLC*	Provider of test and measurement services and equipment	$	4,000,000	Delayed Draw Term Loan Commitment
New Investment	March 3, 2026	Precision Strategies, LLC	Strategic communications and marketing agency	$	4,524,350	Senior Secured – First Lien
				$	1,177,716	Revolver Commitment
New Investment	March 6, 2026	Synergy Health Partners	Provider of orthopedic and musculoskeletal care	$	7,274,448	Senior Secured – First Lien
				$	1,866,885	Delayed Draw Term Loan Commitment
				$	962,920	Revolver Commitment
				$	300,126	Equity

* Existing portfolio company

The Company realized the following portfolio companies subsequent to December 31, 2025:

Activity Type	Date	Company Name	Company Description	Proceeds Received		Instrument Type
Full Repayment	January 30, 2026	Luxium Solutions, LLC	Manufacturer and distributor of high-performance advanced materials and assemblies	$	3,315,849	Senior Secured – First Lien
				$	480,795	Delayed Draw Term Loan
Full Repayment	February 3, 2026	Arctiq, Inc.	Cyber-security focused value-added reseller and associated service provider	$	9,780,648	Senior Secured – First Lien
				$	1,601,662	Delayed Draw Term Loan

Credit Facility

As of March 13, 2026, the outstanding balance under the Credit Facility and SPV Facility was $137,150,000 and $75,000,000, respectively.

Sale of Unregistered Securities

Since December 31, 2025, the Company sold 185,211 Common Shares at a price of $15.21 per share for aggregate proceeds of $2,817,067, which included $11,933 of organizational expense allocation pursuant to subscription agreements entered into between the Company and investors.

Share Repurchases

Since December 31, 2025, 357,092 common shares of beneficial interest were validly tendered and not withdrawn prior to the expiration of the tender offer. The Company purchased all common shares of beneficial interest validly tendered and not withdrawn at a price equal to $15.21 per share for an aggregate purchase price of $5,431,365.

Dividend Declared

On January 16, 2026, our Board declared a regular monthly distribution for each of January, February and March 2026 as follows

	Record	Payment	Amount per
Declared	Date	Date	Share
1/16/2026	1/20/2026	1/30/2026	$	0.1167
1/16/2026	2/2/2026	2/27/2026	$	0.1167
1/16/2026	3/2/2026	3/31/2026	$	0.1167

Acquisition of Stellus Capital Management

On February 5, 2026, the Company announced that Stellus Capital Management entered into a definitive agreement with P10 Intermediate Holdings, LLC, an affiliate of Ridgepost Capital, Inc. (formerly known as P10, Inc.) (“Ridgepost”), pursuant to which Ridgepost will acquire Stellus Capital Management (the “Transaction”).

Pursuant to the terms of the Transaction, Stellus Capital Management and the Advisor will continue to be managed by their current partners, who will retain control of Stellus Capital Management and the Advisor’s day-to-day operations, including investment decisions and investment committee processes. The Advisor will continue to serve as the external investment adviser to the Company. Consummation of the Transaction will result in a change of control of the Advisor, and this will result in an assignment of the current investment advisory agreement between the Company and the Advisor under the 1940 Act. As a result, the current investment advisory agreement will terminate upon consummation of the Transaction. Our Board and shareholders will therefore be asked to approve a new investment advisory agreement with the Advisor (the “New Advisory Agreement”), the terms of which are expected to remain the same as the current investment advisory agreement, other than the initial term of the investment advisory agreement. Closing of the Transaction is expected to occur in the middle of 2026 and is subject to customary conditions for a transaction of this nature. If approved, the New Advisory Agreement will take effect following the closing of the Transaction.