The base management fee, income incentive fee and capital gains incentive fee earned by the Adviser are included in the Company’s consolidated financial statements and summarized in the table below. Base management and incentive fees are paid in the quarter following that in which they are earned. The Company had cumulative realized and unrealized losses as of June 30, 2025 and 2024, and, as a result, no capital gains incentive fees were recorded for the six months ended June 30, 2025 and 2024. The Adviser has waived the full $1.3 million in income incentive fee accrued for the three and six months ended June 30, 2025.


Management and Incentive Fees (in thousands)	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2025		2024		2025		2024
Base management fee	$	3,268	$	3,832	$	6,593	$	8,134
Income incentive fee	$	1,259	$	—	$	1,259	$	—
Income incentive fee waiver	$	(1,259)	$	—	$	(1,259)	$	—
Capital gains incentive fee	$	—	$	—	$	—	$	—