| FINANCIAL HIGHLIGHTS |
NOTE 8 — FINANCIAL HIGHLIGHTS | | | | | | | | | | Six Months Ended | | | | June 30, 2025 | | | June 30, 2024 | | | | (unaudited) | | (unaudited) | | Per Share Data:(1) | | | | | | | | Net asset value at beginning of period | | $ | 15.16 | | $ | 15.21 | | Net investment income | | | 0.64 | | | 0.95 | | Change in unrealized appreciation (depreciation) on investments | | | 0.21 | | | (0.01) | | Net realized gain | | | 0.01 | | | — | | Total from operations | | $ | 0.86 | | $ | 0.94 | | Stockholder distributions from: | | | | | | | | Net investment income | | | (0.72) | | | (0.99) | | Accretive effect of stock offerings (issuing shares above net asset value per share) | | | — | | | 0.02 | | Other(2) | | | (0.01) | | | 0.01 | | Net asset value at end of period | | $ | 15.29 | | $ | 15.19 | | Total return based on net asset value(3) | | | 5.63 | % | | 6.37 | % | Weighted average shares outstanding | | | 10,851,870 | | | 7,768,883 | | Ratio/Supplemental Data: | | | | | | | | Net assets at end of period | | $ | 170,165,477 | | $ | 142,632,886 | | Weighted average net assets | | $ | 164,817,819 | | $ | 118,357,119 | | Annualized ratio of net operating expenses to weighted average net assets(4) | | | 12.01 | % | | 10.08 | % | Annualized ratio of interest expense and other fees to weighted average net assets | | | 7.66 | % | | 7.46 | % | Annualized ratio of net investment income to weighted average net assets(4) | | | 8.51 | % | | 12.60 | % | Portfolio turnover(5) | | | 4.44 | % | | 11.58 | % | Credit Facilities payable | | $ | 173,100,000 | | $ | 113,000,000 | | Asset coverage ratio(6) | | | 1.98 | x | | 2.26 | x |
| (1) | Financial highlights are based on weighted average shares outstanding for the period. |
| (2) | Includes the impact of different share amounts 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 the period end. |
| (3) | Total return is calculated as the change in net asset value (“NAV”) per share during the period, plus distributions per share (if any), divided by the beginning NAV per share. Total return is not annualized. |
| (4) | Net of 3.75% and 3.88% for the six months ended June 30, 2025 and 2024, respectively, from expenses reimbursed and fees waived by the Advisor. Additionally, these ratios include the impact of income tax provision on net unrealized appreciation in Taxable Subsidiary of $38,266 and $3,798 for the six months ended June 30, 2025 and 2024, respectively, which are not reflected in total operating expenses or net investment income. The impact of the tax benefit on net unrealized appreciation to weighted average net assets for the six months ended June 30, 2025 and 2024 is 0.02% and 0.00%, respectively. |
| (5) | Portfolio turnover is calculated as the lesser of purchases or sales and proceeds from sales and repayments of investments divided by average portfolio balance and is not annualized. |
| (6) | Asset coverage ratio is equal to total assets less all liabilities and indebtedness not represented by senior securities over the aggregate amount of the senior securities. |
|