SUBSEQUENT EVENTS

6 Months Ended

Jun. 30, 2025

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

NOTE 10 — SUBSEQUENT EVENTS

The Company’s management has evaluated subsequent events through the date of issuance of the financial statements included herein. There have been no subsequent events that require recognition or disclosure in these financial statements except for the following described below.

Investment Portfolio

The Company invested in the following portfolio companies subsequent to June 30, 2025:


Activity Type		Date		Company Name		Company Description		Investment Amount			Instrument Type
Add-On Investment		July 1, 2025		Bart & Associates, LLC*		Provides IT modernization services for federal customers		$	228,049		Equity
Add-On Investment		July 28, 2025		Equine Network, LLC*		Hosts competitions and provides services for the U.S. equine industry		$	1,406,080		Senior Secured – First Lien
New Investment		July 31, 2025		The Millennium Alliance, LLC		Facilitator of peer-to-peer events connecting companies with technology solution providers		$	5,280,193		Senior Secured – First Lien
								$	1,341,001		Revolver Commitment
								$	294,275		Equity
New Investment		July 31, 2025		Project EC**		Provider of homecare services		$	3,485,935		Senior Secured – First Lien
								$	3,697,074		Delayed Draw Term Loan Commitment
								$	1,259,737		Revolver Commitment
								$	740,592		Equity
Add-On Investment		August 5, 2025		MedLearning Group, LLC*		Provider of continuing medical education services		$	4,232,194		Senior Secured – First Lien

*	Existing portfolio company

**	The name of this portfolio company is not disclosed at this time due to confidentiality restrictions. The name of this portfolio company will be disclosed in the Company’s quarterly report for the quarter ending September 30, 2025.

Credit Facilities

As of August 8, 2025, the outstanding balance under the Credit Facility and SPV Facility was $145,050,000 and $50,000,000, respectively.

Dividends Declared

On July 2, 2025, the Board declared a regular monthly dividend for each of July 2025, August 2025, and September 2025 as follows:


		Record		Payment		Amount per
Declared		Date		Date		Share
7/2/2025		7/7/2025		7/31/2025		$	0.1266
7/2/2025		8/1/2025		8/29/2025		$	0.1266
7/2/2025		9/2/2025		9/30/2025		$	0.1266

Sale of Unregistered Securities

Since June 30, 2025, the Company sold 33,859 common shares of beneficial interest at a price of $15.29 per share for aggregate proceeds of $517,695 which included $2,305 of organizational expense allocation pursuant to subscription agreements entered into between the Company and investors.

Share Repurchases

Since June 30, 2025, 141,271 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 $15.29 per share for an aggregate purchase price of $2,160,019.