Portfolio Investments

12 Months Ended

Jun. 30, 2025

At June 30, 2025, we had investments in 97 long-term portfolio investments and CLOs, which had an amortized cost of $6,693,501 and a fair value of $6,673,516. At June 30, 2024, we had investments in 117 long-term portfolio investments and CLOs, which had an amortized cost of $7,447,174 and a fair value of $7,718,243.

The original cost basis of debt placement and equity securities acquired, including follow-on investments for existing portfolio companies, payment-in-kind interest, and structuring fees, totaled $892,598 and $764,456 during the years ended June 30, 2025 and June 30, 2024, respectively. Debt repayments and considerations from sales of equity securities of approximately $1,302,673 and $584,193 were received during the years ended June 30, 2025 and June 30, 2024, respectively.

Throughout the remainder of this footnote, we aggregate our portfolio investments by type of investment, which may differ slightly from the nomenclature used by the constituent instruments defining the rights of holders of the investment, as disclosed on our Consolidated Schedules of Investments (“SOI”). The following investments are included in each category:

•First Lien Revolving Line of Credit includes our debt investments in first lien revolvers as well as our debt investments in delayed draw term loans.

•First Lien Debt includes our debt investments listed on the SOI such as first lien term loans (including “unitranche” loans, which are loans that combine both senior and subordinated debt and “last out” loans which are loans that have a secondary payment priority behind “first out” first-lien loans).

•Second Lien Revolving Line of Credit includes our debt investments in second lien revolvers as well as our debt investments in delayed draw term loans.

•Second Lien Debt includes our debt investments listed on the SOI as second lien term loans.

•Unsecured Debt includes our debt investments listed on the SOI as unsecured.

•Subordinated Structured Notes includes our investments in the “equity” security class of CLO funds such as income notes, preference shares, and subordinated notes.

•Equity, unless specifically stated otherwise, includes our investments in preferred stock, common stock, membership interests, net profits interests, net operating income interests, net revenue interests, overriding royalty interests, escrows receivable, and warrants.

The following table shows the composition of our investment portfolio as of June 30, 2025 and June 30, 2024:


	June 30, 2025				June 30, 2024
	Cost		Fair Value		Cost		Fair Value
First Lien Revolving Line of Credit	$	83,721	$	81,551	$	87,589	$	86,544
First Lien Debt (1)	4,636,795		4,381,227		4,686,107		4,569,467
Second Lien Revolving Line of Credit	—		—		5,147		4,987
Second Lien Debt	965,712		765,806		1,219,482		1,038,882
Unsecured Debt	7,200		5,403		7,200		7,200
Subordinated Structured Notes	37,840		35,002		623,700		531,690
Equity	962,233		1,404,527		817,949		1,479,473
Total Investments	$	6,693,501	$	6,673,516	$	7,447,174	$	7,718,243

(1) First lien debt includes loans that the Company classifies as “unitranche” and loans classified as “first lien last out”. The total amortized cost and fair value of the unitranche and/or last out loans were $201,585 and $166,464, respectively, as of June 30, 2025. The total amortized cost and fair value of the unitranche and/or last out loans were $22,359 and $22,413, respectively, as of June 30, 2024.

The following table shows the fair value of our investments disaggregated into the three levels of the ASC 820 valuation hierarchy as of June 30, 2025:


	Level 1		Level 2		Level 3		Total
First Lien Revolving Line of Credit	$	—	$	—	$	81,551	$	81,551
First Lien Debt(1)	—		42,651		4,338,576		4,381,227
Second Lien Revolving Line of Credit	—		—		—		—
Second Lien Debt	—		39,434		726,372		765,806
Unsecured Debt	—		—		5,403		5,403
Subordinated Structured Notes	—		—		35,002		35,002
Equity	—		—		1,404,527		1,404,527
Total Investments	$	—	$	82,085	$	6,591,431	$	6,673,516

(1) First lien debt includes a loan that the Company classifies as “unitranche”. The total amortized cost and fair value of the unitranche loan was $201,585 and $166,464, respectively, as of June 30, 2025.

The following table shows the fair value of our investments disaggregated into the three levels of the ASC 820 valuation hierarchy as of June 30, 2024:


	Level 1		Level 2		Level 3		Total
First Lien Revolving Line of Credit	$	—	$	—	$	86,544	$	86,544
First Lien Debt (1)	—		49,651		4,519,816		4,569,467
Second Lien Revolving Line of Credit	—		—		4,987		4,987
Second Lien Debt	—		—		1,038,882		1,038,882
Unsecured Debt	—		—		7,200		7,200
Subordinated Structured Notes	—		—		531,690		531,690
Equity	—		—		1,479,473		1,479,473
Total Investments	$	—	$	49,651	$	7,668,592	$	7,718,243

(1) First lien debt includes a loan that the Company classifies as “unitranche” and a loan classified as “first lien last out”. The total amortized cost and fair value of the unitranche and/or last out loans were $22,359 and $22,413, respectively, as of June 30, 2024.

The following tables show the aggregate changes in the fair value of our Level 3 investments during the year ended June 30, 2025:


	First Lien Revolving Line of Credit		First Lien Debt(2)		Second Lien Revolving Line of Credit		Second Lien Debt		Unsecured Debt		Subordinated Structured Notes		Equity		Total
Fair value as of June 30, 2024	$	86,544	$	4,519,816	$	4,987	$	1,038,882	$	7,200	$	531,690	$	1,479,473	$	7,668,592
Net realized (losses) gains on investments	—		(9,258)		—		(81,838)		12		(432,592)		4,361		(519,315)
Net change in unrealized (losses) gains	(1,125)		(134,545)		160		(20,233)		(1,797)		89,170		(219,225)		(287,595)
Net realized and unrealized (losses) gains	(1,125)		(143,803)		160		(102,071)		(1,785)		(343,422)		(214,864)		(806,910)
Purchases of portfolio investments(3)	57,591		578,939		(5,147)		55,694		—		—		109,282		796,359
Payment-in-kind interest	2,778		89,671		—		2,187		—		—		—		94,636
Accretion of discounts and premiums, net	56		5,511		—		1,253		—		—		—		6,820
Decrease to Subordinated Structured Notes cost, net(4)	—		—		—		—		—		(77,660)		—		(77,660)
Repayments and sales of portfolio investments(3)	(15,538)		(701,471)		—		(227,569)		(12)		(75,606)		(6,224)		(1,026,420)
Transfers within Level 3(1)(3)	(48,755)		10,706		—		1,189		—		—		36,860		—
Transfers out of Level 3(1)	—		(147,000)		—		(43,193)		—		—		—		(190,193)
Transfers into Level 3(1)	—		126,207		—		—		—		—		—		126,207
Fair value as of June 30, 2025	$	81,551	$	4,338,576	$	—	$	726,372	$	5,403	$	35,002	$	1,404,527	$	6,591,431

(1)Transfers are assumed to have occurred at the beginning of the quarter during which the asset was transferred. During the year ended June 30, 2025, two of our first lien notes and two of our second lien notes transferred out of Level 3 to Level 2 because inputs to the valuation became observable. During the year ended June 30, 2025, one of our first lien notes transferred out of Level 2 to Level 3 because inputs to the valuation became unobservable.

(2) First lien debt includes a loan that the Company classifies as “unitranche” and a loan classified as “first lien last out”. The total amortized cost and fair value of the unitranche and/or last out loans were $201,585 and $166,464, respectively, as of June 30, 2025. The total amortized cost and fair value of the unitranche and/or last out loans were $22,359 and $22,413, respectively, as of June 30, 2024.

(3) Includes reorganizations and restructuring of investments.
(4) Reduction to cost value of our Subordinated Structured Notes investments represents the difference between distributions received, or entitled to be received, for the year ended June 30, 2025, of $84,604 and the effective yield interest income recognized on our Subordinated Structured Notes of $14,017.

The following tables show the aggregate changes in the fair value of our Level 3 investments during the year ended June 30, 2024:


	First Lien Revolving Line of Credit		First Lien Debt(2)		Second Lien Revolving Line of Credit		Second Lien Debt		Unsecured Debt		Subordinated Structured Notes		Equity		Total
Fair value as of June 30, 2023	$	58,058	$	4,295,314	$	4,646	$	1,257,862	$	7,200	$	665,002	$	1,429,368	$	7,717,450
Net realized (losses) gains on investments	—		(72,795)		—		(179,986)		(1)		(159,113)		(5,753)		(417,648)
Net change in unrealized (losses) gains	(963)		13,833		333		147,658		—		109,757		(8,540)		262,078
Net realized and unrealized (losses) gains	(963)		(58,962)		333		(32,328)		(1)		(49,356)		(14,293)		(155,570)
Purchases of portfolio investments(3)	36,076		517,356		—		(14,791)		—		—		91,310		629,951
Payment-in-kind interest	3,975		125,387		—		5,143		—		—		—		134,505
Accretion of discounts and premiums, net	104		3,474		8		1,984		—		—		—		5,570
Decrease to Subordinated Structured Notes cost, net(4)	—		—		—		—		—		(83,403)		—		(83,403)
Repayments and sales of portfolio investments(3)	(10,706)		(318,911)		—		(178,988)		1		(553)		(26,912)		(536,069)

Transfers out of Level 3(1)	—		(83,297)		—		(23,000)		—		—		—		(106,297)
Transfers into Level 3(1)	—		39,455		—		23,000		—		—		—		62,455
Fair value as of June 30, 2024	$	86,544	$	4,519,816	$	4,987	$	1,038,882	$	7,200	$	531,690	$	1,479,473	$	7,668,592

(1) Transfers are assumed to have occurred at the beginning of the quarter during which the asset was transferred. During the year ended June 30, 2024, seven of our first lien notes transferred out of Level 3 to Level 2 because inputs to the valuation became observable. During the year ended June 30, 2024, three of our first lien notes transferred out of Level 2 to Level 3 because inputs to the valuation became unobservable.
(2) First lien debt includes a loan that the Company classifies as “unitranche” and a loan classified as “first lien last out.” The total amortized cost and fair value of the unitranche and/or last out loans and were $22,359 and $22,413, respectively, as of June 30, 2024. The total amortized cost and fair value of the unitranche and/or last out loans were $49,625 and $48,332, respectively, as of June 30, 2023.

(3)Includes reorganizations and restructuring of investments.

(4) Reduction to cost value of our Subordinated Structured Notes investments represents the difference between distributions received, or entitled to be received, for the year ended June 30, 2024, of $119,125 and the effective yield interest income recognized on our Subordinated Structured Notes of $35,722.

The year ended June 30, 2025 and June 30, 2024, respectively net change in unrealized (losses) gains on the investments that use Level 3 inputs was $(429,221) and $(135,905) for investments still held as of June 30, 2025 and June 30, 2024, respectively.

The following table shows industries that comprise of greater than 10% of our portfolio at fair value as of June 30, 2025 and June 30, 2024:


	June 30, 2025						June 30, 2024
	Cost		Fair Value		% of Portfolio		Cost		Fair Value		% of Portfolio
Equity Real Estate Investment Trusts (REITs)	$	922,647	$	1,300,972	19.5	%	$	897,181	$	1,485,332	19.1	%
Consumer Finance	741,932		953,320		14.3	%	623,033		728,320		9.4	%
Healthcare Providers & Services	767,993		731,527		11.0	%	739,721		821,921		10.6	%
All Other Industries	4,260,929		3,687,697		55.2	%	5,187,239		4,682,670		60.9	%
Total	$	6,693,501	$	6,673,516	100.0	%	$	7,447,174	$	7,718,243	100.0	%

As of June 30, 2025 investments in California comprised 11.9% of our investments at fair value, with a cost of $1,083,513 and a fair value of $794,097. As of June 30, 2025 investments in Mississippi comprised 11.4% of our investments at fair value, with a cost of $483,318 and a fair value of $760,518. As of June 30, 2024 investments in California comprised 10.9% of our investments at fair value, with a cost of $970,217 and a fair value of $839,303. As of June 30, 2024 investments in Mississippi comprised 7.9% of our investments at fair value, with a cost of $456,138 and a fair value of $605,928.

The ranges of unobservable inputs used in the fair value measurement of our Level 3 investments as of June 30, 2025 were as follows:

Unobservable Input

Asset Category

Fair Value

Primary Valuation Approach or Technique

Input

Range

Weighted
Average (4)

First Lien Debt

1,605,991

Discounted cash flow (Yield analysis)

Market yield

7.8%

28.9%

11.8%

First Lien Debt

902,617

Discounted cash flow

Discount Rate

6.5%

10.3%

7.3%

Terminal Cap Rate

5.3%

8.3%

6.0%

First Lien Debt

630,095

Enterprise value waterfall (Market approach)

EBITDA multiple

4.8x

12.8x

10.6x

Enterprise value waterfall (Discounted cash flow)

Discount rate

14.5%

38.8%

17.2%

First Lien Debt

452,172

Enterprise value waterfall (Market approach)

Tangible book value multiple

3.0x

3.5x

Earnings multiple

8.0x

12.5x

First Lien Debt

351,480

Enterprise value waterfall (Market approach)

EBITDA multiple

5.0x

11.5x

9.8x

First Lien Debt

236,073

Enterprise value waterfall (Market approach)

Revenue multiple

0.3x

2.0x

1.7x

First Lien Debt

78,736

Enterprise value waterfall (Market approach)

Tangible book value multiple

1.4x

2.2x

First Lien Debt

54,739

Enterprise value waterfall (Discounted cash flow)

Discount rate

6.0%

8.0%

6.0%

Enterprise value waterfall

Indicative bid estimate

n/a

First Lien Debt

49,114

Enterprise value waterfall (Market approach)

Revenue multiple

0.4x

1.6x

0.9x

Enterprise value waterfall (Discounted cash flow)

Discount rate

15.5%

31.0%

17.8%

First Lien Debt

30,673

Discounted cash flow (Yield analysis)

Market yield

26.4%

Option Pricing Model

Expected volatility

45.0%

55.0%

Enterprise value waterfall (Market approach)

EBITDA multiple

8.0x

9.0x

First Lien Debt

11,852

Discounted cash flow (Yield analysis)

Market yield

17.2%

Option Pricing Model

Expected volatility

45.0%

55.0%

First Lien Debt

10,663

Enterprise value waterfall (Discounted cash flow)

Discount rate

10.0%

30.0%

15.3%

First Lien Debt

5,922

Option Pricing Model

Expected volatility

30.0%

40.0%

Second Lien Debt

651,091

Discounted cash flow (Yield analysis)

Market yield

11.0%

48.5%

15.6%

Second Lien Debt

54,997

Enterprise value waterfall

Purchase price

n/a

Second Lien Debt

12,897

Asset recovery analysis

Recoverable amount

n/a

Second Lien Debt

7,387

Enterprise value waterfall (Market approach)

EBITDA multiple

4.8x

7.8x

6.3x

Enterprise value waterfall (Discounted cash flow)

Discount rate

14.5%

16.5%

15.5%

Subordinated Structured Notes

35,002

Discounted cash flow

Discount rate (2)

16.0%

60.2%

17.7%

Unsecured Debt

5,403

Enterprise value waterfall (Market approach)

EBITDA multiple

5.8x

7.0x

Preferred Equity

89,912

Enterprise value waterfall (Market approach)

EBITDA multiple

4.3x

11.3x

8.9x

Preferred Equity

21,092

Option Pricing Model

Expected volatility

55.0%

70.0%

65.2%

Enterprise value waterfall (Market approach)

EBITDA multiple

3.3x

6.8x

5.3x

Preferred Equity

10,914

Enterprise value waterfall (Discounted cash flow)

Discount rate

6.0%

8.0%

6.0%

Enterprise value waterfall

Indicative bid estimate

n/a

Preferred Equity

6,697

Enterprise value waterfall (Market approach)

Revenue multiple

0.3x

2.0x

1.1x

Liquidation Trust

6,500

Deficiency claim analysis

Recoverable amount

n/a

Common Equity/Interests/Warrants

454,847

Enterprise value waterfall (Market approach)

EBITDA multiple

4.5x

11.5x

10.2x

Unobservable Input

Asset Category

Fair Value

Primary Valuation Approach or Technique

Input

Range

Weighted
Average (4)

Common Equity/Interests/Warrants

354,269

Discounted cash flow

Discount rate

6.5%

10.3%

7.3%

Terminal Cap Rate

5.3%

8.3%

6.0%

Common Equity/Interests/Warrants

308,346

Enterprise value waterfall (Market approach)

Tangible book value multiple

3.0x

3.5x

Earnings multiple

8.0x

12.5x

Common Equity/Interests/Warrants

42,484

Enterprise value waterfall (Market approach)

EBITDA multiple

7.0x

12.8x

11.8x

Enterprise value waterfall (Discounted cash flow)

Discount rate

16.0%

38.8%

36.8%

Common Equity/Interests/Warrants (3)

32,206

Discounted cash flow

Discount rate

6.5%

10.3%

7.3%

Terminal Cap Rate

5.3%

8.3%

6.0%

Common Equity/Interests/Warrants

26,817

Enterprise value waterfall (Discounted cash flow)

Discount rate

10.0%

30.0%

15.5%

Common Equity/Interests/Warrants

22,289

Enterprise value waterfall

Purchase price

n/a

Common Equity/Interests/Warrants (1)

11,880

Enterprise value waterfall

Discount rate (2)

12.3%

16.0%

13.0%

Common Equity/Interests/Warrants

11,660

Asset recovery analysis

Recoverable amount

n/a

Common Equity/Interests/Warrants

4,614

Enterprise value waterfall (Discounted cash flow)

Discount Rate

20.0%

30.0%

20.5%

Total Level 3 Investments

6,591,431

(1)Represents the fair value of investments held by NPRC (see National Property REIT Corp section below) through its wholly owned subsidiary, National General Lending Limited (“NGL”), and valued using a discounted cash flow valuation technique.

(2)Represents the implied discount rate based on our internally generated single-cash flow model that is derived from the fair value estimated by the corresponding multi-path cash flow model utilized by the independent valuation firm.

(3)Represents Residual Profit Interests in Real Estate Investments.

(4)The weighted average information is generally derived by assigning each disclosed unobservable input a proportionate weight based on the fair value of the related investment.

The ranges of unobservable inputs used in the fair value measurement of our Level 3 investments as of June 30, 2024 were as follows:

Unobservable Input

Asset Category

Fair Value

Primary Valuation Approach or Technique

Input

Range

Weighted
Average (4)

First Lien Debt

1,803,971

Discounted cash flow (Yield analysis)

Market yield

8.3%

34.1%

12.4%

First Lien Debt

602,921

Enterprise value waterfall (Market approach)

EBITDA multiple

3.3x

11.5x

8.2x

First Lien Debt

316,428

Enterprise value waterfall (Market approach)

EBITDA multiple

10.5x

12.5x

11.5x

Enterprise value waterfall (Discounted cash flow)

Discount rate

9.3%

11.3%

10.3%

First Lien Debt

156,075

Enterprise value waterfall (Market approach)

Revenue multiple

0.3x

2.0x

1.1x

First Lien Debt

56,239

Enterprise value waterfall (Discounted cash flow)

Discount rate

5.8%

30.0%

7.2%

First Lien Debt

40,488

Enterprise value waterfall (Market approach)

Revenue multiple

0.9x

1.5x

1.2x

Enterprise value waterfall (Discounted cash flow)

Discount rate

14.0%

55.0%

34.5%

First Lien Debt

5,165

Enterprise value waterfall (Market approach)

Revenue multiple

0.4x

0.7x

0.6x

Discounted cash flow (Yield analysis)

Market yield

13.7%

19.7%

16.7%

First Lien Debt (1)

20,630

Enterprise value waterfall

Loss-adjusted discount rate

8.2%

Projected loss rates

3.0%

First Lien Debt (1)

190,500

Enterprise value waterfall

Discount rate (2)

11.2%

29.1%

13.2%

First Lien Debt

111,800

Enterprise value waterfall (Market approach)

Tangible book value multiple

1.0x

2.1x

1.6x

First Lien Debt

424,992

Enterprise value waterfall (Market approach)

Tangible book value multiple

2.5x

3.0x

2.7x

Earnings multiple

9.0x

12.0x

10.5x

First Lien Debt

877,151

Discounted cash flow

Discount Rate

6.3%

9.8%

7.2%

Terminal Cap Rate

5.3%

8.3%

6.0%

Second Lien Debt

1,031,632

Discounted cash flow (Yield analysis)

Market yield

8.3%

64.6%

15.3%

Second Lien Debt

1,948

Enterprise value waterfall (Market approach)

EBITDA multiple

4.5x

5.5x

5.0x

Second Lien Debt

10,289

Asset recovery analysis

Recoverable amount

n/a

Unsecured Debt

7,200

Enterprise value waterfall (Market approach)

EBITDA multiple

5.8x

7.0x

6.4x

Subordinated Structured Notes

531,690

Discounted cash flow

Discount rate (2)

5.4%

20.8%

11.7%

Preferred Equity

8,287

Enterprise value waterfall (Market approach)

Revenue multiple

0.3x

2.0x

1.2x

Preferred Equity

34,198

Enterprise value waterfall (Market approach)

EBITDA multiple

3.3x

9.5x

8.9x

Preferred Equity

12,184

Enterprise value waterfall (Discounted cash flow)

Discount rate

5.8%

7.8%

6.8%

Common Equity/Interests/Warrants

455,535

Enterprise value waterfall (Market approach)

EBITDA multiple

3.3x

11.5x

8.4x

Common Equity/Interests/Warrants

3,923

Enterprise value waterfall (Market approach)

Revenue multiple

0.4x

1.5x

0.6x

Common Equity/Interests/Warrants

426

Enterprise value waterfall (Market approach)

Revenue multiple

0.9x

1.5x

1.2x

Enterprise value waterfall (Discounted cash flow)

Discount rate

14.0%

55.0%

34.5%

Common Equity/Interests/Warrants

147,455

Enterprise value waterfall (Market approach)

EBITDA multiple

10.5x

12.5x

11.5x

Enterprise value waterfall (Discounted cash flow)

Discount rate

9.3%

11.3%

10.3%

Unobservable Input

Asset Category

Fair Value

Primary Valuation Approach or Technique

Input

Range

Weighted
Average (4)

Common Equity/Interests/Warrants (1)

53,860

Enterprise value waterfall

Loss-adjusted discount rate

8.2%

Projected loss rates

3.0%

Discount rate (2)

11.2%

29.1%

13.2%

Common Equity/Interests/Warrants (3)

46,193

Discounted cash flow

Discount rate

6.3%

9.8%

7.2%

Terminal Cap Rate

5.3%

8.3%

6.0%

Common Equity/Interests/Warrants

10,592

Enterprise value waterfall (Market approach)

Tangible book value multiple

1.0x

2.1x

1.2x

Common Equity/Interests/Warrants

180,936

Enterprise value waterfall (Market approach)

Tangible book value multiple

2.5x

3.0x

2.7x

Earnings multiple

9.0x

12.0x

10.5x

Common Equity/Interests/Warrants

508,128

Discounted cash flow

Discount rate

6.3%

9.8%

7.2%

Terminal Cap Rate

5.3%

8.3%

6.0%

Common Equity/Interests/Warrants

5,105

Enterprise value waterfall (Discounted cash flow)

Discount Rate

18.5%

30.0%

22.8%

Common Equity/Interests/Warrants

12,651

Asset recovery analysis

Recoverable amount

n/a

Total Level 3 Investments

7,668,592

(1)Represents the fair value of investments held by NPRC (see National Property REIT Corp section below) through its wholly owned subsidiaries, American Consumer Lending Limited (“ACLL”) and National General Lending Limited (“NGL”), and valued using a discounted cash flow valuation technique.

(3)Represents Residual Profit Interests in Real Estate Investments.

(4)The weighted average information is generally derived by assigning each disclosed unobservable input a proportionate weight based on the fair value of the related investment. For the Loss-adjusted discount rate and Projected loss rate unobservable inputs of investments represented in (1), the weighted average is determined based on the purchase yield of recently issued loans within each respective term-grade cohort.

Investments for which market quotations are readily available are valued at such market quotations. In order to validate market quotations, management and the independent valuation firm look at a number of factors to determine if the quotations are representative of fair value, including the source and nature of the quotations. These investments are classified as Level 1 or Level 2 in the fair value hierarchy.

The fair value of debt investments specifically classified as Level 2 in the fair value hierarchy are generally valued by an independent pricing agent or more than one principal market maker, if available, otherwise a principal market maker or a primary market dealer. We generally value over-the-counter securities by using the prevailing bid and ask prices from dealers during the relevant period end, which were provided by an independent pricing agent and screened for validity by such service.

In determining the range of values for debt instruments where market quotations are not readily available, and are therefore classified as Level 3 in the fair value hierarchy, except CLOs and debt investments in controlling portfolio companies, management and the independent valuation firm estimated corporate and security credit ratings and identified corresponding yields to maturity for each loan from relevant market data. A discounted cash flow technique was then applied using the appropriate yield to maturity as the discount rate, to determine a range of values. In determining the range of values for debt investments of controlled companies and equity investments, the enterprise value was determined by applying a market approach such as using earnings before interest, taxes, depreciation and amortization (“EBITDA”) multiples, net income and/or book value multiples for similar guideline public companies and/or similar recent investment transactions and/or an income approach, such as the discounted cash flow technique. The enterprise value technique may also be used to value debt investments which are credit impaired. For stressed debt and equity investments, asset recovery analysis was used.

In determining the range of values for our investments in CLOs, the independent valuation firm uses a discounted multi-path cash flow model. The valuations were accomplished through the analysis of the CLO deal structures to identify the risk exposures from the modeling point of view as well as to determine an appropriate call date (i.e., expected maturity). These risk factors are sensitized in the multi-path cash flow model using Monte Carlo simulations, to generate probability-weighted (i.e., multi-path) cash flows for the underlying assets and liabilities. These cash flows are discounted using appropriate market discount rates, and relevant data in the CLO market and certain benchmark credit indices are considered, to determine the value of each CLO investment. In addition, we generate a single-path cash flow utilizing our best estimate of expected cash receipts, and assess the reasonableness of the implied discount rate that would be effective for the value derived from the corresponding multi-path cash flow model. These investments are classified as Level 3 in the fair value hierarchy.

The significant unobservable input used to value our investments based on the yield technique and discounted cash flow technique is the market yield (or applicable discount rate) used to discount the estimated future cash flows expected to be received from the underlying investment, which includes both future principal and interest/dividend payments. Increases or decreases in the market yield (or applicable discount rate) would result in a decrease or increase, respectively, in the fair value measurement. Management and the independent valuation firms consider the following factors when selecting market yields or discount rates: risk of default, rating of the investment and comparable company investments, and call provisions.

The significant unobservable inputs used to value our investments based on the EV analysis may include market multiples of specified financial measures such as EBITDA, revenue, net income, or book value of identified guideline public companies, implied valuation multiples from precedent M&A transactions, and/or discount rates applied in a discounted cash flow technique. The independent valuation firm identifies a population of publicly traded companies with similar operations and key attributes to that of the portfolio company. Using valuation and operating metrics of these guideline public companies and/or as implied by relevant precedent transactions, a range of multiples of the latest twelve months EBITDA, or other measure such as net income or book value, is typically calculated. The independent valuation firm utilizes the determined multiples to estimate the portfolio company’s EV generally based on the latest twelve months EBITDA of the portfolio company (or other meaningful measure). Increases or decreases in the multiple would result in an increase or decrease, respectively, in EV which would result in an increase or decrease in the fair value measurement of the debt of controlled companies and/or equity investment, as applicable. In certain instances, a discounted cash flow analysis may be considered in estimating EV, in which case, discount rates based on a weighted average cost of capital and application of the capital asset pricing model may be utilized.

The significant unobservable inputs used to value our private REIT investments based on the discounted cash flow analysis is the discount rate and terminal capitalization rate applied to projected cash flows of the underlying properties. Increases or decreases in the discount rate and terminal capitalization rate would result in a decrease or increase, respectively, in the fair value measurement.

Changes in market yields, discount rates, capitalization rates or EBITDA (or other) multiples, each in isolation, may change the fair value measurement of certain of our investments. Generally, an increase in market yields, discount rates or capitalization rates, or a decrease in EBITDA (or other) multiples may result in a decrease in the fair value measurement of certain of our investments.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period. Additionally, the fair value of our investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that we may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize significantly less than the value at which we have recorded it.

In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the currently assigned valuations.

Changes in Valuation Techniques

During the year ended June 30, 2025, the valuation methodology for Aventiv Technologies, LLC (f/k/a Securus Technologies Holdings, Inc.) (“Aventiv”) for the Third Out Super Priority First Lien Term Loan changed from a combination of the yield analysis and market quotes to relying solely on market quotes, since market quotes were more active in the current period. The valuation methodology for the Second Out Super Priority First Lien Term Loan and Second Lien Term Loan changed from the yield analysis and a combination of the yield analysis and enterprise value waterfall, respectively, to solely the enterprise value waterfall, given the performance of Aventiv. The fair value of our investment in Aventiv’s Third Out Super Priority First Lien Term Loan, Second Out Super Priority First Lien Term Loan, and Second Lien Term Loan decreased to $19,550, $722, and $7,387, respectively, as of June 30, 2025, a discount of $8,404, $0, and $51,684, respectively, from its amortized cost, compared to the $54 unrealized premium, $0, and $10,573 unrealized discount, respectively, recorded at June 30, 2024.

During the year ended June 30, 2025, the valuation methodology for Belnick, LLC (d/b/a The Ubique Group) changed from the yield analysis to the enterprise value waterfall given the decline in company performance and increase in net leverage. As a result, the fair value of our investment in Belnick, LLC decreased to $51,166 as of June 30, 2025, a discount of $37,086 from its amortized cost, compared to the $302 unrealized discount recorded at June 30, 2024.

During the year ended June 30, 2025, the valuation methodology for Discovery Point Retreat, LLC for the Series A Preferred Stock changed from relying solely on the enterprise value waterfall, to relying on a combination of the enterprise value waterfall and Black-Scholes Option Pricing Method, to consider the optionality of the equity position given PSEC’s limited control. As a result of this methodology change, the fair value of our investment in Discovery Point Retreat’s Series A Preferred Stock decreased to $10,897, as of June 30, 2025, a premium of $2,947 from its amortized cost, compared to the $7,950 unrealized premium recorded at June 30, 2024.

During the year ended June 30, 2025, the valuation methodology for Nexus Buyer LLC (“IntraFi”) changed from relying on a combination of the yield analysis and market quotes, to relying solely on market quotes, since market quotes were more active in the current period. As a result of the quoted prices, the fair value of our investment is $21,500, as of June 30, 2025, which is equal to its amortized cost. The fair value of the investment at June 30, 2024 also equaled amortized cost.

During the year ended June 30, 2025, the valuation methodology for Shutterfly Finance, LLC for the First Lien Term Loan and Second Lien Term Loan changed from relying on the yield analysis and on a combination of the yield analysis and market quotes, respectively, to both relying solely on market quotes, since market quotes were more active in the current period. As a result of the quoted prices, the fair value of our investment in the First Lien Term Loan and Second Lien Term Loan is $2,406 and $17,934, as of June 30, 2025, a discount of $0 and $1,272 from its amortized cost, compared to the $20 and $2,696 unrealized discount recorded at June 30, 2024.

Credit Quality Indicators and Undrawn Commitments

As of June 30, 2025, $4,010,055 of our loans to portfolio companies, at fair value, bear interest at floating rates and have LIBOR or SOFR floors ranging from 0.0% - 5.5%. As of June 30, 2025, $1,223,932 of our loans to portfolio companies, at fair value, bear interest at fixed rates ranging from 6.0% to 18.0%. As of June 30, 2024, $4,592,731 of our loans to portfolio companies, at fair value, bore interest at floating rates and have LIBOR or SOFR floors ranging from 0.0% to 5.5%. As of June 30, 2024, $1,114,349 of our loans to portfolio companies, at fair value, bore interest at fixed rates ranging from 6.0% to 20.0%.

As of June 30, 2025 and June 30, 2024, the cost basis of our loans on non-accrual status amounted to $273,713 and $215,880 respectively, with fair value of $23,654 and $25,327, respectively. The fair values of these investments represent approximately 0.3% and 0.3% of our total assets at fair value as of June 30, 2025 and June 30, 2024, respectively.

Undrawn committed revolvers and delayed draw term loans to our portfolio companies incur commitment and unused fees ranging from 0.00% to 5.00%. As of June 30, 2025 and June 30, 2024, we had $40,707 and $34,771, respectively, of undrawn revolver and delayed draw term loan commitments to our portfolio companies of which $15,900 and $2,215 are considered at the Company’s sole discretion. The fair value of our undrawn committed revolvers and delayed draw term loans was zero as of June 30, 2025 and June 30, 2024 as they were all floating rate instruments that repriced frequently.

National Property REIT Corp.

Prospect owns 100% of the equity of NPH Property Holdings, LLC (“NPH”), a consolidated holding company which owns 100% of the common equity of NPRC.

NPRC is a Maryland corporation and a qualified REIT for federal income tax purposes. NPRC was formed to hold for investment, operate, finance, lease, manage, and sell a portfolio of real estate assets and engage in any and all other activities as may be necessary, incidental or convenient to carry out the foregoing. NPRC acquires real estate assets, including, but not limited to, industrial, commercial, and multi-family properties. NPRC may acquire real estate assets directly or through joint

ventures by making a majority equity investment in a property-owning entity (“JV”). Additionally, through its wholly-owned subsidiaries, NPRC invests in online consumer loans and rated secured structured notes (“RSSN”).

During the year ended June 30, 2025, we provided $96,995 of debt financing to NPRC to fund real estate capital expenditures and provide working capital.

During the year ended June 30, 2025, we received partial repayments of $285,386 of our loans previously outstanding with NPRC and its wholly owned subsidiary.

During the year ended June 30, 2024, we provided $248,344 of debt financing and $4,600 of equity financing to NPRC to fund real estate capital expenditures, provide working capital, and to fund purchases of rated secured structured notes.

During the year ended June 30, 2024, we received partial repayments of $108,950 of our loans previously outstanding with NPRC and its wholly owned subsidiary.

As of June 30, 2025, our investment in NPRC and its wholly owned subsidiaries had an amortized cost of $922,647 and a fair value of $1,300,972. The fair value of $1,289,092 related to NPRC’s real estate portfolio was comprised of forty-seven multi-family properties, five student housing properties, four senior living properties, and two commercial properties. The following table shows the location, acquisition date, purchase price, and mortgage outstanding due to other parties for each of the properties held by NPRC as of June 30, 2025:


No.	Property Name	City	Acquisition Date	Purchase Price		Mortgage Outstanding

1	Taco Bell, OK	Yukon, OK	6/4/2014	$	1,719	$	—
2	Taco Bell, MO	Marshall, MO	6/4/2014	1,405		—
3	Abbie Lakes OH Partners, LLC	Canal Winchester, OH	9/30/2014	12,600		21,569
4	Kengary Way OH Partners, LLC	Reynoldsburg, OH	9/30/2014	11,500		22,945
5	Lakeview Trail OH Partners, LLC	Canal Winchester, OH	9/30/2014	26,500		43,656
6	Lakepoint OH Partners, LLC	Pickerington, OH	9/30/2014	11,000		25,935
7	Sunbury OH Partners, LLC	Columbus, OH	9/30/2014	13,000		21,372
8	Heatherbridge OH Partners, LLC	Blacklick, OH	9/30/2014	18,416		31,810
9	Jefferson Chase OH Partners, LLC	Blacklick, OH	9/30/2014	13,551		27,625
10	Goldenstrand OH Partners, LLC	Hilliard, OH	10/29/2014	7,810		17,195
11	Vesper Tuscaloosa, LLC	Tuscaloosa, AL	9/28/2016	54,500		40,312
12	Vesper Corpus Christi, LLC	Corpus Christi, TX	9/28/2016	14,250		10,112
13	Vesper Campus Quarters, LLC	Corpus Christi, TX	9/28/2016	18,350		13,272
14	Vesper College Station, LLC	College Station, TX	9/28/2016	41,500		30,016
15	Vesper Statesboro, LLC	Statesboro, GA	9/28/2016	7,500		7,323
16	9220 Old Lantern Way, LLC	Laurel, MD	1/30/2017	187,250		150,423
17	7915 Baymeadows Circle Owner, LLC	Jacksonville, FL	10/31/2017	95,700		87,031
18	8025 Baymeadows Circle Owner, LLC	Jacksonville, FL	10/31/2017	15,300		15,156
19	23275 Riverside Drive Owner, LLC	Southfield, MI	11/8/2017	52,000		53,231
20	23741 Pond Road Owner, LLC	Southfield, MI	11/8/2017	16,500		18,417
21	150 Steeplechase Way Owner, LLC	Largo, MD	1/10/2018	44,500		35,185
22	Olentangy Commons Owner LLC	Columbus, OH	6/1/2018	113,000		92,876
23	Villages of Wildwood Holdings LLC	Fairfield, OH	7/20/2018	46,500		58,393
24	Falling Creek Holdings LLC	Richmond, VA	8/8/2018	25,000		25,075
25	Crown Pointe Passthrough LLC	Danbury, CT	8/30/2018	108,500		89,400
26	Lorring Owner LLC	Forestville, MD	10/30/2018	58,521		47,274
27	Hamptons Apartments Owner, LLC	Beachwood, OH	1/9/2019	96,500		79,520
28	5224 Long Road Holdings, LLC	Orlando, FL	6/28/2019	26,500		21,200
29	Druid Hills Holdings LLC	Atlanta, GA	7/30/2019	96,000		77,261
30	Bel Canto NPRC Parcstone LLC	Fayetteville, NC	10/15/2019	45,000		42,329
31	Bel Canto NPRC Stone Ridge LLC	Fayetteville, NC	10/15/2019	21,900		21,313
32	Sterling Place Holdings LLC	Columbus, OH	10/28/2019	41,500		34,196
33	SPCP Hampton LLC	Dallas, TX	11/2/2020	36,000		38,843
34	Palmetto Creek Holdings LLC	North Charleston, SC	11/10/2020	33,182		25,865


No.	Property Name	City	Acquisition Date	Purchase Price		Mortgage Outstanding
35	Valora at Homewood Holdings LLC	Homewood, AL	11/19/2020	81,250		63,844
36	NPRC Fairburn LLC	Fairburn, GA	12/14/2020	52,140		43,900
37	NPRC Taylors LLC	Taylors, SC	1/27/2021	18,762		14,075
38	Parkside at Laurel West Owner LLC	Spartanburg, SC	2/26/2021	57,005		42,025
39	Willows at North End Owner LLC	Spartanburg, SC	2/26/2021	23,255		18,906
40	SPCP Edge CL Owner LLC	Webster, TX	3/12/2021	34,000		25,496
41	Jackson Pear Orchard LLC	Ridgeland, MS	6/28/2021	50,900		42,975
42	Jackson Lakeshore Landing LLC	Ridgeland, MS	6/28/2021	22,600		17,955
43	Jackson Reflection Pointe LLC	Flowood, MS	6/28/2021	45,100		33,203
44	Jackson Crosswinds LLC	Pearl, MS	6/28/2021	41,400		38,601
45	Elliot Apartments Norcross, LLC	Norcross, GA	11/30/2021	128,000		106,850
46	Orlando 442 Owner, LLC (West Vue Apartments)	Orlando, FL	12/30/2021	97,500		70,723
47	NPRC Wolfchase LLC	Memphis, TN	3/18/2022	82,100		60,000
48	NPRC Twin Oaks LLC	Hattiesburg. MS	3/18/2022	44,850		36,704
49	NPRC Lancaster LLC	Birmingham, AL	3/18/2022	37,550		29,673
50	NPRC Rutland LLC	Macon, GA	3/18/2022	29,750		24,383
51	Southport Owner LLC (Southport Crossing)	Indianapolis, IN	3/29/2022	48,100		36,075
52	TP Cheyenne, LLC	Cheyenne, WY	5/26/2022	27,500		17,656
53	TP Pueblo, LLC	Pueblo, CO	5/26/2022	31,500		20,166
54	TP Stillwater, LLC	Stillwater, OK	5/26/2022	26,100		15,328
55	TP Kokomo, LLC	Kokomo, IN	5/26/2022	20,500		12,753
56	Terraces at Perkins Rowe JV LLC	Baton Rouge, LA	11/14/2022	41,400		29,566
57	NPRC Apex Holdings LLC	Cincinnati, OH	1/19/2024	34,225		27,712
58	NPRC Parkton Holdings LLC	Cincinnati, OH	1/19/2024	45,775		37,090
				$	2,534,216	$	2,191,789

As of June 30, 2024, investments held by certain of NPRC’s wholly-owned subsidiaries was comprised of residual interest in two securitizations valued at $2,647, one corporate bond valued at $18,058 and other assets valued at $1,249 for an aggregate fair value of $21,954.

As of June 30, 2024, our investment in NPRC and its wholly owned subsidiaries had an amortized cost of $1,108,311 and a fair value of $1,696,462. The fair value of $1,431,472 related to NPRC’s real estate portfolio was comprised of forty-nine multi-family properties, six student housing properties, four senior living properties, and two commercial properties. The following table shows the location, acquisition date, purchase price, and mortgage outstanding due to other parties for each of the properties held by NPRC as of June 30, 2024:


No.	Property Name	City	Acquisition Date	Purchase Price		Mortgage Outstanding
1	Arlington Park Marietta, LLC	Marietta, GA	5/8/2013	$	14,850	$	13,440
2	Taco Bell, OK	Yukon, OK	6/4/2014	1,719		—
3	Taco Bell, MO	Marshall, MO	6/4/2014	1,405		—
4	Abbie Lakes OH Partners, LLC	Canal Winchester, OH	9/30/2014	12,600		21,569
5	Kengary Way OH Partners, LLC	Reynoldsburg, OH	9/30/2014	11,500		22,945
6	Lakeview Trail OH Partners, LLC	Canal Winchester, OH	9/30/2014	26,500		43,656
7	Lakepoint OH Partners, LLC	Pickerington, OH	9/30/2014	11,000		25,935
8	Sunbury OH Partners, LLC	Columbus, OH	9/30/2014	13,000		21,372
9	Heatherbridge OH Partners, LLC	Blacklick, OH	9/30/2014	18,416		31,810
10	Jefferson Chase OH Partners, LLC	Blacklick, OH	9/30/2014	13,551		27,625
11	Goldenstrand OH Partners, LLC	Hilliard, OH	10/29/2014	7,810		17,195
12	Vesper Tuscaloosa, LLC	Tuscaloosa, AL	9/28/2016	54,500		41,101
13	Vesper Iowa City, LLC	Iowa City, IA	9/28/2016	32,750		23,700
14	Vesper Corpus Christi, LLC	Corpus Christi, TX	9/28/2016	14,250		10,311
15	Vesper Campus Quarters, LLC	Corpus Christi, TX	9/28/2016	18,350		13,533


16	Vesper College Station, LLC	College Station, TX	9/28/2016	41,500		30,606
17	Vesper Statesboro, LLC	Statesboro, GA	9/28/2016	7,500		7,435
18	9220 Old Lantern Way, LLC	Laurel, MD	1/30/2017	187,250		152,799
19	7915 Baymeadows Circle Owner, LLC	Jacksonville, FL	10/31/2017	95,700		88,529
20	8025 Baymeadows Circle Owner, LLC	Jacksonville, FL	10/31/2017	15,300		15,408
21	23275 Riverside Drive Owner, LLC	Southfield, MI	11/8/2017	52,000		54,176
22	23741 Pond Road Owner, LLC	Southfield, MI	11/8/2017	16,500		18,747
23	150 Steeplechase Way Owner, LLC	Largo, MD	1/10/2018	44,500		35,837
24	Olentangy Commons Owner LLC	Columbus, OH	6/1/2018	113,000		92,876
25	Villages of Wildwood Holdings LLC	Fairfield, OH	7/20/2018	46,500		58,393
26	Falling Creek Holdings LLC	Richmond, VA	8/8/2018	25,000		25,374
27	Crown Pointe Passthrough LLC	Danbury, CT	8/30/2018	108,500		89,400
28	Lorring Owner LLC	Forestville, MD	10/30/2018	58,521		47,680
29	Hamptons Apartments Owner, LLC	Beachwood, OH	1/9/2019	96,500		79,520
30	5224 Long Road Holdings, LLC	Orlando, FL	6/28/2019	26,500		21,200
31	Druid Hills Holdings LLC	Atlanta, GA	7/30/2019	96,000		79,104
32	Bel Canto NPRC Parcstone LLC	Fayetteville, NC	10/15/2019	45,000		42,793
33	Bel Canto NPRC Stone Ridge LLC	Fayetteville, NC	10/15/2019	21,900		21,545
34	Sterling Place Holdings LLC	Columbus, OH	10/28/2019	41,500		34,196
35	SPCP Hampton LLC	Dallas, TX	11/2/2020	36,000		38,843
36	Palmetto Creek Holdings LLC	North Charleston, SC	11/10/2020	33,182		25,865
37	Valora at Homewood Holdings LLC	Homewood, AL	11/19/2020	81,250		63,844
38	NPRC Fairburn LLC	Fairburn, GA	12/14/2020	52,140		43,900
39	NPRC Grayson LLC	Grayson, GA	12/14/2020	47,860		40,500
40	NPRC Taylors LLC	Taylors, SC	1/27/2021	18,762		14,075
41	Parkside at Laurel West Owner LLC	Spartanburg, SC	2/26/2021	57,005		42,025
42	Willows at North End Owner LLC	Spartanburg, SC	2/26/2021	23,255		19,000
43	SPCP Edge CL Owner LLC	Webster, TX	3/12/2021	34,000		25,496
44	Jackson Pear Orchard LLC	Ridgeland, MS	6/28/2021	50,900		42,975
45	Jackson Lakeshore Landing LLC	Ridgeland, MS	6/28/2021	22,600		17,955
46	Jackson Reflection Pointe LLC	Flowood, MS	6/28/2021	45,100		33,203
47	Jackson Crosswinds LLC	Pearl, MS	6/28/2021	41,400		38,601
48	Elliot Apartments Norcross, LLC	Norcross, GA	11/30/2021	128,000		106,610
49	Orlando 442 Owner, LLC (West Vue Apartments)	Orlando, FL	12/30/2021	97,500		73,000
50	NPRC Wolfchase LLC	Memphis, TN	3/18/2022	82,100		60,000
51	NPRC Twin Oaks LLC	Hattiesburg. MS	3/18/2022	44,850		35,620
52	NPRC Lancaster LLC	Birmingham, AL	3/18/2022	37,550		29,227
53	NPRC Rutland LLC	Macon, GA	3/18/2022	29,750		23,938
54	Southport Owner LLC (Southport Crossing)	Indianapolis, IN	3/29/2022	48,100		36,075
55	TP Cheyenne, LLC	Cheyenne, WY	5/26/2022	27,500		17,656
56	TP Pueblo, LLC	Pueblo, CO	5/26/2022	31,500		20,166
57	TP Stillwater, LLC	Stillwater, OK	5/26/2022	26,100		15,328
58	TP Kokomo, LLC	Kokomo, IN	5/26/2022	20,500		12,753
59	Terraces at Perkins Rowe JV LLC	Baton Rouge, LA	11/14/2022	41,400		29,566
60	NPRC Apex Holdings LLC	Cincinnati, OH	1/19/2024	34,225		27,712
61	NPRC Parkton Holdings LLC	Cincinnati, OH	1/19/2024	45,775		37,090
				$	2,629,676	$	2,280,833

Unconsolidated Significant Subsidiaries

Our investments are generally in small and mid-sized companies in a variety of industries. In accordance with Regulation S-X 3-09 and Regulation S-X 4-08(g), we must determine which of our unconsolidated controlled portfolio companies are considered “significant subsidiaries,” if any, as defined in Rule 1-02(w)(2) for BDC’s and closed end investment companies. Regulation S-X 3-09 requires separate audited financial statements of an unconsolidated subsidiary in an annual report. Regulation S-X 4-08(g) requires summarized financial information in an annual report.

NPRC is a significant subsidiary due to income for the years ended June 30, 2024 and June 30, 2023 requiring we include the audited consolidated financial statements of NPRC for the years ended December 31, 2024 and December 31, 2023 as Exhibit 99.1 and years ended December 31, 2022 and December 31, 2021 as Exhibit 99.2. NPRC is also a significant subsidiary due to income for the year ended June 30, 2025 at a level which would otherwise require us to include summarized financial statements for NPRC; however, in accordance with Rule 3-09, the relevant consolidated financial statements of NPRC as of and for the year ended December 31, 2024 are provided within Exhibit 99.1.

First Tower Finance Company LLC (“First Tower Finance”) was identified as a significant subsidiary due to income for the year ended June 30, 2025 requiring we include the audited consolidated financial statements of First Tower Finance Company LLC and subsidiaries as of December 31, 2024 as Exhibit 99.3. First Tower Finance was identified as a significant subsidiary due to income for the year ended June 30, 2024 at a level which would otherwise require us to include summarized financial statements; however, in accordance with Rule 3-09 we have also included the unaudited consolidated financial statements of First Tower Finance Company LLC and subsidiaries as of and for the years ended December 31, 2023 and December 31, 2022 as Exhibit 99.4. First Tower was not identified as a significant subsidiary for the year ended June 30, 2023.

InterDent, Inc. (“InterDent”) was identified as a significant subsidiary due to income in accordance with Rule 4-08(g) for the years ended June 30, 2025 and June 30, 2023, but was not identified as a significant subsidiary for the year ended June 30, 2024.

Summarized financial information for InterDent is below:


Balance Sheet (1)	June 30, 2025		June 30, 2024
Current assets	$	50,885	$	49,766
Non-current assets	131,343		132,638
Current liabilities	76,752		74,041
Non-current liabilities	396,403		361,494


	For the six months ended	For the years ended December 31,
Summary Statement of Operations (1)		6/30/2025		2024		2023		2022
Total revenue		$	164,314	$	321,337	$	320,763	$	318,429
Gross profit		26,379		44,753		52,022		59,010
Net (loss)		$	(19,147)	$	(38,044)	$	(13,681)	$	(3,540)

(1) The fiscal year end of the portfolio company is December 31st compared to PSEC’s June 30th fiscal year end. All amounts are unaudited.

- Definition

The entire disclosure for investments owned by investment company.

+ References + Details