In accordance with ASC 820, the Company’s investments’ fair value is determined to be the price that would be received for an investment in a current sale, assuming an orderly transaction between willing market participants on the measurement date. This fair value definition focuses on exit price in the principal, or most advantageous, market and prioritizes, within a measurement of fair value, the use of market-based inputs over entity-specific inputs. ASC 820 also establishes the three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of a financial instrument as of the measurement date as described in Note–2 – Significant Accounting Policies.

It is the Company’s policy to recognize transfers between Levels based upon the fair value at the beginning of the year. Transfers into Level 3 represent situations when the Valuation Designee believes there is not sufficient market activity to support using a market quote to support fair value. Transfers out of Level 3 represent situations when the Valuation Designee believes there is sufficient market activity to support using a market quote to support fair value.

As of December 31, 2025, $329,667,609 of the Company’s investments were valued using unobservable inputs, and $79,557,509 were valued using observable inputs. During the year ended December 31, 2025, $39,519,409 transferred into Level 3 due to a decrease in observable price inputs in the market for these securities and a corresponding need to utilize

unobservable inputs, and $2,419,369 transferred out of Level 3 due to additional liquidity in the market for these securities, which provided more observable inputs.

As of December 31, 2024, $285,194,721 of the Company’s investments were valued using unobservable inputs, and $124,836,554 were valued using observable inputs. During the year ended December 31, 2024, $16,519,509 transferred into Level 3 due to a decrease in observable price inputs in the market for these securities and a corresponding need to utilize unobservable inputs, and $23,307,951 transferred out of Level 3 due to additional liquidity in the market for these securities, which provided more observable inputs.

The following table presents the Company’s investments carried at fair value as of December 31, 2025 and 2024, by caption on the Company’s accompanying consolidated statements of assets and liabilities and by security type.


	Assets at Fair Value as of December 31, 2025
	Level 1		Level 2		Level 3		Total
First Lien Debt	$	—	$	73,090,096	$	188,700,935	$	261,791,031
Unitranche Debt				3,298,163		127,108,392		130,406,555
Second Lien Debt				1,453,533		3,916,340		5,369,873
Equity and Preferred Shares				—		9,941,942		9,941,942
Total	$	—	$	77,841,792	$	329,667,609	$	407,509,401


	Assets at Fair Value as of Year Ended December 31, 2024
	Level 1		Level 2		Level 3		Total
First Lien Debt	$	—	$	121,359,036	$	136,303,515	$	257,662,551
Unitranche Debt		—		987,474		135,069,937		136,057,411
Second Lien Debt		—		2,490,044		7,392,500		9,882,544
Equity and Preferred Shares		—		—		6,428,769		6,428,769
Total	$	—	$	124,836,554	$	285,194,721	$	410,031,275

In accordance with ASC 820, the following table provides quantitative information about the Level 3 fair value measurements of the Company’s investments as of December 31, 2025. The weighted average calculations in the table below are based on the fair value balances for all debt related calculations for the particular input.

          
         As of December 31, 2025

          
         Fair Value

         Valuation Technique

         Unobservable
Inputs (1)

         Range (2)

         Weighted 
Average (3)

First Lien Debt

160,298,208

Matrix Pricing

Senior Leverage

0.48x - 11.35x

5.12x

          
         Total Leverage

         2.43x - 11.35x

         5.45x

          
         Interest Coverage

         0.64x - 4.68x

         1.83x

          
         Debt Service Coverage

         0.58x - 3.42x

         1.51x

          
         TEV Coverage

         0.00x - 5.75x

         2.47x

          
         Liquidity

         11.96% - 737.18%

         144.41%

          
         Spread Comparison

         300bps - 800bps

         485bps

First Lien Debt

4,508,250

Analysis of Trend in Leverage

 Maturity Modified Market Yield (4)

7.75%

7.75%

First Lien Debt

12,263,985

Matrix Pricing/Market Analysis (5)

Senior Leverage

5.38x - 8.70x

7.05x

          
         Total Leverage

         7.16x - 11.26x

         8.77x

          
         Interest Coverage

         1.00x - 1.44x

         1.18x

          
         Debt Service Coverage

         0.93x - 1.21x

         1.03x

          
         TEV Coverage

         1.10x - 2.60x

         1.88x

          
         Liquidity

         29.31% - 377.13%

         130.15%

          
         Spread Comparison

         375bps - 600bps

         440bps

First Lien Debt

11,027,439

Enterprise Value

EV/EBITDA Multiple

6.10x - 10.40x

8.56x

Unitranche Debt

72,952,262

Analysis of Trend in Leverage

 Maturity Modified Market Yield (4)

5.15% - 14.45%

7.50%

Unitranche Debt

43,305,232

Matrix Pricing

Senior Leverage

3.62x - 8.39x

6.31x

          
         Total Leverage

         3.62x - 9.62x

         6.46x

          
         Interest Coverage

         0.76x - 2.71x

         1.52x

          
         Debt Service Coverage

         0.45x - 2.00x

         1.25x

          
         TEV Coverage

         1.24x - 2.68x

         1.86x

          
         Liquidity

         39.61% - 429.12%

         143.10%

          
         Spread Comparison

         400bps - 800bps

         554bps

Unitranche Debt

9,738,234

Enterprise Value

EV/EBITDA Multiple

10.00x - 12.70x

11.25x

Second Lien Debt

2,400,000

Matrix Pricing

 Senior Leverage

4.11x - 5.64x

5.38x

          
          Total Leverage

         4.11x - 5.65x

         5.38x

          
          Interest Coverage

         2.07x - 2.38x

         2.12x

          
          Debt Service Coverage

         1.83x - 2.12x

         1.88x

          
          TEV Coverage

         1.57x - 2.87x

         1.79x

          
          Liquidity

         122.08% - 445.07%

         177.26%

          
          Spread Comparison

         775bps - 900bps

         796bps

Second Lien Debt

1,516,340

Matrix Pricing/Market Analysis (5)

Senior Leverage

10.46x

10.46x

          
         Total Leverage

         10.46x

         10.46x

          
         Interest Coverage

         0.96x

         0.96x

          
         Debt Service Coverage

         0.82x

         0.82x

          
         TEV Coverage

         1.23x

         1.23x

          
         Spread Comparison

         700bps

         700bps

Equity and Preferred

9,704,260

Enterprise Value

 EV/EBITDA Multiple

7.10x - 19.00x

13.99x

Total

327,714,210

(1)

The table does not include $1,953,399 of other investments, which the Company valued at the purchase price.

In accordance with ASC 820, the following table provides quantitative information about the Level 3 fair value measurements of the Company’s investments as of December 31, 2024. The weighted average calculations in the table below are based on the fair value balances for all debt related calculations for the particular input.

          
         As of December 31, 2024

          
         Fair Value

         Valuation Technique

         Unobservable Inputs (1)

         Range (2)

         Weighted 
Average (3)

First Lien Debt

118,638,544

Matrix Pricing

Senior Leverage

1.12x - 11.07x

4.99x

          
         Total Leverage

         2.78x - 11.07x

         5.52x

          
         Interest Coverage

         0.32x - 2.99x

         1.66x

          
         Debt Service Coverage

         0.25x - 2.54x

         1.40x

          
         TEV Coverage

         0.79x - 5.72x

         2.55x

          
         Liquidity

         0.00% - 630.05%

         135.35%

          
         Spread Comparison

         350bps - 800bps

         510bps

First Lien Debt

11,626,885

Matrix Pricing/Market Analysis (5)

Senior Leverage

6.20x - 20.32x

8.32x

          
         Total Leverage

         6.54x - 24.29x

         9.50x

          
         Interest Coverage

         0.58x - 1.23x

         0.98x

          
         Debt Service Coverage

         0.48x - 1.06x

         0.83x

          
         TEV Coverage

         0.45x - 2.45x

         1.87x

          
         Liquidity

         3.98% - 174.49%

         53.35%

          
         Spread Comparison

         375bps - 575bps

         443bps

First Lien Debt

6,038,086

Enterprise Value

EV/EBITDA Multiple

6.90x - 10.00x

7.89x

Unitranche Debt

92,477,480

Analysis of Trend in Leverage

Maturity Modified Market Yield (4)

7.12% - 81.75%

11.67%

Unitranche Debt

37,674,647

Matrix Pricing

Senior Leverage

3.31x - 6.87x

5.90x

          
         Total Leverage

         3.31x - 7.49x

         6.01x

          
         Interest Coverage

         0.71x - 2.09x

         1.46x

          
         Debt Service Coverage

         0.57x - 1.84x

         1.25x

          
         TEV Coverage

         1.43x - 3.22x

         2.03x

          
         Liquidity

         64.25% - 169.00%

         129.87%

          
         Spread Comparison

         450bps - 650bps

         541bps

Unitranche Debt

4,917,810

Enterprise Value

EV/EBITDA Multiple

12.80x - 13.90x

10.75x

Second Lien Debt

7,392,500

Matrix Pricing

Senior Leverage

5.12x - 11.15x

6.90x

          
         Total Leverage

         5.12x - 11.15x

         6.91x

          
         Interest Coverage

         0.83x - 1.76x

         1.42x

          
         Debt Service Coverage

         0.71x - 1.56x

         1.21x

          
         TEV Coverage

         1.14x - 2.13x

         1.76x

          
         Liquidity

         80.08% - 329.20%

         141.75%

          
         Spread Comparison

         700bps - 800bps

         742bps

Equity and Preferred

6,428,769

Enterprise Value

EV/EBITDA Multiple

7.06x - 21.25x

14.83x

Total

285,194,721

(1)

For any portfolio company, the unobservable input "Liquidity" is a fraction, expressed as a percentage, the numerator of which is the sum of the company's undrawn revolving credit facility capacity plus cash, and the denominator of which is the total amount that may be borrowed under the company's revolving credit facility. The unobservable input "Spread Comparison" is a comparison of the spread over the referenced rate for each investment to the spread over the referenced rate for general leveraged loan transactions.

(2)

Each range represents the variance of outputs from calculating each statistic for each portfolio company within a specific credit seniority. The range may be a single data point when there is only one company represented in a specific credit seniority.

(3)

Inputs are weighted based on the fair value of the investments included in the range.

(4)

The valuation technique incorporates a weighting of broker quotes and matrix pricing.

Fair value measurements can be sensitive to changes in one or more of the valuation inputs. Changes in market yields, discounts rates, leverage, or EBITDA multiples (or revenue or revenue multiples), each in isolation, may change the fair value of certain of the Company’s investments. Generally, an increase or decrease in market yields, discount rates or leverage or a decrease in EBITDA or EBITDA multiples (or revenue or revenue multiples) may result in a corresponding decrease or increase, respectively, in the fair value of certain of the Company’s investments.

The following tables provide the changes in fair value, broken out by security type, during the year ended December 31, 2025 and 2024 for all investments for which the Company determines fair value using unobservable (Level 3) factors.


Year Ended December 31, 2025	First Lien Debt			Unitranche Debt			Second Lien Debt			Equity and Preferred Shares			Total
Fair Value as of December 31, 2024	$	136,303,515		$	135,069,937		$	7,392,500		$	6,428,769		$	285,194,721
Transfers into Level 3		38,123,985			987,474			407,950			—			39,519,409
Transfers out of Level 3		(2,419,369	)		—			—			—			(2,419,369	)
Total gains:
Net realized gain (loss) (a)		173,615			(1,968,121	)		23,195			(248,380	)		(2,019,691	)
Net unrealized (depreciation) appreciation (b)		(2,951,526	)		(508,532	)		(421,692	)		692,283			(3,189,467	)
New investments, repayments and settlements:(c)
Purchases		50,821,421			23,658,809			—			3,282,212			77,762,442
Settlements/repayments		(32,360,876	)		(31,035,427	)		(3,500,000	)		(212,942	)		(67,109,245	)
Net amortization of premiums, PIK, discounts and fees		1,053,506			904,252			14,387			—			1,972,145
Sales		(43,336	)		—			—			—			(43,336	)
Fair Value as of December 31, 2025	$	188,700,935		$	127,108,392		$	3,916,340		$	9,941,942		$	329,667,609

(a)

Included in net realized gain (loss) on the accompanying Consolidated Statement of Operations for the year ended December 31, 2025.

(b)

Included in net change in unrealized appreciation (depreciation) on the accompanying Consolidated Statement of Operations for the year ended December 31, 2025.

(c)

Includes increases in the cost basis of investments resulting from portfolio investments, the amortization of discounts, and PIK, as well as decreases in the cost basis of investments resulting from principal repayments or sales, the amortization of premiums and acquisition costs and other cost-basis adjustments.


Year Ended December 31, 2024	First Lien Debt			Unitranche Debt			Second Lien Debt			Equity and Preferred Shares			Total
Fair Value as of December 31, 2023	$	136,202,221		$	119,516,536		$	14,808,750		$	5,431,201		$	275,958,708
Transfers into Level 3		11,898,596			4,620,913			—			—			16,519,509
Transfers out of Level 3		(23,307,951	)		—			—			—			(23,307,951	)
Total gains:
Net realized (loss) gain (a)		(763,819	)		78,478			(310,719	)		—			(996,060	)
Net unrealized (depreciation) appreciation (b)		(612,747	)		(4,172,451	)		15,245			479,172			(4,290,781	)
New investments, repayments and settlements:(c)
Purchases		47,293,163			23,500,530			—			568,350			71,362,043
Settlements/repayments		(32,943,209	)		(9,125,947	)		(7,140,000	)		(49,954	)		(49,259,110	)
Net amortization of premiums, PIK, discounts and fees		755,782			651,878			19,224			—			1,426,884
Sales		(2,218,521	)		—			—			—			(2,218,521	)
Fair Value as of December 31, 2024	$	136,303,515		$	135,069,937		$	7,392,500		$	6,428,769		$	285,194,721

(a)

Included in net realized gain (loss) on the accompanying Consolidated Statement of Operations for the year ended December 31, 2024.

(b)

Included in net change in unrealized appreciation (depreciation) on the accompanying Consolidated Statement of Operations for the year ended December 31, 2024.

(c)

The change in unrealized value attributable to investments still held at December 31, 2025 and 2024 were ($4,174,760) and ($5,795,487), respectively.

The Company held a total of 330 syndicated investments with an aggregate fair value of $407,509,401 as of December 31, 2025. During the year ended December 31, 2025, the Company invested in 131 new syndicated investments for a combined $69,991,371 and in existing investments for a combined $29,815,992. The Company also received $93,080,214 in repayments from investments and $3,442,917 from investments sold during the period.

The Company held a total of 289 syndicated investments with an aggregate fair value of $410,031,275 as of December 31, 2024. During the year ended December 31, 2024, the Company invested in 120 new syndicated investments for a combined $74,623,860 and in existing investments for a combined $34,219,421. The Company also received $63,131,474 in repayments from investments and $19,912,490 from investments sold during the period.

As of December 31, 2025, the Company’s investment portfolio consisted of investments in 268 companies located in 41 states across 26 different industries, with an aggregate fair value of $407,509,401. The five largest investments at fair value as of December 31, 2025 totaled $24,608,687, or 6.04% of the Company’s total investment portfolio as of such date. As of December 31, 2025, the Company’s average investment was $1,273,903 at cost.

As of December 31, 2024, the Company’s investment portfolio consisted of investments in 244 companies located in 39 states across 26 different industries, with an aggregate fair value of $410,031,275. The five largest investments at fair value as of December 31, 2024 totaled $25,730,062, or 6.28% of the Company’s total investment portfolio as of such date. As of December 31, 2024, the Company’s average investment was $1,442,816 at cost.

The following table outlines the Company’s investments by security type as of December 31, 2025 and 2024:


	December 31, 2025
	Cost		Percentage of Total Investments			Fair Value		Percentage of Total Investments
First Lien Debt	$	270,943,037		64.45	%	$	261,791,031		64.24	%
Unitranche Debt		134,480,537		31.99	%		130,406,555		32.00	%
Second Lien Debt		6,449,613		1.53	%		5,369,873		1.32	%
Total Debt Investments		411,873,187		97.97	%		397,567,459		97.56	%
Equity and Preferred Shares		8,519,718		2.03	%		9,941,942		2.44	%
Total Equity Investments		8,519,718		2.03	%		9,941,942		2.44	%
Total Investments	$	420,392,905		100.00	%	$	407,509,401		100.00	%


	December 31, 2024
	Cost		Percentage of Total Investments			Fair Value		Percentage of Total Investments
First Lien Debt	$	261,728,699		62.76	%	$	257,662,551		62.84	%
Unitranche Debt		139,634,159		33.49	%		136,057,411		33.18	%
Second Lien Debt		9,912,031		2.38	%		9,882,544		2.41	%
Total Debt Investments		411,274,889		98.63	%		403,602,506		98.43	%
Equity and Preferred Shares		5,698,826		1.37	%		6,428,769		1.57	%
Total Equity Investments		5,698,826		1.37	%		6,428,769		1.57	%
Total Investments	$	416,973,715		100.00	%	$	410,031,275		100.00	%


	December 31, 2025					December 31, 2024
Industry	Fair Value		Percentage of Total Investments			Fair Value		Percentage of Total Investments
Services: Business	$	90,201,377		22.14	%	$	88,417,653		21.58	%
Healthcare & Pharmaceuticals		74,328,379		18.24			74,685,118		18.21
Banking, Finance, Insurance & Real Estate		33,679,403		8.26			35,944,239		8.77
Capital Equipment		32,324,208		7.93			30,192,716		7.36
Services: Consumer		29,427,154		7.22			25,358,943		6.18
High Tech Industries		25,774,978		6.33			27,609,149		6.73
Containers, Packaging & Glass		17,037,166		4.18			26,886,998		6.56
Construction & Building		16,763,460		4.11			11,752,804		2.87
Beverage, Food & Tobacco		16,045,201		3.94			15,431,257		3.76
Transportation: Cargo		14,037,710		3.44			14,514,297		3.54
Automotive		11,443,752		2.81			13,137,348		3.20
Aerospace & Defense		10,817,889		2.65			6,777,800		1.65
Chemicals, Plastics & Rubber		9,232,691		2.27			8,594,046		2.10
Environmental Industries		8,113,079		1.99			9,320,648		2.27
Consumer Goods: Non-Durable		4,411,807		1.08			4,421,588		1.08
Media: Advertising, Printing & Publishing		3,942,202		0.97			3,059,128		0.75
Wholesale		1,925,973		0.47			5,008,980		1.22
Hotels, Gaming & Leisure		1,788,581		0.44			1,354,463		0.33
Metals & Mining		1,574,836		0.39			1,643,865		0.40
Media: Diversified & Production		1,267,668		0.31			1,447,327		0.35
Retail		1,244,977		0.31			1,474,633		0.36
Utilities: Electric		691,480		0.17			496,250		0.12
Energy: Oil & Gas		569,848		0.14			497,500		0.12
Telecommunications		497,494		0.12			—		—
Utilities: Water		230,329		0.06			977,403		0.24
Consumer Goods: Durable		137,759		0.03			93,834		0.02
Energy: Electricity		—		—			933,288		0.23
	$	407,509,401		100.00	%	$	410,031,275		100.00	%

Investments at fair value were included in the following geographic regions of the United States as of December 31, 2025 and 2024:


	December 31, 2025					December 31, 2024
Geographic Region	Fair Value		Percentage of Total Investments			Fair Value		Percentage of Total Investments
Northeast	$	102,949,533		25.26	%	$	98,812,847		24.10	%
Midwest		86,202,891		21.15			94,153,987		22.96
Southeast		59,623,518		14.63			58,261,896		14.21
Southwest		53,942,491		13.24			58,657,115		14.31
West		44,371,505		10.89			49,175,730		11.99
East		40,283,635		9.89			36,147,211		8.82
South		11,218,875		2.75			6,656,751		1.62
Northwest		5,953,057		1.46			5,533,339		1.35
Other(a)		2,963,896		0.73			2,632,399		0.64
Total Investments	$	407,509,401		100.00	%	$	410,031,275		100.00	%

(a)

The Company headquarters for UDG is located in Ireland. The Company headquarters for Intertape Polymer is located in Canada. The Company headquarters Integro is located in the United Kingdom. The Company headquarters for Balcan is located in Canada. The company headquarters for Aurora is located in the United Kingdom.

The geographic region indicates the location of the headquarters of the Company’s portfolio companies. A portfolio company may have a number of other business locations in other geographic regions.