Schedule of Components of Tax-Basis Distributable Earnings

For the year ended December 31, 2025, the components of tax-basis distributable earnings differ from GAAP due to temporary and other book/tax differences, as follows (dollar amounts in thousands):

	December 31, 2025
Undistributed net investment income (loss)	$	238
Other accumulated gains (losses)		-
Other expenses not currently deductible		-
Net tax unrealized appreciation (depreciation)		(353	)
Total distributable earnings (deficit)	$	(115	)

Schedule of Net Assets Resulting from Operations to Taxable Income

The following table reconciles the increase in net assets resulting from operations to taxable income for the year ended December 31, 2025 (dollar amounts in thousands):

	December 31, 2025
Net increase (decrease) in net assets resulting from operations	$	3,186
Net realized gain (loss)		-
Net change in unrealized appreciation (depreciation)		353
Expenses not currently deductible and income and realized losses not currently includable		-
Non-deductible expenses and income not includable		297
Taxable/distributable income	$	3,836

Schedule of Tax Character of Distributions Paid

The tax character of distributions paid during the year ended December 31, 2025 was as follows (dollar amounts in thousands):

	December 31, 2025
Ordinary income	$	3,598
Capital gains		-
Total distributions paid	$	3,598