The base management fee, income incentive fee and capital gains incentive fee earned by the Adviser are included in the Company’s consolidated financial statements and summarized in the table below. Base management and incentive fees are paid in the quarter following that in which they are earned. The Company had cumulative realized and unrealized losses as of March 31, 2026 and 2025, and, as a result, no capital gains incentive fees were recorded for the three months ended March 31, 2026 and 2025. The Adviser has waived the full $1.8 million in income incentive fees accrued for the three months ended March 31, 2026. There were no income incentive fees earned or waived for the three months ended March 31, 2025.


Management and Incentive Fees (in thousands)	For the Three Months Ended March 31,
	2026		2025
Base management fee	$	3,614	$	3,326
Income incentive fee	$	1,824	$	—
Income incentive fee waiver	$	(1,824)	$	—