7. CASH AND CASH EQUIVALENTS

Cash equivalents represent cash in money market funds pending investment in longer-term portfolio holdings and for other general purposes. Our portfolio may consist of temporary investments in U.S. Treasury Bills (of varying maturities), repurchase agreements, money market funds or repurchase agreement-like treasury securities. These temporary investments with original maturities of 90 days or less are deemed cash equivalents and are included in the Consolidated Schedule of Investments. At the end of each fiscal quarter, the Company may take proactive steps to preserve investment flexibility for the next quarter by investing in cash equivalents, which depends upon the composition of our total assets at quarter-end. The Company may accomplish this in several ways, including purchasing U.S. Treasury bills and closing out positions on a net cash basis after quarter-end, temporarily drawing down on the credit facility, or utilizing repurchase agreements or other balance sheet transactions as are deemed appropriate for this purpose. U.S. Treasury bills with maturities greater than 60 days from the time of purchase are valued consistent with our valuation policy. As of March 31, 2026, the Company had cash and cash equivalents of $9.3 million as shown on the Consolidated Statement of Cash Flows, which consisted of money market funds and non-money market funds in the amounts of $2.6 million and $6.7 million at fair value, respectively. As of September 30, 2025, the Company had cash and cash equivalents of $20.0 million, which consisted of money market funds and non-money market funds in the amounts of zero and $20.0 million at fair value, respectively.