Financial Highlights (Tables)

3 Months Ended

Mar. 31, 2026

The following are the financial highlights:


	Three Months Ended March 31,
Per Share Data (1)	2026			2025
Net asset value per Common Share at beginning of period	$	27.22		$	26.55
Net investment income (loss)		0.88			0.73
Net realized and unrealized gain (loss) (2)		(0.05	)		0.39
Dividends to preferred shareholders (5)		—			—
Net increase (decrease) from operations		0.83			1.12
Distributions declared		(0.63	)		(0.63	)
Impact of issuance of Common Shares		0.01			0.02
Total decrease in net assets applicable to common shareholders from capital share transactions		(0.62	)		(0.61	)
Total increase (decrease) in net assets applicable to common shareholders		0.21			0.51
Net asset value per Common Share at end of period	$	27.43		$	27.06
Total return (3)		3.09	%		4.29	%
Ratios to Average Net Assets
Annualized ratio of net investment income (loss) to average net assets applicable to Common Shares (4)		13.00	%		11.14	%
Annualized ratio of operating expenses to average net assets applicable to Common Shares, gross (4)(6)		11.35	%		14.26	%
Annualized ratio of operating expenses to average net assets applicable to Common Shares, net of waivers and expense support (4)(6)		8.51	%		11.14	%
Portfolio turnover		9.14	%		2.79	%

(1)

The per share data was derived by using the weighted average common shares outstanding during the period except for distributions declared to common shareholders which is based on actual rate per share.

(2)

Net change in unrealized and realized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per common share for the period, and may not reconcile with the aggregate gains and losses in the Consolidated Statements of Operations.

(3)

Total return is calculated as the change in net asset value per common share during the period, plus distributions per common share (assuming dividends and distributions are reinvested in accordance with the Company's distribution reinvestment plan). Total returns of less than 1 year are not annualized.

(4)

The amounts reflected do not reflect the effect of dividend payments to preferred shareholders.

(5)

Amount rounds to less than $0.01

(6)

The amounts reflected do not reflect the effect of excise and other tax expense.

Schedule of Senior Securities

The following is information about the Company’s senior securities as of the dates indicated in the below table:


Class and Period	Total Amount Outstanding		Asset Coverage Per Unit (1)		Involuntary Liquidating Preference Per Unit		Average Market Value Per Unit (2)
Series A Preferred Shares
March 31, 2026	$	1,500	$	2,042	$	3,000	N/A
December 31, 2025		1,500		1,996		3,000	N/A
December 31, 2024		1,500		1,904		3,000	N/A
December 31, 2023		1,500		4,308		3,000	N/A
Repurchase Obligations
March 31, 2026	$	64,363	$	2,043	$	—	N/A
December 31, 2025		127,369		1,997		—	N/A
December 31, 2024		177,321		1,906		—	N/A
December 31, 2023		—		—		—	N/A
Citi Revolving Credit Facility
March 31, 2026	$	552,555	$	2,043	$	—	N/A
December 31, 2025		567,732		1,997		—	N/A
December 31, 2024		265,300		1,906		—	N/A
December 31, 2023		—		—		—	N/A
MS Revolving Credit Facility
March 31, 2026	$	264,300	$	2,043	$	—	N/A
December 31, 2025		458,700		1,997		—	N/A
December 31, 2024		230,000		1,906		—	N/A
December 31, 2023		—		—		—	N/A
Barclays Revolving Credit Facility
March 31, 2026	$	282,600	$	2,043	$	—	N/A
December 31, 2025		250,000		1,997		—	N/A
December 31, 2024		—		—		—	N/A
December 31, 2023		—		—		—	N/A
CLO 1 Secured Notes
March 31, 2026	$	272,000	$	2,043	$	—	N/A
December 31, 2025		—		—		—	N/A
December 31, 2024		—		—		—	N/A
December 31, 2023		—		—		—	N/A

(1)

Asset coverage per unit for the revolving credit facilities and Repurchase Obligations is calculated as the ratio of the Company's total assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness, expressed as a dollar amount per $1,000 of indebtedness, in accordance with Section 18(h) of the 1940 Act. Asset coverage per unit for the Series A Preferred Shares is expressed as a dollar amount per share. As of March 31, 2026 and December 31, 2025, the Company's asset coverage ratio was 204.4% and 199.5%, respectively.

(2)

There is no established public trading market for any of the Company's senior securities.