| FINANCIAL HIGHLIGHTS |
NOTE 8 — FINANCIAL HIGHLIGHTS | | | | | | | | | For the three months ended | | | | | | | | | | March 31, 2026 | | March 31, 2025 | | | (unaudited) | | (unaudited) | Per Share Data:(1) | | | | | | | Net asset value at beginning of period | | $ | 12.82 | | $ | 13.46 | Net investment income | | | 0.26 | | | 0.35 | Change in unrealized (depreciation) appreciation on investments | | | (0.23) | | | 0.04 | Change in unrealized appreciation (depreciation) on foreign currency translation | | | — | | | — | Net realized gain (loss) | | | 0.03 | | | (0.21) | Gain (loss) on debt extinguishment | | | — | | | — | Benefit (provision) for taxes on net realized losses (gains) on investments | | | — | | | — | Benefit (provision) for taxes on net unrealized depreciation (appreciation) on investments | | | — | | | — | Total from operations | | $ | 0.06 | | $ | 0.18 | Sales load | | | — | | | (0.01) | Offering costs | | | — | | | (0.01) | Stockholder distributions from: | | | | | | | Net investment income | | | (0.34) | | | (0.40) | Net realized capital gains | | | — | | | — | Accretive effect of stock offerings (issuing shares above net asset value per share) | | | — | | | 0.01 | Other(6) | | | — | | | 0.02 | Net asset value at end of period | | $ | 12.54 | | $ | 13.25 | Per share market value at end of period | | $ | 9.21 | | $ | 14.00 | Total return based on market value(2) | | | (24.96) | % | | 4.60 | Weighted average shares outstanding for the period | | | 28,947,254 | | | 27,602,612 | Ratio/Supplemental Data:(1) | | | | | | | Net assets at end of period | | $ | 362,995,521 | | $ | 372,766,182 | Weighted average net assets | | $ | 371,088,029 | | $ | 371,525,216 | Annualized ratio of gross operating expenses to net assets(5) | | | 17.27 | % | | 17.91 | Annualized ratio of net operating expenses to net assets(5)(6) | | | 17.26 | % | | 16.55 | Annualized ratio of interest expense and other fees to net assets | | | 9.67 | % | | 9.02 | Annualized ratio of net investment income before fee waiver to net assets(5) | | | 8.18 | % | | 9.33 | Annualized ratio of net investment income to net assets(5) | | | 8.19 | % | | 10.69 | Portfolio turnover(3) | | | 2.77 | % | | 1.54 | Notes payable | | $ | 125,000,000 | | $ | 100,000,000 | Credit Facility payable | | $ | 241,504,289 | | $ | 221,813,920 | SBA-guaranteed debentures | | $ | 260,000,000 | | $ | 308,750,000 | Asset coverage ratio(4) | | | 1.99 | x | | 2.16 |
| (1) | Based on weighted average shares of common stock outstanding for the period. |
| (2) | Total return on market value is based on the change in market price per share since the end of the prior year and assumes enrollment in the Company’s DRIP. The total returns are not annualized. |
| (3) | Portfolio turnover is calculated as the lesser of purchases or sales and repayments of investments divided by average portfolio balance and is not annualized. |
| (4) | Asset coverage ratio is equal to total assets less all liabilities and indebtedness not represented by senior securities over the aggregate amount of the senior securities. SBA-guaranteed debentures are excluded from the numerator and denominator. |
| (5) | These ratios include the impact of income tax benefit (provision) on net unrealized depreciation (appreciation) in Taxable Subsidiaries of $0 and $0 for the three months ended March 31, 2026 and 2025, respectively, which are not reflected in total operating expenses or net investment income. The impact of the tax benefit (provision) on net unrealized depreciation (appreciation) to weighted average net assets for the three months ended March 31, 2026 and 2025 was 0.00% and 0.00%, respectively. |
| (6) | Includes the impact of different share amounts as a result of calculating certain per share data based on weighted average shares outstanding during the period and certain per share data based on shares outstanding as of the period end. |
| (7) | Net of 0.01% and 1.36% from expenses reimbursed and fees waived by the Advisor for each respective period. |
|