NOTES

3 Months Ended

Mar. 31, 2026

NOTE 11 — NOTES

The Notes Payable are institutional, non-traded notes. The Notes Payable are carried at cost. As of March 31, 2026, the estimated fair value of the Notes Payable as prepared for disclosure purposes was $124,875,000. See Note 1 to the Consolidated Financial Statements for further discussion regarding the fair value measurements and hierarchy.

On January 14, 2021, the Company issued $100,000,000 in aggregate principal amount of 4.875% fixed-rate notes due 2026 (the “2026 Notes Payable”). On September 30, 2025, the Company prepaid $50,000,000 in aggregate principal of the 2026 Notes Payable. On December 31, 2025, the Company prepaid the remaining $50,000,000 in aggregate principal of the 2026 Notes Payable in full.

In connection with the issuance and maintenance of the 2026 Notes Payable, the Company incurred $2,327,835 of fees, which are being amortized over the term of the 2026 Notes Payable. As of both March 31, 2026 and December 31, 2025, $0 of prepaid financing costs had yet to be amortized.

The 2026 Notes Payable were redeemable in whole or in part at any time or from time to time at the Company’s option on or after December 31, 2025, at a redemption price equal to 100% of the outstanding principal, plus accrued and unpaid interest. Interest on the 2026 Notes Payable was payable semi-annually beginning September 30, 2021.

The Company used the net proceeds from the 2026 Notes Payable offering to fully redeem the Company’s 5.75% fixed-rate notes due September 15, 2022 (the “2022 Notes Payable”) and repay a portion of the amount outstanding under the Credit Facility.

On April 1, 2025 and September 25, 2025, the Company issued $75,000,000 and $50,000,000, respectively, in aggregate principal amount of 7.250% fixed-rate notes due 2030 (the “2030 Notes Payable” and together with the 2026 Notes Payable, the “Notes Payable”). The 2030 Notes Payable will mature on April 1, 2030 and may be redeemed in whole or in part at any time or from time to time at the Company’s option on or after October 1, 2029, at a redemption price equal to 100% of the outstanding principal, plus accrued and unpaid interest. Interest on the 2030 Notes Payable is payable semi-annually beginning October 1, 2025. As of March 31, 2026, the aggregate carrying amount of the 2030 Notes Payable was approximately $124,875,000.

In connection with the issuance and maintenance of the 2030 Notes Payable, the Company incurred $2,746,803 of fees, which are being amortized over the term of the 2030 Notes Payable. As of March 31, 2026 and December 31, 2025, $2,241,085 and $2,328,591 of prepaid financing costs had yet to be amortized, respectively. These financing costs are presented on the Consolidated Statements of Assets and Liabilities as a deduction from the debt liability.

The following table summarizes the interest expense and deferred financing costs on the 2026 Notes Payable for the three months ended March 31, 2026 and 2025:


		For the three months ended
		March 31, 2026			March 31, 2025
Interest expense		$	500		$	1,218,750
Deferred financing costs			—			110,150
Total interest and financing expenses		$	500		$	1,328,900
Weighted average interest rate			N/A	%		4.9	%
Effective interest rate (including fee amortization)			N/A	%		5.4	%
Average debt outstanding		$	—		$	100,000,000
Cash paid for interest		$	500		$	2,437,500

The following is a summary of the 2030 Notes Payable, net of deferred financing costs:


	March 31, 2026		December 31, 2025
2030 Notes Payable	$	125,000,000	$	125,000,000
Deferred financing costs		(2,187,895)		(2,272,580)
Premium on 2030 Notes Payable		587,719		618,145
Discount on 2030 Notes Payable		(640,909)		(674,156)
2030 Notes Payable, net of deferred financing costs and discount	$	122,758,915	$	122,671,409

The following table summarizes the interest expense and deferred financing costs on the 2030 Notes Payable for the three months ended March 31, 2026:


		For the three months ended
		March 31, 2026
Interest expense		$	2,265,625
Deferred financing costs			134,684
Discount amortization			33,248
Premium amortization			(30,425)
Total interest and financing expenses		$	2,403,132
Weighted average interest rate			7.4	%
Effective interest rate (including fee amortization)			7.8	%
Average debt outstanding		$	125,000,000
Cash paid for interest		$	—

The indenture and supplements thereto relating to the Notes Payable contain certain covenants, including but not limited to (i) a requirement that the Company comply with the asset coverage requirements of the 1940 Act or any successor provisions, and (ii) a requirement to provide financial information to the holders of the notes and the trustee under the indenture if the Company should no longer be subject to the reporting requirements under the Exchange Act. As of March 31, 2026, the Company was in compliance with these covenants.