INVESTMENTS

3 Months Ended

Mar. 31, 2026

(4) INVESTMENTS

Fair Value Measurement and Disclosures

The following table shows the composition of the Company’s investment portfolio as of March 31, 2026, with the fair value disaggregated into the three levels of the fair value hierarchy in accordance with ASC 820:

					Fair Value Hierarchy
	Cost		Fair Value		Level 1		Level 2		Level 3		Measured at Net Asset Value ⁽¹⁾
First Lien Secured Debt	$	1,328,502	$	1,321,518	$	-	$	13,253	$	1,308,265	$	-
Second Lien Secured Debt		29,976		26,389		-		-		26,389		-
Investments in Equity		890		890		-		-		890		-
Investments in Joint Venture		64,625		64,209		-		-		-		64,209
Total Investments at Fair Value	$	1,423,993	$	1,413,006	$	-	$	13,253	$	1,335,544	$	64,209

⁽¹⁾	In accordance with ASC 820, the Company’s investment in SBLA JV is measured using the net asset value (or its equivalent) as a practical expedient for fair value and has not been classified in the fair value hierarchy.

The following table shows the composition of the Company’s investment portfolio as of December 31, 2025, with the fair value disaggregated into the three levels of the fair value hierarchy in accordance with ASC 820:

					Fair Value Hierarchy
	Cost		Fair Value		Level 1		Level 2		Level 3		Measured at Net Asset Value ⁽¹⁾
First Lien Secured Debt	$	1,219,955	$	1,217,362	$	-	$	13,933	$	1,203,429	$	-
Second Lien Secured Debt		29,951		30,070		-		-		30,070		-
Investments in Equity		890		890		-		-		890		-
Investments in Joint Venture		61,592		61,606		-		-		-		61,606
Total Investments at Fair Value	$	1,312,388	$	1,309,928	$	-	$	13,933	$	1,234,389	$	61,606

⁽¹⁾	In accordance with ASC 820, the Company’s investment in SBLA JV is measured using the net asset value (or its equivalent) as a practical expedient for fair value and has not been classified in the fair value hierarchy.

The following table presents changes in the fair value of the Company’s investments for which Level 3 inputs were used to determine the fair value for the three months ended March 31, 2026:

	For the three months ended March 31, 2026
	First Lien Secured Debt			Second Lien Secured Debt			Equity
Fair value, beginning of period	$	1,203,429		$	30,070		$	890
Purchases		269,622			-			-
Payment-in-kind interest income capitalized		252			-			-
Sales and repayments		(163,038	)		-			-
Net (amortization) accretion on investments		1,664			25			-
Net realized gains (losses) on investments		58			-			-
Net change in unrealized gains (losses) on investments		(3,722	)		(3,706	)		-
Transfers out of Level 3⁽¹⁾		-			-			-
Transfers into Level 3⁽¹⁾		-			-			-
Fair value, end of period	$	1,308,265		$	26,389		$	890
Net change in unrealized gains (losses) on Level 3 investments still held as of March 31, 2026	$	(2,749	)	$	(3,706	)	$	-

⁽¹⁾	For the three months ended March 31, 2026 there were no transfers out of/into Level 3.

The following table presents changes in the fair value of the Company’s investments for which Level 3 inputs were used to determine the fair value for the three months ended March 31, 2025:

	For the three months ended March 31, 2025
	First Lien Secured Debt
Fair value, beginning of period	$	439,367
Purchases		151,409
Sales and repayments		(33,754	)
Net (amortization) accretion on investments		676
Net realized gains (losses) on investments		12
Net change in unrealized gains (losses) on investments		256
Transfers out of Level 3⁽¹⁾		-
Transfers into Level 3⁽¹⁾		-
Fair value, end of period	$	557,966
Net change in unrealized gains (losses) on Level 3 investments still held as of March 31, 2025	$	798

⁽¹⁾	For the three months ended March 31, 2025 there were no transfers out of/into Level 3.

The following tables summarize the significant unobservable inputs the Company used to value its investments categorized within Level 3 as of March 31, 2026 and December 31, 2025. In addition to the techniques and inputs noted in the tables below, according to our valuation policy, we may also use other valuation techniques and methodologies when determining our fair value measurements. The below tables are not intended to be all-inclusive, but rather provide information on the significant unobservable inputs as they relate to the Company’s determination of fair values.

The unobservable inputs used in the fair value measurement of our Level 3 investments as of March 31, 2026, were as follows:

Asset Category

Fair Value

Valuation Techniques/Methodologies

Unobservable Input

Range

Weighted Average ⁽¹⁾

First Lien Secured Debt

967,670

Income Approach

Discount Rate

7.71% - 11.94%

9.14

First Lien Secured Debt

340,595

Market Approach

Transaction Price

n/a

Second Lien Secured Debt

26,389

Income Approach

Discount Rate

12.47% - 13.47%

12.97

Investments in Equity

890

Market Approach

Transaction Price

n/a

Total Level 3 Investments

1,335,544

The unobservable inputs used in the fair value measurement of the Company’s Level 3 investments as of December 31, 2025, were as follows:

Asset Category

Fair Value

Valuation Techniques/Methodologies

Unobservable Input

Range

Weighted Average ⁽¹⁾

First Lien Secured Debt

876,531

Income Approach

Discount Rate

7.23% - 11.25%

8.72

First Lien Secured Debt

326,898

Market Approach

Transaction Price

n/a

Second Lien Secured Debt

30,070

Income Approach

Discount Rate

9.94% - 10.44%

10.19

Investments in Equity

890

Market Approach

Transaction Price

n/a

Total Level 3 Investments

1,234,389

⁽¹⁾	Weighted averages are calculated based on fair value of investments.

The significant unobservable input used in the market approach is the transaction price to acquire the position. There has been no change to the valuation based on the underlying assumptions used at the closing of such transaction. The significant unobservable inputs used in the income approach is the discount rate. The discount rate is used to discount the estimated future cash flows, which include both future principal and interest payments expected to be received from the underlying investment. An increase/decrease in the discount rate would result in a decrease/increase, respectively, in the fair value. There have been no material changes to the valuation approaches utilized during the three months ended March 31, 2026 or the year ended December 31, 2025.

Joint Venture

On April 23, 2024, the Company entered into a joint venture with Stifel Bank & Trust (the “JV partner”), which was amended and restated on May 5, 2025. The joint venture is called SBLA Private Credit LLC (the “SBLA JV”). On October 9, 2024, the SBLA JV established SBLA Private Credit Funding, LLC, a wholly-owned subsidiary of the SBLA JV and a Delaware limited liability company that is a disregarded entity for tax purposes, to hold investment collateral in connection with a credit facility.

The Company and the JV partner have $140 million and $20 million, respectively, in total commitments to SBLA JV, with targeted member ownership interests of approximately 87.5% and 12.5%, respectively. The Company and the JV partner have equal voting rights with respect to the SBLA JV and the SBLA JV’s general partner. The SBLA JV will not be consolidated in the Company’s Consolidated Financial Statements. As of March 31, 2026 and December 31, 2025, the Company had $140 million and $140 million of commitments to the SBLA JV, respectively, of which $75.8 million and $78.4 million, respectively, were unfunded.

The following table presents the consolidated schedule of investments of the SBLA JV as of March 31, 2026:

Investments⁽¹⁾	Reference Rate and Spread⁽²⁾	Interest Rate⁽²⁾	Maturity Date	Par Amount/ Common Units		Cost⁽³⁾		Fair Value		% of Net Assets
First Lien Secured Debt⁽⁴⁾⁽⁵⁾

Aerospace & Defense
Accel International Holdings Inc (Term Loan)	1M S + 4.50%	8.17%	4/26/2032	$	12,000	$	12,000	$	12,000		16.35	%
Unical Aviation Inc (Term Loan)	1M S + 3.75%	7.42%	10/31/2029		7,841		7,771		7,802		10.63
							19,771		19,802		26.98
Air Freight & Logistics
RJW Logistics Group, Inc (Term Loan)	3M S + 5.00%	8.70%	11/26/2031		12,000		11,899		11,865		16.17
							11,899		11,865		16.17
Automobile Components
ATCDT Corp (Term Loan)	1M S + 3.50%	7.27%	1/25/2028		13,623		13,523		13,538		18.45
							13,523		13,538		18.45
Beverages
King Juice (Term Loan)	3M S + 3.35%	7.02%	3/25/2027		1,038		1,033		1,038		1.41
King Juice (Revolver) ⁽⁶⁾	3M S + 3.35%	7.02%	3/25/2027		794		781		794		1.08
							1,814		1,832		2.49
Commercial Services & Supplies
KDV Label (Term Loan)	3M S + 3.85%	7.52%	6/11/2026		8,243		8,229		8,170		11.13
KDV Label (Delayed Draw) ⁽⁶⁾	3M S + 3.85%	7.52%	6/11/2026		541		539		511		0.70
Meridian Waste Acquisitions, LLC (Term Loan)	3M S + 3.38%	7.70%	8/30/2029		8,759		8,759		8,715		11.88
Meridian Waste Acquisitions, LLC (Delayed Draw) ⁽⁶⁾	3M S + 3.75%	7.69%	8/30/2029		3,815		3,815		3,796		5.17
Meridian Waste Acquisitions, LLC (Revolver) ⁽⁶⁾	3M S + 3.38%	7.21%	8/30/2029		1,066		1,066		1,057		1.44
							22,408		22,249		30.32
Construction & Engineering
Discovery Marketing And Distributing, LLC (Term Loan)	3M S + 4.00%	7.94%	8/10/2027		16,697		16,590		16,655		22.70
							16,590		16,655		22.70

Investments⁽¹⁾	Reference Rate and Spread⁽²⁾	Interest Rate⁽²⁾	Maturity Date	Par Amount/ Common Shares		Cost⁽³⁾		Fair Value		% of Net Assets
Containers & Packaging
Accord Buyer LLC (Term Loan)	1M S + 4.50%	8.27%	5/19/2028	$	8,597	$	8,535	$	8,361		11.39	%
Accord Buyer LLC (Term Loan) ⁽⁶⁾	1M S + 4.50%	8.27%	5/19/2028		1,360		1,360		1,294		1.76
Schoeneck Containers, LLC (Term Loan)	1M S + 4.10%	7.88%	5/7/2028		9,096		9,096		9,073		12.36
Schoeneck Containers, LLC (Delayed Draw)	1M S + 4.10%	7.88%	5/7/2028		4,647		4,647		4,635		6.32
							23,638		23,363		31.83
Financial Services
Forge Borrower, LLC (Term Loan)	3M S + 4.50%	8.20%	1/31/2033		1,750		1,733		1,733		2.36
Trimont Holdings LLC (Term Loan)	3M S + 2.75%	6.45%	5/31/2027		25,200		25,042		24,948		34.00
							26,775		26,681		36.36
Health Care Equipment & Supplies
MGS Mfg. Group, Inc. (Term Loan)	1M S + 4.50%	8.27%	12/31/2028		10,024		10,024		9,937		13.54
MGS Mfg. Group, Inc. (Delayed Draw)	1M S + 4.50%	8.27%	12/31/2028		1,195		1,195		1,185		1.61
							11,219		11,122		15.15
Health Care Providers & Services
Falcon Parent Holdings Inc (Term Loan)	3MS + 5.50% (incl. 2.75% PIK)	9.17%	11/6/2031		5,967		5,891		5,855		7.98
							5,891		5,855		7.98
Industrials
Madison Safety & Flow LLC (Revolver) ⁽⁶⁾	3M S + 2.50%	N/A	9/26/2029		-		-		-		-
							-		-		-
IT Services											-
BCM One, Inc. (Term Loan)	6M S + 4.50%	8.24%	11/17/2027		10,234		10,234		10,222		13.93
BCM One, Inc. (Delayed Draw)	1M S + 4.50%	8.27%	11/17/2027		1,567		1,567		1,565		2.13
							11,801		11,787		16.06
Leisure Products
Buffalo Games LLC (Term Loan)	1M S + 2.50%	6.27%	8/31/2027		1,717		1,717		1,717		2.34
							1,717		1,717		2.34
Life Sciences Tools & Services
TransnetYX, Inc (Term Loan)	3M S + 4.75%	8.45%	4/13/2027		8,575		8,575		8,575		11.69
							8,575		8,575		11.69
Machinery
Rental Equipment Investment Co. (Term Loan)	3M S + 4.50%	8.20%	10/8/2030		24,938		24,651		24,657		33.60
Seakeeper Technologies LLC (Term Loan)	3M S + 3.25%	6.92%	7/19/2027		17,971		17,859		17,926		24.43
							42,510		42,583		58.03
Professional Services
ComPsych Investment Corp. (Term Loan)	3M S + 4.75%	8.42%	7/22/2031		11,850		11,826		11,850		16.15
Investor Group Services LLC (Term Loan)	1M S + 3.25%	7.01%	10/21/2027		11,920		11,837		11,815		16.10
Vensure Employer Services Inc (Term Loan)	3M S + 5.00%	8.70%	9/29/2031		11,850		11,801		11,761		16.03
							35,464		35,426		48.28
Real Estate Management & Development
Royal Property Company Borrower LLC (Term Loan)	1M S + 3.75%	7.42%	2/2/2028		13,886		13,787		13,834		18.85
							13,787		13,834		18.85

Investments⁽¹⁾	Reference Rate and Spread⁽²⁾	Interest Rate⁽²⁾	Maturity Date	Par Amount/ Common Units		Cost⁽³⁾		Fair Value		% of Net Assets
Specialty Retail
Alliance Mobile Inc (Term Loan)	3M S + 3.50%	7.35%	8/1/2028		2,205		2,188		2,199		3.00
Alliance Mobile Inc (Term Loan)	3M S + 3.50%	7.35%	8/1/2028		14,639		14,589		14,602		19.90
Alliance Mobile Inc (Delayed Draw)	3M S + 3.50%	7.35%	8/1/2028		1,359		1,359		1,355		1.85
M&M Thrift Management Company LLC (Term Loan)	1M S + 2.25%	6.02%	12/1/2026		9,983		9,939		9,945		13.55
							28,075		28,101		38.30
Textiles, Apparel and Luxury Goods
Colorescience Inc (Term Loan)	3M S + 4.75%	8.45%	1/23/2032		15,103		14,955		14,952		20.38
							14,955		14,952		20.38
Total First Lien Secured Debt						$	310,412	$	309,937		422.36	%
Total Investments at Fair Value						$	310,412	$	309,937		422.36	%

⁽¹⁾	Unless otherwise indicated, debt investments held by the SBLA JV are denominated in USD dollars and are income producing. All investments are pledged as collateral under a credit facility, unless otherwise indicated.

⁽²⁾	Unless otherwise indicated, loan contains a variable rate structure, and may be subject to an interest rate floor. Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to the Secured Overnight Financing Rate (“SOFR” or “S”), which generally resets periodically. For each loan, the SBLA JV has indicated the reference rate used (including any adjustments per the loan agreements), and provided the spread and interest rate in effect as of March 31, 2026.

⁽³⁾	The cost represents the original cost adjusted for the accretion of discounts and amortization of premiums, as applicable, on debt investments using the effective interest method in accordance with U.S. GAAP.

⁽⁴⁾	Unless otherwise indicated, issuers of debt held by the SBLA JV are domiciled in the United States.

⁽⁵⁾	All investments are valued using unobservable inputs (Level 3), unless otherwise noted (see “Note 2 - Summary of Significant Accounting Policies” and “Note 4 -Investments”).

⁽⁶⁾	Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative cost and fair value result from the unfunded commitment being valued below par and/or unamortized fees, which are capitalized to the investment cost. As of March 31, 2026, the total unfunded loan commitment was approximately $14.2 million.

The following tables presents the consolidated schedule of investments of the SBLA JV as of December 31, 2025.

Investments⁽¹⁾	Reference Rate and Spread⁽²⁾	Interest Rate⁽²⁾	Maturity Date	Par Amount/ Common Units		Cost⁽³⁾			Fair Value			% of Net Assets
First Lien Secured Debt⁽⁴⁾⁽⁵⁾

Aerospace & Defense
Unical Aviation Inc (Term Loan)	1M S + 3.75%	7.47%	10/31/2029	$	7,943	$	7,869		$	7,898			11.21	%
							7,869			7,898			11.21

Air Freight & Logistics
RJW Logistics Group, Inc (Term Loan)	3M S + 5.00%	8.67%	11/26/2031		12,000		11,895			11,895			16.89
							11,895			11,895			16.89

Automobile Components
ATCDT Corp (Term Loan)	1M S + 3.50%	7.32%	1/25/2028		13,823		13,709			13,754			19.53
							13,709			13,754			19.53

Beverages
King Juice (Term Loan)	1M S + 4.35%	7.22%	3/25/2027		1,620		1,611			1,620			2.30
King Juice (Revolver) ⁽⁶⁾	1M S + 4.35%	7.22%	3/25/2027		64		47			64			0.09
							1,658			1,684			2.39

Commercial Services & Supplies
KDV Label (Term Loan)	1M S + 3.85%	7.72%	4/30/2029		8,348		8,317			8,295			11.78
KDV Label (Delayed Draw) ⁽⁶⁾	1M S + 3.85%	N/A	4/30/2029		-		(5	)		(22	)		(0.03	)
Meridian Waste Acquisitions, LLC (Term Loan)	3M S + 3.38%	7.81%	8/30/2029		8,816		8,816			8,816			12.53
Meridian Waste Acquisitions, LLC (Delayed Draw) ⁽⁶⁾	3M S + 3.38%	7.88%	8/30/2029		3,575		3,575			3,575			5.08
Meridian Waste Acquisitions, LLC (Revolver) ⁽⁶⁾	3M P + 2.25%	9.00%	8/30/2029		977		977			977			1.39
							21,680			21,641			30.75

Construction & Engineering
Discovery Marketing And Distributing, LLC (Term Loan)	3M S + 4.00%	7.91%	8/10/2027		17,192		17,063			17,128			24.33
							17,063			17,128			24.33

Containers & Packaging
Accord Buyer LLC (Term Loan)	1M S + 4.50%	8.32%	5/19/2028		8,722		8,652			8,504			12.08
Accord Buyer LLC (Term Loan) ⁽⁶⁾	1M S + 4.50%	8.32%	5/19/2028		1,377		1,377			1,317			1.87
							10,029			9,821			13.95

Financial Services
Trimont Holdings LLC (Term Loan)	1M S + 2.75%	6.47%	3/1/2030		25,900		25,704			25,641			36.42
							25,704			25,641			36.42

Health Care Equipment & Supplies
MGS MFG. Group, Inc. (Term Loan)	1M S + 4.50%	8.32%	5/31/2027		10,036		10,036			10,036			14.25
MGS MFG. Group, Inc. (Delayed Draw)	1M S + 4.50%	8.32%	5/31/2027		1,197		1,197			1,197			1.70
							11,233			11,233			15.95

Health Care Providers & Services
Falcon Parent Holdings Inc (Term Loan)	3M S + 5.00%	8.89%	11/6/2031		5,940		5,861			5,843			8.31
							5,861			5,843			8.31

Industrials
Fairbank Equipment (Term Loan)	3M S + 3.90%	7.72%	12/23/2026		9,060		8,981			8,992			12.77
Madison Safety & Flow LLC (Revolver) ⁽⁶⁾	3M S + 2.75%	N/A	9/26/2029		-		-			-			-
							8,981			8,992			12.77

IT Services
BCM One, Inc. (Term Loan)	6M S + 4.50%	8.20%	11/17/2027		10,263		10,263			10,263			14.58
BCM One, Inc. (Delayed Draw)	6M S + 4.50%	8.80%	11/17/2027		1,571		1,571			1,571			2.23
							11,834			11,834			16.81

Investments⁽¹⁾	Reference Rate and Spread⁽²⁾	Interest Rate⁽²⁾	Maturity Date	Par Amount/ Common Units		Cost⁽³⁾		Fair Value		% of Net Assets
Leisure Products
Buffalo Games LLC (Term Loan)	1M S + 2.50%	6.32%	8/31/2027	$	2,673	$	2,673	$	2,673		3.80	%
							2,673		2,673		3.80

Life Sciences Tools & Services
TransnetYX, Inc (Term Loan)	3M S + 4.75%	8.42%	4/13/2027		9,931		9,931		9,931		14.11
							9,931		9,931		14.11

Machinery
Rental Equipment Investment Co. (Term Loan)	3M S + 4.50%	8.17%	10/8/2030		25,000		24,700		24,688		35.06
Seakeeper Technologies LLC (Term Loan)	3M S + 3.25%	7.09%	7/19/2027		17,971		17,838		17,903		25.43
							42,538		42,591		60.49

Professional Services
ComPsych Investment Corp. (Term Loan)	3M S + 4.75%	8.61%	7/22/2031		11,880		11,855		11,880		16.87
Investor Group Services LLC (Term Loan)	1M S + 3.25%	7.04%	10/21/2027		11,920		11,824		11,815		16.78
Vensure Employer Services Inc (Term Loan)	3M S + 5.00%	8.67%	9/29/2031		11,880		11,829		11,835		16.81
							35,508		35,530		50.46

Real Estate Management & Development
Royal Property Company Borrower LLC (Term Loan)	1M S + 3.75%	7.47%	2/2/2028		14,076		13,964		14,041		19.94
							13,964		14,041		19.94

Specialty Retail
Alliance Mobile Inc (Term Loan)	3M S + 3.50%	7.32%	8/1/2028		14,957		14,876		14,882		21.14
Alliance Mobile Inc (Term Loan)	3M S + 3.50%	7.32%	8/1/2028		2,251		2,232		2,240		3.18
Alliance Mobile Inc (Delayed Draw)	3M S + 3.50%	7.32%	8/1/2028		1,396		1,396		1,389		1.97
M&M Thrift Management Company LLC (Term Loan)	3M S + 2.25%	6.02%	12/1/2026		10,248		10,187		10,196		14.48
							28,691		28,707		40.77
Total First Lien Secured Debt						$	280,821	$	280,837		398.88	%
Total Investments at Fair Value						$	280,821	$	280,837		398.88	%

⁽¹⁾	Unless otherwise indicated, debt investments held by the SBLA JV are denominated in USD dollars and are income producing. All investments are pledged as collateral under a credit facility, unless otherwise indicated.

⁽²⁾	Unless otherwise indicated, loan contains a variable rate structure, and may be subject to an interest rate floor. Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to the Secured Overnight Financing Rate (“SOFR” or “S”), which generally resets periodically. For each loan, the SBLA JV has indicated the reference rate used (including any adjustments per the loan agreements), and provided the spread and interest rate in effect as of December 31, 2025.

⁽³⁾	The cost represents the original cost adjusted for the accretion of discounts and amortization of premiums, as applicable, on debt investments using the effective interest method in accordance with U.S. GAAP.

⁽⁴⁾	Unless otherwise indicated, issuers of debt held by the SBLA JV are domiciled in the United States.

⁽⁵⁾	All investments are valued using unobservable inputs (Level 3), unless otherwise noted (see “Note 2 - Summary of Significant Accounting Policies” and “Note 4 -Investments”).

⁽⁶⁾	Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative cost and fair value result from the unfunded commitment being valued below par and/or unamortized fees, which are capitalized to the investment cost. As of December 31, 2025 the total unfunded loan commitment was approximately $15.8 million.

The following table presents the consolidated statements of assets and liabilities information of the SBLA JV as of March 31, 2026 and December 31, 2025:

	March 31, 2026		December 31, 2025
ASSETS
Investments at fair value
Non-controlled/non-affiliated investments (cost $310,412 and $280,821, respectively)	$	309,937	$	280,837
Cash and cash equivalents		10,781		16,289
Interest receivable from non-controlled/non-affiliated investments		1,257		1,192
Total assets	$	321,975	$	298,318

LIABILITIES
Debt (net of deferred financing costs $2,454 and $2,600, respectively)	$	242,346	$	221,200
Interest payable		3,610		3,888
Distribution payable		2,075		2,304
Professional fees payable		274		211
Due to advisor		178		196
Administration fees payable		110		112
Total liabilities	$	248,593	$	227,911
MEMBERS’ EQUITY
Members’ equity	$	73,382	$	70,407
Total members’ equity	$	73,382	$	70,407
Total liabilities and members’ equity	$	321,975	$	298,318

The following table presents the consolidated statements of operations information of the SBLA JV for the three months ended March 31, 2026 and March 31, 2025:

	For the three months ended March 31, 2026			For the three months ended March 31, 2025
Investment income
Non-controlled/non-affiliated investments:
Interest income	$	6,072		$	2,218
Fee income		44			(4	)
Total investment income	$	6,116		$	2,214

Expenses
Interest expense	$	3,764		$	970
Professional fees		164			46
Interest and other debt expenses		-			158
Administration fees		109			-
Other general & administrative		3			-
Total expenses	$	4,040		$	1,174
Net expenses	$	4,040		$	1,174
Net investment income	$	2,076		$	1,040

Net realized and change in unrealized gain (loss)
Net change in unrealized gain (loss):
Non-controlled/non-affiliated investments	$	(491	)	$	96
Net change in unrealized gain (loss)	$	(491	)	$	96
Net realized and change in unrealized gain (loss)	$	(491	)	$	96
Net increase (decrease) in net assets resulting from operations	$	1,585		$	1,136