The base management fee, income incentive fee and capital gains incentive fee earned by the Adviser are included in the Company’s consolidated financial statements and summarized in the table below. Base management and incentive fees are paid in the quarter following that in which they are earned. The Company had cumulative realized and unrealized losses as of June 30, 2026 and 2025, and, as a result, no capital gains incentive fees were recorded for the six months ended June 30, 2026 and 2025. The Adviser has waived the full $1.3 million and $3.2 million in income incentive fees accrued for the three and six months ended June 30, 2026, respectively. The Adviser also waived the full $1.3 million and $1.3 million in income incentive fees earned for the three and six months ended June 30, 2025, respectively.


Management and Incentive Fees (in thousands)	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2026		2025		2026		2025
Base management fee	$	3,592	$	3,268	$	7,207	$	6,593
Income incentive fee	$	1,337	$	1,259	$	3,161	$	1,259
Income incentive fee waiver	$	(1,337)	$	(1,259)	$	(3,161)	$	(1,259)