Investment Type

Market Approach EBITDA Multiple

Market Approach Liquidation Seniority

Market Approach
Revenue Multiple

Market Approach Transaction Pricing

Totals

Non-Control/Non-Affiliate Equity

$

4,100,000

$

—

$

1,000,000

$

100,038

$

5,200,038

Non-Control/Non-Affiliate Loan and Debt

9,817,308

1,461,992

—

—

11,279,300

Total Non-Control/Non-Affiliate

$

13,917,308

$

1,461,992

$

1,000,000

$

100,038

$

16,479,338

Affiliate Equity

$

5,265,245

$

—

$

—

$

1,300,000

$

6,565,245

Affiliate Loan and Debt

26,954,690

—

—

5,101,633

32,056,323

Total Affiliate

$

32,219,935

$

—

$

—

$

6,401,633

$

38,621,568

Control Equity

$

—

$

—

$

—

$

—

$

—

Control Loan and Debt

—

1,400,000

—

—

1,400,000

Total Control

$

—

$

1,400,000

$

—

$

—

$

1,400,000

Total Level 3 Investments

$

46,137,243

$

2,861,992

$

1,000,000

$

6,501,671

$

56,500,906

Range

4X - 18.2X

1X

3.4X

Not Applicable

Unobservable Input

EBITDA Multiple

Asset Value

Revenue Multiple

Transaction Price

Weighted Average

6.5X

1X

3.4X

Not Applicable

Investment Type

Market Approach EBITDA Multiple

Market Approach Liquidation Seniority

Market Approach
Revenue Multiple

Market Approach Transaction Pricing

Totals

Non-Control/Non-Affiliate Equity

$

3,000,000

$

—

$

700,000

$

100,038

$

3,800,038

Non-Control/Non-Affiliate Loan and Debt

5,050,064

1,454,709

—

—

6,504,773

Total Non-Control/Non-Affiliate

$

8,050,064

$

1,454,709

$

700,000

$

100,038

$

10,304,811

Affiliate Equity

$

4,915,245

$

—

$

—

$

1,307,659

$

6,222,904

Affiliate Loan and Debt

27,314,181

—

—

3,238,600

30,552,781

Total Affiliate

$

32,229,426

$

—

$

—

$

4,546,259

$

36,775,685

Control Equity

$

—

$

—

$

—

$

—

$

—

Control Loan and Debt

—

1,400,000

—

—

1,400,000

Total Control

$

—

$

1,400,000

$

—

$

—

$

1,400,000

Total Level 3 Investments

$

40,279,490

$

2,854,709

$

700,000

$

4,646,297

$

48,480,496

Range

4X - 14.7X

1X

3.9X

Not Applicable

Unobservable Input

EBITDA Multiple

Asset Value

Revenue Multiple

Transaction Price

Weighted Average

6.1X

1X

3.9X

Not Applicable

Fair Value Measurements Using Significant
Unobservable Inputs (Level 3)

Description

Loan Investments

Debt
Investments

Equity
Investments

Total

Ending balance December 31, 2025, of Level 3 Assets

$

3,154,587

$

35,302,967

$

10,022,942

$

48,480,496

Realized gains included in net change in net assets
from operations:

Applied Image, Inc. (Applied Image)

—

—

958,948

958,948

Carolina Skiff LLC (Carolina Skiff)

—

—

3,112

3,112

Seybert’s Billiards Corporation (Seybert’s)

—

—

1,072,459

1,072,459

Total realized gains, net

—

—

2,034,519

2,034,519

Unrealized (losses) gains included in net change in net assets
from operations:

Autotality

—

(1,023,457

)

—

(1,023,457

)

Bauer Sheet Metal and Fabricating, LLC (Bauer)

—

—

288,000

288,000

BMP Swanson Holdco, LLC (Swanson)

(1,787,551

)

—

(750,000

)

(2,537,551

)

Caitec, Inc. (Caitec)

—

—

50,000

50,000

Feature Healthcare, LLC (4 Seasons)

—

200,000

—

200,000

Highland All About People Holdings, Inc. (All About People)

—

—

400,000

400,000

Inter-National Electronic Alloys LLC (EFINEA)

—

—

400,000

400,000

Mountain Regional Equipment Solutions (MRES)

—

(403,000

)

—

(403,000

)

Open Exchange, Inc. (Open Exchange)

—

—

300,000

300,000

Seybert’s

—

—

(1,051,659

)

(1,051,659

)

SQF LLC (Verta)

—

—

1,000,000

1,000,000

Total unrealized losses, net

(1,787,551

)

(1,226,457

)

636,341

(2,377,667

)

Purchases of securities/changes to securities/non-cash
conversions:

4 Seasons

—

4,516,250

—

4,516,250

AME Holdco, LLC (AME)

—

3,000,000

1,000,000

4,000,000

Autotality

—

123,886

—

123,886

Bauer

—

1,200

—

1,200

BlackJet Direct Marketing, LLC (BlackJet)

—

11,361

—

11,361

BMP Food Service Supply Holdco, LLC (FSS)

—

400,000

—

400,000

Caitec

—

50,994

50,000

100,994

EFINEA

—

8,480

—

8,480

FCM Industries Holdco LLC (First Coast Mulch)

—

27,538

—

27,538

GoNoodle, Inc. (GoNoodle)

—

7,283

—

7,283

Highland All About People Holdings, Inc. (All About People)

—

66,818

—

66,818

Mobile RN Holdings LLC (Mobile IV Nurses)

—

12,746

—

12,746

MRES

—

680,924

—

680,924

Swanson

32,964

—

—

32,964

Termite Guy Corporation (Termite Guy)

—

2,101,633

300,000

2,401,633

Total purchases of securities/changes to securities/non-cash
   conversions

32,964

11,009,113

1,350,000

12,392,077

Repayments and sales of securities:

Applied Image

—

(1,750,000

)

(958,948

)

(2,708,948

)

Carolina Skiff

—

—

(3,112

)

(3,112

)

Seybert's

—

—

(1,316,459

)

(1,316,459

)

Total repayments and sales of securities

—

(1,750,000

)

(2,278,519

)

(4,028,519

)

Ending balance June 30, 2026, of Level 3 Assets

$

1,400,000

$

43,335,623

$

11,765,283

$

56,500,906

Change in unrealized appreciation/depreciation included in earnings related to Level 3 investments still held at reporting date

$

(1,326,008

)

Fair Value Measurements Using Significant
Unobservable Inputs (Level 3)

Description

Loan Investments

Debt
Investments

Equity
Investments

Total

Ending balance December 31, 2024, of Level 3 Assets

$

15,037,873

$

38,043,721

$

17,736,447

$

70,818,041

Realized (losses) gains included in net change in net assets
from operations:

GoNoodle, Inc. (GoNoodle)

—

—

(25

)

(25

)

Microcision, LLC (Microcision)

—

—

55,357

55,357

Pressure Pro, Inc. (Pressure Pro)

—

—

870,000

870,000

Total realized gains, net

—

—

925,332

925,332

Unrealized (losses) gains included in net change in net assets
from operations:

BMP Food Service Supply Holdco, LLC (FSS)

—

—

(497,619

)

(497,619

)

Carolina Skiff LLC (Carolina Skiff)

—

—

(442,755

)

(442,755

)

FCM Industries Holdco LLC (First Coast Mulch)

—

484,837

—

484,837

Inter-National Electronic Alloys LLC (EFINEA)

—

—

488,235

488,235

ITA Acquisition, LLC (ITA)

(875,000

)

—

—

(875,000

)

Lumious

(189,944

)

—

—

(189,944

)

Mobile RN Holdings LLC (Mobile IV Nurses)

—

—

125,000

125,000

Mountain Regional Equipment Solutions (MRES)

—

(739,352

)

—

(739,352

)

Pressure Pro

—

—

(720,000

)

(720,000

)

Seybert’s Billiards Corporation (Seybert’s)

—

—

256,000

256,000

Tilson Technology Management, Inc. (Tilson)

—

—

(9,500,000

)

(9,500,000

)

Total unrealized losses, net

(1,064,944

)

(254,515

)

(10,291,139

)

(11,610,598

)

Purchases of securities/changes to securities/non-cash
conversions:

Autotality (formerly Filterworks Acquisition USA, LLC)

—

73,675

—

73,675

Caitec, Inc. (Caitec)

324,366

—

—

324,366

Carolina Skiff

—

—

34,755

34,755

First Coast Mulch

—

24,893

—

24,893

FSS

—

435,031

—

435,031

GoNoodle, Inc. (GoNoodle)

—

7,211

—

7,211

Highland All About People Holdings, Inc. (All About People)

—

64,176

—

64,176

ITA

375,000

—

—

375,000

Mobile IV Nurses

—

12,617

—

12,617

MRES

—

239,352

—

239,352

Pressure Pro

—

22,445

—

22,445

Seybert’s

—

64,183

—

64,183

Total purchases of securities/changes to securities/non-cash
   conversions

699,366

943,583

34,755

1,677,704

Repayments and sales of securities:

HDI Acquisition LLC (Hilton Displays)

—

(1,071,824

)

—

(1,071,824

)

Mattison Avenue Holdings LLC (Mattison)

(5,572,902

)

—

—

(5,572,902

)

Microcision

—

—

(55,357

)

(55,357

)

Pressure Pro

—

(1,725,150

)

(900,000

)

(2,625,150

)

Seybert's

—

(120,992

)

—

(120,992

)

Total repayments and sales of securities

(5,572,902

)

(2,917,966

)

(955,357

)

(9,446,225

)

Transfers within Level 3

(4,799,278

)

4,799,278

—

—

Ending balance June 30, 2025, of Level 3 Assets

$

4,300,115

$

40,614,101

$

7,450,038

$

52,364,254

Change in unrealized appreciation/depreciation included in earnings related to Level 3 investments still held at reporting date

$

(10,890,598

)