In accordance with the provisions of the 1940 Act, the Company classifies investments by level of control. As defined in the 1940 Act, “Controlled Investments” are investments in those companies that the Company is deemed to “Control.” “Affiliated Investments” are investments in those companies that are “Affiliated Persons” of the Company, as defined in the 1940 Act, other than Control Investments. “Non-Controlled / Non-Affiliated Investments” are those that are neither Controlled Investments nor Affiliated Investments. Generally, under the 1940 Act, the Company is deemed to control a company in which it has invested if the Company owns more than 25.0% of the voting securities (i.e., securities with the right to elect directors) and/or has the power to exercise control over the management or policies of such portfolio company. Generally, under the 1940 Act, “Affiliated Investments” that are not otherwise “Controlled Investments” are defined as investments in which the Company owns at least 5.0%, up to 25.0% (inclusive), of the voting securities and does not have the power to exercise control over the management or policies of such portfolio company. Generally, under the 1940 Act, “Non-Controlled / Non-Affiliated Investments” are defined as investments in which the Company owns less than 5.0% of the voting securities of such portfolio company.

The composition of the Company’s investment portfolio at cost and fair value was as follows:


	June 30, 2026							December 31, 2025
	Cost		Fair Value		% of Total Investments at Fair Value			Cost		Fair Value		% of Total Investments at Fair Value
First lien senior secured term loans	$	217,529,477	$	216,706,457		92.0	%	$	165,755,050	$	167,303,857		90.1	%
Second lien senior secured term loans		4,454,058		4,454,058		1.9	%		9,605,804		9,605,804		5.2	%
Equity		3,066,668		3,066,668		1.3	%		-		-		—
Warrants		11,146,573		11,260,473		4.8	%		8,397,115		8,704,217		4.7	%
Total	$	236,196,776	$	235,487,656		100.0	%	$	183,757,969	$	185,613,878		100.0	%

Refer to Note 5 – Fair Value Measurements for additional information on the fair value of the Company’s investments.

The industry composition of investments at fair value was as follows:


	June 30, 2026							December 31, 2025
	Cost		Fair Value		% of Total Investments at Fair Value			Cost		Fair Value		% of Total Investments at Fair Value
Application Software	$	17,071,053	$	16,943,281		7.2	%	$	10,201,918	$	10,184,487		5.5	%
Automotive Services		1,994,498		1,994,498		0.8	%		1,193,420		1,193,420		0.6	%
Business Services		29,207,036		28,929,319		12.3	%		22,648,734		22,648,734		12.2	%
Consumer Discretionary		6,637,392		6,655,955		2.8	%		-		-		—
Consumer Finance		7,974,939		8,057,603		3.4	%		3,985,680		3,996,494		2.2	%
Consumer Services		2,436,855		2,436,855		1.0	%		2,393,090		2,393,090		1.3	%
Data Processing		8,941,795		9,562,163		4.1	%		18,393,085		19,558,615		10.6	%
Ecommerce – CPG		17,961,916		18,392,534		7.8	%		17,618,056		17,618,056		9.5	%
Ecommerce – Apparel		11,142,420		11,068,166		4.7	%		11,100,234		11,100,234		6.0	%
Education		7,934,672		7,886,663		3.3	%		7,892,849		7,854,920		4.2	%
Food & Beverage		15,380,250		15,443,900		6.6	%		2,983,750		3,047,400		1.6	%
Health & Wellness		15,751,903		16,353,350		7.1	%		13,025,430		14,062,825		7.6	%
Technology – Aerospace		5,125,238		5,397,884		2.3	%		3,354,590		3,377,019		1.8	%
Technology – Agriculture		3,124,189		3,124,189		1.3	%		3,118,623		3,118,623		1.7	%
Technology – Business		18,521,090		18,238,736		7.7	%		15,529,561		15,554,042		8.4	%
Technology – Communication		3,946,463		3,946,463		1.7	%		2,750,038		2,750,038		1.5	%
Technology – Consumer		13,832,005		12,617,905		5.4	%		6,264,345		6,020,281		3.2	%
Technology – Cybersecurity		5,786,947		5,985,296		2.5	%		9,552,539		9,552,539		5.1	%
Technology – Health & Wellness		15,236,778		14,894,759		6.3	%		9,249,642		9,080,676		4.9	%
Technology – Marketplace		13,436,621		12,805,421		5.4	%		13,198,711		13,198,711		7.1	%
Technology – Property		4,386,304		4,386,304		1.9	%		2,402,326		2,402,326		1.3	%
Transportation		10,366,412		10,366,412		4.4	%		6,901,348		6,901,348		3.7	%
Total	$	236,196,776	$	235,487,656		100.0	%	$	183,757,969	$	185,613,878		100.0	%

As of and for the three and six months ended June 30, 2026, the Company had the following portfolio companies that individually accounted for 10% or more of the Company’s aggregate total assets or investment income:

As of December 31, 2025 and for the three months ended June 30, 2025 and the period from the Commencement of Operations through June 30, 2025, the Company had the following portfolio companies that individually accounted for 10% or more of the Company's aggregate total assets or investment income:

Transactions related to investments in non-controlled / affiliated companies for the three and six months ended June 30, 2026 were as follows:


Portfolio Company	Fair Value as of March 31, 2026		Gross Additions(a)		Gross Reductions(b)		Net Change in Unrealized Gains (Losses)			Fair Value as of June 30, 2026		Interest Income
Non-Controlled / Affiliated Investments
Roq.Ad, Inc.	$	—	$	14,168,411	$	—	$	(79,724	)	$	14,088,687	$	427,041
Total Investments	$	—	$	14,168,411	$	—	$	(79,724	)	$	14,088,687	$	427,041


Portfolio Company	Fair Value as of December 31, 2025		Gross Additions(a)		Gross Reductions(b)		Net Change in Unrealized Gains (Losses)			Fair Value as of June 30, 2026		Interest Income
Non-Controlled / Affiliated Investments
Roq.Ad, Inc.	$	—	$	14,168,411	$	—	$	(79,724	)	$	14,088,687	$	427,041
Total Investments	$	—	$	14,168,411	$	—	$	(79,724	)	$	14,088,687	$	427,041

Gross additions may include increases in the cost basis of investments resulting from new investments, amount related to payment-in-kind ("PIK") interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments and the movement at fair value of an existing portfolio company into this affiliated category from a different category.

Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments and sales, return of capital, the amortization of premiums and the exchange of one or more existing securities for one or more new securities.

There were no transactions related to investments in controlled / affiliated or non-controlled / affiliated companies for the three months ended June 30, 2025, or for the period from the Commencement of Operations through June 30, 2025.