NOTES

6 Months Ended

Jun. 30, 2026

NOTE 11 — NOTES

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 were amortized over the term of the 2026 Notes Payable. As of both June 30, 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 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 June 30, 2026, the aggregate carrying amount of the 2030 Notes Payable was approximately $122,897,963. The 2030 Notes Payable are institutional, non-traded notes.

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 June 30, 2026 and December 31, 2025, $2,102,036 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 and six months ended June 30, 2026 and 2025:


		For the three months ended						For the six months ended
		June 30, 2026			June 30, 2025			June 30, 2026			June 30, 2025
Interest expense		$	—		$	1,218,750		$	500		$	2,437,500
Deferred financing costs			—			111,374			—			221,524
Total interest and financing expenses		$	—		$	1,330,124		$	500		$	2,659,024
Weighted average interest rate			N/A	%		4.9	%		N/A	%		4.9	%
Effective interest rate (including fee amortization)			N/A	%		5.4	%		N/A	%		5.4	%
Average debt outstanding		$	—		$	100,000,000		$	—		$	100,000,000
Cash paid for interest		$	—		$	—		$	500		$	2,437,500

The following table summarizes the interest expense and deferred financing costs on the 2030 Notes Payable for the three and six months ended June 30, 2026:


		For the three months ended						For the six months ended
		June 30, 2026			June 30, 2025			June 30, 2026			June 30, 2025
Interest expense		$	2,265,625		$	1,374,375		$	4,531,250		$	1,374,375
Deferred financing costs			136,182			81,944			270,866			81,944
Discount amortization			33,873			31,436			67,121			31,436
Premium amortization			(31,006)			—			(61,431)			—
Total interest and financing expenses		$	2,404,674		$	1,487,755		$	4,807,806		$	1,487,755
Weighted average interest rate			7.3	%		7.4	%		7.3	%		7.4	%⁽¹⁾
Effective interest rate (including fee amortization)			7.7	%		8.0	%		7.8	%		8.0	%⁽¹⁾
Average debt outstanding		$	125,000,000		$	75,000,000		$	125,000,000		$	75,000,000	⁽¹⁾
Cash paid for interest		$	4,531,250		$	15,000		$	4,531,250		$	15,000

(1) Calculated for the period from April 1, 2025, the date of the 2030 Notes Payable offering, through June 30, 2025.

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


	June 30, 2026		December 31, 2025
2030 Notes Payable	$	125,000,000	$	125,000,000
Deferred financing costs		(2,051,714)		(2,272,580)
Premium on 2030 Notes Payable		556,713		618,145
Discount on 2030 Notes Payable		(607,036)		(674,156)
2030 Notes Payable, net of deferred financing costs and discount	$	122,897,963	$	122,671,409

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 June 30, 2026 and 2025, the Company was in compliance with these covenants.