5. Investments

In accordance with the provisions of the 1940 Act, the Company classifies investments by level of control. The 1940 Act classifies investments based on the level of control that the Company maintains in a particular portfolio company. As defined in the 1940 Act, a company is generally presumed to be “non-controlled” when the Company owns 25% or less of the portfolio company’s voting securities and “controlled” when the Company owns more than 25% of the portfolio company’s voting securities and/or has the power to exercise control over the management or policies of such portfolio company. The 1940 Act also classifies investments further based on the level of ownership that the Company maintains in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as “non-affiliated” when the Company owns less than 5% of a portfolio company’s voting securities and “affiliated” when the Company owns 5% or more of a portfolio company’s voting securities (and is not otherwise “controlled”). Under the 1940 Act, “non-affiliated investments” are defined as investments that are neither controlled investments nor affiliated investments. Detailed information with respect to the Company’s non-controlled and non-affiliated investments is contained in the consolidated financial statements, including the consolidated schedules of investments. The information in the tables below is presented on an aggregate portfolio basis, without regard to whether they are non-controlled, non-affiliated; non-controlled, affiliated; or controlled investments.

As of June 30, 2026, 96.99% of investments held at fair value were based in the United States. The remaining 3.01% of investments held at fair value were based in the Cayman Islands 1.52%, Canada 0.89% and the United Kingdom 0.60%.

As of December 31, 2025, 98.56% of investments held at fair value were based in the United States. The remaining 1.44% of investments held at fair value were based in the United Kingdom 0.68%, Canada 0.58%, Jersey 0.11% and the Cayman Islands 0.07%.

For the three and six months ended June 30, 2026, purchases of investments were $617,294 and $1,111,627 at amortized cost, respectively. For the three and six months ended June 30, 2025, purchases of investments were $395,600 and $765,632 at amortized cost, respectively. For the three and six months ended June 30, 2026, total proceeds received from sales, exits and repayments of investments were $133,179 and $318,819, respectively, at amortized cost. For the three and six months ended June 30, 2025, total proceeds received from sales, exits and repayments of investments were $147,950 and $202,118, at amortized cost, respectively.