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4034000 -8000 124531000 1 124593000 1 124531000 1 124593000 1 3593000 3656000 0.03 0.06 18257000 18328000 0.15 0.29 1773000 1786000 0.01 0.03 15345000 15337000 0.12 0.24 782000 794000 0.01 0.01 2470000 2480000 0.02 0.04 10406000 10557000 0.09 0.17 107000 104000 0 0 6404000 6457000 0.05 0.10 2926000 2958000 0.02 0.05 829000 838000 0.01 0.01 1458000 1465000 0.01 0.02 4219000 4227000 0.03 0.07 242000 246000 0 0 541000 542000 0.01 0.01 10589000 10548000 0.09 0.17 979000 993000 0.01 0.02 103000 105000 0 0 2073000 1571000 0.01 0.02 4952000 4975000 0.04 0.08 3452000 3430000 0.03 0.05 5384000 5406000 0.04 0.09 984000 990000 0.01 0.02 480000 482000 0 0.01 446000 447000 0 0.01 1553000 1560000 0.01 0.02 2714000 2736000 0.02 0.04 7385000 7403000 0.06 0.12 12220000 12292000 0.10 0.19 1865000 1880000 0.02 0.03 124531000 124593000 1 1.97 0 0.0575 0 0 0.01 0 2031-12-31 589 -5000 0 0 0.0575 0 0 0 0.0942 2031-12-31 3674 3611000 3675000 0.0381 3606000 3675000 0.0381 0.05 0 0 0 0.0867 2032-12-31 3554 3501000 3501000 0.0363 0.0475 0 0 0.01 0.0842 2031-11-04 944 358000 363000 0.0038 0.0538 0 0.0285 0 0.0925 2032-07-24 10048 9955000 9998000 0.1038 13814000 13862000 0.1439 0.045 0 0 0 0.087 2029-11-15 1795 1781000 1795000 0.0186 0.0475 0 0 0.01 0 2028-03-09 187 -1000 0 0 0.045 0 0 0 0.0822 2029-05-18 9708 9708000 9708000 0.1008 0.045 0 0 0 0.0822 2029-05-18 51 51000 51000 0.0005 0.045 0 0 0 0.0822 2029-05-18 89 88000 89000 0.0009 0.055 0 0 0 0.0938 2032-07-16 5000 4953000 4950000 0.0514 0.045 0 0 0.01 0.0832 2029-06-11 127 12000 14000 0.0001 0.0475 0 0 0 0.0832 2029-06-11 31 31000 31000 0.0003 0.07 0 0 0 0.1113 2029-04-05 223 221000 222000 0.0023 0.075 0 0 0 0.1163 2029-04-05 252 246000 252000 0.0026 15309000 15317000 0.159 0.05 0 0 0 0.0867 2031-06-05 798 784000 798000 0.0083 0.055 0.0015 0 0 0.0932 2028-03-08 1459 1444000 1452000 0.0151 0.055 0.0015 0 0 0.0949 2028-03-08 124 122000 123000 0.0013 0.055 0.0015 0 0 0.0949 2028-03-08 922 910000 917000 0.0095 2476000 2492000 0.0259 0.055 0 0 0 0.0922 2031-05-07 5898 5793000 5869000 0.0609 0.0525 0 0 0.0075 0.0904 2030-07-02 469 369000 376000 0.0039 0.0525 0 0 0 0.0897 2030-08-09 3811 3751000 3773000 0.0392 0.0525 0 0 0 0.0897 2030-08-09 24 23000 24000 0.0002 0.055 0.0015 0 0 0.0932 2027-10-29 29 29000 29000 0.0003 9965000 10071000 0.1045 0.055 0.0015 0 0 0.0932 2026-09-30 70 70000 70000 0.0007 0.055 0.0015 0 0 0.0932 2026-09-30 37 36000 36000 0.0004 106000 106000 0.0011 0.0425 0 0 0 0.0809 2032-11-12 689 682000 682000 0.0071 0.0525 0 0 0 0.0909 2029-05-01 185 183000 185000 0.0019 0.0475 0 0 0 0.0862 2029-05-01 212 210000 211000 0.0022 0.0475 0 0 0.01 0 2030-07-22 985 -4000 0 0 0.0575 0 0 0 0.1036 2030-04-22 1309 1309000 1299000 0.0135 0.0575 0.0043 0 0 0.0977 2030-04-22 452 446000 448000 0.0046 0.0575 0.0043 0 0 0.0977 2030-04-22 1961 1933000 1946000 0.0202 4759000 4771000 0.045 0 0 0 0.0827 2031-12-03 380 378000 380000 0.0039 0.045 0 0 0 0.0825 2030-08-08 2593 2563000 2593000 0.0269 2941000 2973000 0.03 0.0525 0 0 0.01 0 2029-08-12 914 -5000 0 0 0.045 0 0 0 0.0829 2032-12-01 298 295000 295000 0.0031 0.05 0 0 0.01 0.0867 2031-07-31 1068 65000 64000 0.0007 0.05 0 0 0 0.0867 2031-07-31 4124 4091000 4103000 0.0426 4156000 4167000 0.04 0.0525 0 0 0.01 0.091 2030-03-01 176 72000 74000 0.0008 0.0525 0 0 0 0.0925 2030-03-01 149 146000 149000 0.0015 218000 223000 0 0.0575 0.0015 0 0 0.0974 2029-05-24 128 127000 128000 0.0013 0.045 0 0 0 0.0843 2031-10-06 420 416000 418000 0.0043 543000 546000 0.065 0.0015 0.0075 0 0.1047 2027-10-25 4099 4074000 4059000 0.0421 0.06 0.001 0 0 0.0977 2027-12-28 1352 1337000 1352000 0.014 0.05 0 0 0 0.0872 2028-08-05 125 124000 125000 0.0013 0.05 0 0 0 0.0872 2028-08-05 184 181000 184000 0.0019 0.05 0 0 0 0.0872 2028-08-05 185 182000 185000 0.0019 0.0525 0 0 0 0.0897 2030-04-01 2639 2601000 2612000 0.0271 0.0625 0.0015 0 0 0.1024 2027-03-23 103 102000 103000 0.0011 0.0625 0.0015 0 0 0.1024 2027-03-23 31 31000 31000 0.0003 0.0625 0.0015 0 0 0.1024 2027-03-23 316 314000 316000 0.0033 0.0625 0.0015 0 0 0.1024 2027-03-23 546 542000 546000 0.0057 0.0625 0.0015 0 0 0.1024 2027-03-23 179 179000 179000 0.0019 0.065 0.0015 0 0 0.1049 2027-03-23 961 952000 961000 0.01 10619000 10653000 0.11 0.045 0 0 0 0.0822 2029-12-19 998 982000 998000 0.0104 0.05 0 0 0.01 0.0869 2030-03-27 29 26000 26000 0.0003 0.05 0 0 0 0.0886 2030-03-27 79 78000 79000 0.0008 104000 105000 0 0.07 0 0 0 0.11 2029-07-29 1976 1951000 1709000 0.0177 0.06 0.0025 0 0 0.0985 2026-06-02 211 211000 211000 0.0022 0.06 0.0025 0 0 0.0985 2026-06-02 224 223000 224000 0.0023 0.06 0.0025 0 0 0.0985 2026-06-02 92 89000 92000 0.001 523000 527000 0.05 0 0 0 0.0882 2032-09-02 3500 3467000 3483000 0.0361 0.05 0 0 0 0.0904 2031-08-25 1990 1974000 1990000 0.0207 0.06 0 0.0325 0 0.0989 2028-07-07 591 586000 591000 0.0061 0.06 0 0.0325 0 0.0989 2028-07-07 396 391000 396000 0.0041 977000 987000 0.01 0.0525 0.001 0 0 0.0907 2028-03-13 450 448000 450000 0.0047 0.0575 0.0026 0 0.01 0.0968 2027-09-10 2163 1570000 1589000 0.0165 0.0575 0.0026 0 0 0.0968 2027-09-10 586 581000 586000 0.0061 2151000 2175000 0.02 0.055 0 0 0 0.0922 2028-11-18 48 47000 48000 0.0005 0.055 0 0 0 0.0922 2028-11-18 96 95000 96000 0.001 0.0725 0.0015 0 0 0.1107 2028-12-10 16 16000 15000 0.0002 0.0725 0.0015 0 0 0.1107 2028-12-10 40 39000 36000 0.0004 0.0725 0.0015 0.0625 0 0.114 2028-12-10 292 289000 265000 0.0028 0.05 0.001 0 0 0.0885 2028-07-16 1197 1186000 1197000 0.0124 1672000 1657000 0.0475 0 0 0 0.0847 2032-07-01 7509 7439000 7471000 0.0775 0.0475 0 0 0.01 0.0842 2030-10-15 372 326000 329000 0.0034 0.0475 0 0 0 0.0847 2030-10-15 1560 1548000 1560000 0.0162 1874000 1889000 0.0196 94929000 95185000 0.9879 94929000 95185000 0.9879 94929000 95185000 0 0.05 2028-03-09 187000 0 2030-03-27 3000 0 2027-09-10 574000 0 2030-10-15 43000 0 2029-08-12 914000 0 2031-11-04 580000 0 2030-03-01 102000 0 2026-01-31 113000 0 2026-03-31 94000 0 2031-07-31 999000 -5000 2030-07-22 985000 0 2031-12-31 589000 0 5183000 -5000 94929000 1 95185000 1 94929000 1 95185000 1 3606000 3675000 0.04 0.04 13814000 13862000 0.15 0.14 1781000 1795000 0.02 0.02 15309000 15317000 0.16 0.16 784000 798000 0.01 0.01 2476000 2492000 0.03 0.03 9965000 10071000 0.10 0.10 106000 106000 0 0 4759000 4771000 0.05 0.05 2941000 2973000 0.03 0.03 5000 0 0 0 295000 295000 0 0 4156000 4167000 0.04 0.04 218000 223000 0 0 543000 546000 0.01 0.01 10619000 10653000 0.11 0.11 982000 998000 0.01 0.01 104000 105000 0 0 1951000 1709000 0.02 0.02 523000 527000 0.01 0.01 3467000 3483000 0.04 0.04 1974000 1990000 0.02 0.02 977000 987000 0.01 0.01 448000 450000 0 0 2151000 2175000 0.02 0.02 1672000 1657000 0.02 0.02 7439000 7471000 0.08 0.08 1874000 1889000 0.02 0.02 94929000 95185000 1 0.99 <div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Note 1 – General Information </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;">The consolidated Adams Street Credit Solutions Fund and Subsidiaries financial statements include the accounts of Adams Street Credit Solutions Fund, ASP BDC Lev Facilitation LLC, Adams Street Credit Solutions Blocker LLC and Adams Street PC Funding LLC (collectively, the <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">“</div></div>Company<div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">”</div></div>). Adams Street Credit Solutions Fund (<div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">“</div></div>ASCEND<div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">”</div></div>) was organized on March 29, 2019, as a Delaware limited liability company named Adams Street Private Credit BDC, LLC. On January 15, 2025, ASCEND converted to a Delaware limited partnership and was renamed Adams Street Credit Solutions Fund, LP. On August 5, 2025, ASCEND converted to a Delaware statutory trust and was renamed Adams Street Credit Solutions Fund. ASCEND began operations on July 29, 2024 (commencement of investment operations). ASP BDC Lev Facilitation LLC, a Delaware limited liability company, was organized on June 28, 2024 and began operations on July 29, 2024 (commencement of investment operations). Adams Street Credit Solutions Blocker LLC, a Delaware limited liability company, was organized on November 18, 2025. Adams Street PC Funding LLC, a Delaware limited liability company, was organized on April 25, 2017, began operations on February 26, 2018, and was transferred and became owned by the Company on September 22, 2025. On April 1, 2026, the Company elected to be regulated as a business development company (the “BDC Election”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, the Company intends to elect to be treated, and to qualify annually thereafter, as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). </div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Adams Street Advisors, LLC (the “Adviser”) is the investment adviser of the Company. The Adviser is registered as an investment adviser with the U.S. Securities and Exchange Commission (“SEC”) under the Investment Advisers Act of 1940, as amended. </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Company’s investment objective is to generate current income and capital appreciation. The Company will seek to achieve its investment objective primarily through investing in direct originations of secured debt (which the Company refers to as “Middle Market Senior Loans”), including first lien senior secured loans (which may include stand-alone first lien loans, first lien/last out loans and “unitranche” loans) and second lien senior secured loans, with the balance of its assets invested in higher yielding investments (which may include unsecured debt, mezzanine debt and investments in equities). The Middle Market Senior Loans are generally made to private U.S. middle market companies that are, in many cases, controlled by private equity firms. </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Company also invests a portion of its assets in a portfolio of liquid assets, including: cash; short-term, high-quality, liquid debt securities and other credit instruments; and other investment companies, including money market funds. </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Following the BDC Election, the Company commenced holding monthly closing<div style="display:inline;">s</div> for its continuous private offering of its common shares of beneficial interest (the “Shares”), to “accredited investors” within the meaning of Regulation D under the Securities Act of 1933, as amended (the “1933 Act”), and outside the United States in accordance with Regulation S or Regulation D under the 1933 Act, in reliance on exemptions from the registration requirements of the 1933 Act. </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">As a BDC, the Company is required to comply with certain regulatory requirements. As part of these requirements, the Company must not acquire any assets other than “qualifying assets” specified in the 1940 Act unless, at the time the acquisition is made, at least 70% of its total assets are qualifying assets (with certain limited exceptions). </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;">To qualify as a RIC, the Company must, among other things, meet certain <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space: nowrap;display:inline;">source-of-income</div></div> and asset diversification requirements and timely distribute to its shareholders generally at least 90% of its investment company taxable income, as defined by the Code, for each year. If the Company qualifies and elects to be treated as a RIC, it generally does not have to pay corporate-level taxes on any income that it distributes to shareholders, provided that the Company satisfies those requirements. </div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Refer to Note 8 - Net Assets for details on equity interests issued as of and for the period ended June 30, 2026. As of and for the periods ended June 30, 2025 and December 31, 2025, the Company did not issue any equity interests. </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Company is an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012. </div></div> 0.70 0.90 <div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Note 2 – Significant Accounting Policies </div></div> <div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Basis of Presentation </div></div></div> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”). In the opinion of management, all adjustments considered necessary for the fair presentation of the consolidated financial statements have been included. The Company is an investment company under the criteria established in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services—Investment Companies (“ASC 946”) and applies the specialized accounting and reporting guidance included therein. </div></div></div><div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;">The interim consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">10-Q</div> and Articles 6, 10 and 12 of Regulation S-X. Accordingly, certain disclosures accompanying the annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending December 31, 2026. </div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Certain changes were made to prior period amounts to conform to the current period presentation. </div></div> <div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Use of Estimates </div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. It also requires management to exercise judgment in the process of applying the Company’s accounting policies. Actual results could differ from those estimates. </div></div> <div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Cash </div></div></div> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;text-indent: 0px;display:inline;">Cash represents demand deposits held at financial institutions. Cash is held at major financial institutions and is subject to credit risk to the extent those balances exceed applicable Federal Deposit Insurance Corporation (FDIC) or Securities Investor Protection Corporation (SIPC) limitations. Restricted cash was</div></div><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> $1,572 thousand and $1,451 </div><div style="display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">thousand as of June 30, 2026 and December 31, 2025, respectively. Restricted cash consists of deposits held at Wells Fargo Bank related to the Fund’s credit facility with Wells Fargo Bank and not yet available for use by the Fund. At any point in time, the restrictions on cash under the revolving credit facility agreement are for a period of less than 30 days. </div></div></div> <div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Organization Costs </div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Organization costs will be borne by the Company. Costs associated with the organization of the Company have been expensed as incurred, subject to the Expense Support Agreement (as defined below in Note 4 - Related Party Transactions). These costs consist primarily of legal fees and other fees of organizing the Company. </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">For the three and six months ended June 30, 2026, the Company incurred organizational costs of $388 thousand and $857 thousand, respectively. For the three and six months ended June 30, 2025, the Company incurred organizational costs of $1,572 thousand and $1,579 thousand, respectively. </div></div> <div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Offering Costs </div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Offering costs in excess of the Expense Support Agreement (defined below in Note 4 - Related Party Transactions) will be borne by the Company. These offering costs, if any, are capitalized as deferred offering costs on the Consolidated Statements of Assets and Liabilities and amortized over a twelve-month period. These costs consist primarily of legal fees and other fees incurred in connection with the private offering. </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">For the three and six months ended June 30, 2026, the Company incurred $131 thousand and $389 thousand, respectively, of offering costs, and amortized $86 thousand and $139 thousand, respectively, of offering costs. The Company <div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;">did <div style="display:inline;">not</div></div></div> incur offering costs for the three and six months ended June 30, 2025. </div></div> <div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt;text-indent: 0px;"></div><div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Deferred Financing Costs, Interest Expense, and Credit Facility Fees </div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Interest expense and unused commitment fees on the Company’s borrowings are recorded on an accrual basis. Unused commitment fees are included in Interest expense and credit facility fees in the accompanying Consolidated Statements of Operations. </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Deferred financing costs represent capitalized fees and other direct incremental costs incurred in connection with the Company’s borrowings. These amounts are amortized on a straight-line basis over the expected term of the credit facility. The unamortized balance of such costs is included in Credit Facility (as defined below in Note 5 - Borrowings), net of deferred financing costs in the accompanying Consolidated Statements of Assets and Liabilities when amounts are outstanding under the related debt arrangement. In periods in which there are no outstanding borrowings under the related credit facility, unamortized deferred financing costs are presented as an asset within other assets on the Consolidated Statements of Assets and Liabilities. The amortization of such costs is included in Interest expense and credit facility fees in the accompanying Consolidated Statements of Operations. Refer to Note 5 for interest incurred as of June 30, 2026. </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">As of June 30, 2026 and December 31, 2025, the Company had unamortized deferred financing costs of $1,647 thousand and $478 thousand, respectively. Amortization expense for deferred financing costs for the three and six months ended June 30, 2026 was $83 thousand and $163 thousand, respectively. Amortization expense for deferred financing costs for the three and six months ended June 30, 2025 was $53 thousand and $97 thousand, respectively. </div></div> <div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Investments </div></div></div> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Investment transactions are recorded on the trade date. Realized gains or losses are measured as the difference between the net proceeds from the repayment or sale of an investment and the investment’s amortized cost basis, using the specific identification method and without regard to unrealized appreciation or depreciation previously recognized. Realized gains or losses also include investments charged off during the period, net of recoveries. Net change in unrealized appreciation (depreciation) on investments as presented in the accompanying Consolidated Statements of Operations reflects the net change in the fair value of investments, including the reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized. See Note 3 - Fair Value Measurements for further information about fair value measurements. </div></div></div> <div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Revenue Recognition </div></div></div> <div style="text-indent: 0px; letter-spacing: 0px; top: 0px;display:inline;"></div> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Interest income and payment-in-kind (“PIK”) interest are recorded on an accrual basis and Interest income includes the accretion of discounts and amortization of premiums. Discounts from and premiums to par value on investments purchased are accreted/amortized into interest income over the life of the respective security using the effective interest method. To the extent loans contain PIK provisions, PIK interest, computed at the contractual rates, is accrued, recorded as interest income and added to the principal balance of the loan. PIK interest income added to the principal balance is generally collected upon repayment of the outstanding principal. As of both June 30, 2026 and December 31, 2025, there were 14 and 8 loans, respectively, in the portfolio that earned PIK income. For the three and six months ended June 30, 2026, the Company earned PIK interest income of </div></div><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</div></div>228 thousand and $325 thousand<div style="letter-spacing: 0px; top: 0px;display:inline;">,</div> respectively. For the three and six months ended June 30, 2025, the Company earned PIK interest income of $8 thousand and $8 thousand, respectively. </div><div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;">Loans are generally placed on <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-accrual</div> status when interest and/or principal payments become materially past due and there is reasonable doubt that principal or interest will be collected in full. Recognition of interest income on that loan will cease until all principal and interest are current through payment or until a restructuring occurs, such that the interest income is deemed to be collectible. However, the Company remains contractually entitled to this interest. Accrued and unpaid interest is generally reversed when a loan is placed on <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-accrual</div> status. Interest payments received on <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-accrual</div> loans may be recognized as income or applied to principal depending upon the Company’s judgment regarding collectability. <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Non-accrual</div> loans are restored to accrual status when past due principal and interest are paid or there is no longer any reasonable doubt that such principal or interest will be collected in full and, in the Company’s judgment, the loans are likely to remain current. The Company may make exceptions to this policy if the loan has sufficient collateral value or is in the process of collection. Accrued interest is written off when it becomes probable that the interest will not be collected, and the amount of uncollectible interest can be reasonably estimated. The Company did not have any loans on <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-accrual</div> status as of June 30, 2026 and December 31, 2025. </div> <div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Dividend income earned on short-term money market investments is accrued daily. Other income may include income such as consent, waiver, amendment, unused, underwriting, arranger and prepayment fees associated with the Company’s investment activities. Such fees are recognized as income when earned or the services are rendered. For the three and six months ended June 30, 2026, the Company earned $3 thousand and $28 thousand, respectively, in other income, primarily from unused fees. For the three and six months ended June 30, 2025, the Company earned $1 thousand and $1 thousand, respectively, in other income, primarily from unused fees. </div></div> <div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Income Taxes </div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;">The Company intends to elect to be treated, and intends to qualify annually thereafter, as a RIC under the Code. If the Company qualifies and elects to be treated as a RIC, and for so long as it maintains such qualification, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its shareholders as dividends. Therefore, no provision for federal income taxes is recorded in the consolidated financial statements of the Company. Rather, any tax liability related to income earned and distributed by the Company would represent obligations of the Company’s investors. To qualify for and maintain qualification as a RIC, the Company must, among other things, meet certain <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space: nowrap;display:inline;">source-of-income</div></div> and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must also annually distribute dividends for U.S. federal income tax purposes to its shareholders out of the assets legally available for distribution of an amount generally at least equal to 90% of the sum of its investment company taxable income, determined without regard to any deduction for dividends paid. The Company may be subject to federal excise tax imposed at a rate of 4% on certain undistributed amounts. </div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="display:inline;">Additionally, in order to avoid the imposition of a U.S. federal excise tax, we are required to distribute, in respect of each calendar year, dividends to our shareholders of an amount at least equal to the sum of </div>98% of our calendar year net ordinary income (taking into account certain deferrals and elections); 98.2<div style="display:inline;">% of our capital gain net income (adjusted for certain ordinary losses) for the one year period ending on October 31 of such calendar year; and any net ordinary income and capital gain net income for preceding calendar years that were not distributed during such calendar years and on which we previously did not incur any U.S. federal income tax. If we fail to qualify as a RIC for any reason and become subject to U.S. federal corporate income tax, the resulting corporate taxes could substantially reduce our net assets, the amount of income available for distribution and the amount of our distributions. Such a failure would have a material adverse effect on us and our shareholders. In addition, we could be required to recognize unrealized gains, incur substantial taxes and interest and make substantial distributions in order to <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">re-qualify</div> as a RIC. We cannot assure shareholders that they will receive any distributions. </div></div><div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Depending on the level of taxable income earned in a tax year, the Company can be expected to carry forward taxable income (including net capital gains, if any) in excess of current year dividend distributions from the current tax year into the next tax year and pay a nondeductible 4% U.S. federal excise tax on such taxable income, as required. To the extent that the Company determines that the estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such income, the Company accrues excise tax on estimated excess taxable income. </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;">The Company did not have any uncertain tax positions that met the recognition or measurement criteria of ASC <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space: nowrap;display:inline;">740-10-25,</div></div> Income Taxes (“ASC Topic 740”), nor did the Company have any unrecognized tax benefits as of the periods presented herein. The Company’s current tax year, 2025, 2024, and 2023 federal and state tax returns remain subject to examination by the Internal Revenue Service and state departments of revenue. </div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">For the three and six months ended June 30, 2026, the Company recorded current tax expense of $0 and $61 thousand, primarily related to taxable income generated within certain consolidated subsidiaries and blocker entities. For the three and six months ended June 30, 2025, the Company recorded current tax expense of $0 and $0, primarily related to taxable income generated within certain consolidated subsidiaries and blocker entities. </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Deferred tax assets and liabilities are recognized for temporary differences between the financial reporting basis and the tax basis of assets and liabilities. As of June 30, 2026 and 2025, the Company has determined that any deferred tax balances are not material to the consolidated financial statements. </div></div> <div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt;text-indent: 0px;"></div><div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">“more-likely-than-not”</div> to be sustained by the applicable tax authority. Tax positions not deemed to meet the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">“more-likely-than-not”</div> threshold are reserved and recorded as tax benefits or expenses in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, ongoing analyses of tax laws, regulations and interpretations thereof. </div> <div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Consolidation </div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">As provided under ASC 946, the Company will generally not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the results of the Company’s wholly owned subsidiaries: ASP BDC Lev Facilitation LLC, Adams Street Credit Solutions Blocker LLC and Adams Street PC Funding LLC. All intercompany balances and transactions have been eliminated. </div></div> <div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Expenses </div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Company is responsible for software costs, insurance costs and other expenses related to the Company’s operations. Such expenses, including expenses incurred and paid by the Adviser on behalf of the Company, are generally expected to be reimbursed by the Company. Costs incurred for annual subscriptions and insurance policies are generally recorded as a deferred charge and are amortized using the straight-line method over the term of the subscription or policy period. Deferred costs related to the Company’s trustees’ and officers’ liability insurance are presented in prepaid expenses and other assets on the Company’s Consolidated Statements of Assets and Liabilities. </div></div> <div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Functional Currency </div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The functional currency of the Company is the U.S. dollar, and all transactions were in U.S. dollars. </div></div> <div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Earnings per Common Share </div></div></div> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Company computes earnings per common share in accordance with ASC Topic 260, Earnings Per Share (“ASC 260”). Basic earnings per common share is calculated by dividing the net increase (decrease) in net assets resulting from operations attributable to common shares by the weighted-average number of common shares outstanding. Diluted earnings per common share reflects the assumed conversion of all dilutive securities. </div></div></div><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div> <div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Basis of Presentation </div></div></div> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”). In the opinion of management, all adjustments considered necessary for the fair presentation of the consolidated financial statements have been included. The Company is an investment company under the criteria established in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services—Investment Companies (“ASC 946”) and applies the specialized accounting and reporting guidance included therein. </div></div></div><div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;">The interim consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">10-Q</div> and Articles 6, 10 and 12 of Regulation S-X. Accordingly, certain disclosures accompanying the annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending December 31, 2026. </div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Certain changes were made to prior period amounts to conform to the current period presentation. </div></div> <div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Use of Estimates </div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. It also requires management to exercise judgment in the process of applying the Company’s accounting policies. Actual results could differ from those estimates. </div></div> <div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Cash </div></div></div> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;text-indent: 0px;display:inline;">Cash represents demand deposits held at financial institutions. Cash is held at major financial institutions and is subject to credit risk to the extent those balances exceed applicable Federal Deposit Insurance Corporation (FDIC) or Securities Investor Protection Corporation (SIPC) limitations. Restricted cash was</div></div><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> $1,572 thousand and $1,451 </div><div style="display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">thousand as of June 30, 2026 and December 31, 2025, respectively. Restricted cash consists of deposits held at Wells Fargo Bank related to the Fund’s credit facility with Wells Fargo Bank and not yet available for use by the Fund. At any point in time, the restrictions on cash under the revolving credit facility agreement are for a period of less than 30 days. </div></div></div> 1572000 1451000 <div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Organization Costs </div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Organization costs will be borne by the Company. Costs associated with the organization of the Company have been expensed as incurred, subject to the Expense Support Agreement (as defined below in Note 4 - Related Party Transactions). These costs consist primarily of legal fees and other fees of organizing the Company. </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">For the three and six months ended June 30, 2026, the Company incurred organizational costs of $388 thousand and $857 thousand, respectively. For the three and six months ended June 30, 2025, the Company incurred organizational costs of $1,572 thousand and $1,579 thousand, respectively. </div></div> 388000 857000 1572000 1579000 <div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Offering Costs </div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Offering costs in excess of the Expense Support Agreement (defined below in Note 4 - Related Party Transactions) will be borne by the Company. These offering costs, if any, are capitalized as deferred offering costs on the Consolidated Statements of Assets and Liabilities and amortized over a twelve-month period. These costs consist primarily of legal fees and other fees incurred in connection with the private offering. </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">For the three and six months ended June 30, 2026, the Company incurred $131 thousand and $389 thousand, respectively, of offering costs, and amortized $86 thousand and $139 thousand, respectively, of offering costs. The Company <div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;">did <div style="display:inline;">not</div></div></div> incur offering costs for the three and six months ended June 30, 2025. </div></div> 131000 389000 86000 139000 0 0 <div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Deferred Financing Costs, Interest Expense, and Credit Facility Fees </div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Interest expense and unused commitment fees on the Company’s borrowings are recorded on an accrual basis. Unused commitment fees are included in Interest expense and credit facility fees in the accompanying Consolidated Statements of Operations. </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Deferred financing costs represent capitalized fees and other direct incremental costs incurred in connection with the Company’s borrowings. These amounts are amortized on a straight-line basis over the expected term of the credit facility. The unamortized balance of such costs is included in Credit Facility (as defined below in Note 5 - Borrowings), net of deferred financing costs in the accompanying Consolidated Statements of Assets and Liabilities when amounts are outstanding under the related debt arrangement. In periods in which there are no outstanding borrowings under the related credit facility, unamortized deferred financing costs are presented as an asset within other assets on the Consolidated Statements of Assets and Liabilities. The amortization of such costs is included in Interest expense and credit facility fees in the accompanying Consolidated Statements of Operations. Refer to Note 5 for interest incurred as of June 30, 2026. </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">As of June 30, 2026 and December 31, 2025, the Company had unamortized deferred financing costs of $1,647 thousand and $478 thousand, respectively. Amortization expense for deferred financing costs for the three and six months ended June 30, 2026 was $83 thousand and $163 thousand, respectively. Amortization expense for deferred financing costs for the three and six months ended June 30, 2025 was $53 thousand and $97 thousand, respectively. </div></div> 1647000 478000 83000 163000 53000 97000 <div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Investments </div></div></div> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Investment transactions are recorded on the trade date. Realized gains or losses are measured as the difference between the net proceeds from the repayment or sale of an investment and the investment’s amortized cost basis, using the specific identification method and without regard to unrealized appreciation or depreciation previously recognized. Realized gains or losses also include investments charged off during the period, net of recoveries. Net change in unrealized appreciation (depreciation) on investments as presented in the accompanying Consolidated Statements of Operations reflects the net change in the fair value of investments, including the reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized. See Note 3 - Fair Value Measurements for further information about fair value measurements. </div></div></div> <div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Revenue Recognition </div></div></div> <div style="text-indent: 0px; letter-spacing: 0px; top: 0px;display:inline;"></div> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Interest income and payment-in-kind (“PIK”) interest are recorded on an accrual basis and Interest income includes the accretion of discounts and amortization of premiums. Discounts from and premiums to par value on investments purchased are accreted/amortized into interest income over the life of the respective security using the effective interest method. To the extent loans contain PIK provisions, PIK interest, computed at the contractual rates, is accrued, recorded as interest income and added to the principal balance of the loan. PIK interest income added to the principal balance is generally collected upon repayment of the outstanding principal. As of both June 30, 2026 and December 31, 2025, there were 14 and 8 loans, respectively, in the portfolio that earned PIK income. For the three and six months ended June 30, 2026, the Company earned PIK interest income of </div></div><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</div></div>228 thousand and $325 thousand<div style="letter-spacing: 0px; top: 0px;display:inline;">,</div> respectively. For the three and six months ended June 30, 2025, the Company earned PIK interest income of $8 thousand and $8 thousand, respectively. </div><div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;">Loans are generally placed on <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-accrual</div> status when interest and/or principal payments become materially past due and there is reasonable doubt that principal or interest will be collected in full. Recognition of interest income on that loan will cease until all principal and interest are current through payment or until a restructuring occurs, such that the interest income is deemed to be collectible. However, the Company remains contractually entitled to this interest. Accrued and unpaid interest is generally reversed when a loan is placed on <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-accrual</div> status. Interest payments received on <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-accrual</div> loans may be recognized as income or applied to principal depending upon the Company’s judgment regarding collectability. <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Non-accrual</div> loans are restored to accrual status when past due principal and interest are paid or there is no longer any reasonable doubt that such principal or interest will be collected in full and, in the Company’s judgment, the loans are likely to remain current. The Company may make exceptions to this policy if the loan has sufficient collateral value or is in the process of collection. Accrued interest is written off when it becomes probable that the interest will not be collected, and the amount of uncollectible interest can be reasonably estimated. The Company did not have any loans on <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-accrual</div> status as of June 30, 2026 and December 31, 2025. </div> <div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Dividend income earned on short-term money market investments is accrued daily. Other income may include income such as consent, waiver, amendment, unused, underwriting, arranger and prepayment fees associated with the Company’s investment activities. Such fees are recognized as income when earned or the services are rendered. For the three and six months ended June 30, 2026, the Company earned $3 thousand and $28 thousand, respectively, in other income, primarily from unused fees. For the three and six months ended June 30, 2025, the Company earned $1 thousand and $1 thousand, respectively, in other income, primarily from unused fees. </div></div> 228000 325000 8000 8000 3000 28000 1000 1000 <div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Income Taxes </div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;">The Company intends to elect to be treated, and intends to qualify annually thereafter, as a RIC under the Code. If the Company qualifies and elects to be treated as a RIC, and for so long as it maintains such qualification, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its shareholders as dividends. Therefore, no provision for federal income taxes is recorded in the consolidated financial statements of the Company. Rather, any tax liability related to income earned and distributed by the Company would represent obligations of the Company’s investors. To qualify for and maintain qualification as a RIC, the Company must, among other things, meet certain <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space: nowrap;display:inline;">source-of-income</div></div> and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must also annually distribute dividends for U.S. federal income tax purposes to its shareholders out of the assets legally available for distribution of an amount generally at least equal to 90% of the sum of its investment company taxable income, determined without regard to any deduction for dividends paid. The Company may be subject to federal excise tax imposed at a rate of 4% on certain undistributed amounts. </div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="display:inline;">Additionally, in order to avoid the imposition of a U.S. federal excise tax, we are required to distribute, in respect of each calendar year, dividends to our shareholders of an amount at least equal to the sum of </div>98% of our calendar year net ordinary income (taking into account certain deferrals and elections); 98.2<div style="display:inline;">% of our capital gain net income (adjusted for certain ordinary losses) for the one year period ending on October 31 of such calendar year; and any net ordinary income and capital gain net income for preceding calendar years that were not distributed during such calendar years and on which we previously did not incur any U.S. federal income tax. If we fail to qualify as a RIC for any reason and become subject to U.S. federal corporate income tax, the resulting corporate taxes could substantially reduce our net assets, the amount of income available for distribution and the amount of our distributions. Such a failure would have a material adverse effect on us and our shareholders. In addition, we could be required to recognize unrealized gains, incur substantial taxes and interest and make substantial distributions in order to <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">re-qualify</div> as a RIC. We cannot assure shareholders that they will receive any distributions. </div></div><div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Depending on the level of taxable income earned in a tax year, the Company can be expected to carry forward taxable income (including net capital gains, if any) in excess of current year dividend distributions from the current tax year into the next tax year and pay a nondeductible 4% U.S. federal excise tax on such taxable income, as required. To the extent that the Company determines that the estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such income, the Company accrues excise tax on estimated excess taxable income. </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;">The Company did not have any uncertain tax positions that met the recognition or measurement criteria of ASC <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space: nowrap;display:inline;">740-10-25,</div></div> Income Taxes (“ASC Topic 740”), nor did the Company have any unrecognized tax benefits as of the periods presented herein. The Company’s current tax year, 2025, 2024, and 2023 federal and state tax returns remain subject to examination by the Internal Revenue Service and state departments of revenue. </div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">For the three and six months ended June 30, 2026, the Company recorded current tax expense of $0 and $61 thousand, primarily related to taxable income generated within certain consolidated subsidiaries and blocker entities. For the three and six months ended June 30, 2025, the Company recorded current tax expense of $0 and $0, primarily related to taxable income generated within certain consolidated subsidiaries and blocker entities. </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Deferred tax assets and liabilities are recognized for temporary differences between the financial reporting basis and the tax basis of assets and liabilities. As of June 30, 2026 and 2025, the Company has determined that any deferred tax balances are not material to the consolidated financial statements. </div></div> <div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt;text-indent: 0px;"></div> <div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">“more-likely-than-not”</div> to be sustained by the applicable tax authority. Tax positions not deemed to meet the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">“more-likely-than-not”</div> threshold are reserved and recorded as tax benefits or expenses in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, ongoing analyses of tax laws, regulations and interpretations thereof. </div> 0.90 0.04 0.98 0.982 0.04 0 61000 0 0 <div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Consolidation </div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">As provided under ASC 946, the Company will generally not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the results of the Company’s wholly owned subsidiaries: ASP BDC Lev Facilitation LLC, Adams Street Credit Solutions Blocker LLC and Adams Street PC Funding LLC. All intercompany balances and transactions have been eliminated. </div></div> <div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Expenses </div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Company is responsible for software costs, insurance costs and other expenses related to the Company’s operations. Such expenses, including expenses incurred and paid by the Adviser on behalf of the Company, are generally expected to be reimbursed by the Company. Costs incurred for annual subscriptions and insurance policies are generally recorded as a deferred charge and are amortized using the straight-line method over the term of the subscription or policy period. Deferred costs related to the Company’s trustees’ and officers’ liability insurance are presented in prepaid expenses and other assets on the Company’s Consolidated Statements of Assets and Liabilities. </div></div> <div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Functional Currency </div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The functional currency of the Company is the U.S. dollar, and all transactions were in U.S. dollars. </div></div> <div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Earnings per Common Share </div></div></div> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Company computes earnings per common share in accordance with ASC Topic 260, Earnings Per Share (“ASC 260”). Basic earnings per common share is calculated by dividing the net increase (decrease) in net assets resulting from operations attributable to common shares by the weighted-average number of common shares outstanding. Diluted earnings per common share reflects the assumed conversion of all dilutive securities. </div></div></div><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div> <div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Note 3 – Fair Value Measurements </div></div> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Company records its investments at fair value in accordance with U.S. GAAP. Fair value is the price that would be received upon the sale of an investment in an orderly transaction between market participants at the measurement date. </div></div></div><div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The investments fall into one of the following three categories within the fair value hierarchy: </div></div></div><div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; width: 100%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;text-indent: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="width: 4%; text-align: left; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;display:inline;">•</div></td> <td style="width: 1%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="text-align: left; vertical-align: top;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Level 1—inputs reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. </div></div></div></td></tr></table><div style="clear:both;max-height:0pt;text-indent: 0px;"></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Level 1 investments held by the Company typically consist of public stock positions held as a result of an initial public offering of a formerly private investment as well as short-term investments held as money market funds. Management does not adjust the quoted price for such instruments, even in situations where the Company holds a large position and a sale could reasonably impact the quoted price. </div></div></div><div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; width: 100%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;text-indent: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="width: 4%; text-align: left; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;display:inline;">•</div></td> <td style="width: 1%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="text-align: left; vertical-align: top;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Level 2—inputs include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability other than quoted prices, either directly or indirectly, including inputs in markets that are not considered to be active. </div></div></div></td></tr></table><div style="clear:both;max-height:0pt;text-indent: 0px;"></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;">Level 2 investments held by the Company typically consist of public stock positions held as a result of an initial public offering of a direct investment, which are subject to sales restrictions, or the valuation is adjusted to reflect illiquidity and/or <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-transferability.</div> </div></div><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"></div> <div style="clear:both;max-height:0pt;"></div> <div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; width: 100%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;text-indent: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="width: 4%; text-align: left; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;display:inline;">•</div></td> <td style="width: 1%; vertical-align: top;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="text-align: left; vertical-align: top;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Level 3—inputs to the valuation methodology are unobservable and significant to the fair value measurement. </div></div></div></td></tr></table><div style="clear:both;max-height:0pt;text-indent: 0px;"></div><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div></div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;text-indent: 0px;"><div style="display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Level 3 investments held by the Company typically consist of privately-held equity or debt securities. When observable prices are not available, management uses valuation techniques for which sufficient and reliable data is available and applied on a consistent basis. The valuation of nonmarketable privately-held investments requires significant judgment by management due to the absence of quoted market values, inherent lack of liquidity, changes in market conditions and the long-term nature of such assets. </div></div></div><div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;">Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes “observable” requires significant judgment by management. Management considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary and provided by multiple, independent sources that are actively involved in the relevant market. The categorization of an investment within the hierarchy is based upon the pricing transparency of the investment and does not necessarily correspond to management’s perceived risk of that investment. The Adviser, as the valuation designee pursuant to Rule <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">2a-5</div> under the 1940 Act, determines in good faith the fair value of the Company’s investment portfolio for which market quotations are not readily available. In addition to using the above inputs in investment valuations, the Adviser will apply a valuation policy approved by the Company’s Board of Trustees (the “Board”) that is consistent with Accounting Standards Codification Topic 820, Fair Value Measurement (“ASC 820”). </div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period. Additionally, the fair value of such investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that may ultimately be realized. Further, such investments are generally less liquid than publicly traded securities and may be subject to contractual and other restrictions on resale. If the Company were required to liquidate a portfolio investment in a forced or liquidation sale, it could realize amounts that are different from the amounts presented and such differences could be material. </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected herein. </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The following table presents the investments carried at fair value on the Consolidated Statements of Assets and Liabilities as of June 30, 2026 and December 31, 2025 by the ASC 820 valuation hierarchy (as described above) (in thousands): </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 90%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 64%;"></td> <td style="width: 1%; vertical-align: bottom;"></td> <td style="width: 15pt;"></td> <td></td> <td></td> <td style="width: 15pt;"></td> <td style="width: 2%; vertical-align: bottom;"></td> <td style="width: 15pt;"></td> <td></td> <td></td> <td style="width: 15pt;"></td> <td style="width: 2%; vertical-align: bottom;"></td> <td style="width: 15pt;"></td> <td></td> <td></td> <td style="width: 15pt;"></td> <td style="width: 2%; vertical-align: bottom;"></td> <td style="width: 11pt;"></td> <td></td> <td></td> <td style="width: 11pt;"></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="19" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">As of June 30, 2026</div></div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Investments</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="4" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Level 1</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="4" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Level 2</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="4" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Level 3</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="4" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Total</div></div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">First Lien Loans</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">—</td> <td style="vertical-align: bottom; white-space: nowrap; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">—</td> <td style="vertical-align: bottom; white-space: nowrap; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">124,593 </td> <td style="vertical-align: bottom; white-space: nowrap; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">124,593 </td> <td style="vertical-align: bottom; white-space: nowrap; font-family: &quot;Times New Roman&quot;;"></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Short-Term Investments</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">953</td> <td style="vertical-align: bottom; white-space: nowrap; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">—</td> <td style="vertical-align: bottom; white-space: nowrap; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">—</td> <td style="vertical-align: bottom; white-space: nowrap; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">953 </td> <td style="vertical-align: bottom; white-space: nowrap; font-family: &quot;Times New Roman&quot;;"></td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Total Investments</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;"> 953</td> <td style="vertical-align: bottom; white-space: nowrap; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">  —</td> <td style="vertical-align: bottom; white-space: nowrap; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;"> 124,593 </td> <td style="vertical-align: bottom; white-space: nowrap; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;"> 125,546 </td> <td style="vertical-align: bottom; white-space: nowrap; font-family: &quot;Times New Roman&quot;;"></td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td></tr></table> <div style="clear:both;max-height:0pt;"></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 90%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 63%;"></td> <td style="width: 1%; vertical-align: bottom;"></td> <td style="width: 15pt;"></td> <td></td> <td></td> <td style="width: 15pt;"></td> <td style="width: 2%; vertical-align: bottom;"></td> <td style="width: 15pt;"></td> <td></td> <td></td> <td style="width: 15pt;"></td> <td style="width: 2%; vertical-align: bottom;"></td> <td style="width: 15pt;"></td> <td></td> <td></td> <td style="width: 15pt;"></td> <td style="width: 2%; vertical-align: bottom;"></td> <td style="width: 11pt;"></td> <td></td> <td></td> <td style="width: 11pt;"></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="19" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">As of December 31, 2025</div></div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Investments</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="4" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Level 1</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="4" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Level 2</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="4" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Level 3</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="4" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Total</div></div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">First Lien Loans</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">  —</td> <td style="vertical-align: bottom; white-space: nowrap;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">  —</td> <td style="vertical-align: bottom; white-space: nowrap;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">  95,185 </td> <td style="vertical-align: bottom; white-space: nowrap;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">  95,185 </td> <td style="vertical-align: bottom; white-space: nowrap;"></td></tr></table> <div style="clear:both;max-height:0pt;"></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The classification of an investment as Level 3 is based upon the significance of the unobservable inputs to the overall fair value measurement. However, Level 3 financial investments typically include, in addition to unobservable or Level 3 inputs, observable inputs (that is, inputs that are actively quoted and can be validated to market sources). </div></div> <div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt;text-indent: 0px;"></div><div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Transfers between levels, if any, are recognized at the beginning of the quarter in which the transfers occur. For the six months ended June 30, 2026 and 2025, there were no transfers into or out of Level 3. The following tables reconcile the beginning and ending balances of investments classified within Level 3 for the three and six months ended June 30, 2026 and 2025 (in thousands): </div></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 100%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 92%;"></td> <td style="width: 1%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 1%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">For the Three</div></div><br/><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Months Ended<br/>June 30, 2026</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">For the Six</div></div><br/><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Months Ended<br/>June 30, 2026</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">First Lien Loans</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">First Lien Loans</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Balance, at beginning of period</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">114,982</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">95,185</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Purchases of investments</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">10,063</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">30,668</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Accretion of discount</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">68</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">125</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Proceeds from repayment and sales of investments</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">(621</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">(1,530</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Realized gain (loss)</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">6</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">14</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;">Net change in unrealized appreciation/(depreciation)</div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">(133</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">(194</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space: nowrap;display:inline;">Payment-in-kind</div></div> interest capitalized</div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">228</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">325</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Balance, at end of period</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">124,593</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">124,593</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Net change in unrealized appreciation/(depreciation) included in the Consolidated Statements of Operations that continue to be held as of June 30, 2026</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">(133</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">(152</td> <td style="vertical-align: bottom; white-space: nowrap;">)</td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td></tr></table><div style="clear:both;max-height:0pt;"></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 100%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 92%;"></td> <td style="width: 1%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 1%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">For the Three</div></div><br/><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Months Ended<br/>June 30, 2025</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">For the Six</div></div><br/><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Months Ended<br/>June 30, 2025</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">First Lien Loans</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">First Lien Loans</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Balance, at beginning of period</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">19,712</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">17,915</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Purchases of investments</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">40,752</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">42,541</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Accretion of discount</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">22</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">34</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Proceeds from repayment and sales of investments</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">(146</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">(182</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Realized gain (loss)</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">(64</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">(63</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;">Net change in unrealized appreciation/(depreciation)</div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">158</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">189</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space: nowrap;display:inline;">Payment-in-kind</div></div> interest capitalized</div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">8</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">8</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Balance, at end of period</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">60,442</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">60,442</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Net change in unrealized appreciation/(depreciation) included in the Consolidated Statements of Operations that continue to be held as of June 30, 2025</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">158</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">189</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td></tr></table> <div style="clear:both;max-height:0pt;"></div><div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The following tables provide a summary of valuation techniques and quantitative inputs and assumptions used for investments categorized in Level 3 of the fair value hierarchy as of June 30, 2026 and December 31, 2025 (in thousands). </div></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 100%; font-family: Times New Roman; font-size: 8pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 43%;"></td> <td style="width: 2%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 2%; vertical-align: bottom;"></td> <td style="width: 20%;"></td> <td style="width: 2%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 2%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 2%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 2%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Fair Value as of</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Significant<br/>Unobservable</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="6" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Range</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="text-align: center; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Weighted</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">June 30, 2026</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Valuation Techniques</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Inputs</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Low</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">High</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Average*</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">First Lien Loans</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">4,345</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">Market Approach (Recent Arm’s Length Transaction)</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;">Discount to Par Value</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">1.00</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">1.50</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">1.00</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: top; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">120,248</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">Income Approach</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;">Market Interest Rate</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">7.94</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">16.75</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">9.72</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Total investments</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">124,593</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td></tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: &quot;Times New Roman&quot;;"></td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"></td> <td colspan="2" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"></td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"></td> <td colspan="8" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"></td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"></td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Fair Value as of</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Significant<br/>Unobservable</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="6" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Range</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="text-align: center; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Weighted</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">December 31, 2025</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Valuation Techniques</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Inputs</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Low</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">High</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Average*</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">First Lien Loans</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">4,478</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">Market Approach (Recent Arm’s Length Transaction)</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;">Discount to Par Value</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">1.00</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">1.50</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">1.39</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: top; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">90,707</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">Income Approach</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;">Market Interest Rate</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">7.79</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">15.50</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">9.29</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Total investments</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">95,185</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td></tr></table><div style="clear:both;max-height:0pt;"></div><div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; width: 100%; font-family: Times New Roman; font-size: 8pt; border-collapse: collapse; border-spacing: 0;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; vertical-align: top;">*</td> <td style="text-align: left; vertical-align: top;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Inputs are weighted based on the fair value of the investments included in the range. </div></div></td></tr></table> <div style="clear:both;max-height:0pt;"></div><div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The valuation techniques used in Level 3 of the fair value hierarchy utilize unobservable inputs in determining the fair value of the Company’s investments. For the Market Approach (Recent Arm’s Length Transaction), investments are valued based on recent transactions, adjusted as necessary for any changes in unobservable inputs, market conditions and other similar transactions. In certain cases the fair value may be based on a pending transaction with an expected close date after the Consolidated Statements of Assets and Liabilities date. </div></div><div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">For the Income Approach, the fair value is determined based on an analysis of the contractual yield earned on the investment with a comparable market rate. The comparable market rate is the significant unobservable input used in the fair value measurement of the Company’s investments under the Income Approach. </div></div><div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;">While management believes its valuation methods are appropriate and consistent with those used by other market participants, the use of different methodologies or assumptions to estimate the fair value of investments in first lien loans could result in a different estimate of fair value at the reporting date. Those fair value estimates may differ significantly from the values that would have been determined had a readily available market for such investments existed, or had such investments been liquidated or sold to <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-affiliated</div> investors, and these differences could be material to the consolidated financial statements. </div><div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The significant unobservable inputs used in the fair value measurement of the Company’s investments in first lien loans are discounts to par and market interest rates. Significant increases in discount rates in isolation would result in a significantly lower fair value measurement. Significant decreases in transaction prices in isolation would result in a significantly lower fair value measurement. </div></div><div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt;text-indent: 0px;"></div><div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt;text-indent: 0px;"></div><div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Financial Instruments Disclosed but Not Carried at Fair Value </div></div></div><div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">At June 30, 2026 and December 31, 2025, the carrying amount of the Company’s secured borrowings approximated their fair value. The fair values of the Company’s debt obligations are determined in accordance with ASC 820, which defines fair value in terms of the price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. Given the interest rates on the Company’s secured borrowings are based on underlying indices that reset periodically, the carrying values of the secured borrowings approximate fair value. Secured borrowings are categorized as Level 3 within the fair value hierarchy. </div></div> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The following table presents the carrying value and fair value of the Company’s Promissory Note and Wells Fargo Credit Facility (each as defined below in Note 5 - Borrowings) disclosed but not carried at fair value as of June 30, 2026 and December 31, 2025 (in thousands): </div></div></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 100%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 85%;"></td> <td style="width: 1%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 1%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 1%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 1%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 1%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;">  </td> <td colspan="6" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">June 30, 2026</div></div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td colspan="2" style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;">  </td> <td colspan="6" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">December 31, 2025</div></div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"> </td></tr> <tr style="font-size: 1pt;"> <td style="height: 1.5pt;"></td> <td colspan="4" style="height: 1.5pt;"></td> <td colspan="4" style="height: 1.5pt;"></td> <td colspan="4" style="height: 1.5pt;"></td> <td colspan="4" style="height: 1.5pt;"></td> <td colspan="4" style="height: 1.5pt;"></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;">  </td> <td colspan="2" style="text-align: center; padding-bottom: 2pt; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> Carrying Value </div></div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"> </td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;">  </td> <td colspan="2" style="text-align: center; padding-bottom: 2pt; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> Fair Value </div></div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td colspan="2" style="text-align: center; padding-bottom: 2pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;">  </td> <td colspan="2" style="text-align: center; padding-bottom: 2pt; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> Carrying Value </div></div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"> </td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;">  </td> <td colspan="2" style="text-align: center; padding-bottom: 2pt; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> Fair Value </div></div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"> </td></tr> <tr style="font-size: 1pt;"> <td style="height: 1.5pt; font-family: &quot;Times New Roman&quot;;"></td> <td colspan="4" style="height: 1.5pt; font-family: &quot;Times New Roman&quot;;"></td> <td colspan="4" style="height: 1.5pt; font-family: &quot;Times New Roman&quot;;"></td> <td colspan="4" style="height: 1.5pt; font-family: &quot;Times New Roman&quot;;"></td> <td colspan="4" style="height: 1.5pt; font-family: &quot;Times New Roman&quot;;"></td> <td colspan="4" style="height: 1.5pt; font-family: &quot;Times New Roman&quot;;"></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding-bottom: 2pt; vertical-align: top;"><div style="text-indent: -1em;font-family: &quot;Times New Roman&quot;;font-size: 10pt;/* font-weight: bold; */margin-top: 0pt;margin-bottom: 0pt;margin-left: 1em;line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Promissory Note</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; padding-bottom: 2pt; vertical-align: bottom; white-space: nowrap;">—</td> <td style="padding-bottom: 2pt; vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; padding-bottom: 2pt; vertical-align: bottom; white-space: nowrap;">—</td> <td style="padding-bottom: 2pt; vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; padding-bottom: 2pt; vertical-align: bottom; white-space: nowrap;">50,000</td> <td style="padding-bottom: 2pt; vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; padding-bottom: 2pt; vertical-align: bottom; white-space: nowrap;">50,000</td> <td style="padding-bottom: 2pt; vertical-align: bottom; white-space: nowrap;">  </td></tr> <tr style="font-size: 1pt;"> <td style="height: 1.5pt; font-family: &quot;Times New Roman&quot;;"></td> <td colspan="4" style="height: 1.5pt; font-family: &quot;Times New Roman&quot;;"></td> <td colspan="4" style="height: 1.5pt; font-family: &quot;Times New Roman&quot;;"></td> <td colspan="4" style="height: 1.5pt; font-family: &quot;Times New Roman&quot;;"></td> <td colspan="4" style="height: 1.5pt; font-family: &quot;Times New Roman&quot;;"></td> <td colspan="4" style="height: 1.5pt; font-family: &quot;Times New Roman&quot;;"></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="padding-bottom: 2pt; vertical-align: top;"><div style="text-indent: -1em;font-family: &quot;Times New Roman&quot;;font-size: 10pt;/* font-weight: bold; */margin-top: 0pt;margin-bottom: 0pt;margin-left: 1em;line-height: normal;">Wells Fargo Credit Facility</div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;">  </td> <td style="padding-bottom: 2pt; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid; white-space: nowrap;">$</td> <td style="text-align: right; padding-bottom: 2pt; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid; white-space: nowrap;">69,250</td> <td style="padding-bottom: 2pt; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;">  </td> <td style="padding-bottom: 2pt; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid; white-space: nowrap;">$</td> <td style="text-align: right; padding-bottom: 2pt; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid; white-space: nowrap;">69,250</td> <td style="padding-bottom: 2pt; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid; white-space: nowrap;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;">  </td> <td style="padding-bottom: 2pt; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid; white-space: nowrap;">$</td> <td style="text-align: right; padding-bottom: 2pt; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid; white-space: nowrap;">43,750</td> <td style="padding-bottom: 2pt; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;">  </td> <td style="padding-bottom: 2pt; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid; white-space: nowrap;">$</td> <td style="text-align: right; padding-bottom: 2pt; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid; white-space: nowrap;">43,750</td> <td style="padding-bottom: 2pt; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid; white-space: nowrap;"> </td></tr> <tr style="font-size: 1pt;"> <td style="height: 1.5pt; font-family: &quot;Times New Roman&quot;;"></td> <td colspan="4" style="height: 1.5pt; font-family: &quot;Times New Roman&quot;;"></td> <td colspan="4" style="height: 1.5pt; font-family: &quot;Times New Roman&quot;;"></td> <td colspan="4" style="height: 1.5pt; font-family: &quot;Times New Roman&quot;;"></td> <td colspan="4" style="height: 1.5pt; font-family: &quot;Times New Roman&quot;;"></td> <td colspan="4" style="height: 1.5pt; font-family: &quot;Times New Roman&quot;;"></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding-bottom: 2pt; vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Total</div></div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;">  </td> <td style="padding-bottom: 2pt; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid; white-space: nowrap;">$</td> <td style="text-align: right; padding-bottom: 2pt; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid; white-space: nowrap;">69,250</td> <td style="padding-bottom: 2pt; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;">  </td> <td style="padding-bottom: 2pt; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid; white-space: nowrap;">$</td> <td style="text-align: right; padding-bottom: 2pt; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid; white-space: nowrap;">69,250</td> <td style="padding-bottom: 2pt; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid; white-space: nowrap;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;">  </td> <td style="padding-bottom: 2pt; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid; white-space: nowrap;">$</td> <td style="text-align: right; padding-bottom: 2pt; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid; white-space: nowrap;">93,750</td> <td style="padding-bottom: 2pt; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;">  </td> <td style="padding-bottom: 2pt; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid; white-space: nowrap;">$</td> <td style="text-align: right; padding-bottom: 2pt; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid; white-space: nowrap;">93,750</td> <td style="padding-bottom: 2pt; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 1pt;"> <td style="vertical-align: top; padding-bottom: 0.375pt; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;">  </td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"> </td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"> </td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"> </td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;">  </td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"> </td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"> </td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;">  </td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"> </td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"> </td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"> </td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;">  </td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"> </td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"> </td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"> </td></tr></table> <div style="clear:both;max-height:0pt;"></div><div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The carrying value of other financial assets and liabilities approximates their fair value based on the short-term nature of these items. </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The following table presents the investments carried at fair value on the Consolidated Statements of Assets and Liabilities as of June 30, 2026 and December 31, 2025 by the ASC 820 valuation hierarchy (as described above) (in thousands): </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 90%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 64%;"></td> <td style="width: 1%; vertical-align: bottom;"></td> <td style="width: 15pt;"></td> <td></td> <td></td> <td style="width: 15pt;"></td> <td style="width: 2%; vertical-align: bottom;"></td> <td style="width: 15pt;"></td> <td></td> <td></td> <td style="width: 15pt;"></td> <td style="width: 2%; vertical-align: bottom;"></td> <td style="width: 15pt;"></td> <td></td> <td></td> <td style="width: 15pt;"></td> <td style="width: 2%; vertical-align: bottom;"></td> <td style="width: 11pt;"></td> <td></td> <td></td> <td style="width: 11pt;"></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="19" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">As of June 30, 2026</div></div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Investments</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="4" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Level 1</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="4" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Level 2</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="4" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Level 3</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="4" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Total</div></div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">First Lien Loans</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">—</td> <td style="vertical-align: bottom; white-space: nowrap; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">—</td> <td style="vertical-align: bottom; white-space: nowrap; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">124,593 </td> <td style="vertical-align: bottom; white-space: nowrap; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">124,593 </td> <td style="vertical-align: bottom; white-space: nowrap; font-family: &quot;Times New Roman&quot;;"></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Short-Term Investments</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">953</td> <td style="vertical-align: bottom; white-space: nowrap; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">—</td> <td style="vertical-align: bottom; white-space: nowrap; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">—</td> <td style="vertical-align: bottom; white-space: nowrap; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">953 </td> <td style="vertical-align: bottom; white-space: nowrap; font-family: &quot;Times New Roman&quot;;"></td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Total Investments</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;"> 953</td> <td style="vertical-align: bottom; white-space: nowrap; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">  —</td> <td style="vertical-align: bottom; white-space: nowrap; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;"> 124,593 </td> <td style="vertical-align: bottom; white-space: nowrap; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;"> 125,546 </td> <td style="vertical-align: bottom; white-space: nowrap; font-family: &quot;Times New Roman&quot;;"></td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td></tr></table> <div style="clear:both;max-height:0pt;"></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 90%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 63%;"></td> <td style="width: 1%; vertical-align: bottom;"></td> <td style="width: 15pt;"></td> <td></td> <td></td> <td style="width: 15pt;"></td> <td style="width: 2%; vertical-align: bottom;"></td> <td style="width: 15pt;"></td> <td></td> <td></td> <td style="width: 15pt;"></td> <td style="width: 2%; vertical-align: bottom;"></td> <td style="width: 15pt;"></td> <td></td> <td></td> <td style="width: 15pt;"></td> <td style="width: 2%; vertical-align: bottom;"></td> <td style="width: 11pt;"></td> <td></td> <td></td> <td style="width: 11pt;"></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="19" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">As of December 31, 2025</div></div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Investments</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="4" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Level 1</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="4" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Level 2</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="4" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Level 3</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="4" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Total</div></div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">First Lien Loans</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">  —</td> <td style="vertical-align: bottom; white-space: nowrap;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">  —</td> <td style="vertical-align: bottom; white-space: nowrap;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">  95,185 </td> <td style="vertical-align: bottom; white-space: nowrap;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">  95,185 </td> <td style="vertical-align: bottom; white-space: nowrap;"></td></tr></table> 0 0 124593000 124593000 953000 0 0 953000 953000 0 124593000 125546000 0 0 95185000 95185000 0 0 The following tables reconcile the beginning and ending balances of investments classified within Level 3 for the three and six months ended June 30, 2026 and 2025 (in thousands): <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 100%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 92%;"></td> <td style="width: 1%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 1%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">For the Three</div></div><br/><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Months Ended<br/>June 30, 2026</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">For the Six</div></div><br/><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Months Ended<br/>June 30, 2026</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">First Lien Loans</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">First Lien Loans</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Balance, at beginning of period</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">114,982</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">95,185</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Purchases of investments</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">10,063</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">30,668</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Accretion of discount</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">68</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">125</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Proceeds from repayment and sales of investments</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">(621</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">(1,530</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Realized gain (loss)</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">6</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">14</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;">Net change in unrealized appreciation/(depreciation)</div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">(133</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">(194</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space: nowrap;display:inline;">Payment-in-kind</div></div> interest capitalized</div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">228</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">325</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Balance, at end of period</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">124,593</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">124,593</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Net change in unrealized appreciation/(depreciation) included in the Consolidated Statements of Operations that continue to be held as of June 30, 2026</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">(133</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">(152</td> <td style="vertical-align: bottom; white-space: nowrap;">)</td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td></tr></table><div style="clear:both;max-height:0pt;"></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 100%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 92%;"></td> <td style="width: 1%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 1%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">For the Three</div></div><br/><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Months Ended<br/>June 30, 2025</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">For the Six</div></div><br/><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Months Ended<br/>June 30, 2025</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">First Lien Loans</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">First Lien Loans</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Balance, at beginning of period</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">19,712</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">17,915</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Purchases of investments</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">40,752</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">42,541</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Accretion of discount</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">22</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">34</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Proceeds from repayment and sales of investments</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">(146</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">(182</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Realized gain (loss)</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">(64</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">(63</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;">Net change in unrealized appreciation/(depreciation)</div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">158</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">189</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space: nowrap;display:inline;">Payment-in-kind</div></div> interest capitalized</div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">8</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">8</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Balance, at end of period</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">60,442</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">60,442</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Net change in unrealized appreciation/(depreciation) included in the Consolidated Statements of Operations that continue to be held as of June 30, 2025</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">158</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">189</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td></tr></table> 114982000 95185000 10063000 30668000 68000 125000 -621000 -1530000 6000 14000 -133000 -194000 228000 325000 124593000 124593000 -133000 -152000 19712000 17915000 40752000 42541000 22000 34000 -146000 -182000 -64000 -63000 158000 189000 8000 8000 60442000 60442000 158000 189000 <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The following tables provide a summary of valuation techniques and quantitative inputs and assumptions used for investments categorized in Level 3 of the fair value hierarchy as of June 30, 2026 and December 31, 2025 (in thousands). </div></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 100%; font-family: Times New Roman; font-size: 8pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 43%;"></td> <td style="width: 2%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 2%; vertical-align: bottom;"></td> <td style="width: 20%;"></td> <td style="width: 2%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 2%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 2%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 2%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Fair Value as of</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Significant<br/>Unobservable</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="6" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Range</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="text-align: center; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Weighted</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">June 30, 2026</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Valuation Techniques</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Inputs</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Low</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">High</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Average*</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">First Lien Loans</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">4,345</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">Market Approach (Recent Arm’s Length Transaction)</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;">Discount to Par Value</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">1.00</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">1.50</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">1.00</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: top; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">120,248</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">Income Approach</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;">Market Interest Rate</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">7.94</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">16.75</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">9.72</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Total investments</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">124,593</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td></tr> <tr style="font-size: 1pt;"> <td style="height: 6pt; font-family: &quot;Times New Roman&quot;;"></td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"></td> <td colspan="2" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"></td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"></td> <td colspan="8" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"></td> <td colspan="4" style="height: 6pt; font-family: &quot;Times New Roman&quot;;"></td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Fair Value as of</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Significant<br/>Unobservable</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="6" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Range</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="text-align: center; vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Weighted</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">December 31, 2025</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Valuation Techniques</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Inputs</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Low</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">High</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Average*</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">First Lien Loans</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">4,478</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">Market Approach (Recent Arm’s Length Transaction)</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;">Discount to Par Value</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">1.00</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">1.50</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">1.39</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: top; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">90,707</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">Income Approach</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;">Market Interest Rate</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">7.79</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">15.50</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">9.29</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Total investments</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">95,185</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td></tr></table><div style="clear:both;max-height:0pt;"></div><div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; width: 100%; font-family: Times New Roman; font-size: 8pt; border-collapse: collapse; border-spacing: 0;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; vertical-align: top;">*</td> <td style="text-align: left; vertical-align: top;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Inputs are weighted based on the fair value of the investments included in the range. </div></div></td></tr></table> 4345000 Discount to Par Value 0.01 0.015 0.01 120248000 Market Interest Rate 0.0794 0.1675 0.0972 124593000 4478000 Discount to Par Value 0.01 0.015 0.0139 90707000 Market Interest Rate 0.0779 0.155 0.0929 95185000 <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The following table presents the carrying value and fair value of the Company’s Promissory Note and Wells Fargo Credit Facility (each as defined below in Note 5 - Borrowings) disclosed but not carried at fair value as of June 30, 2026 and December 31, 2025 (in thousands): </div></div></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 100%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 85%;"></td> <td style="width: 1%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 1%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 1%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 1%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 1%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;">  </td> <td colspan="6" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">June 30, 2026</div></div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td colspan="2" style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;">  </td> <td colspan="6" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">December 31, 2025</div></div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"> </td></tr> <tr style="font-size: 1pt;"> <td style="height: 1.5pt;"></td> <td colspan="4" style="height: 1.5pt;"></td> <td colspan="4" style="height: 1.5pt;"></td> <td colspan="4" style="height: 1.5pt;"></td> <td colspan="4" style="height: 1.5pt;"></td> <td colspan="4" style="height: 1.5pt;"></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;">  </td> <td colspan="2" style="text-align: center; padding-bottom: 2pt; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> Carrying Value </div></div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"> </td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;">  </td> <td colspan="2" style="text-align: center; padding-bottom: 2pt; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> Fair Value </div></div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td colspan="2" style="text-align: center; padding-bottom: 2pt; vertical-align: bottom; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;">  </td> <td colspan="2" style="text-align: center; padding-bottom: 2pt; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> Carrying Value </div></div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"> </td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;">  </td> <td colspan="2" style="text-align: center; padding-bottom: 2pt; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> Fair Value </div></div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"> </td></tr> <tr style="font-size: 1pt;"> <td style="height: 1.5pt; font-family: &quot;Times New Roman&quot;;"></td> <td colspan="4" style="height: 1.5pt; font-family: &quot;Times New Roman&quot;;"></td> <td colspan="4" style="height: 1.5pt; font-family: &quot;Times New Roman&quot;;"></td> <td colspan="4" style="height: 1.5pt; font-family: &quot;Times New Roman&quot;;"></td> <td colspan="4" style="height: 1.5pt; font-family: &quot;Times New Roman&quot;;"></td> <td colspan="4" style="height: 1.5pt; font-family: &quot;Times New Roman&quot;;"></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding-bottom: 2pt; vertical-align: top;"><div style="text-indent: -1em;font-family: &quot;Times New Roman&quot;;font-size: 10pt;/* font-weight: bold; */margin-top: 0pt;margin-bottom: 0pt;margin-left: 1em;line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Promissory Note</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; padding-bottom: 2pt; vertical-align: bottom; white-space: nowrap;">—</td> <td style="padding-bottom: 2pt; vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; padding-bottom: 2pt; vertical-align: bottom; white-space: nowrap;">—</td> <td style="padding-bottom: 2pt; vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; padding-bottom: 2pt; vertical-align: bottom; white-space: nowrap;">50,000</td> <td style="padding-bottom: 2pt; vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; padding-bottom: 2pt; vertical-align: bottom; white-space: nowrap;">50,000</td> <td style="padding-bottom: 2pt; vertical-align: bottom; white-space: nowrap;">  </td></tr> <tr style="font-size: 1pt;"> <td style="height: 1.5pt; font-family: &quot;Times New Roman&quot;;"></td> <td colspan="4" style="height: 1.5pt; font-family: &quot;Times New Roman&quot;;"></td> <td colspan="4" style="height: 1.5pt; font-family: &quot;Times New Roman&quot;;"></td> <td colspan="4" style="height: 1.5pt; font-family: &quot;Times New Roman&quot;;"></td> <td colspan="4" style="height: 1.5pt; font-family: &quot;Times New Roman&quot;;"></td> <td colspan="4" style="height: 1.5pt; font-family: &quot;Times New Roman&quot;;"></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="padding-bottom: 2pt; vertical-align: top;"><div style="text-indent: -1em;font-family: &quot;Times New Roman&quot;;font-size: 10pt;/* font-weight: bold; */margin-top: 0pt;margin-bottom: 0pt;margin-left: 1em;line-height: normal;">Wells Fargo Credit Facility</div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;">  </td> <td style="padding-bottom: 2pt; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid; white-space: nowrap;">$</td> <td style="text-align: right; padding-bottom: 2pt; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid; white-space: nowrap;">69,250</td> <td style="padding-bottom: 2pt; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;">  </td> <td style="padding-bottom: 2pt; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid; white-space: nowrap;">$</td> <td style="text-align: right; padding-bottom: 2pt; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid; white-space: nowrap;">69,250</td> <td style="padding-bottom: 2pt; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid; white-space: nowrap;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;">  </td> <td style="padding-bottom: 2pt; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid; white-space: nowrap;">$</td> <td style="text-align: right; padding-bottom: 2pt; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid; white-space: nowrap;">43,750</td> <td style="padding-bottom: 2pt; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;">  </td> <td style="padding-bottom: 2pt; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid; white-space: nowrap;">$</td> <td style="text-align: right; padding-bottom: 2pt; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid; white-space: nowrap;">43,750</td> <td style="padding-bottom: 2pt; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid; white-space: nowrap;"> </td></tr> <tr style="font-size: 1pt;"> <td style="height: 1.5pt; font-family: &quot;Times New Roman&quot;;"></td> <td colspan="4" style="height: 1.5pt; font-family: &quot;Times New Roman&quot;;"></td> <td colspan="4" style="height: 1.5pt; font-family: &quot;Times New Roman&quot;;"></td> <td colspan="4" style="height: 1.5pt; font-family: &quot;Times New Roman&quot;;"></td> <td colspan="4" style="height: 1.5pt; font-family: &quot;Times New Roman&quot;;"></td> <td colspan="4" style="height: 1.5pt; font-family: &quot;Times New Roman&quot;;"></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="padding-bottom: 2pt; vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Total</div></div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;">  </td> <td style="padding-bottom: 2pt; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid; white-space: nowrap;">$</td> <td style="text-align: right; padding-bottom: 2pt; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid; white-space: nowrap;">69,250</td> <td style="padding-bottom: 2pt; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;">  </td> <td style="padding-bottom: 2pt; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid; white-space: nowrap;">$</td> <td style="text-align: right; padding-bottom: 2pt; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid; white-space: nowrap;">69,250</td> <td style="padding-bottom: 2pt; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid; white-space: nowrap;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;">  </td> <td style="padding-bottom: 2pt; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid; white-space: nowrap;">$</td> <td style="text-align: right; padding-bottom: 2pt; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid; white-space: nowrap;">93,750</td> <td style="padding-bottom: 2pt; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;">  </td> <td style="padding-bottom: 2pt; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid; white-space: nowrap;">$</td> <td style="text-align: right; padding-bottom: 2pt; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid; white-space: nowrap;">93,750</td> <td style="padding-bottom: 2pt; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 1pt;"> <td style="vertical-align: top; padding-bottom: 0.375pt; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;">  </td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"> </td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"> </td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"> </td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;">  </td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"> </td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"> </td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;">  </td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"> </td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"> </td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"> </td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;">  </td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"> </td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"> </td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"> </td></tr></table> 0 0 50000000 50000000 69250000 69250000 43750000 43750000 69250000 69250000 93750000 93750000 <div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Note 4 – Related Party Transactions </div></div><div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Investment Advisory Agreement </div></div></div><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div><div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">On August 19, 2025, the Company entered into an Investment Advisory Agreement (the “Investment Advisory Agreement”) with the Adviser, pursuant to which the Adviser manages the Company’s investment program and related activities, subject to the supervision of the Board. The Investment Advisory Agreement was approved in accordance with the requirements of the 1940 Act. </div></div></div><div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In consideration for the services provided under the Investment Advisory Agreement, the Company pays the Adviser a base management fee (the “Management Fee”) and an incentive fee (the “Incentive Fee”), each as described below. The Adviser may elect to waive all or a portion of its fees from time to time. No Management Fee or Incentive Fee will be payable to the Adviser prior to the BDC Election and the receipt of third-party capital. </div></div><div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Management Fee is payable monthly in arrears at an annual rate of 1.25% of the value of the Company’s net assets as of the </div><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;text-indent: 0px;display:inline;">beginning of the first calendar day of the applicable month. For purposes of the Investment Advisory Agreement, “net assets” means the Company’s total assets less liabilities, determined on a consolidated basis in accordance with U.S. GAAP. The Management Fee is prorated for any partial month based on the actual number of days elapsed relative to the total number of days in such month. The Management Fee for the three and six months ended June 30, 2026 and 2025 was $</div></div><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">125 thousand and $0</div><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">, respectively, for each period. </div></div></div><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Incentive Fee consists of two components: (i) the investment income component (the “Investment Income Incentive Fee”) and (ii) the capital gains component (the “Capital Gains Incentive Fee”). The two components are independent of each other, such that one component may be payable even if the other is not. </div></div><div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">(i) Investment Income Incentive Fee </div></div></div><div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;">The Investment Income Incentive Fee is calculated quarterly in arrears based on the Company’s <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">pre-incentive</div> fee net investment income for the immediately preceding calendar quarter. <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">“Pre-incentive</div> fee net investment income” means interest income, dividend income and any other income (including any accrued income that the Company has not yet received in cash, such as <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space: nowrap;display:inline;">payment-in-kind</div></div> interest and origination or structuring fees) accrued during the calendar quarter, minus operating expenses accrued for the calendar quarter (including the Management Fee, administrative expenses and any interest expense and dividends paid on issued and outstanding preferred shares, if any, but excluding the Incentive Fee and any distribution and/or shareholder servicing fees). <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Pre-incentive</div> fee net investment income does not include realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. </div><div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Pre-incentive</div> fee net investment income, expressed as a rate of return on the value of the Company’s net assets at the beginning of the immediately preceding calendar quarter, is compared to a “hurdle rate” of 1.25% per quarter (5.0% annualized). </div><div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Company pays the Adviser an Investment Income Incentive Fee in each calendar quarter as follows: </div></div><div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; width: 100%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; text-align: left; vertical-align: top;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="text-align: left; vertical-align: top;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;">No Investment Income Incentive Fee is payable in any calendar quarter in which the Company’s <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">pre-incentive</div> fee net investment income does not exceed the hurdle rate of 1.25% per quarter (5.0% annualized); </div></td></tr></table><div style="clear:both;max-height:0pt;"></div><div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; width: 100%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; text-align: left; vertical-align: top;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="text-align: left; vertical-align: top;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;">100% of the Company’s <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">pre-incentive</div> fee net investment income, if any, that exceeds the hurdle rate but is less than 1.42857% of the Company’s net assets at the beginning of the quarter (the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">“catch-up”);</div> and </div></td></tr></table><div style="clear:both;max-height:0pt;"></div><div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; width: 100%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr style="page-break-inside: avoid;"> <td style="width: 5%;"> </td> <td style="width: 3%; text-align: left; vertical-align: top;">•</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="text-align: left; vertical-align: top;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;">12.5% of the Company’s <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">pre-incentive</div> fee net investment income, if any, that exceeds 1.42857% of the Company’s net assets at the beginning of the quarter. </div></td></tr></table><div style="clear:both;max-height:0pt;"></div><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Investment Income Incentive Fee for any partial quarter is appropriately prorated and adjusted for any share issuances or repurchases during the relevant period. The Incentive Fee for the three and six months ended June 30, 2026 and 2025 was $</div></div><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">109 thousand and $0</div><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">, respectively, for each period. </div></div></div><div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">(ii) Capital Gains Incentive Fee </div></div></div><div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The second component of the Incentive Fee, the Capital Gains Incentive Fee, is payable in arrears at the end of each calendar year (or upon termination of the Investment Advisory Agreement) in an amount equal to 12.5% of cumulative realized capital gains from commencement of the Company’s investment operations through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid Capital Gains Incentive Fees. </div></div><div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Company accrues, but does not pay, a Capital Gains Incentive Fee with respect to unrealized appreciation on investments because such fee would be payable if the Company were to sell the relevant investments and realize a capital gain. If the Capital Gains Incentive Fee base, adjusted to include unrealized capital appreciation, is positive at the end of a reporting period, the Company records an accrual equal to 12.5% of such amount, less the aggregate amount of Capital Gains Incentive Fees previously paid and accrued. If such amount is negative, no accrual is recorded and previously recorded accruals may be reversed. There can be no assurance that unrealized capital appreciation will be realized in the future. </div></div><div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;">Notwithstanding the foregoing, if the Company is required by U.S. GAAP to record an investment at its fair value as of the time of acquisition instead of at the actual amount paid for such investment (including, for example, as a result of the application of the asset acquisition method of accounting), then solely for the purposes of calculating the Capital Gains Incentive Fee, the “accreted or amortized cost basis” of an investment shall be an amount (the “Contractual Cost Basis”) equal to (1) (x) the actual amount paid by the Company for such investment plus (y) any amounts recorded in the Company’s financial statements as required by U.S. GAAP that are attributable to the accretion of such investment plus (z) any other adjustments made to the cost basis included in the Company’s financial statements, including <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space: nowrap;display:inline;">payment-in-kind</div></div> interest or additional amounts funded (net of repayments) minus (2) any amounts recorded in the Company’s financial statements as required by U.S. GAAP that are attributable to the amortization of such investment, whether such calculated Contractual Cost Basis is higher or lower than the fair value of such investment (as determined in accordance with U.S. GAAP) at the time of acquisition. </div><div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Administration Agreement </div></div></div><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">On August 19, 2025, the Company entered into an Administration Agreement (the “Administration Agreement”) with the Adviser. Pursuant to the Administration Agreement, the Adviser will perform, or oversee the performance of, administrative services, which include, but are not limited to, providing office facilities, equipment and office services, maintaining financial records, preparing reports to shareholders and the Board and reports filed with the </div></div></div><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div> <div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt;text-indent: 0px;"></div><div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">SEC, managing the payment of expenses, providing significant managerial assistance to those portfolio companies to which the Company is required to provide such assistance, assisting the Company in determining and publishing (as necessary or appropriate) the Company’s net asset value (“NAV”) and overseeing the preparation and filing of the Company’s tax returns and the performance of administrative and professional services rendered by others, which could include employees of the Adviser or its affiliates. The Company will reimburse the Adviser (and/or one or more of its affiliates) for costs and expenses incurred by the Adviser for services performed for the Company pursuant to the terms of the Administration Agreement. In addition, pursuant to the terms of the Administration Agreement, the Adviser may delegate its obligations under the Administration Agreement to an affiliate and/or to a third party, and the Company will reimburse the Adviser (or its affiliate(s)) for any services performed for the Company by such affiliate or third party. To the extent that the Adviser outsources any of its functions, the Company will pay the fees associated with such functions on a direct basis without profit to the Adviser. The Company will bear its allocable portion of the costs of the compensation, benefits, administrative expenses (including travel expenses in accordance with the Adviser’s travel and expense policy) and related overhead expenses of the Company’s officers who provide operational, administrative, legal, compliance, finance and accounting services hereunder, their respective staffs and other professionals who are employed by any of the Adviser’s affiliates that provide services to the Company, and who assist with the preparation, coordination and administration of the foregoing or provide other “back office” or “middle office” financial or operational services to the Company. The Company shall reimburse the Adviser (or its affiliate(s)) for an allocable portion of the compensation (including benefits) and overhead paid by the Adviser (or its affiliate(s)) to such individuals. The Administration Agreement may be terminated by either party without penalty upon 60 days’ written notice to the other party. </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">For the three and six months ended June 30, 2026, the Company incurred $152 thousand and $302 thousand, respectively, of administrative expenses under the Administration Agreement, which is included in Administration fees on the Consolidated Statements of Operations. For the three and six months ended June 30, 2025, the Company incurred $0 and $0, respectively, of administrative expenses under the Administration Agreement, which is included in Administration fees on the Consolidated Statements of Operations. </div></div> <div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Expense Support and Conditional Reimbursement Agreement </div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">On August 19, 2025, the Company entered into an Expense Support and Conditional Reimbursement Agreement (the “Expense Support Agreement”) with the Adviser. Pursuant to the Expense Support Agreement, the Adviser and/or its affiliates may elect to pay certain operating expenses of the Company on the Company’s behalf (each, an “Expense Payment”) from time to time. Expense Payments may not be used to pay interest expense or distribution and/or shareholder servicing fees. </div></div> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Following any calendar quarter in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to the Company’s shareholders based on distributions declared with respect to record dates occurring in such calendar quarter (the amount of such excess being hereinafter referred to as “Excess Operating Funds”), the Company shall pay such Excess Operating Funds, or a portion thereof, to the Adviser until such time as all Expense Payments made by the Adviser to, or on behalf of, the Company within three years prior to the last business day of such calendar quarter have been reimbursed. Any payments required to be made by the Company shall be referred to herein as a “Reimbursement Payment.” Reimbursement Payments are conditioned on (i) a distribution level (exclusive of return of capital and declared special dividends or special distributions, if any) at the time of the proposed reimbursement that is equal to, or greater than, the rate at the time the related Expense Payment was made, and (ii) an operating expense ratio (excluding any interest expense, organizational and offering expenses, Management or Incentive Fee) at the time of the proposed reimbursement that is not greater than the expense ratio (excluding any interest expense, organizational and offering expenses, Management or Incentive Fee) at the time the related Expense Payment was made. “Available Operating Funds” means the sum of (i) net investment company taxable income (including net short-term capital gains reduced by net long-term capital losses), (ii) net capital gains (including the excess of net long-term capital gains over net short-term capital losses) and (iii) dividends and other distributions paid to the Company on account of investments in portfolio companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above). </div></div></div><div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Company’s obligation to make a Reimbursement Payment shall automatically become a liability of the Company on the last business day of the applicable calendar quarter, except to the extent the Adviser has waived its right to receive such payment for the applicable quarter. The Company had not made any Reimbursement Payments to the Adviser through June 30, 2026. </div></div> <div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;text-indent: 0px;display:inline;">For the three and six months ended June 30, 2026, Expense Payments by the Adviser were</div></div><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> $1,077 </div><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">thousand and</div></div><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;text-indent: 0px;display:inline;"> $</div></div><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2,448 </div><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">thousand, respectively. For the three and six months ended June 30, 2025, Expense Payments by the Adviser were</div></div><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> $1,572 </div><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">thousand and<div style="display:inline;"> </div></div></div><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$1,579 </div><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">thousand, respectively. As of June 30, 2026 and December 31, 2025, amounts due to the Adviser and its affiliates that were not subject to the Expense Support Agreement were</div></div><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> $814 thousand and $844 </div><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">thousand, respectively, and are included in Due to affiliates on the Consolidated Statements of Assets and Liabilities. </div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The following table summarizes Expense Payments, Reimbursement Payments and cumulative unreimbursed Expense Payments under the Expense Support Agreement (in thousands): </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 84%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 91%; font-family: &quot;Times New Roman&quot;;"></td> <td style="width: 1%; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="width: 1%; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="width: 1%; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; white-space: nowrap; padding-bottom: 0.5pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: table-cell; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">As of        </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Cumulative Expense<br/>Payments by the<br/>Adviser</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Reimbursement<br/>  Payments to the  </div></div><br/><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Adviser</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Cumulative<br/>  Unreimbursed  </div></div><br/><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Expenses</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">June 30, 2026</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">   5,011 </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">—</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">   5,011 </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">December 31, 2025</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">   2,563 </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">—</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">   2,563 </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr></table> <div style="clear:both;max-height:0pt;"></div> <div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Trademark License Agreement </div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;">On August 19, 2025, the Company entered into a Trademark License Agreement (the “Trademark License Agreement”) with Adams Street Partners, LLC (“Adams Street Partners”), an affiliate of the Adviser. Pursuant to the Trademark License Agreement, Adams Street Partners granted the Company a personal, <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-exclusive,</div> <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-assignable,</div> <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-transferable</div> and royalty-free license to use certain trade names and trademarks, including “Adams Street”, “Adams Street Advisors”, “Adams Street Partners”, “ASA”, “ASP” or derivatives thereof, solely as part of the Company’s name and in connection with the Company’s investment activities. The Trademark License Agreement will terminate upon the expiration or termination of the Investment Advisory Agreement, including upon its assignment to an entity that is not a subsidiary or affiliate of Adams Street Partners, upon the liquidation and dissolution of the Company, or upon 60 days’ written notice by either party. Upon termination of the Trademark License Agreement, the Company will be required to immediately discontinue its use of the licensed marks. The Company does not pay any fees or royalties under the Trademark License Agreement. </div> 0.0125 125000 125000 0 0 0.0125 0.05 0.0125 0.05 1 0.0142857 0.125 0.0142857 109000 109000 0 0 152000 302000 0 0 1077000 2448000 1572000 1579000 814000 844000 <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The following table summarizes Expense Payments, Reimbursement Payments and cumulative unreimbursed Expense Payments under the Expense Support Agreement (in thousands): </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 84%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 91%; font-family: &quot;Times New Roman&quot;;"></td> <td style="width: 1%; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="width: 1%; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="width: 1%; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; white-space: nowrap; padding-bottom: 0.5pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: table-cell; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">As of        </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Cumulative Expense<br/>Payments by the<br/>Adviser</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Reimbursement<br/>  Payments to the  </div></div><br/><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Adviser</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Cumulative<br/>  Unreimbursed  </div></div><br/><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Expenses</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">June 30, 2026</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">   5,011 </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">—</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">   5,011 </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">December 31, 2025</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">   2,563 </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">—</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">   2,563 </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr></table> 5011000 0 5011000 2563000 0 2563000 <div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Note 5 – Borrowings </div></div> <div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Promissory Note </div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="null;text-indent: 0px;display:inline;">On May 15, 2024, the Company issued to Adams Street Partners, L.P., an affiliate of the Adviser, a promissory note (as amended, restated or otherwise modified from time to time, the “Promissory Note”) with a principal amount of</div> </div>$50,000 thousand to provide the Company with short-term liquidity. On June <div style="display:inline;">30</div>, 2025, the parties amended and restated the Promissory Note to increase the maximum principal amount to $55,000 thousand. On April 1, 2026, in connection with the BDC Election, the parties amended certain terms under the Promissory Note, including a reduction in the maximum principal amount available under the Promissory Note from $55,000 thousand to $25,000 thousand, an extension of the maturity date to the earlier of (1) April 1, 2027 or (2) the date on which the Adviser ceases to be the investment adviser of the Company, and a change in the applicable interest rate from Adjusted Daily Simple SOFR plus 2.00% per annum to Adjusted Daily Simple SOFR plus 1.75% per annum. Also on April 1, 2026, the then-outstanding principal balance under the Promissory Note was satisfied in full and extinguished through an <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">in-kind</div> contribution by Adams Street Partners, L.P., with no cash exchanged. Accordingly, no amounts were outstanding under the Promissory Note as of June 30, 2026. The Company may in the future draw amounts under the Promissory Note in accordance with the 1940 Act or, alternatively, terminate the Promissory Note. </div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Any interest expense recognized under the Promissory Note during the six months ended June 30, 2026 related to amounts outstanding before the outstanding balance was extinguished on April 1, 2026. For the three and six months ended June 30, 2026, Adams Street Partners, L.P. waived $0 and $708 thousand, respectively, of interest expense. For the three and six months ended June 30, 2025, Adams Street Partners, L.P. waived $0 thousand and $0 thousand, respectively, of interest expense. </div></div> <div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Credit Facility </div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">On August 6, 2024, the Company, as servicer, seller and equityholder, and ASP BDC Lev Facilitation LLC, its wholly owned financing subsidiary (the “Financing SPV”), as borrower, entered into a Loan and Security Agreement (as </div></div> <div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt;text-indent: 0px;"></div><div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">amended from time to time, the “Loan and Security Agreement”) with each lender from time to time party thereto, Wells Fargo Bank, National Association, as administrative agent, and Computershare Trust Company, N.A., as collateral agent. The Loan and Security Agreement provides for a senior secured revolving credit facility to the Financing SPV (the “Wells Fargo Credit Facility”). On May 1, 2026, the parties entered into the Sixth Amendment to the Loan and Security Agreement (the “Sixth Amendment”), which increased the aggregate commitments from $100.0 million to $140.0 million, extended the scheduled reinvestment period end date from May 6, 2026 to May 1, 2029 and extended the final maturity date from February 6, 2028 to May 1, 2031. Borrowings may be used to acquire eligible portfolio investments, pay related expenses and make certain permitted distributions. Proceeds from borrowings under the Wells Fargo Credit Facility were initially used to acquire Middle Market Senior Loans and pay related expenses and may be used to acquire additional eligible portfolio investments, pay additional related expenses and make certain permitted distributions. Following the end of the reinvestment period, principal collections generally are required to be applied to repay outstanding borrowings. </div></div><div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;">Borrowings under the Wells Fargo Credit Facility bear interest at the applicable benchmark rate, subject to a 0.0% floor, plus a spread of 2.15%. The applicable spread was initially 2.25% and was reduced to 2.15%, effective August 5, 2025, pursuant to an Amended and Restated Fee Letter. Following the occurrence and during the continuance of an event of default, the spread may be increased to 4.15%. In connection with the Sixth Amendment, the Financing SPV entered into a Third Amended and Restated Fee Letter, which provided for certain upsize and extension fees and revised the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-usage</div> fee from a flat annual rate of 0.50% to tiered annual rates ranging from 0.50% to 1.50%, based on the unused facility amount and the applicable threshold. </div><div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The obligations under the Wells Fargo Credit Facility are secured by a first-priority security interest, subject to permitted liens, in substantially all of the Financing SPV’s assets, including its portfolio investments, related proceeds, cash and controlled accounts. Availability is limited to the lesser of the aggregate commitments and a borrowing base determined by reference to eligible portfolio investments, assigned collateral values, applicable advance rates, concentration limitations, reserves for unfunded commitments and minimum equity requirements. A portfolio investment’s borrowing-base value may be reduced or eliminated following specified credit events, including credit deterioration, payment defaults, material modifications or an obligor insolvency. Any resulting borrowing-base deficiency must be cured within the applicable cure period through repayment of borrowings, the deposit of cash or the contribution of additional eligible collateral. </div></div><div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Wells Fargo Credit Facility contains customary representations, warranties, reporting requirements, affirmative and negative covenants, borrowing-base limitations and events of default. Among other matters, the covenants and other restrictions limit the use of borrowed funds, restrict additional indebtedness, liens, transfers of collateral and distributions by the Financing SPV and require the Company to maintain direct ownership of the Financing SPV, at least $7,000 thousand of specified unencumbered liquidity and an asset-coverage ratio of at least 150% at the end of each fiscal quarter. </div></div><div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">As of June 30, 2026, the Company was in compliance in all material respects with the applicable covenants under the Wells Fargo Credit Facility. </div></div><div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Company’s Promissory Note and Wells Fargo Credit Facility obligations consisted of the following as of June 30, 2026 and December 31, 2025 (in thousands). </div></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 100%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 43%;"></td> <td style="width: 9%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 9%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 9%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 9%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="14" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">As of June 30, 2026</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding: 0px;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> Total Borrowing <br/>Amount</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> Borrowings </div></div><br/><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Outstanding</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Unused</div></div><br/><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> Portion <div style="font-size: 75%; vertical-align: top;display:inline;font-size:8.3px">(1)</div> </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Amount</div></div><br/><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> Available <div style="font-size: 75%; vertical-align: top;display:inline;font-size:8.3px">(2)</div> </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Promissory Note</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">25,000</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">—</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">25,000</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">25,000</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Wells Fargo Credit Facility</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">140,000</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">69,250</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">70,750</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">14,074</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr></table> <div style="clear:both;max-height:0pt;"></div><div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 100%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 51%;"></td> <td style="width: 1%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 1%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 1%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 1%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;">  </td> <td colspan="14" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">As of December 31, 2025</div></div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding: 0px;"> </td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Total Borrowing<br/>Amount</div></div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"> </td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Borrowings<br/>Outstanding</div></div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"> </td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Unused<br/>Portion <div style="font-size: 75%; vertical-align: top;display:inline;font-size:8.3px">(1)</div></div></div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"> </td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;">  </td> <td colspan="3" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Amount<br/>Available <div style="font-size: 75%; vertical-align: top;display:inline;font-size:8.3px">(2)</div> </div></div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Promissory Note</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">55,000</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">50,000</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">5,000</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">5,000</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Wells Fargo Credit Facility</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">   100,000</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">   43,750</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">   56,250</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">   17,869</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr></table><div style="clear:both;max-height:0pt;"></div><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"></div> <div style="font-family: Times New Roman; font-size: 8pt; margin-top: 12pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: 75%; vertical-align: top;display:inline;font-size:6.6px">(1)</div> The unused portion is the amount upon which commitment fees are based. </div></div></div><div style="font-family: Times New Roman; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: 75%; vertical-align: top;display:inline;font-size:6.6px">(2)</div> Available for borrowing based on the computation of collateral to support the borrowings and subject to compliance with applicable covenants and financial ratios. </div></div></div><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="clear:both;max-height:0pt;"></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">For the three and six months ended June 30, 2026 and 2025, the components of interest expense and Wells Fargo Credit Facility fees were as follows (in thousands): </div></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 100%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 84%;"></td> <td style="width: 1%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 1%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 1%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 1%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="6" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  For the Three Months Ended  </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="6" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  For the Six Months Ended  </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">June 30, 2026</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">June 30, 2025</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">June 30, 2026</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">June 30, 2025</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Interest expense</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">934</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">624</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">2,435</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">935</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Unused commitment fee</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">100</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">100</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">156</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">232</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Amortization of deferred financing costs</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">83</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">53</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">163</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">97</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Total interest expense and credit facility fees</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">1,117</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">777</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">2,754</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">1,264</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Waivers of interest expense</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">—</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">—</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">(708</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">—</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Weighted average contractual interest rate <div style="font-size: 75%; vertical-align: top;display:inline;font-size:8.3px">(1)</div></div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">5.77</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">6.95</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">5.78</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">6.72</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Average principal debt outstanding</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">64,742</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">35,948</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">84,267</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">27,768</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr></table><div style="clear:both;max-height:0pt;"></div><div style="font-family: Times New Roman; font-size: 8pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: 75%; vertical-align: top;display:inline;font-size:6.6px">(1)</div> Weighted average contractual interest rate for the three and six months ended June 30, 2026 and 2025 is calculated as interest expense (excludes unused commitment fees and amortization of deferred financing costs) divided by weighted average debt outstanding. </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">As of June 30, 2026 and December 31, 2025, accrued interest and credit facility fees payable consisted of the following (in thousands): </div></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 100%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 94%;"></td> <td style="width: 1%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 1%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="7" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">As of</div></div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="3" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  June 30, 2026  </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="3" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  December 31, 2025  </div></div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Interest expense payable</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">261</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">21</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Unused commitment fee payable</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">28</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">181</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Total interest payable</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">289</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">202</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td></tr></table> 50000000 55000000 the parties amended certain terms under the Promissory Note, including a reduction in the maximum principal amount available under the Promissory Note from $55,000 thousand to $25,000 thousand, an extension of the maturity date to the earlier of (1) April 1, 2027 or (2) the date on which the Adviser ceases to be the investment adviser of the Company, and a change in the applicable interest rate from Adjusted Daily Simple SOFR plus 2.00% per annum to Adjusted Daily Simple SOFR plus 1.75% per annum 0.02 0.0175 0 0 -708000 0 0 100000000 140000000 0 0.0215 0.0225 0.0215 0.0415 the Financing SPV entered into a Third Amended and Restated Fee Letter, which provided for certain upsize and extension fees and revised the non-usage fee from a flat annual rate of 0.50% to tiered annual rates ranging from 0.50% to 1.50%, based on the unused facility amount and the applicable threshold the covenants and other restrictions limit the use of borrowed funds, restrict additional indebtedness, liens, transfers of collateral and distributions by the Financing SPV and require the Company to maintain direct ownership of the Financing SPV, at least $7,000 thousand of specified unencumbered liquidity and an asset-coverage ratio of at least 150% at the end of each fiscal quarter <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Company’s Promissory Note and Wells Fargo Credit Facility obligations consisted of the following as of June 30, 2026 and December 31, 2025 (in thousands). </div></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 100%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 43%;"></td> <td style="width: 9%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 9%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 9%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 9%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="14" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">As of June 30, 2026</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding: 0px;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> Total Borrowing <br/>Amount</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> Borrowings </div></div><br/><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Outstanding</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Unused</div></div><br/><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> Portion <div style="font-size: 75%; vertical-align: top;display:inline;font-size:8.3px">(1)</div> </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Amount</div></div><br/><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> Available <div style="font-size: 75%; vertical-align: top;display:inline;font-size:8.3px">(2)</div> </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Promissory Note</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">25,000</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">—</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">25,000</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">25,000</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Wells Fargo Credit Facility</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">140,000</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">69,250</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">70,750</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">14,074</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr></table> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 100%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 51%;"></td> <td style="width: 1%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 1%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 1%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 1%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;">  </td> <td colspan="14" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">As of December 31, 2025</div></div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding: 0px;"> </td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Total Borrowing<br/>Amount</div></div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"> </td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Borrowings<br/>Outstanding</div></div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"> </td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Unused<br/>Portion <div style="font-size: 75%; vertical-align: top;display:inline;font-size:8.3px">(1)</div></div></div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"> </td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;">  </td> <td colspan="3" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Amount<br/>Available <div style="font-size: 75%; vertical-align: top;display:inline;font-size:8.3px">(2)</div> </div></div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Promissory Note</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">55,000</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">50,000</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">5,000</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">5,000</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Wells Fargo Credit Facility</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">   100,000</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">   43,750</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">   56,250</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">   17,869</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr></table><div style="clear:both;max-height:0pt;"></div><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"></div> <div style="text-align: left; max-width: 100%;"><div style="font-family: Times New Roman; font-size: 8pt; margin-top: 12pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: 75%; vertical-align: top;display:inline;font-size:6.6px">(1)</div> The unused portion is the amount upon which commitment fees are based. </div></div></div><div style="font-family: Times New Roman; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: 75%; vertical-align: top;display:inline;font-size:6.6px">(2)</div> Available for borrowing based on the computation of collateral to support the borrowings and subject to compliance with applicable covenants and financial ratios. </div></div></div></div><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div> 25000000 0 25000000 25000000 140000000 69250000 70750000 14074000 55000000 50000000 5000000 5000000 100000000 43750000 56250000 17869000 <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">For the three and six months ended June 30, 2026 and 2025, the components of interest expense and Wells Fargo Credit Facility fees were as follows (in thousands): </div></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 100%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 84%;"></td> <td style="width: 1%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 1%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 1%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 1%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="6" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  For the Three Months Ended  </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="6" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  For the Six Months Ended  </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">June 30, 2026</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">June 30, 2025</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">June 30, 2026</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">June 30, 2025</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Interest expense</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">934</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">624</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">2,435</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">935</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Unused commitment fee</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">100</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">100</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">156</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">232</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Amortization of deferred financing costs</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">83</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">53</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">163</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">97</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Total interest expense and credit facility fees</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">1,117</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">777</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">2,754</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">1,264</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Waivers of interest expense</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">—</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">—</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">(708</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">—</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Weighted average contractual interest rate <div style="font-size: 75%; vertical-align: top;display:inline;font-size:8.3px">(1)</div></div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">5.77</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">6.95</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">5.78</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">6.72</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Average principal debt outstanding</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">64,742</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">35,948</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">84,267</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">27,768</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr></table><div style="clear:both;max-height:0pt;"></div><div style="font-family: Times New Roman; font-size: 8pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: 75%; vertical-align: top;display:inline;font-size:6.6px">(1)</div> Weighted average contractual interest rate for the three and six months ended June 30, 2026 and 2025 is calculated as interest expense (excludes unused commitment fees and amortization of deferred financing costs) divided by weighted average debt outstanding. </div></div> 934000 624000 2435000 935000 100000 100000 156000 232000 83000 53000 163000 97000 1117000 777000 2754000 1264000 0 0 -708000 0 0.0577 0.0695 0.0578 0.0672 64742000 35948000 84267000 27768000 <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">As of June 30, 2026 and December 31, 2025, accrued interest and credit facility fees payable consisted of the following (in thousands): </div></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 100%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 94%;"></td> <td style="width: 1%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 1%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="7" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">As of</div></div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="3" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  June 30, 2026  </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="3" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  December 31, 2025  </div></div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Interest expense payable</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">261</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">21</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Unused commitment fee payable</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">28</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">181</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Total interest payable</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">289</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">202</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td></tr></table> 261000 21000 28000 181000 289000 202000 <div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 18pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Note 6 – Commitments and Contingencies </div></div><div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In the ordinary course of its business, the Company enters into contracts or agreements that contain indemnification or warranties. Future events could occur that lead to the execution of these provisions against the Company. The Company believes that the likelihood of such an event is remote; however, the maximum potential exposure is unknown. No accrual has been made in the consolidated financial statements as of June 30, 2026 or December 31, 2025, for any such exposure. </div></div><div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">As of June 30, 2026 and December 31, 2025, the Company has unfunded commitments of $4,034 thousand and $5,183 thousand, respectively, all of which consisted of delayed draw term loans and revolvers. The unfunded portion of the commitment is a contractual obligation to be met in accordance with the terms of the underlying investment agreements. The Company believes that it will be able to satisfy such commitments from utilizing the Wells Fargo Credit Facility, from commitments due from its Adviser, if any, and proceeds received from investments. </div></div><div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt;text-indent: 0px;"></div><div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">A summary of significant contractual payment obligations was as follows as of June 30, 2026 (in thousands): </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 100%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 54%;"></td> <td style="width: 6%; vertical-align: bottom;"></td> <td></td> <td style="width: 6%; vertical-align: bottom;"></td> <td></td> <td style="width: 6%; vertical-align: bottom;"></td> <td></td> <td style="width: 6%; vertical-align: bottom;"></td> <td></td> <td style="width: 6%; vertical-align: bottom;"></td> <td></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="9" style="text-align: center; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Payments Due by Period as of June 30, 2026</div></div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0);">  </td> <td style="text-align: center; vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Total</div></div></td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0);">  </td> <td style="text-align: center; vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0);"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Less Than 1</div></div><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Year</div></div></td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0);">  </td> <td style="text-align: center; vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">1 to 3 Years</div></div></td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0);">  </td> <td style="text-align: center; vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">3 to 5 Years</div></div></td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0);">  </td> <td style="text-align: center; vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0);"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">More Than 5</div></div><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Years</div></div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Wells Fargo Credit Facility</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;">$69,250</td> <td style="vertical-align: bottom;">  </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;">—</td> <td style="vertical-align: bottom;">  </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;">—</td> <td style="vertical-align: bottom;">  </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;">$69,250</td> <td style="vertical-align: bottom;">  </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;">—</td></tr></table> <div style="clear:both;max-height:0pt;"></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The following table summarizes the Company’s unfunded investment commitments as of June 30, 2026 and December 31, 2025 (in thousands): </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 100%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 94%;"></td> <td style="width: 1%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 1%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="6" style="text-align: center; vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Par Value</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Investment Type</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  June 30, 2026  </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  December 31, 2025  </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Delayed Draw Term Loans</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">3,934</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">5,183</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Revolvers</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">100</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">—</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Total Unfunded Commitments</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">4,034</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">5,183</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td></tr></table> 4034000 5183000 <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">A summary of significant contractual payment obligations was as follows as of June 30, 2026 (in thousands): </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 100%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 54%;"></td> <td style="width: 6%; vertical-align: bottom;"></td> <td></td> <td style="width: 6%; vertical-align: bottom;"></td> <td></td> <td style="width: 6%; vertical-align: bottom;"></td> <td></td> <td style="width: 6%; vertical-align: bottom;"></td> <td></td> <td style="width: 6%; vertical-align: bottom;"></td> <td></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="9" style="text-align: center; vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Payments Due by Period as of June 30, 2026</div></div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0);">  </td> <td style="text-align: center; vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Total</div></div></td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0);">  </td> <td style="text-align: center; vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0);"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Less Than 1</div></div><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Year</div></div></td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0);">  </td> <td style="text-align: center; vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">1 to 3 Years</div></div></td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0);">  </td> <td style="text-align: center; vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">3 to 5 Years</div></div></td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0);">  </td> <td style="text-align: center; vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0);"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">More Than 5</div></div><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Years</div></div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Wells Fargo Credit Facility</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;">$69,250</td> <td style="vertical-align: bottom;">  </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;">—</td> <td style="vertical-align: bottom;">  </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;">—</td> <td style="vertical-align: bottom;">  </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;">$69,250</td> <td style="vertical-align: bottom;">  </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;">—</td></tr></table> 69250000 0 0 69250000 0 <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The following table summarizes the Company’s unfunded investment commitments as of June 30, 2026 and December 31, 2025 (in thousands): </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 100%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 94%;"></td> <td style="width: 1%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 1%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="6" style="text-align: center; vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Par Value</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Investment Type</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  June 30, 2026  </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  December 31, 2025  </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Delayed Draw Term Loans</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">3,934</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">5,183</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Revolvers</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">100</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">—</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Total Unfunded Commitments</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">4,034</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">5,183</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td></tr></table> 3934000 5183000 100000 0 4034000 5183000 <div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Note 7 – Financial Highlights </div></div> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The following is a schedule of consolidated financial highlights for the Class I Shares for the period April 1, 2026 to June 30, 2026 (dollar amounts in thousands, except share and per share data): </div></div></div><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 100%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 77%;"></td> <td style="width: 18%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Class I Shares</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">For the period April 1,</div></div><br/><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> 2026 to June 30, 2026<div style="font-size: 75%; vertical-align: top;display:inline;font-size:8.3px">(1)</div> </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Per Share Data:</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Net asset value per share, beginning of period</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">20.00</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Net investment income (loss) <div style="font-size: 75%; vertical-align: top;display:inline;font-size:8.3px">(2)</div></div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">0.50</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Net realized gains (loss) and change in unrealized appreciation (depreciation) on investments <div style="font-size: 75%; vertical-align: top;display:inline;font-size:8.3px">(3)</div> <div style="font-size: 75%; vertical-align: top;display:inline;font-size:8.3px">(4)</div></div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">0.03</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Net increase (decrease) in net assets resulting from operations</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">0.53</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;">Class I shareholders distributions from net investment income <div style="font-size: 75%; vertical-align: top;display:inline;font-size:8.3px">(5)</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">(0.30</td> <td style="vertical-align: bottom; white-space: nowrap;">)</td></tr> <tr> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;">Preferred shareholders distributions from net investment income <div style="font-size: 75%; vertical-align: top;display:inline;font-size:8.3px">(5)</div></div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);">(0.03</td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);">)</td></tr> <tr> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;; line-height: 0px; font-size: 0px;"><div style="font-size: 0px; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; line-height: 0px; font-size: 0px;"><div style="font-size: 0px; letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td style="vertical-align: bottom; line-height: 0px; font-size: 0px;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); font-size: 0px; line-height: 0px;"><div style="font-size: 0px; letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 0px;display:inline;"> </div></div></div></td> <td style="vertical-align: bottom; line-height: 0px; font-size: 0px;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); font-size: 0px; line-height: 0px;"><div style="font-size: 0px; letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 0px;display:inline;"> </div></div></div></td> <td style="line-height: 0px; font-size: 0px;"><div style="font-size: 0px; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;">Net asset value per share, end of period</div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgba(255, 255, 255, 0);">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap; background-color: rgba(255, 255, 255, 0);">20.20</td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgba(255, 255, 255, 0);"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="background-color: rgba(255, 255, 255, 0);"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Number of shares outstanding, end of period</div></div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);">3,067,396.61</td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"> </td></tr> <tr style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; break-inside: avoid;"> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Total return based on net asset value <div style="font-size: 75%; vertical-align: top;display:inline;font-size:8.3px">(6)</div></div></div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap; background-color: rgba(255, 255, 255, 0);">2.48</td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgba(255, 255, 255, 0);">% </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Net assets, end of period</div></div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);">61,947</td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"> </td></tr> <tr style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; break-inside: avoid;"> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Ratio to average net assets <div style="font-size: 75%; vertical-align: top;display:inline;font-size:8.3px">(7)</div>:</div></div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;">Expenses before incentive fees and waivers and reimbursements of expenses</div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);">4.31</td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);">% </td></tr> <tr style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; break-inside: avoid;"> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;">Expenses before incentive fees, after waivers and reimbursements of expenses</div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap; background-color: rgba(255, 255, 255, 0);">2.40</td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgba(255, 255, 255, 0);">% </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;">Expenses after incentive fees, before waivers and reimbursements of expenses</div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);">4.50</td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);">% </td></tr> <tr style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; break-inside: avoid;"> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;">Expenses after incentive fees and waivers and reimbursements of expenses</div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap; background-color: rgba(255, 255, 255, 0);">2.60</td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgba(255, 255, 255, 0);">% </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;">Net investment income (loss)</div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);">2.29</td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);">% </td></tr> <tr style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; break-inside: avoid;"> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;">Interest expense and credit facility fees</div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap; background-color: rgba(255, 255, 255, 0);">1.97</td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgba(255, 255, 255, 0);">% </td></tr></table> <div style="clear:both;max-height:0pt;"></div> <div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 100%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 89%; font-family: &quot;Times New Roman&quot;;"></td> <td style="width: 2%; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Ratio/Supplemental Data:</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Asset coverage, end of period</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">187.33</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">1.25</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Weighted-average shares outstanding</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">2,801,633.02</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr></table> <div style="clear:both;max-height:0pt;"></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 100%; font-family: Times New Roman; font-size: 8pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td></td> <td style="width: 1%; vertical-align: bottom;"></td> <td style="width: 96%;"></td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: top;">(1)</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;">Effective April 1, 2026, the Company converted to a unitized structure. Accordingly, the per share information presented in the Financial Highlights reflects the period from April 1, 2026 through June 30, 2026, representing the period during which the Company’s common shares were outstanding.</td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: top;">(2)</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;">Net investment income (loss) per share was calculated as net investment income (loss) for the period divided by the weighted average number of shares outstanding for the period. Included in net investment income (loss) per share is $0.08 of income earned prior to the BDC Election that was not distributed.</td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: top;">(3)</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;">Includes the impact of different share amounts as a result of calculating certain per share data based on weighted average shares outstanding for the period.</td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: top;">(4)</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;">The per share amount for net realized gains (losses) and change in unrealized appreciation (depreciation) includes the effect of the April 1, 2026 conversion, whereby a portion of the unrealized appreciation existing at the conversion date is reflected in the opening net asset value per share.</td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: top;">(5)</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;">The per share data was derived using actual shares outstanding at the date of the relevant transaction.</td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: top;">(6)</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;">Total return is based on the change in net asset value per common share for the period plus the declared dividends on shares, assuming reinvestment of dividends in accordance with the distribution reinvestment plan, divided by the beginning net asset value for the period. The total return has not been annualized.</td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: top;">(7)</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;">These ratios to average net assets have not been annualized. Average net assets are computed using the net assets at the end of each quarter of the reporting period.</td></tr></table> <div style="clear:both;max-height:0pt;"></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Financial highlights are not required for the six months ended June 30, 2025 as there were no shareholders during this period. </div></div> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The following is a schedule of consolidated financial highlights for the Class I Shares for the period April 1, 2026 to June 30, 2026 (dollar amounts in thousands, except share and per share data): </div></div></div><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 100%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 77%;"></td> <td style="width: 18%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Class I Shares</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">For the period April 1,</div></div><br/><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> 2026 to June 30, 2026<div style="font-size: 75%; vertical-align: top;display:inline;font-size:8.3px">(1)</div> </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Per Share Data:</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Net asset value per share, beginning of period</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">20.00</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Net investment income (loss) <div style="font-size: 75%; vertical-align: top;display:inline;font-size:8.3px">(2)</div></div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">0.50</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Net realized gains (loss) and change in unrealized appreciation (depreciation) on investments <div style="font-size: 75%; vertical-align: top;display:inline;font-size:8.3px">(3)</div> <div style="font-size: 75%; vertical-align: top;display:inline;font-size:8.3px">(4)</div></div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">0.03</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Net increase (decrease) in net assets resulting from operations</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">0.53</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;">Class I shareholders distributions from net investment income <div style="font-size: 75%; vertical-align: top;display:inline;font-size:8.3px">(5)</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">(0.30</td> <td style="vertical-align: bottom; white-space: nowrap;">)</td></tr> <tr> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;">Preferred shareholders distributions from net investment income <div style="font-size: 75%; vertical-align: top;display:inline;font-size:8.3px">(5)</div></div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);">(0.03</td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);">)</td></tr> <tr> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;; line-height: 0px; font-size: 0px;"><div style="font-size: 0px; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; line-height: 0px; font-size: 0px;"><div style="font-size: 0px; letter-spacing: 0px; top: 0px;display:inline;">  </div></td> <td style="vertical-align: bottom; line-height: 0px; font-size: 0px;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); font-size: 0px; line-height: 0px;"><div style="font-size: 0px; letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 0px;display:inline;"> </div></div></div></td> <td style="vertical-align: bottom; line-height: 0px; font-size: 0px;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); font-size: 0px; line-height: 0px;"><div style="font-size: 0px; letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 0px;display:inline;"> </div></div></div></td> <td style="line-height: 0px; font-size: 0px;"><div style="font-size: 0px; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;">Net asset value per share, end of period</div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgba(255, 255, 255, 0);">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap; background-color: rgba(255, 255, 255, 0);">20.20</td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgba(255, 255, 255, 0);"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="background-color: rgba(255, 255, 255, 0);"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Number of shares outstanding, end of period</div></div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);">3,067,396.61</td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"> </td></tr> <tr style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; break-inside: avoid;"> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Total return based on net asset value <div style="font-size: 75%; vertical-align: top;display:inline;font-size:8.3px">(6)</div></div></div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap; background-color: rgba(255, 255, 255, 0);">2.48</td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgba(255, 255, 255, 0);">% </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Net assets, end of period</div></div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);">61,947</td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"> </td></tr> <tr style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; break-inside: avoid;"> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Ratio to average net assets <div style="font-size: 75%; vertical-align: top;display:inline;font-size:8.3px">(7)</div>:</div></div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;; background-color: rgba(255, 255, 255, 0);"></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;">Expenses before incentive fees and waivers and reimbursements of expenses</div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);">4.31</td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);">% </td></tr> <tr style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; break-inside: avoid;"> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;">Expenses before incentive fees, after waivers and reimbursements of expenses</div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap; background-color: rgba(255, 255, 255, 0);">2.40</td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgba(255, 255, 255, 0);">% </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;">Expenses after incentive fees, before waivers and reimbursements of expenses</div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);">4.50</td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);">% </td></tr> <tr style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; break-inside: avoid;"> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;">Expenses after incentive fees and waivers and reimbursements of expenses</div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap; background-color: rgba(255, 255, 255, 0);">2.60</td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgba(255, 255, 255, 0);">% </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;">Net investment income (loss)</div></td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);">  </td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);">2.29</td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);">% </td></tr> <tr style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; break-inside: avoid;"> <td style="vertical-align: top; background-color: rgba(255, 255, 255, 0);"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;">Interest expense and credit facility fees</div></td> <td style="vertical-align: bottom; background-color: rgba(255, 255, 255, 0);">  </td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgba(255, 255, 255, 0);"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap; background-color: rgba(255, 255, 255, 0);">1.97</td> <td style="vertical-align: bottom; white-space: nowrap; background-color: rgba(255, 255, 255, 0);">% </td></tr></table> <div style="clear:both;max-height:0pt;"></div> <div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 100%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 89%; font-family: &quot;Times New Roman&quot;;"></td> <td style="width: 2%; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Ratio/Supplemental Data:</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Asset coverage, end of period</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">187.33</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio turnover</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">1.25</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Weighted-average shares outstanding</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">2,801,633.02</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr></table> <div style="clear:both;max-height:0pt;"></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 100%; font-family: Times New Roman; font-size: 8pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td></td> <td style="width: 1%; vertical-align: bottom;"></td> <td style="width: 96%;"></td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: top;">(1)</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;">Effective April 1, 2026, the Company converted to a unitized structure. Accordingly, the per share information presented in the Financial Highlights reflects the period from April 1, 2026 through June 30, 2026, representing the period during which the Company’s common shares were outstanding.</td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: top;">(2)</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;">Net investment income (loss) per share was calculated as net investment income (loss) for the period divided by the weighted average number of shares outstanding for the period. Included in net investment income (loss) per share is $0.08 of income earned prior to the BDC Election that was not distributed.</td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: top;">(3)</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;">Includes the impact of different share amounts as a result of calculating certain per share data based on weighted average shares outstanding for the period.</td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: top;">(4)</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;">The per share amount for net realized gains (losses) and change in unrealized appreciation (depreciation) includes the effect of the April 1, 2026 conversion, whereby a portion of the unrealized appreciation existing at the conversion date is reflected in the opening net asset value per share.</td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: top;">(5)</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;">The per share data was derived using actual shares outstanding at the date of the relevant transaction.</td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: top;">(6)</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;">Total return is based on the change in net asset value per common share for the period plus the declared dividends on shares, assuming reinvestment of dividends in accordance with the distribution reinvestment plan, divided by the beginning net asset value for the period. The total return has not been annualized.</td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: top;">(7)</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;">These ratios to average net assets have not been annualized. Average net assets are computed using the net assets at the end of each quarter of the reporting period.</td></tr></table> 20 0.5 0.03 0.53 0.3 -0.03 20.2 3067396.61 0.0248 61947000 0.0431 0.024 0.045 0.026 0.0229 0.0197 1.8733 0.0125 2801633.02 0.08 <div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Note 8 – Net Assets </div></div> <div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Common Shares </div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">On June 2, 2026, the Company received exemptive relief from the SEC permitting it to issue multiple classes of co<div style="display:inline;">mm</div>on shares. The Company is authorized to issue an unlimited amount of Class S, Class D and Class I Shares. Class S and Class D Shares are subject to annual distribution and servicing fees of 0.85% and 0.25%, respectively, based on the net assets attributable to the applicable class; Class I shares are not subject to a distribution and servicing fee. As of June 30, 2026, only Class I Shares were outstanding. </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">As of June 30, 2026, the Company had issued 3,067,396.61 Class I Shares. The following table summarizes Class I Share issuances, excluding Shares issued under the Company’s DRIP (as defined below), from April 1, 2026 through June 30, 2026: </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 70%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 61%;"></td> <td style="width: 4%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 4%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 4%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 4%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 4%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td colspan="20" style="text-align: center; vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Class I</div></div></td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0);"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="text-align: center; vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Date</div></div></td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0);">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Number of<br/>Shares Issued</div></div></td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0);">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0);">  </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0);">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Total Consideration<br/>(in thousands)</div></div></td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0);">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0);">  </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0);">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Issuance Price<br/>Per Share</div></div></td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0);"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="text-align: center; vertical-align: top;"><div style="text-align: center; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">April 1, 2026</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">2,500,000.00</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">50,000</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">20.00</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="text-align: center; vertical-align: top;"><div style="text-align: center; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">May 1, 2026</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">336,345.36</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">6,800</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">20.22</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="text-align: center; vertical-align: top;"><div style="text-align: center; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">June 1, 2026</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">230,757.64</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">4,665</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">20.22</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr></table> <div style="clear:both;max-height:0pt;"></div> <div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt;text-indent: 0px;"></div><div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt;text-indent: 0px;"></div><div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Series A Preferred Shares </div></div></div><div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">On April 1, 2026, the Company issued 515 shares of its 12.0% Series A Cumulative Preferred Shares, par value $0.01 per share (the “Series A Preferred Shares”), for aggregate proceeds of $1,545 thousand. Pursuant to the offering arrangements, certain funding, administrative and other offering-related fees totaling $107 thousand were deducted from the subscription proceeds prior to remittance to the Company. Accordingly, the Company received net cash proceeds of $1,438 thousand. </div></div><div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Series A Preferred Shares have a liquidation preference of $3 thousand per share and accrue cumulative cash dividends at 12.0% per annum on the liquidation preference. They rank senior to all common shares as to dividends and distributions upon liquidation. Holders are entitled to one vote per Series A Preferred Share and generally vote with common Shareholders; while the Company is regulated under the 1940 Act, holders voting separately as a class are entitled to elect two trustees. Separate class approval is also required for specified actions, including the issuance of securities senior to or on parity with the Series A Preferred Shares and amendments materially adverse to their rights and preferences. The Series A Preferred Shares are redeemable at the Company’s option, are not convertible and, upon redemption or liquidation, are entitled to the liquidation preference plus accrued and unpaid dividends and any applicable redemption premium. </div></div><div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Share Repurchase Program </div></div></div><div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Subject to Board approval, the Company intends to commence a quarterly share repurchase program no later than 12 months after unaffiliated investors first purchased shares on May 1, 2026. Under the program, the Company may offer to repurchase up to 5% of its then-outstanding shares, measured by number of shares or aggregate NAV, in each quarter. As of June 30, 2026, the Company had not commenced the program or conducted a tender offer. </div></div><div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;">Any repurchase offer will be made pursuant to Rule <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">13e-4</div> under the Securities Exchange Act of 1934, as amended, and the 1940 Act. The Board may amend, suspend or terminate the program at any time, and the Company is not required to conduct a repurchase offer in any quarter. </div><div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;">The expected repurchase price is the NAV per share of the applicable class as of the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">month-end</div> designated by the Board, less a 2.0% early repurchase deduction for shares held for less than one year, subject to specified exceptions and the terms of the applicable tender offer. Repurchased shares will be retired and returned to authorized but unissued status. </div><div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Distributions </div></div></div><div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;">The Company has adopted an <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">opt-out</div> distribution reinvestment plan (the “DRIP”). Unless a Shareholder elects to receive cash, cash distributions are automatically reinvested in additional shares of the same class at the applicable NAV per Share. </div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The following table summarizes distributions declared by the Company for the Class I Shares from April 1, 2026 through June 30, 2026: </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 100%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 22%; font-family: &quot;Times New Roman&quot;;"></td> <td style="width: 5%; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="width: 19%; font-family: &quot;Times New Roman&quot;;"></td> <td style="width: 5%; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="width: 18%; font-family: &quot;Times New Roman&quot;;"></td> <td style="width: 5%; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="width: 5%; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="width: 5%; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Declaration</div></div><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Date</div></div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;">  </td> <td style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Record</div></div><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Date</div></div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;">  </td> <td style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Payment</div></div><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Date</div></div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Distribution</div></div><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">per Share</div></div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"> </td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Shares Outstanding</div></div><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">on Record Date</div></div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"> </td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Total Distribution</div></div><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Declared<br/>(in thousands)</div></div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="text-align: center; vertical-align: top;"><div style="text-align: center; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">May 22, 2026</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;">May 26, 2026</td> <td style="vertical-align: bottom;">  </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;">June 8, 2026</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">0.15</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">2,836,345.36</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">425</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="text-align: center; vertical-align: top;"><div style="text-align: center; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">June 23, 2026</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;">June 24, 2026</td> <td style="vertical-align: bottom;">  </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;">July 9, 2026</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">0.15</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">3,067,396.61</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">460</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr></table> <div style="clear:both;max-height:0pt;"></div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following table summarizes the shares issued under the DRIP during the six months ended June 30, 2026: </div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 100%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 21%; font-family: &quot;Times New Roman&quot;;"></td> <td style="width: 6%; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="width: 21%; font-family: &quot;Times New Roman&quot;;"></td> <td style="width: 6%; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="width: 18%; font-family: &quot;Times New Roman&quot;;"></td> <td style="width: 6%; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="width: 6%; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="width: 6%; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Declaration</div></div><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Date</div></div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"> </td> <td style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Record</div></div><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Date</div></div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;">  </td> <td style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Reinvestment</div></div><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Issued</div></div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Class I Shares<br/>Issued</div></div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"> </td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Total</div></div><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Consideration<br/>(in thousands)</div></div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"> </td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Issuance Price per<br/>Share</div></div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="text-align: center; vertical-align: top;"><div style="text-align: center; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">May 22, 2026</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;">May 26, 2026</td> <td style="vertical-align: bottom;">  </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;">June 1, 2026</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">293.60</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">6</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">20.22</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr></table> <div style="clear:both;max-height:0pt;"></div> <div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Before the BDC Election, the Company declared distributions of $4,516 thousand for the period from January 1, 2026 through April 1, 2026. The Company declared no distributions for the six months ended June 30, 2025. </div></div> 0.0085 0.0025 3067396.61 The following table summarizes Class I Share issuances, excluding Shares issued under the Company’s DRIP (as defined below), from April 1, 2026 through June 30, 2026: <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 70%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 61%;"></td> <td style="width: 4%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 4%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 4%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 4%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 4%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td colspan="20" style="text-align: center; vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Class I</div></div></td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0);"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="text-align: center; vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Date</div></div></td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0);">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Number of<br/>Shares Issued</div></div></td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0);">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0);">  </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0);">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Total Consideration<br/>(in thousands)</div></div></td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0);">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0);">  </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0);">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Issuance Price<br/>Per Share</div></div></td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0);"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="text-align: center; vertical-align: top;"><div style="text-align: center; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">April 1, 2026</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">2,500,000.00</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">50,000</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">20.00</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="text-align: center; vertical-align: top;"><div style="text-align: center; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">May 1, 2026</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">336,345.36</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">6,800</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">20.22</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="text-align: center; vertical-align: top;"><div style="text-align: center; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">June 1, 2026</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">230,757.64</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">4,665</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">20.22</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr></table> 2500000 50000000 20 336345.36 6800000 20.22 230757.64 4665000 20.22 515 0.12 0.01 1545000 107000 1438000 3000 0.12 0.05 0.02 <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The following table summarizes distributions declared by the Company for the Class I Shares from April 1, 2026 through June 30, 2026: </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 100%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 22%; font-family: &quot;Times New Roman&quot;;"></td> <td style="width: 5%; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="width: 19%; font-family: &quot;Times New Roman&quot;;"></td> <td style="width: 5%; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="width: 18%; font-family: &quot;Times New Roman&quot;;"></td> <td style="width: 5%; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="width: 5%; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="width: 5%; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Declaration</div></div><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Date</div></div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;">  </td> <td style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Record</div></div><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Date</div></div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;">  </td> <td style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Payment</div></div><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Date</div></div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Distribution</div></div><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">per Share</div></div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"> </td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Shares Outstanding</div></div><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">on Record Date</div></div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"> </td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Total Distribution</div></div><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Declared<br/>(in thousands)</div></div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="text-align: center; vertical-align: top;"><div style="text-align: center; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">May 22, 2026</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;">May 26, 2026</td> <td style="vertical-align: bottom;">  </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;">June 8, 2026</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">0.15</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">2,836,345.36</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">425</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="text-align: center; vertical-align: top;"><div style="text-align: center; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">June 23, 2026</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;">June 24, 2026</td> <td style="vertical-align: bottom;">  </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;">July 9, 2026</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">0.15</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">3,067,396.61</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">460</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr></table> 2026-05-26 2026-06-08 0.15 2836345.36 425000 2026-06-24 2026-07-09 0.15 3067396.61 460000 <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following table summarizes the shares issued under the DRIP during the six months ended June 30, 2026: </div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 100%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 21%; font-family: &quot;Times New Roman&quot;;"></td> <td style="width: 6%; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="width: 21%; font-family: &quot;Times New Roman&quot;;"></td> <td style="width: 6%; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="width: 18%; font-family: &quot;Times New Roman&quot;;"></td> <td style="width: 6%; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="width: 6%; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="width: 6%; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Declaration</div></div><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Date</div></div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"> </td> <td style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Record</div></div><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Date</div></div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;">  </td> <td style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Reinvestment</div></div><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Issued</div></div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Class I Shares<br/>Issued</div></div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"> </td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Total</div></div><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Consideration<br/>(in thousands)</div></div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"> </td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Issuance Price per<br/>Share</div></div></td> <td style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.75pt; border-bottom-style: solid;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="text-align: center; vertical-align: top;"><div style="text-align: center; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">May 22, 2026</div></div></td> <td style="vertical-align: bottom;"> </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;">May 26, 2026</td> <td style="vertical-align: bottom;">  </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;">June 1, 2026</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">293.60</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">6</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">20.22</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr></table> 2026-05-26 2026-06-01 293.6 6000 20.22 4516000 0 <div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Note 9 – Earnings per Share </div></div> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Following the BDC Election, the Company computes earnings per share in accordance with ASC 260, Earnings Per Share. Basic earnings per share is calculated by dividing the net increase (decrease) in net assets resulting from operations attributable to common shareholders by the weighted-average number of common shares outstanding during the period from April 1, 2026 through June 30, 2026. Diluted earnings per share reflects the effect of any dilutive potential common shares. </div></div></div><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Basic and diluted earnings per Share were as follows: </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 80%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 74%;"></td> <td style="width: 22%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="3" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Class I Shares</div></div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="3" style="text-align: center; vertical-align: bottom; white-space: nowrap;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">  For the period April 1,  </div></div><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2026 to June 30, 2026</div></div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Net increase (decrease) in net assets resulting from operations</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;">$</td> <td style="text-align: right; vertical-align: top;">1,167</td> <td style="vertical-align: top; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;">Weighted average shares outstanding</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;"> </td> <td style="text-align: right; vertical-align: top;">2,801,633.02</td> <td style="vertical-align: top; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Basic and diluted earnings (loss) per Share</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;">$</td> <td style="text-align: right; vertical-align: top;">0.42</td> <td style="vertical-align: top; white-space: nowrap;"> </td></tr></table> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Basic and diluted earnings per Share were as follows: </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 80%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 74%;"></td> <td style="width: 22%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="3" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Class I Shares</div></div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="3" style="text-align: center; vertical-align: bottom; white-space: nowrap;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">  For the period April 1,  </div></div><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2026 to June 30, 2026</div></div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Net increase (decrease) in net assets resulting from operations</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;">$</td> <td style="text-align: right; vertical-align: top;">1,167</td> <td style="vertical-align: top; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;">Weighted average shares outstanding</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;"> </td> <td style="text-align: right; vertical-align: top;">2,801,633.02</td> <td style="vertical-align: top; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Basic and diluted earnings (loss) per Share</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;">$</td> <td style="text-align: right; vertical-align: top;">0.42</td> <td style="vertical-align: top; white-space: nowrap;"> </td></tr></table> 1167 2801633.02 0.42 0.42 <div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Note 10 – Segment Reporting </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Company operates through a single operating and reporting segment with an investment objective to generate both current income and capital appreciation. The Company’s chief executive officer and chief financial officer collectively serve as the chief operating decision maker (“CODM”). The CODM assesses the performance and makes operating decisions of the Company on a consolidated basis primarily based on the Company’s net increase (decrease) in net assets resulting from operations. As the Company’s operations comprise a <div style="-sec-ix-hidden:hidden170684403;display:inline;">single</div> reporting segment, the segment assets are reflected on the accompanying Consolidated Statements of Assets and Liabilities as “total assets” and the significant segment expenses are listed on the accompanying Consolidated Statements of Operations. </div></div> <div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Note 11 – Subsequent Events Evaluation </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Company evaluated subsequent events through the date on which the consolidated financial statements were available to be issued and identified no events requiring recognition in, or disclosure in the notes to, these consolidated financial statements, except as discussed below. </div></div> <div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">July Capital Raise </div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">On July 1, 2026, the Company received proceeds of $2,288 thousand in connection with the issuance of 113,268.54 Class I Shares, which issuance was finalized on July 27, 2026. </div></div> <div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Distributions </div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">On July 24, 2026, the Company declared a distribution of $0.15 per Share, payable on August 10, 2026 to Shareholders of record as of July 27, 2026. </div></div>   2288 113268.54 0.15 2026-08-10 false false false false For loan positions, cost represents original cost adjusted for the amortization of discounts and premiums, as applicable, using the effective interest method. Unless otherwise noted, the issuer of each investment is domiciled in the United States. All investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by Adams Street Advisors, LLC (the “Adviser”) (Note 3), pursuant to the Company’s valuation policy. Additionally, all investments are income producing unless otherwise indicated. Unless otherwise indicated, all investments are non-controlled, non-affiliated investments. Non-controlled, non-affiliated investments are defined as investments in which the Company owns less than 5% of the portfolio company’s outstanding voting securities and does not have the power to exercise control over the management or policies of such portfolio company. As of December 31, 2025, all of the Company’s investments were non-controlled, non-affiliated. Certain industries are shown as 0% due to rounding. Position or portion thereof is an unfunded commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative cost and fair value, if applicable, results primarily from unamortized fees, which are capitalized to the investment cost. The unfunded commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. Certain investments are subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by the larger of the floor or the reference to SOFR including SOFR adjustment, if any, (“S”). For positions with multiple outstanding contracts, the spread and reference rate for the largest outstanding contract are shown. The Schedule of Investments discloses investments at fair value as a percentage of the net assets of Adams Street Credit Solutions Fund and its subsidiaries (collectively, the “Company”), excluding the use of the promissory note and credit facility (see Note 5). This presentation of percentages was deemed to be more meaningful than investments as a percentage of the total net assets of the Company. Invested through ASP BDC Lev Facilitation LLC. All or a portion of these investments are being pledged as collateral in relation to the Wells Fargo Credit Facility (as defined in Note 5 - Borrowings). The Schedule of Investments discloses investments at fair value as a percentage of the net assets of Adams Street Credit Solutions Fund and its subsidiaries (collectively, the “Company”). Substantially all investments were valued using unobservable inputs and are considered Level 3 investments, except for short-term investments classified as Level 1. Fair value was determined in good faith by Adams Street Advisors, LLC (the “Adviser”) (Note 3), pursuant to the Company’s valuation policy. Additionally, all investments are income producing unless otherwise indicated. Unless otherwise indicated, all investments are non-controlled, non-affiliated investments. A non-controlled, non-affiliated investment is one in which the Company owns less than 5% of a portfolio company’s outstanding voting securities and does not have the power to control the management or policies of that portfolio company. As of June 30, 2026, all of the Company’s investments met this definition. Invested through ASP BDC Lev Facilitation LLC. All or a portion of these investments are pledged as collateral under the Wells Fargo Credit Facility (as defined in Note 5 - Borrowings). Position or portion thereof is an unfunded commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative cost and fair value, if applicable, results primarily from unamortized fees, which are capitalized to the investment cost. The unfunded commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the Company’s unfunded commitments: Effective April 1, 2026, the Company converted to a unitized structure. Accordingly, the per share information presented in the Financial Highlights reflects the period from April 1, 2026 through June 30, 2026, representing the period during which the Company’s common shares were outstanding. The per share data was derived using actual shares outstanding at the date of the relevant transaction. The unused portion is the amount upon which commitment fees are based. Certain investments are subject to an interest rate floor. Variable-rate loans bear interest at the applicable spread plus the greater of (i) the applicable interest-rate floor and (ii) the Secured Overnight Financing Rate (“SOFR” or “S”), including any applicable SOFR adjustment. For positions with multiple outstanding contracts, the spread and reference rate for the largest outstanding contract are shown. Inputs are weighted based on the fair value of the investments included in the range. Available for borrowing based on the computation of collateral to support the borrowings and subject to compliance with applicable covenants and financial ratios. Weighted average contractual interest rate for the three and six months ended June 30, 2026 and 2025 is calculated as interest expense (excludes unused commitment fees and amortization of deferred financing costs) divided by weighted average debt outstanding. Net investment income (loss) per share was calculated as net investment income (loss) for the period divided by the weighted average number of shares outstanding for the period. Included in net investment income (loss) per share is $0.08 of income earned prior to the BDC Election that was not distributed. Includes the impact of different share amounts as a result of calculating certain per share data based on weighted average shares outstanding for the period. The per share amount for net realized gains (losses) and change in unrealized appreciation (depreciation) includes the effect of the April 1, 2026 conversion, whereby a portion of the unrealized appreciation existing at the conversion date is reflected in the opening net asset value per share. See Note 2 - Significant Accounting Policies for a description of cash and restricted cash. Total return is based on the change in net asset value per common share for the period plus the declared dividends on shares, assuming reinvestment of dividends in accordance with the distribution reinvestment plan, divided by the beginning net asset value for the period. The total return has not been annualized. These ratios to average net assets have not been annualized. Average net assets are computed using the net assets at the end of each quarter of the reporting period.