Base management and incentive fees are paid in the quarter following that in which they are earned. The Company had cumulative realized and unrealized losses as of June 30, 2026 and 2025, and, as a result, no capital gains incentive fees were recorded for the three and six months ended June 30, 2026 and 2025. The Adviser earned $0.7 million and $0.7 million in income incentive fees during the three and six months ended June 30, 2026, which amounts have been accrued by the Company; however, rather than receiving all income incentive fees earned as of June 30, 2026, the Adviser has elected to defer payment of such income incentive fees until December 31, 2026. There were no income incentive fees accrued for the three and six months ended June 30, 2025. The base management fee and income incentive fee earned by the Adviser and capital gains incentive fee accrual are included in the Company’s consolidated financial statements and summarized in the table below:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
Base Management and Incentive Fees (in thousands)	2026		2025		2026		2025
Base management fee	$	1,548	$	1,548	$	3,078	$	3,078
Income incentive fee	$	719	$	—	$	719	$	—
Capital gains incentive fee	$	—	$	—	$	—	$	—