| SCHEDULE OF FINANCIAL HIGHLIGHTS |
SCHEDULE OF FINANCIAL HIGHLIGHTS
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Three
Months Ended September 30, | | |
Nine
Months Ended September 30, | |
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2026 | | |
2025 | | |
2026 | | |
2025 | |
| Per Basic Share Data | |
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| |
| Net asset value at beginning of period | |
$ | 13.44 | | |
$ | 9.18 | | |
$ | 8.09 | | |
$ | 6.68 | |
| Net investment
loss(1) | |
| (0.15 | ) | |
| (0.14 | ) | |
| (1.21 | ) | |
| (0.45 | ) |
| Net realized
gain/(loss) on investments(1) | |
| (0.29 | ) | |
| 0.21 | | |
| (0.07 | ) | |
| 1.10 | |
| Realized
loss on partial repurchase of 6.00% Notes due December 30, 2026(1) | |
| <(0.01 | ) | |
| — | | |
| <(0.01 | ) | |
| <(0.01) | |
| Net change
in unrealized appreciation/(depreciation) of investments(1) | |
| (0.35 | ) | |
| 0.23 | | |
| 5.74 | | |
| 2.23 | |
| Dividends declared | |
| — | | |
| (0.25 | ) | |
| — | | |
| (0.25 | ) |
| Issuance
of common stock from public offering(1) | |
| — | | |
| (0.03 | ) | |
| — | | |
| (0.03 | ) |
| Issuance
of common stock from conversion of 6.50% Convertible Notes due 2029(1) | |
| — | | |
| — | | |
| (0.28 | ) | |
| — | |
| Stock-based
compensation(1)(2) | |
| — | | |
| 0.03 | | |
| 0.37 | | |
| (0.05 | ) |
| Net asset value at end of period | |
$ | 12.64 | | |
$ | 9.23 | | |
$ | 12.64 | | |
$ | 9.23 | |
| Per share market value at end of period | |
$ | 7.69 | | |
$ | 9.00 | | |
$ | 7.69 | | |
$ | 9.00 | |
| Total return based on market
value(3) | |
| (38.68 | )% | |
| 12.67 | % | |
| (18.54 | )% | |
| 57.31 | % |
| Total return based on net
asset value(3) | |
| (5.95 | )% | |
| 3.27 | % | |
| 56.24 | % | |
| 41.92 | % |
| Shares outstanding at end of period | |
| 26,473,222 | | |
| 25,119,091 | | |
| 26,473,222 | | |
| 25,119,091 | |
| Ratios/Supplemental Data: | |
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| Net assets at end of period | |
$ | 334,698,480 | | |
$ | 231,787,028 | | |
$ | 334,698,480 | | |
$ | 231,787,028 | |
| Average net assets | |
$ | 355,067,614 | | |
$ | 217,139,281 | | |
$ | 309,467,532 | | |
$ | 178,224,292 | |
| Ratio
of net operating expenses to average net assets(4) | |
| 4.73 | % | |
| 7.15 | % | |
| 11.93 | % | |
| 8.98 | % |
| Ratio of net investment loss
to average net assets(4) | |
| (4.43 | )% | |
| (6.31 | )% | |
| (11.36 | )% | |
| (8.13 | )% |
| Portfolio Turnover Ratio | |
| 0.05 | % | |
| 2.15 | % | |
| 7.31 | % | |
| 5.24 | % |
| (1) | Based
on weighted-average number of shares outstanding for the relevant period. |
| (2) | Represents
stock-based compensation recognized during the period, net of shares withheld to satisfy
statutory tax withholding obligations upon the vesting of restricted stock awards. |
| (3) | Total
return based on market value is based upon the change in market price per share between the
opening and ending market values per share in the period, adjusted for dividends. Total return
based on net asset value is based upon the change in net asset value per share between the
opening and ending net asset values per share in the period, adjusted for dividends. |
| (4) | Financial
highlights for periods of less than one year are annualized and the ratios of operating expenses
to average net assets and net investment loss to average net assets are adjusted accordingly.
For the three and nine months ended September 30, 2026, the annualization of these ratios
excludes the effect of approximately $0.1 million and $20.1 million of accelerated and non-recurring
expenses incurred in connection with the Externalization, respectively. Because the ratios
are calculated for the Company’s common stock taken as a whole, an individual investor’s
ratios may vary from these ratios. |
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