The base management fee, income incentive fee and capital gains incentive fee earned by the Adviser are included in the Company’s consolidated financial statements and summarized in the table below. 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 September 30, 2026 and 2025, and, as a result, no capital gains incentive fees were recorded for the nine months ended September 30, 2026 and 2025. There was no income incentive fee earned for the three months ended September 30, 2026. The Adviser has waived the full $3.2 million in income incentive fees accrued for the nine months ended September 30, 2026. The Adviser also waived the full $2.1 million and $3.3 million in income incentive fees earned for the three and nine months ended September 30, 2025, respectively.


Management and Incentive Fees (in thousands)	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2026		2025		2026		2025
Base management fee	$	3,564	$	3,359	$	10,771	$	9,952
Income incentive fee	$	—	$	2,062	$	3,161	$	3,321
Income incentive fee waiver	$	—	$	(2,062)	$	(3,161)	$	(3,321)