Investment Type

Market Approach EBITDA Multiple

Market Approach Liquidation Seniority

Market Approach
Revenue Multiple

Market Approach Transaction Pricing

Totals

Non-Control/Non-Affiliate Equity

$

4,100,000

$

—

$

1,401,940

$

38

$

5,501,978

Non-Control/Non-Affiliate Loan and Debt

9,827,176

1,468,692

—

—

11,295,868

Total Non-Control/Non-Affiliate

$

13,927,176

$

1,468,692

$

1,401,940

$

38

$

16,797,846

Affiliate Equity

$

6,265,245

$

—

$

—

$

1,300,000

$

7,565,245

Affiliate Loan and Debt

26,265,960

—

—

5,107,004

31,372,964

Total Affiliate

$

32,531,205

$

—

$

—

$

6,407,004

$

38,938,209

Control Equity

$

—

$

—

$

—

$

—

$

—

Control Loan and Debt

—

1,000,000

—

—

1,000,000

Total Control

$

—

$

1,000,000

$

—

$

—

$

1,000,000

Total Level 3 Investments

$

46,458,381

$

2,468,692

$

1,401,940

$

6,407,042

$

56,736,055

Range

5X - 16.5X

1X

3.5X

Not Applicable

Unobservable Input

EBITDA Multiple

Asset Value

Revenue Multiple

Transaction Price

Weighted Average

6.5X

1X

3.5X

Not Applicable

Investment Type

Market Approach EBITDA Multiple

Market Approach Liquidation Seniority

Market Approach
Revenue Multiple

Market Approach Transaction Pricing

Totals

Non-Control/Non-Affiliate Equity

$

3,000,000

$

—

$

700,000

$

100,038

$

3,800,038

Non-Control/Non-Affiliate Loan and Debt

5,050,064

1,454,709

—

—

6,504,773

Total Non-Control/Non-Affiliate

$

8,050,064

$

1,454,709

$

700,000

$

100,038

$

10,304,811

Affiliate Equity

$

4,915,245

$

—

$

—

$

1,307,659

$

6,222,904

Affiliate Loan and Debt

27,314,181

—

—

3,238,600

30,552,781

Total Affiliate

$

32,229,426

$

—

$

—

$

4,546,259

$

36,775,685

Control Equity

$

—

$

—

$

—

$

—

$

—

Control Loan and Debt

—

1,400,000

—

—

1,400,000

Total Control

$

—

$

1,400,000

$

—

$

—

$

1,400,000

Total Level 3 Investments

$

40,279,490

$

2,854,709

$

700,000

$

4,646,297

$

48,480,496

Range

4X - 14.7X

1X

3.9X

Not Applicable

Unobservable Input

EBITDA Multiple

Asset Value

Revenue Multiple

Transaction Price

Weighted Average

6.1X

1X

3.9X

Not Applicable

Fair Value Measurements Using Significant
Unobservable Inputs (Level 3)

Description

Loan Investments

Debt
Investments

Equity
Investments

Total

Ending balance December 31, 2025, of Level 3 Assets

$

3,154,587

$

35,302,967

$

10,022,942

$

48,480,496

Realized gains (losses) included in net change in net assets
from operations:

Applied Image, Inc. (Applied Image)

—

—

958,948

958,948

BMP Swanson Holdco, LLC (Swanson)

(1,787,551

)

—

(233,333

)

(2,020,884

)

Carolina Skiff LLC (Carolina Skiff)

—

—

3,112

3,112

Seybert’s Billiards Corporation (Seybert’s)

—

—

1,072,459

1,072,459

Total realized gains, net

(1,787,551

)

—

1,801,186

13,635

Unrealized gains (losses) included in net change in net assets
from operations:

Autotality

—

(1,523,457

)

—

(1,523,457

)

Bauer Sheet Metal and Fabricating, LLC (Bauer)

—

—

988,000

988,000

Caitec, Inc. (Caitec)

—

—

50,000

50,000

Feature Healthcare, LLC (4 Seasons)

—

200,000

—

200,000

Highland All About People Holdings, Inc. (All About People)

—

—

400,000

400,000

Inter-National Electronic Alloys LLC (EFINEA)

—

—

700,000

700,000

ITA Acquisition, LLC (ITA)

(400,000

)

—

—

(400,000

)

Mountain Regional Equipment Solutions (MRES)

—

(403,000

)

—

(403,000

)

OnCore Golf Technology, Inc. (OnCore)

—

—

(100,000

)

(100,000

)

Open Exchange, Inc. (Open Exchange)

—

—

701,940

701,940

Seybert’s

—

—

(1,051,659

)

(1,051,659

)

SQF LLC (Verta)

—

—

1,000,000

1,000,000

Swanson

—

—

(516,667

)

(516,667

)

Total unrealized gains, net

(400,000

)

(1,726,457

)

2,171,614

45,157

Purchases of securities/changes to securities/non-cash
conversions:

4 Seasons

—

4,516,250

—

4,516,250

AME Holdco, LLC (AME)

—

3,000,000

1,000,000

4,000,000

Autotality

—

123,886

—

123,886

Bauer

—

1,800

—

1,800

BlackJet Direct Marketing, LLC (BlackJet)

—

16,519

—

16,519

BMP Food Service Supply Holdco, LLC (FSS)

—

400,000

—

400,000

Caitec

—

77,112

50,000

127,112

EFINEA

—

8,480

—

8,480

FCM Industries Holdco LLC (First Coast Mulch)

—

42,071

—

42,071

GoNoodle, Inc. (GoNoodle)

—

13,983

—

13,983

All About People

—

101,294

—

101,294

Mobile RN Holdings LLC (Mobile IV Nurses)

—

19,249

—

19,249

MRES

—

680,924

—

680,924

Swanson

32,964

—

—

32,964

Termite Guy Corporation (Termite Guy)

—

2,107,004

300,000

2,407,004

Total purchases of securities/changes to securities/non-cash
   conversions

32,964

11,108,572

1,350,000

12,491,536

Repayments and sales of securities:

4 Seasons

—

(16,250

)

—

(16,250

)

Applied Image

—

(1,750,000

)

(958,948

)

(2,708,948

)

BlackJet

—

(250,000

)

—

(250,000

)

Carolina Skiff

—

—

(3,112

)

(3,112

)

Seybert's

—

—

(1,316,459

)

(1,316,459

)

Total repayments and sales of securities

—

(2,016,250

)

(2,278,519

)

(4,294,769

)

Ending balance September 30, 2026, of Level 3 Assets

$

1,000,000

$

42,668,832

$

13,067,223

$

56,736,055

Change in unrealized appreciation/depreciation included in earnings related to Level 3 investments still held at reporting date

$

1,613,483

Fair Value Measurements Using Significant
Unobservable Inputs (Level 3)

Description

Loan Investments

Debt
Investments

Equity
Investments

Total

Ending balance December 31, 2024, of Level 3 Assets

$

15,037,873

$

38,043,721

$

17,736,447

$

70,818,041

Realized (losses) gains included in net change in net assets
from operations:

GoNoodle, Inc. (GoNoodle)

—

—

(25

)

(25

)

Lumious

(77,314

)

—

—

(77,314

)

Microcision, LLC (Microcision)

—

—

55,357

55,357

Pressure Pro, Inc. (Pressure Pro)

—

—

870,000

870,000

Tilson Technology Management, Inc. (Tilson)

—

—

(2,850,015

)

(2,850,015

)

Total realized losses, net

(77,314

)

—

(1,924,683

)

(2,001,997

)

Unrealized (losses) gains included in net change in net assets
from operations:

BMP Food Service Supply Holdco, LLC (FSS)

—

(3,331,662

)

(497,619

)

(3,829,281

)

Carolina Skiff LLC (Carolina Skiff)

—

—

(442,755

)

(442,755

)

FCM Industries Holdco LLC (First Coast Mulch)

—

484,837

—

484,837

Inter-National Electronic Alloys LLC (EFINEA)

—

—

488,235

488,235

ITA Acquisition, LLC (ITA)

(875,000

)

—

—

(875,000

)

Mobile RN Holdings LLC (Mobile IV Nurses)

—

—

125,000

125,000

Mountain Regional Equipment Solutions (MRES)

—

(739,352

)

—

(739,352

)

Pressure Pro

—

—

(720,000

)

(720,000

)

Seybert’s Billiards Corporation (Seybert’s)

—

—

256,000

256,000

Tilson

—

—

(6,649,985

)

(6,649,985

)

Total unrealized losses, net

(875,000

)

(3,586,177

)

(7,441,124

)

(11,902,301

)

Purchases of securities/changes to securities/non-cash
conversions:

Autotality (formerly Filterworks Acquisition USA, LLC)

—

134,806

—

134,806

BlackJet Direct Marketing, LLC (BlackJet)

—

2,251,187

250,000

2,501,187

BMP Swanson Holdco, LLC (Swanson)

21,344

—

—

21,344

Caitec, Inc. (Caitec)

324,366

124,606

—

448,972

Carolina Skiff

—

—

34,755

34,755

EFINEA

—

17,177

—

17,177

First Coast Mulch

—

38,031

—

38,031

FSS

—

1,053,470

—

1,053,470

GoNoodle, Inc. (GoNoodle)

—

10,830

—

10,830

Highland All About People Holdings, Inc. (All About People)

—

97,289

—

97,289

ITA

375,000

—

—

375,000

Mobile IV Nurses

—

19,054

—

19,054

MRES

—

359,419

—

359,419

Pressure Pro

—

22,445

—

22,445

Seybert’s

—

69,983

—

69,983

Total purchases of securities/changes to securities/non-cash
   conversions

720,710

4,198,297

284,755

5,203,762

Repayments and sales of securities:

HDI Acquisition LLC (Hilton Displays)

—

(1,071,824

)

—

(1,071,824

)

Lumious

(712,630

)

—

—

(712,630

)

Mattison Avenue Holdings LLC (Mattison)

(5,572,902

)

—

—

(5,572,902

)

Microcision

—

—

(55,357

)

(55,357

)

Pressure Pro

—

(1,725,150

)

(900,000

)

(2,625,150

)

Seybert's

—

(7,748,770

)

—

(7,748,770

)

Total repayments and sales of securities

(6,285,532

)

(10,545,744

)

(955,357

)

(17,786,633

)

Transfers within Level 3

(4,799,278

)

4,799,278

—

—

Ending balance September 30, 2025, of Level 3 Assets

$

3,721,459

$

32,909,375

$

7,700,038

$

44,330,872

Change in unrealized appreciation/depreciation included in earnings related to Level 3 investments still held at reporting date

$

(4,532,316

)