Effective September 28, 2017, the Company's board of directors delegated to management the authority to determine the amount, record dates, payment dates and other terms of distributions to shareholders, which will be ratified by the board of directors on a quarterly basis. On November 3, 2025, management changed the timing of paying base distributions to shareholders from quarterly to monthly, which commenced in January 2026. Monthly base distributions will be declared quarterly in advance. Base distributions in respect of future months and any supplemental or special distributions will be evaluated by management and the board of directors based on circumstances and expectations existing at the time of consideration.


	Distributions
Three Months Ended	Per Share		Amount
2025
March 31, 2025 (one record date)	$	0.36	$	19,149
June 30, 2025 (one record date)	0.36		18,934
September 30, 2025 (one record date)	0.36		18,726
December 31, 2025 (one record date)	0.36		18,552
Total distributions for the year ended December 31, 2025	$	1.44	$	75,361

2026
March 31, 2026 (three record dates)	$	0.30	$	15,242
June 30, 2026 (three record dates)	0.30		14,838
September 30, 2026 (three record dates)	0.30		14,761
Total distributions for the nine months ended September 30, 2026	$	0.90	$	44,841

On September 15, 2021, the Company adopted the DRP, which became effective as of the Listing. Shareholders enrolled in the DRP receive distributions as declared by the Company in additional shares of its common stock unless such shareholder affirmatively elects to receive an entire distribution in cash by notifying (i) such shareholder’s financial adviser; or (ii) if such shareholder has a registered account maintained at the Company’s transfer agent, the plan administrator. With respect to distributions to participating shareholders under the DRP, the Company reserves the right to either issue new shares or cause the plan administrator to purchase shares in the open market in connection with implementation of the DRP. Unless the Company, in its sole discretion, otherwise directs DST Asset Management Solutions, Inc., the plan administrator, (A) if the per share “market price” (as defined in the DRP) is equal to or greater than the estimated NAV per share on the payment date for the distribution, then the Company will issue shares at the greater of (i) the estimated NAV or (ii) 95% of the market price, or (B) if the market price is less than the estimated NAV, then, in the Company’s sole discretion, (i) shares will be purchased in open market transactions for the accounts of participating shareholders to the extent practicable, or (ii) the Company will issue shares at the estimated NAV. Pursuant to the terms of the DRP, the number of shares to be issued to a participating shareholder will be determined by dividing the total dollar amount of the distribution payable to a participating shareholder by the price per share at which the Company issues such shares; provided, however, that shares purchased in open market transactions by the plan administrator will be allocated to a participating shareholder based on the weighted average purchase price, excluding any brokerage charges or other charges, of all shares purchased in the open market with respect to such distribution.

If a shareholder receives distributions in the form of common stock pursuant to the DRP, such shareholder generally will be subject to the same federal, state and local tax consequences as if they elected to receive distributions in cash. If the Company’s common stock is trading at or below NAV, a shareholder receiving distributions in the form of additional common stock will be treated as receiving a distribution in the amount of cash that such shareholder would have received if they had elected to receive the distribution in cash. If the Company’s common stock is trading above NAV, a shareholder receiving distributions in the form of additional common stock will be treated as receiving a distribution in the amount of the fair market value of the Company’s common stock. The shareholder’s basis for determining gain or loss upon the sale of common stock received in a distribution will be equal to the total dollar amount of the distribution payable to the shareholder. Any stock received in a distribution will have a holding period for tax purposes commencing on the day following the day on which the shares of common stock are credited to the shareholder’s account.


Period	Total Number of Shares Purchased	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Approximate Dollar Value of Shares That May Yet Be Purchased Under Publicly Announced Plans or Programs
2025
January 1 to January 31, 2025	19,368	$	11.49	19,368	(1)
February 1 to February 28, 2025	—	—		—	—
March 1 to March 31, 2025	—	—		—	—
April 1 to April 30, 2025	159,518	9.13		159,518	(1)
May 1 to May 31, 2025	—	—		—	—
June 1 to June 30, 2025	151,264	9.29		151,264	(1)
July 1 to July 31, 2025	—	—		—	—
August 1 to August 31, 2025	—	—		—	—
September 1 to September 30, 2025	136,868	10.07		136,868	(1)
October 1 to October 31, 2025	—	—		—	—
November 1 to November 30, 2025	—	—		—	—
December 1 to December 31, 2025	136,151	10.08		136,151	(1)
Total for the year ended December 31, 2025	603,169	$	9.67	603,169	(1)

2026
January 1 to January 31, 2026	41,483	$	9.21	41,483	(1)
February 1 to February 28, 2026	47,550	8.11		47,550	(1)
March 1 to March 31, 2026	58,144	6.83		58,144	(1)
April 1 to April 30, 2026	52,506	7.64		52,506	(1)
May 1 to May 31, 2026	56,934	6.89		56,934	(1)
June 1 to June 30, 2026	63,571	6.26		63,571	(1)
July 1 to July 31, 2026	61,251	6.31		61,251	(1)
August 1 to August 31, 2026	49,983	7.57		49,983	(1)
September 1 to September 30, 2026	52,751	7.15		52,751	(1)
Total for the nine months ended September 30, 2026	484,173	$	7.22	484,173	(1)

The Company may fund its distributions to shareholders from any sources of funds available to the Company, including borrowings, net investment income from operations, capital gains proceeds from the sale of assets, non-capital gains proceeds from the sale of assets, and dividends or other distributions paid to it on account of preferred and common equity investments in portfolio companies. Any such distributions can only be sustained if the Company maintains positive investment performance in future periods. There can be no assurances that the Company will maintain such performance in order to sustain these distributions or be able to pay distributions at all. The Company has not established limits on the amount of funds it may use from available sources to make distributions.

It is the Company's policy to comply with all requirements of the Code applicable to RICs and to distribute at least 90% of its taxable income to its shareholders for each taxable year. In addition, by distributing during each calendar year at least 90% of its “investment company taxable income”, which is generally equal to the sum of the Company’s net ordinary income plus the excess, if any, of realized net short-term capital gains over realized net long-term capital losses, the Company intends not to be subject to fund level U.S. federal income tax on investment company taxable income and net capital gains. Accordingly, no U.S. federal income tax provision was required for the year ended December 31, 2025. The Company will also be subject to nondeductible U.S. federal excise taxes of 4% if the Company does not distribute at least 98.0% of net ordinary income, 98.2% of capital gains, if any, and any recognized and undistributed income from prior years for which it paid no U.S. federal income taxes.

Income and capital gain distributions are determined in accordance with the Code and U.S. federal tax regulations, which may differ from amounts determined in accordance with GAAP. These book/tax differences, which could be material, are primarily due to differing treatments of income and gains on various investments held by the Company. Permanent book/tax differences result in reclassifications to capital in excess of par value, accumulated undistributed net investment income and accumulated undistributed realized gain on investments.

The determination of the tax attributes of the Company’s distributions is made annually as of the end of the Company’s fiscal year based upon the Company’s taxable income for the full year and distributions paid for the full year. The tax characteristics of distributions to shareholders are reported to shareholders annually on Form 1099-DIV. All distributions for 2025 were characterized as ordinary income distributions for U.S. federal income tax purposes.

As of September 30, 2026, the aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost was $152,946; the aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value was $398,719; the net unrealized depreciation was $245,773; and the aggregate cost of securities for U.S. federal income tax purposes was $1,747,425.

As of December 31, 2025, the aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost was $109,542; the aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value was $336,218; the net unrealized depreciation was $226,676; and the aggregate cost of securities for U.S. federal income tax purposes was $2,039,666.