LOANS HELD FOR INVESTMENT AT CARRYING VALUE

3 Months Ended

Mar. 31, 2026

LOANS HELD FOR INVESTMENT AT CARRYING VALUE [Abstract]

LOANS HELD FOR INVESTMENT AT CARRYING VALUE

As of March 31, 2026, the Company did not hold any loans at carrying value.

As of December 31, 2025, the Company’s portfolio included 12 loans held at carrying value. As of December 31, 2025, the aggregate commitment under these loans was $283.5 million and outstanding principal was $259.6 million. As of December 31, 2025, approximately 46% of the Company’s loans held at carrying value had floating interest rates.

The following tables summarize the Company’s loans held at carrying value as of December 31, 2025:


	As of December 31, 2025
	Outstanding Principal(1)		Original Issue Discount		Carrying Value(1)		Weighted Average Remaining Life (Years)(2)

Senior term loans	$	259,626,556	$	(6,001,437)	$	253,625,119	1.4
Total loans held at carrying value	$	259,626,556	$	(6,001,437)	$	253,625,119	1.4

(1)The difference between the carrying value and the outstanding principal amount of the loans consists of unaccreted OID and loan origination costs.

(2)Weighted average remaining life is calculated based on the carrying value of the loans as of December 31, 2025.