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| PROPRIETARY Quarterly Statements of Assets and Liabilities Quarter Ended (Dollar amounts in 000s, except share and per share data) March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 (unaudited) (unaudited) (unaudited) (audited) Assets Investments, at fair value $113,542 $132,690 $170,278 $273,593 Cash and cash equivalents $56,704 $67,731 $82,219 $109,771 Restricted cash and cash equivalents $- $- $- $- Deferred financing costs $237 $201 $1,240 $1,094 Deferred offering costs $74 $- $- $- Interest receivables $220 $273 $707 $961 Due from affiliate $- $- $- $- Other assets $- $380 $115 $407 Total Assets $170,777 $201,275 $254,559 $385,826 Liabilities SBA-guaranteed debentures $- $- $31,000 $31,000 Secured borrowings $40,048 $4,000 $23,400 $27,500 Accounts payable and accrued expenses $1,823 $2,234 $1,244 $1,277 Distributions payable $- $1,297 $2,614 $3,937 Due to affiliate $322 $340 $1,192 $123 Management fee payable $256 $348 $431 $605 Incentive fee payable $196 $318 $535 $565 Administrative services fee payable $177 $143 $251 $885 Interest payable $107 $153 $148 $695 Total Liabilities $42,929 $8,833 $60,815 $66,587 Total Net Assets $127,848 $192,442 $193,744 $319,239 Total Liabilities and Net Assets $170,777 $201,275 $254,559 $385,826 Net Asset Value per Share $14.84 $14.76 $14.83 $14.85 Number of shares of common stock outstanding 8,615,542 13,038,253 13,068,112 21,502,768 Note: Please see the BDC’s March 2024 Form 10-K filing for more information regarding Assets and Liabilities. 18 |