We are subject to financial market risks, including changes in interest rates. During the period covered by our financial statements, many of the loans in our portfolio had floating interest rates, and we expect that many of our loans to portfolio companies in the future will also have floating interest rates. These floating rate loans are usually based on a base rate, such as SOFR, that resets on a periodic basis. Interest rate fluctuations may have a substantial negative impact on our investments, the value of our common stock and our rate of return on invested capital. Since we plan to use debt to finance investments, our net investment income will depend, in part, upon the difference between the rate at which we borrow funds and the rate at which we invest those funds. As a result, we can offer no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income. Assuming that the consolidated statement of assets and liabilities as of June 30, 2026 was to remain constant and that we took no actions to alter our existing interest rate sensitivity, the following table shows the annualized impact of hypothetical base rate changes in interest rates (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Increase (Decrease) ​ Increase (Decrease) ​ Net Increase Basis Point Increase (Decrease) ​ ​ ​ in Interest Income ​ ​ ​ in Interest Expense ​ ​ ​ (Decrease)(1) (300) ​ $ (13,481) $ (5,220) $ (8,261) (250) ​ (12,054) ​ (4,350) ​ (7,704) (200) ​ (9,703) ​ (3,480) ​ (6,223) (150) ​ (7,298) ​ (2,610) ​ (4,688) (100) ​ (4,868) ​ (1,740) ​ (3,128) (50) ​ ​ (2,434) ​ ​ (870) ​ ​ (1,564) 50 ​ ​ 2,434 ​ ​ 870 ​ ​ 1,564 100 ​ ​ 4,868 ​ ​ 1,740 ​ ​ 3,128 150 ​ ​ 7,302 ​ ​ 2,610 ​ ​ 4,692 200 ​ ​ 9,736 ​ ​ 3,480 ​ ​ 6,256 250 ​ ​ 12,170 ​ ​ 4,350 ​ ​ 7,820 300 ​ 14,605 ​ 5,220 ​ 9,385 (1) Excludes the impact of incentive fees. See “Item 8. Consolidated Financial Statements and Supplementary Data—Notes to the Consolidated Financial Statements—Note 7 - Related Party Transactions” for further information. ​ As of June 30, 2026, nearly all of the performing floating rate investments in our portfolio had interest rate floors. Variable-rate investments subject to a floor generally reset periodically to the applicable floor and, in the case of investments in our portfolio, quarterly to a floor based on base rates, only if the floor exceeds the index. Under these loans, we do not benefit from increases in interest rates until such rates exceed the floor and thereafter benefit from market rates above any such floor. Although management believes that this analysis is indicative of our existing sensitivity to interest rate changes, it does not adjust for changes in the credit markets, the size, credit quality or composition of the assets in our portfolio and other business developments, including borrowing, that could affect net increase or decrease in net assets resulting from operations or net income. It also does not adjust for the effect of the time-lag between a change in the relevant interest rate index and the rate adjustment under the applicable loan. Accordingly, we can offer no assurance that actual results would not differ materially from the statement above. We may in the future hedge against interest rate fluctuations by using standard hedging instruments such as futures, options and forward contracts to the extent permitted under the 1940 Act and applicable commodities laws. While hedging activities may insulate us against adverse changes in interest rates, they may also limit our ability to participate in the benefits of lower interest rates with respect to the investments in our portfolio with fixed interest rates. ​ 97 ​ We may enter into foreign currency forward contracts from time to time to facilitate settlement of purchases and sales of investments denominated in foreign currencies and to hedge economically the impact that an adverse change in foreign exchange rates would have on the value of our investments denominated in foreign currencies. We currently utilize forward foreign currency exchange contracts to protect ourselves against fluctuations in exchange rates. See Note 3 to our consolidated financial statements. The following table provides a breakdown of our forward currency contracts for the three and six months ended June 30, 2026 and 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended June 30, ​ Six months ended June 30, ($ in thousands) ​ ​ 2026 ​ ​ 2025 ​ ​ ​ ​ 2026 ​ ​ 2025 Realized gain (loss) on forward currency contracts ​ $ (51) ​ $ — ​ $ (416) ​ $ 22 Unrealized appreciation (depreciation) on forward currency contracts ​ ​ 84 ​ ​ 21 ​ ​ 390 ​ ​ 1 Total net realized and unrealized gains (losses) on forward currency contracts ​ $ 33 ​ $ 21 ​ $ (26) ​ $ 23 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​