Net Asset Value (NAV) per common share decreased from $12.85 at December 31, 2024, to $9.19 at December 31, 2025. The company experienced net losses on its investment portfolio of $45.0 million, or $3.35 per common share, for the year ended December 31, 2025. Aggregate distributions of $1.19 per common share in 2025 exceeded net investment income of $0.92 per common share. Net investment income decreased by $4.3 million in 2025 compared to 2024, primarily due to a $7.3 million decrease in total investment income (driven by a $4.9 million decrease in interest income) and a $2.9 million decrease in total expenses (driven by a $2.4 million decrease in incentive fees). The weighted-average performing income yield on interest-bearing investments increased from 13.4% in 2024 to 13.6% in 2025, mainly due to an increase in the effective yield of the Structured Finance Security portfolio, partially offset by a decrease in the yield of debt investments due to lower SOFR rates. Total outstanding debt decreased from $248.4 million at December 31, 2024, to $220.5 million at December 31, 2025. Weighted-average debt interest costs increased from 6.4% in 2024 to 6.6% in 2025, primarily due to the redemption of lower-rate notes and the issuance of higher-rate notes (7.50% Unsecured Notes Due July 2028 and 8.00% Unsecured Note Due August 2029). Net unrealized depreciation of $32.8 million in 2025 was primarily driven by net unrealized depreciation of $23.0 million on equity investments and $8.9 million on current non-accrual loans. Net realized losses of $12.2 million in 2025 were primarily due to net realized losses of $6.9 million related to the sale of Structured Finance Securities and $4.8 million related to the sale of debt investments. Non-accrual loans decreased from an aggregate fair value of $20.8 million (5.1% of total investments) at December 31, 2024, to $14.4 million (4.2% of total investments) at December 31, 2025. The common equity investment in Pfanstiehl Holdings, Inc. accounted for 23.2% of the total investment portfolio at fair value and 64.5% of total net assets as of December 31, 2025, and its fair value decreased by $9.9 million during 2025. The asset coverage ratio was 156% as of December 31, 2025, exceeding the minimum asset coverage requirement of 150% under the 1940 Act. Unfunded investment commitments totaled $13.2 million as of December 31, 2025. The BNP Facility's reinvestment period expired on September 30, 2025, and it was fully repaid and terminated on February 18, 2026, replaced by the Natixis Facility ($80.0 million aggregate principal amount). The Banc of California Credit Facility maturity was extended from February 28, 2026, to February 28, 2028, on January 9, 2026. The remaining $16.0 million of 4.75% Notes due February 2026 were redeemed on February 9, 2026.