Financial Highlights (Tables)

12 Months Ended

Dec. 31, 2025


	For the Year ended December 31,
	2025			2024			2023			2022⁽⁷⁾
Per share data: ⁽¹⁾
Net asset value at beginning of year	$	10.33		$	10.22		$	10.07		$	10.00
Results of operations ⁽²⁾
Net investment income		1.37			1.38			1.14			0.09
Net realized gain (loss)		(0.03)			—			—			—
Net change in unrealized appreciation (depreciation)		(0.50)			(0.05)			0.13			0.09
Net increase (decrease) in net assets resulting from operations ⁽²⁾	$	0.84		$	1.33		$	1.27		$	0.18
Stockholder distributions from income		(1.30)			(1.24)			(1.01)			(0.08)
Issuance of common shares ⁽³⁾		—			0.01			(0.10)			(0.02)
Reinvestment of stockholder distributions		0.00			0.01			(0.01)			(0.01)
Net increase (decrease) in net assets resulting from capital share transactions		0.00			0.02			(0.11)			(0.03)
Net asset value at end of year	$	9.87		$	10.33		$	10.22		$	10.07
Shares outstanding at end of year		40,642,890			39,872,149			31,627,942			15,150,000
Total return ⁽⁴⁾		11.68	%		13.35	%		11.59	%		1.50	%
Ratio/Supplemental data:
Net assets at end of year	$	401,198		$	411,749		$	323,377		$	152,494
Ratio of net investment income to average net assets ⁽⁵⁾		13.31	%		12.64	%		10.16	%		0.90	%
Ratio of net expenses to average net assets ⁽⁵⁾		10.10	%		9.52	%		7.37	%		2.13	%
Portfolio turnover		17.05	%		10.77	%		7.74	%		3.43	%
Asset coverage ratio ⁽⁶⁾		197	%		210	%		228	%		252	%

(1)	Per share data may be rounded in order to recompute the ending net asset value per share.

(2)	The per share data was derived by using the weighted average shares outstanding during the period.

(3)

The issuance of Common Stock on a per share basis reflects the incremental net asset value changes as a result of the issuance of Common Stock in the Company’s continuous offering. The issuance of Common Stock at a price that is higher/lower than the net asset value per share results in an increase/(decrease) in net asset value per share.

(4)	Total return was calculated as the change in NAV per share during the period, divided by the beginning NAV per share and assumes reinvestment of dividends at prices obtained by the Company’s dividend reinvestment plan during the period.

(5)	Weighted average net assets are used for this calculation.

(6)	Asset coverage ratio is equal to (i) the sum of (A) net assets at the end of the period and (B) debt outstanding at the end of the period, divided by (ii) total debt outstanding at the end of the period.

(7)	For the period from September 26, 2022 (Commencement of Operations) through December 31, 2022.

Brightwood Capital Corp I 10-K