| Investments |
4. INVESTMENTS The Company’s investments (excluding investments in money market funds, if any) consisted of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2025 |
|
|
December 31, 2024 |
|
Investment Type |
|
Cost |
|
|
Fair Value |
|
|
Cost |
|
|
Fair Value |
|
1st Lien/Senior Secured Debt |
|
$ |
216,062 |
|
|
$ |
214,987 |
|
|
$ |
474,874 |
|
|
$ |
419,988 |
|
1st Lien/Last-Out Unitranche |
|
|
87,075 |
|
|
|
85,419 |
|
|
|
144,131 |
|
|
|
142,219 |
|
2nd Lien/Senior Secured Debt |
|
|
21,536 |
|
|
|
24,513 |
|
|
|
20,473 |
|
|
|
16,934 |
|
Unsecured Debt |
|
|
13,531 |
|
|
|
— |
|
|
|
13,531 |
|
|
|
— |
|
Preferred Stock |
|
|
10,572 |
|
|
|
5,737 |
|
|
|
4,833 |
|
|
|
— |
|
Common Stock |
|
|
7,409 |
|
|
|
3,354 |
|
|
|
4,586 |
|
|
|
3,354 |
|
Warrants |
|
|
1,233 |
|
|
|
— |
|
|
|
1,233 |
|
|
|
— |
|
Total |
|
$ |
357,418 |
|
|
$ |
334,010 |
|
|
$ |
663,661 |
|
|
$ |
582,495 |
|
The industry composition of the Company’s investments as a percentage of fair value and net assets was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2025 |
|
|
December 31, 2024 |
|
Industry |
|
Fair Value |
|
|
Net Assets |
|
|
Fair Value |
|
|
Net Assets |
|
Hotels, Restaurants & Leisure |
|
|
18.1 |
% |
|
|
19.4 |
% |
|
|
10.5 |
% |
|
|
17.5 |
% |
Wireless Telecommunication Services |
|
|
13.8 |
|
|
|
14.8 |
|
|
|
7.8 |
|
|
|
13.0 |
|
IT Services |
|
|
9.5 |
|
|
|
10.2 |
|
|
|
5.3 |
|
|
|
8.9 |
|
Software |
|
|
7.9 |
|
|
|
8.5 |
|
|
|
6.8 |
|
|
|
11.3 |
|
Consumer Staples Distribution & Retail |
|
|
7.9 |
|
|
|
8.4 |
|
|
|
4.5 |
|
|
|
7.4 |
|
Ground Transportation |
|
|
6.8 |
|
|
|
7.3 |
|
|
|
3.7 |
|
|
|
6.1 |
|
Entertainment |
|
|
6.2 |
|
|
|
6.6 |
|
|
|
3.8 |
|
|
|
6.2 |
|
Specialty Retail |
|
|
5.7 |
|
|
|
6.1 |
|
|
|
3.3 |
|
|
|
5.5 |
|
Interactive Media & Services |
|
|
5.3 |
|
|
|
5.7 |
|
|
|
7.8 |
|
|
|
13.0 |
|
Commercial Services & Supplies |
|
|
4.4 |
|
|
|
4.7 |
|
|
|
2.5 |
|
|
|
4.2 |
|
Beverages |
|
|
3.7 |
|
|
|
4.0 |
|
|
|
1.9 |
|
|
|
3.2 |
|
Building Products |
|
|
3.6 |
|
|
|
3.9 |
|
|
|
1.0 |
|
|
|
1.7 |
|
Household Durables |
|
|
3.2 |
|
|
|
3.4 |
|
|
|
1.9 |
|
|
|
3.1 |
|
Consumer Finance |
|
|
2.9 |
|
|
|
3.1 |
|
|
|
1.7 |
|
|
|
2.8 |
|
Capital Markets |
|
|
1.0 |
|
|
|
1.1 |
|
|
|
0.6 |
|
|
|
1.0 |
|
Financial Services |
|
|
— |
|
|
|
— |
|
|
|
14.4 |
|
|
|
24.0 |
|
Air Freight & Logistics |
|
|
— |
|
|
|
— |
|
|
|
4.4 |
|
|
|
7.3 |
|
Professional Services |
|
|
— |
|
|
|
— |
|
|
|
3.6 |
|
|
|
6.1 |
|
Chemicals |
|
|
— |
|
|
|
— |
|
|
|
5.9 |
|
|
|
9.8 |
|
Diversified Consumer Services |
|
|
— |
|
|
|
— |
|
|
|
5.8 |
|
|
|
9.7 |
|
Household Products |
|
|
— |
|
|
|
— |
|
|
|
2.8 |
|
|
|
4.7 |
|
Total |
|
|
100.0 |
% |
|
|
107.2 |
% |
|
|
100.0 |
% |
|
|
166.5 |
% |
The geographic composition of the Company’s investments at fair value was as follows:
|
|
|
|
|
|
|
|
|
Geographic |
|
September 30, 2025 |
|
|
December 31, 2024 |
|
United States |
|
|
100.0 |
% |
|
|
100.0 |
% |
Total |
|
|
100.0 |
% |
|
|
100.0 |
% |
|