The Company’s portfolio investments principally consist of secured and unsecured debt, equity warrants and direct equity investments primarily in privately held companies. The debt investments may or may not be secured by either a first or second lien on the assets of the portfolio company. The debt investments generally bear interest at fixed rates or variable rates, and generally mature between five and seven years from the original investment. In connection with a debt investment, the Company also may receive nominally priced equity warrants and/or make a direct equity investment in the portfolio company. The Company’s warrants or equity investments may be investments in a holding company related to the portfolio company. In addition, the Company makes equity investments in portfolio companies organized as LLCs or other forms of pass-through entities through Taxable Subsidiaries. In both situations, the investment is generally reported under the name of the operating company on the consolidated schedules of investments.

As of June 30, 2026, the Company had active investments in 100 portfolio companies and residual investments in eight portfolio companies that have sold their underlying operations. The aggregate fair value of the total portfolio was $1,432,911 and the weighted average yield on the Company’s debt investments was 12.5% as of such date. As of June 30, 2026, the Company held equity investments in 82.4% of its portfolio companies and the average fully diluted equity ownership in those portfolio companies was 2.1%.

As of December 31, 2025, the Company had active investments in 97 portfolio companies and residual investments in six portfolio companies that have sold their underlying operations. The aggregate fair value of the total portfolio was $1,324,753 and the weighted average yield on the Company’s debt investments was 12.6% as of such date. As of December 31, 2025, the Company held equity investments in 85.4% of its portfolio companies and the average fully diluted equity ownership in those portfolio companies was 1.9%.

The weighted average yield of the Company’s debt investments is not the same as a return on investment for its stockholders but, rather, relates to a portion of the Company’s investment portfolio and is calculated before the payment of all of the Company’s and its subsidiaries’ fees and expenses. The weighted average yields were computed using the effective interest rates for debt investments at cost as of June 30, 2026 and December 31, 2025, including accretion of OID and debt investment origination fees, but excluding investments on non-accrual status and investments recorded as a secured borrowing.

Purchases of debt and equity investments for the six months ended June 30, 2026 and 2025 totaled $216,662 and $210,006, respectively. Proceeds from sales and repayments, including principal, return of capital distributions and realized gains, of portfolio investments for the six months ended June 30, 2026 and 2025 totaled $112,228 and $166,605, respectively.

Investments by type with corresponding percentage of total portfolio investments consisted of the following:


	Fair Value								Cost
	June 30,				December 31,				June 30,				December 31,
	2026				2025				2026				2025
First Lien Debt(1)	$	1,133,579	79.1	%	$	1,019,063	77.0	%	$	1,141,928	81.3	%	$	1,014,497	78.1	%
Second Lien Debt		70,562	4.9			68,929	5.2			81,359	5.8			95,576	7.3
Subordinated Debt		81,605	5.7			94,412	7.1			82,729	5.9			95,316	7.3
Equity		147,165	10.3			142,111	10.7			97,598	6.9			93,088	7.2
Warrants		—	—			238	—			817	0.1			817	0.1
Total	$	1,432,911	100.0	%	$	1,324,753	100.0	%	$	1,404,431	100.0	%	$	1,299,294	100.0	%


(1)	Includes unitranche investments, which account for 50.4% and 51.7% of the Company's portfolio on a fair value and cost basis as of June 30, 2026, respectively. Includes unitranche investments, which account for 48.3% and 49.3% of the Company's portfolio on a fair value and cost basis as of December 31, 2025, respectively.

The following table shows portfolio composition by geographic region at fair value and cost and as a percentage of total investments. The geographic composition is determined by the location of the corporate headquarters of the portfolio company, which may not be indicative of the primary source of the portfolio company’s business.


	Fair Value								Cost
	June 30,				December 31,				June 30,				December 31,
	2026				2025				2026				2025
United States
Midwest	$	161,809	11.3	%	$	162,362	12.3	%	$	114,163	8.1	%	$	114,396	8.8	%
Southeast		437,946	30.6			387,245	29.1			429,895	30.7			379,889	29.3
Northeast		296,270	20.7			263,070	19.9			296,557	21.1			262,718	20.2
West		218,767	15.3			213,090	16.1			230,438	16.4			232,829	17.9
Southwest		302,005	21.0			282,971	21.4			317,398	22.6			293,590	22.6
Canada		16,114	1.1			16,015	1.2			15,980	1.1			15,872	1.2
Total	$	1,432,911	100.0	%	$	1,324,753	100.0	%	$	1,404,431	100.0	%	$	1,299,294	100.0	%

The following table shows portfolio composition by type and by geographic region at fair value as a percentage of net assets.


By Type							By Geographic Region
	June 30,			December 31,				June 30,			December 31,
	2026			2025				2026			2025
First Lien Debt		153.5	%		137.4	%	United States
Second Lien Debt		9.6			9.3		Midwest		21.9	%		21.9	%
Subordinated Debt		11.0			12.7		Southeast		59.3			52.2
Equity		19.9			19.2		Northeast		40.1			35.5
Warrants		—			—		West		29.6			28.7
Total		194.0	%		178.6	%	Southwest		40.9			38.1
							Canada		2.2			2.2
							Total		194.0	%		178.6	%

As of June 30, 2026 and December 31, 2025, the Company had no portfolio company investments that represented more than 10% of the total investment portfolio on a fair value or cost basis. As of June 30, 2026 and December 31, 2025, the Company had no investments that exceeded 5% of total assets.

The table below represents the fair value of control and affiliate investments as of December 31, 2025 and any additions and reductions made to such investments during the six months ended June 30, 2026, the ending fair value as of June 30, 2026, and the total investment income earned on such investments during the period.


												Six Months Ended June 30, 2026
Portfolio Company (1)	June 30, 2026 Principal Amount - Debt Investments		December 31, 2025 Fair Value		Gross Additions (2)		Gross Reductions (3)			June 30, 2026 Fair Value		Net Realized Gains (Losses) (4)			Net Change in Unrealized Appreciation (Depreciation)			Interest Income		Payment-in-kind Interest Income		Dividend Income		Fee Income
Control Investments
US GreenFiber, LLC	$	—	$	—	$	120	$	(120	)	$	—	$	(120	)	$	—		$	—	$	—	$	—	$	—
Total Control Investments	$	—	$	—	$	120	$	(120	)	$	—	$	(120	)	$	—		$	—	$	—	$	—	$	—
Affiliate Investments
Applegate Greenfiber Intermediate Inc. (fka US GreenFiber, LLC)	$	9,602	$	26,487	$	—	$	(314	)	$	26,173	$	—		$	(315	)	$	531	$	—	$	—	$	—
CP Communications, LLC		5,703		6,432		81		(159	)		6,354		—			76			483		—		—		5
Medsurant Holdings, LLC		—		308		1,189		(1,497	)		—		1,189			(307	)		—		—		—		—
Pfanstiehl, Inc.		—		40,995		722		—			41,717		—			722			—		—		557		—
PIPCO, LLC		8,978		9,699		423		(22	)		10,100		—			403			474		—		—		9
Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.)		28,435		31,197		1,805		—			33,002		—			1,786			1,662		—		—		10
Steward Holding LLC (dba Steward Advanced Materials)		—		3,897		2,187		(1	)		6,083		—			2,187			—		—		—		—
Suited Connector LLC		—		—		2,016		(116	)		1,900		—			(116	)		—		—		—		—
Total Affiliate Investments	$	52,718	$	119,015	$	8,423	$	(2,109	)	$	125,329	$	1,189		$	4,436		$	3,150	$	—	$	557	$	24

(1)

The investment type, industry, ownership detail for equity investments, interest rate and maturity date for debt investments, and if the investment is income producing is disclosed in the consolidated schedule of investments.

(2)

Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on investments, accrued PIK interest and PIK dividend income, accretion of OID and origination fees, and net unrealized appreciation recognized during the period. Gross additions also include transfers of portfolio companies into the control or affiliate classification during the period, as applicable.

(3)

Gross reductions include decreases in the cost basis of investments resulting from principal repayments or sales and net unrealized (depreciation) recognized during the period. Gross reductions also include transfers of portfolio companies out of the control or affiliate classification during the period, as applicable.

(4)

The schedule does not reflect realized gains or losses on escrow receivables for investments which were previously exited and were not held during the period presented. Gains and losses on escrow receivables are classified in the consolidated statements of operations according to the control classification at the time the investment was exited. Escrow receivables are presented in prepaid expenses and other assets on the consolidated statements of assets and liabilities.

The table below represents the fair value of control and affiliate investments as of December 31, 2024 and any additions and reductions made to such investments during the year ended December 31, 2025, including the total investment income earned on such investments during the period.


												Year Ended December 31, 2025
Portfolio Company (1)	December 31, 2025 Principal Amount - Debt Investments		December 31, 2024 Fair Value		Gross Additions (2)		Gross Reductions (3)			December 31, 2025 Fair Value		Net Realized Gains (Losses) (4)			Net Change in Unrealized Appreciation (Depreciation)			Interest Income		Payment-in-kind Interest Income		Dividend Income		Fee Income
Control Investments
US GreenFiber, LLC	$	—	$	—	$	5,223	$	(5,223	)	$	—	$	(5,223	)	$	5,222		$	—	$	—	$	—	$	—
Total Control Investments	$	—	$	—	$	5,223	$	(5,223	)	$	—	$	(5,223	)	$	5,222		$	—	$	—	$	—	$	—
Affiliate Investments
Applegate Greenfiber Intermediate Inc. (fka US GreenFiber, LLC)	$	9,602	$	24,387	$	2,100	$	—		$	26,487	$	—		$	2,100		$	1,071	$	—	$	—	$	—
CP Communications, LLC		5,861		8,306		125		(1,999	)		6,432		—			108			1,041		—		—		20
Medsurant Holdings, LLC		—		9,863		10,963		(20,518	)		308		10,963			(6,982	)		—		—		867		—
Pfanstiehl, Inc.		—		39,923		1,072		—			40,995		—			1,072			—		—		522		—
PIPCO, LLC		9,000		—		9,766		(67	)		9,699		—			15			54		—		—		199
Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.)		28,435		14,921		17,838		(1,562	)		31,197		—			2,877			2,453		—		—		690
Steward Holding LLC (dba Steward Advanced Materials)		—		4,624		—		(727	)		3,897		—			(728	)		—		—		166		—
Total Affiliate Investments	$	52,898	$	102,024	$	41,864	$	(24,873	)	$	119,015	$	10,963		$	(1,538	)	$	4,619	$	—	$	1,555	$	909


(1)	The investment type, industry, ownership detail for equity investments, interest rate and maturity date for debt investments, and if the investment is income producing is disclosed in the consolidated schedule of investments.
(2)	Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on investments, accrued PIK interest and PIK dividend income, accretion of OID and origination fees, and net unrealized appreciation recognized during the period. Gross additions also include transfers of portfolio companies into the control or affiliate classification during the period, as applicable.
(3)	Gross reductions include decreases in the cost basis of investments resulting from principal repayments or sales and net unrealized (depreciation) recognized during the period. Gross reductions also include transfers of portfolio companies out of the control or affiliate classification during the period, as applicable.
(4)	The schedule does not reflect realized gains or losses on escrow receivables for investments which were previously exited and were not held during the period presented. Gains and losses on escrow receivables are classified in the consolidated statements of operations according to the control classification at the time the investment was exited. Escrow receivables are presented in prepaid expenses and other assets on the consolidated statements of assets and liabilities.