v3.26.1
Consolidated Statements of Assets and Liabilities (unaudited) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
ASSETS    
Investment Owned, Fair Value $ 1,432,911 [1],[2],[3],[4] $ 1,324,753 [5],[6],[7],[8]
Cash and cash equivalents 37,599 69,995
Restricted cash 1,678 9,611
Interest receivable 27,716 21,414
Prepaid expenses and other assets 1,217 766
Total assets 1,501,121 1,426,539
LIABILITIES    
SBA debentures (net of $7,930 and $6,943, respectively, of unamortized deferred financing costs) 288,070 230,557
Notes (net of $5,567 and $4,109, respectively, of unamortized deferred financing costs) 314,433 320,891
SPV Credit Facility (net of $2,895 and $3,223, respectively, of unamortized deferred financing costs) 109,755 80,627
Secured borrowings 11,149 12,000
Accrued interest and fees payable 8,859 7,449
Base management fee payable, net of base management fee waiver - due to affiliate 6,180 5,596
Income incentive fee payable - due to affiliate 4,647 4,721
Capital gains incentive fee payable - due to affiliate 15,716 16,414
Administration fee payable and other - due to affiliate 521 988
Taxes payable 955 3,568
Accounts payable and other liabilities 2,358 1,829
Total liabilities 762,643 684,640
Commitments and contingencies (Note 7)
NET ASSETS    
Common stock, $0.001 par value (100,000,000 shares authorized, 37,954,364 and 37,954,364 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively) 38 38
Additional paid-in capital 641,376 641,376
Total distributable earnings 97,064 100,485
Total net assets 738,478 741,899
Total liabilities and net assets $ 1,501,121 $ 1,426,539
Net asset value per common share $ 19.46 $ 19.55
Control Investments    
ASSETS    
Investment Owned, Fair Value $ 0 $ 0
Affiliate Investments    
ASSETS    
Investment Owned, Fair Value 125,329 [1],[2],[3],[4],[9] 119,015 [5],[6],[7],[8],[10]
Non-control/Non-affiliate Investments    
ASSETS    
Investment Owned, Fair Value $ 1,307,582 [1],[2],[3],[4] $ 1,205,738 [5],[6],[7],[8]
[1]

(a) See Note 3 to the consolidated financial statements for portfolio composition by geographic location.
[2]

(b) Equity ownership may be held in shares or units of companies related to the portfolio companies. The Company’s investments are generally classified as “restricted securities”, unless otherwise noted, as such term is defined under Regulation S-X Rule 6-03(f) or Securities Act Rule 144. As of June 30, 2026, the Company held restricted securities with an aggregate fair value of $1,432,911, or 194% of the Company's net assets.
[3]

(c) All debt investments are income producing, unless otherwise indicated. Equity investments are non-income producing unless otherwise noted.
[4]

(g) Except as otherwise noted, the Company’s investment portfolio is comprised of debt and equity securities of privately held companies for which quoted prices falling within the categories of Level 1 and Level 2 inputs are not available. Therefore, the Company values all of its portfolio investments at fair value, as determined in good faith by the board of directors, using significant unobservable Level 3 inputs.
[5] All debt investments are income producing, unless otherwise indicated. Equity investments are non-income producing unless otherwise noted.
[6] Equity ownership may be held in shares or units of companies related to the portfolio companies. The Company’s investments are generally classified as “restricted securities”, unless otherwise noted, as such term is defined under Regulation S-X Rule 6-03(f) or Securities Act Rule 144. As of December 31, 2025, the Company held restricted securities with an aggregate fair value of $1,324,753, or 179% of the Company's net assets.
[7] Except as otherwise noted, the Company’s investment portfolio is comprised of debt and equity securities of privately held companies for which quoted prices falling within the categories of Level 1 and Level 2 inputs are not available. Therefore, the Company values all of its portfolio investments at fair value, as determined in good faith by the board of directors, using significant unobservable Level 3 inputs.
[8] See Note 3 to the consolidated financial statements for portfolio composition by geographic location.
[9]

(l) As defined in the 1940 Act, the Company is deemed to be an "Affiliated Person" of this portfolio company because it owns 5% or more of the portfolio company's outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company. Transactions in which the issuer was an Affiliated Person are detailed in Note 3 to the consolidated financial statements.
[10] As defined in the 1940 Act, the Company is deemed to be an "Affiliated Person" of this portfolio company because it owns 5% or more of the portfolio company's outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company. Transactions in which the issuer was an Affiliated Person are detailed in Note 3 to the consolidated financial statements.