| Schedule of Investments Type With Corresponding Percentage of Total Portfolio Investments |
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 |
% |
|
|
| Schedule of Consolidated Schedule of Investments in and Advances to Affiliates |
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. |
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