Investments (Tables)

12 Months Ended

Dec. 31, 2025

At December 31, 2025, the Company’s investments consisted of the following:


			Percentage of Total						Percentage of Total
	Amortized Cost		Amortized Cost		Net Assets		Fair Value		Fair Value		Net Assets
First lien debt investments(1)	$	188,236	57.3	%	152.8	%	$	170,405	49.8	%	138.4	%
Second lien debt investments	24,924		7.6		20.2		9,409		2.8		7.6

Preferred equity	14,287		4.4		11.6		12,567		3.7		10.2
Common equity, warrants and other(2)	23,320		7.1		18.9		88,029		25.7		71.6
Total debt and equity investments	$	250,767	76.4	%	203.5	%	$	280,410	82.0	%	227.8	%
Structured Finance Securities	77,633		23.6		63.0		61,605		18.0		49.8
Total investments	$	328,400	100.0	%	266.5	%	$	342,015	100.0	%	277.6	%

(1) Includes unitranche investments (which are loans that combine both senior and subordinated debt, in a first lien position) with an amortized cost and fair value of $130,270 and $116,279, respectively. Unitranche loans generally provide leverage levels comparable to a combination of first lien and second lien or subordinated loans. Investments in “last out” pieces of unitranche loans will be similar to second lien loans in that such investments will be junior in priority to the “first out” piece of the same unitranche loan with respect to payment of principal and interest. Includes secondary priority debt investments governed under a first lien credit agreement.

(2) Includes the Company’s investment in Pfanstiehl Holdings, Inc. See “Note 4—Portfolio Concentration” for additional information.

Geographic composition is determined by the location of the corporate headquarters of the portfolio company. As of December 31, 2025 and 2024, the Company’s investment portfolio was domiciled as follows:


	December 31, 2025				December 31, 2024
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
United States of America	$	245,902	$	278,274	$	269,856	$	331,188
Canada(1)	4,865		2,136		4,708		1,602
Cayman Islands(1)(2)	73,360		57,112		82,059		70,237
Jersey(1)(2)	4,273		4,493		6,924		6,638


Total investments	$	328,400	$	342,015	$	363,547	$	409,665

(1) Represents non-qualifying assets under Section 55(a) of the 1940 Act.

(2) Investments domiciled in the Cayman Islands and Jersey represent certain Structured Finance Securities held by the Company. These investments generally represent beneficial interests in underlying portfolios of debt investments in companies domiciled in the United States.

As of December 31, 2025, the industry compositions of the Company’s debt and equity investments were as follows:


			Percentage of Total						Percentage of Total
Industry	Amortized Cost		Amortized Cost		Net Assets		Fair Value		Fair Value		Net Assets
Administrative and Support and Waste Management and Remediation Services	$	11,234	3.4	%	9.1	%	$	11,006	3.2	%	8.9	%











Construction	18,986		5.8		15.4		9,644		2.8		7.8




Education Services	17,891		5.4		14.5		18,023		5.3		14.6



Finance and Insurance	3,193		1.0		2.6		3,068		0.9		2.5





Health Care and Social Assistance	68,571		20.9		55.7		48,653		14.3		39.6


			Percentage of Total						Percentage of Total
Industry	Amortized Cost		Amortized Cost		Net Assets		Fair Value		Fair Value		Net Assets
Information	$	23,651	7.2	%	19.2	%	$	18,136	5.3	%	14.7	%












Management of Companies and Enterprises	12,562		3.8		10.2		11,419		3.3		9.3

Manufacturing	22,336		6.8		18.1		97,061		28.4		78.8


























Other Services (except Public Administration)	1,493		0.5		1.2		1,498		0.4		1.2






Professional, Scientific, and Technical Services	19,384		5.9		15.7		19,451		5.7		15.8













Public Administration	703		0.2		0.6		33		—		—


Real Estate and Rental and Leasing	25,720		7.8		20.9		22,507		6.6		18.4





Retail Trade	13,355		4.1		10.8		11,895		3.5		9.7















Wholesale Trade	11,688		3.6		9.5		8,016		2.3		6.5













Total debt and equity investments	$	250,767	76.4	%	203.5	%	$	280,410	82.0	%	227.8	%
Structured Finance Securities	77,633		23.6		63.0		61,605		18.0		49.8
Total investments	$	328,400	100.0	%	266.5	%	$	342,015	100.0	%	277.6	%

At December 31, 2024, the Company’s investments consisted of the following:


			Percentage of Total						Percentage of Total
	Amortized Cost		Amortized Cost		Net Assets		Fair Value		Fair Value		Net Assets
First lien debt investments(1)	$	209,696	57.6	%	121.8	%	$	189,874	46.3	%	110.3	%
Second lien debt investments	42,313		11.6		24.6		34,331		8.4		19.9

Preferred equity	10,190		2.8		5.9		12,248		3.0		7.1
Common equity, warrants and other(2)	12,365		3.4		7.2		96,337		23.5		56.0
Total debt and equity investments	$	274,564	75.5	%	159.5	%	$	332,790	81.2	%	193.3	%
Structured Finance Securities	88,983		24.5		51.7		76,875		18.8		44.6
Total investments	$	363,547	100.0	%	211.2	%	$	409,665	100.0	%	237.9	%

(1) Includes unitranche investments (which are loans that combine both senior and subordinated debt, in a first lien position) with an amortized cost and fair value of $128,147 and $119,169, respectively. Unitranche loans generally provide leverage levels comparable to a combination of first lien and second lien or subordinated loans. Investments in “last out” pieces of unitranche loans will be similar to second lien loans in that such investments will be junior in priority to the “first out” piece of the same unitranche loan with respect to payment of principal and interest.

(2) Includes the Company’s investment in Pfanstiehl Holdings, Inc. See “Note 4—Portfolio Concentration” for additional information.

As of December 31, 2024, the industry compositions of the Company’s debt and equity investments were as follows:


			Percentage of Total						Percentage of Total
Industry	Amortized Cost		Amortized Cost		Net Assets		Fair Value		Fair Value		Net Assets
Administrative and Support and Waste Management and Remediation Services	$	22,176	6.1	%	12.8	%	$	21,556	5.2	%	12.5	%











Construction	20,213		5.6		11.7		10,753		2.6		6.2




Education Services	18,466		5.0		10.7		18,475		4.5		10.7



Finance and Insurance	3,091		0.9		1.8		3,121		0.8		1.8





Health Care and Social Assistance	74,008		20.4		43.0		67,144		16.4		39.1













Information	24,071		6.6		14.1		16,242		4.0		9.5












Management of Companies and Enterprises	12,614		3.5		7.3		12,309		3.0		7.1

Manufacturing	34,899		9.6		20.4		122,234		29.8		71.1

































Professional, Scientific, and Technical Services	18,822		5.2		11.0		19,133		4.7		11.1













Public Administration	703		0.2		0.4		61		—		—


Real Estate and Rental and Leasing	13,218		3.6		7.6		13,932		3.4		8.1





Retail Trade	16,511		4.5		9.6		16,985		4.1		9.9















Wholesale Trade	15,773		4.3		9.1		10,845		2.7		6.2













Total debt and equity investments	$	274,564	75.5	%	159.5	%	$	332,790	81.2	%	193.3	%
Structured Finance Securities	88,983		24.5		51.7		76,875		18.8		44.6
Total investments	$	363,547	100.0	%	211.2	%	$	409,665	100.0	%	237.9	%

Schedule of Portfolio Concentrations

The following table presents the Company’s portfolio companies based on fair value that comprise greater than 10% of the Company’s total net assets as of December 31, 2025:


							Percentage of Total
Portfolio Company	Investment Type	Industry	Amortized Cost		Fair Value		Fair Value		Net Assets
Pfanstiehl Holdings, Inc.	Common Equity	Manufacturing	$	217	$	79,421	23.2	%	64.5	%
Kreg LLC	First Lien Debt	Health Care and Social Assistance	18,568		18,073		5.3		14.7
SS Acquisition, LLC(1)	First Lien Debt	Education Services	17,221		17,328		5.1		14.0
Inergex Holdings, LLC	First Lien Debt	Professional, Scientific, and Technical Services	16,906		16,960		5.0		13.9
Total			$	52,912	$	131,782	38.6	%	107.1	%

(1) As of December 31, 2025, the Company had an outstanding commitment of $1,286 to fund the portfolio company’s undrawn revolver facility.