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PORTFOLIO INVESTMENTS AND FAIR VALUE (Tables)
6 Months Ended
Jun. 30, 2025
PORTFOLIO INVESTMENTS AND FAIR VALUE  
Schedule of total fair value and cost of investments

At June 30, 2025, the Company had investments in 112 portfolio companies. The composition of the Company’s investments as of June 30, 2025 was as follows:

Cost

Fair Value

Senior Secured – First Lien(1)

$

911,159,388

$

877,969,380

Senior Secured – Second Lien

 

12,094,812

12,025,000

Unsecured Debt

 

6,952,712

6,781,475

Equity

 

60,212,776

89,109,819

Total Investments

$

990,419,688

$

985,885,674

(1)Includes unitranche investments, which accounted for 2.8% of the Company’s portfolio at fair value. Unitranche structures may combine characteristics of first lien senior secured, as well as second lien and/or subordinated loans. The Company’s unitranche loans will expose it to certain risk associated with second lien and subordinated loans to the extent it invests in the “last-out” tranche.

At December 31, 2024, the Company had investments in 105 portfolio companies. The composition of its investments as of December 31, 2024 was as follows:

    

Cost

    

Fair Value

Senior Secured – First Lien(1)

$

884,322,462

$

856,096,255

Senior Secured – Second Lien

 

12,073,732

11,948,850

Unsecured Debt

 

6,755,866

6,612,493

Equity

 

58,636,646

78,840,090

Total Investments

$

961,788,706

$

953,497,688

(1)Includes unitranche investments, which accounted for 2.0% of the Company’s portfolio at fair value. Unitranche structures may combine characteristics of first lien senior secured, as well as second lien and/or subordinated loans. The Company’s unitranche loans will expose it to certain risk associated with second lien and subordinated loans to the extent it invests in the “last-out” tranche.
Schedule of aggregate gross unrealized appreciation and depreciation and aggregate cost and fair value of portfolio company securities

The aggregate gross unrealized appreciation and depreciation and the aggregate cost and fair value of the Company’s portfolio company securities as of June 30, 2025 and December 31, 2024 were as follows:

    

June 30, 2025

    

December 31, 2024

Aggregate cost of portfolio company securities

$

990,419,688

$

961,788,706

Gross unrealized appreciation of portfolio company securities

 

61,493,693

 

47,590,719

Gross unrealized depreciation of portfolio company securities

 

(66,179,033)

 

(54,903,019)

Gross unrealized appreciation on foreign currency translations of portfolio company securities

151,326

3,973

Gross unrealized depreciation on foreign currency translations of portfolio company securities

(982,691)

Aggregate fair value of portfolio company securities

$

985,885,674

$

953,497,688

Schedule of fair values of investments disaggregated into three levels of fair value hierarchy

The fair values of the Company’s investments disaggregated into the three levels of the fair value hierarchy based upon the lowest level of significant input used in the valuation as of June 30, 2025 were as follows:

    

Quoted Prices

    

    

    

in Active

Markets

Significant Other

Significant

for Identical

Observable

Unobservable

Securities

Inputs

Inputs

(Level 1)

(Level 2)

(Level 3)

Total

Senior Secured – First Lien

$

$

$

877,969,380

$

877,969,380

Senior Secured – Second Lien

 

 

 

12,025,000

 

12,025,000

Unsecured Debt

 

 

 

6,781,475

 

6,781,475

Equity

 

 

 

89,109,819

 

89,109,819

Total Investments

$

$

$

985,885,674

$

985,885,674

The fair values of the Company’s investments disaggregated into the three levels of the fair value hierarchy based upon the lowest level of significant input used in the valuation as of December 31, 2024 were as follows:

Quoted Prices

    

in Active

    

    

    

Markets

Significant Other

Significant

for Identical

Observable

Unobservable

Securities

Inputs

Inputs

(Level 1)

(Level 2)

(Level 3)

Total

Senior Secured – First Lien

$

$

$

856,096,255

$

856,096,255

Senior Secured – Second Lien

 

 

 

11,948,850

 

11,948,850

Unsecured Debt

 

 

 

6,612,493

 

6,612,493

Equity

 

 

 

78,840,090

 

78,840,090

Total Investments

$

$

$

953,497,688

$

953,497,688

Schedule of change in aggregate values of Level 3 portfolio investments

The change in aggregate values of Level 3 portfolio investments during the six months ended June 30, 2025 was as follows:

    

Senior Secured

    

Senior Secured

    

    

    

Loans-First

Loans-Second

Unsecured

 

Lien

Lien

Debt

Equity

Total

Fair value at beginning of period

$

856,096,255

$

11,948,850

$

6,612,493

$

78,840,090

$

953,497,688

Purchases of investments

 

75,050,254

 

 

9,454

 

4,833,753

 

79,893,461

PIK interest

 

2,291,636

 

 

200,915

 

 

2,492,551

Sales and redemptions

 

(46,261,639)

 

 

(21,325)

 

(2,061,312)

 

(48,344,276)

Realized losses

 

(5,651,670)

 

 

 

(1,196,307)

 

(6,847,977)

Change in unrealized (depreciation) appreciation included in earnings(1)

 

(6,081,655)

 

55,070

 

(31,155)

 

8,684,700

 

2,626,960

Change in unrealized appreciation on foreign currency included in earnings

1,117,858

 

3,291

 

8,895

 

1,130,044

Amortization of premium and accretion of discount, net

 

1,408,341

 

21,080

 

7,802

 

 

1,437,223

Fair value at end of period

$

877,969,380

$

12,025,000

$

6,781,475

$

89,109,819

$

985,885,674

(1)Includes reversal of positions during the six months ended June 30, 2025.

The change in aggregate values of Level 3 portfolio investments during the year ended December 31, 2024 was as follows:

    

Senior Secured

    

Senior Secured

    

    

    

Loans-First

Loans-Second

Unsecured

Lien

Lien

Debt

Equity

Total

Fair value at beginning of period

$

774,789,320

$

21,957,500

$

5,956,280

$

71,757,583

$

874,460,683

Purchases of investments

 

213,545,132

 

 

117,066

 

7,492,735

 

221,154,933

PIK interest

 

2,824,403

 

 

485,708

 

 

3,310,111

Sales and redemptions

 

(126,924,841)

 

(9,782,348)

 

 

(14,985,096)

 

(151,692,285)

Realized (losses) gains

 

(1,580,768)

 

(20,475,000)

 

 

6,212,362

 

(15,843,406)

Change in unrealized (depreciation) appreciation included in earnings(1)

 

(9,026,597)

 

20,187,185

 

40,312

 

8,369,509

 

19,570,409

Change in unrealized depreciation on foreign currency included in earnings

(169,778)

 

(1,778)

 

(7,003)

 

(178,559)

Amortization of premium and accretion of discount, net

 

2,639,384

 

61,513

 

14,905

 

 

2,715,802

Fair value at end of period

$

856,096,255

$

11,948,850

$

6,612,493

$

78,840,090

$

953,497,688

(1)Includes reversal of positions during the year ended December 31, 2024.
Summary of geographical concentration of investment portfolio

The following is a summary of geographical concentration of the Company’s investment portfolio as of June 30, 2025:

% of Total

 

Investments at

Cost

Fair Value

Fair Value

California

 

$

181,009,004

 

$

178,616,720

 

18.13

%

Texas

 

154,757,077

 

154,093,434

 

15.63

%

Florida

 

102,112,788

 

97,129,969

 

9.85

%

Illinois

 

68,133,220

 

57,898,507

 

5.87

%

Pennsylvania

 

53,161,589

 

55,629,689

 

5.64

%

Arizona

 

43,393,641

 

48,742,361

 

4.94

%

Ohio

 

35,311,853

 

37,352,049

 

3.79

%

New York

 

36,124,132

 

36,553,332

 

3.71

%

Colorado

 

39,122,251

 

35,802,183

 

3.63

%

Canada

 

31,632,257

 

31,779,011

 

3.22

%

North Carolina

 

26,879,809

 

28,150,062

 

2.86

%

Massachusetts

 

24,356,787

 

24,831,780

 

2.52

%

Georgia

 

12,781,388

 

23,988,501

 

2.43

%

Tennessee

 

20,520,440

 

20,020,000

 

2.03

%

Iowa

 

18,514,481

 

18,545,218

 

1.88

%

Wisconsin

 

30,555,078

 

17,807,064

 

1.81

%

District of Columbia

 

10,730,027

 

14,244,031

 

1.44

%

New Jersey

 

11,200,761

 

11,891,076

 

1.21

%

Michigan

 

11,601,178

 

11,745,367

 

1.19

%

Idaho

 

10,930,056

 

10,983,367

 

1.11

%

Missouri

 

10,315,484

 

10,605,105

 

1.08

%

Virginia

 

9,458,832

 

9,367,399

 

0.95

%

Louisiana

 

9,184,595

 

9,230,428

 

0.94

%

Oregon

 

8,889,001

 

9,082,653

 

0.92

%

Washington

 

7,844,732

 

8,872,263

 

0.90

%

Maryland

 

7,524,975

 

7,514,173

 

0.76

%

Minnesota

 

6,644,715

 

7,237,815

 

0.73

%

South Carolina

 

4,838,982

 

4,986,488

 

0.51

%

United Kingdom

 

2,146,785

 

2,189,670

 

0.22

%

Indiana

 

743,770

 

995,959

 

0.10

%

Total Investments

$

990,419,688

$

985,885,674

 

100.00

%

The following is a summary of geographical concentration of the Company’s investment portfolio as of December 31, 2024:

    

    

    

% of Total

 

Investments

 

Cost

Fair Value

at Fair Value

 

Texas

 

$

159,028,754

 

$

154,041,942

 

16.15

%

California

 

160,285,777

 

152,583,692

 

16.00

%

Florida

 

108,434,730

 

104,718,969

 

10.98

%

Illinois

 

66,486,029

 

56,591,435

 

5.94

%

Pennsylvania

 

53,271,774

 

54,438,594

 

5.71

%

Arizona

 

43,552,887

 

46,839,063

 

4.91

%

New York

 

36,116,358

 

36,306,098

 

3.81

%

Ohio

 

33,645,676

 

35,847,804

 

3.76

%

Canada

 

32,107,256

 

32,375,749

 

3.40

%

Colorado

 

31,283,806

 

28,218,186

 

2.96

%

Wisconsin

 

27,935,159

 

23,352,084

 

2.45

%

District of Columbia

 

22,711,852

 

26,654,283

 

2.80

%

Georgia

 

12,391,680

 

23,345,077

 

2.45

%

North Carolina

 

20,946,327

 

22,314,018

 

2.34

%

Tennessee

 

20,490,429

 

20,703,772

 

2.17

%

Massachusetts

 

19,965,590

 

20,559,398

2.16

%

Missouri

 

18,590,476

 

18,712,569

1.96

%

Iowa

 

13,486,486

 

13,486,486

 

1.41

%

Idaho

 

11,763,648

 

11,830,192

 

1.24

%

New Jersey

 

11,181,815

 

11,754,323

 

1.23

%

Michigan

 

11,389,446

 

11,510,608

 

1.21

%

Louisiana

 

9,216,389

 

9,371,830

 

0.98

%

Virginia

 

9,293,896

 

9,373,367

 

0.98

%

Washington

 

8,193,234

 

8,216,962

 

0.86

%

Maryland

 

7,529,294

 

7,526,300

 

0.79

%

Minnesota

 

6,448,091

 

6,452,144

 

0.68

%

South Carolina

 

4,836,178

 

4,984,667

 

0.52

%

Indiana

 

743,770

 

920,343

 

0.10

%

United Kingdom

 

461,899

 

467,733

 

0.05

%

Total Investments

$

961,788,706

$

953,497,688

 

100.00

%

Summary of industry concentration of investment portfolio

The following is a summary of industry concentration of the Company’s investment portfolio as of June 30, 2025:

% of Total

 

Investments at

Cost

Fair Value

Fair Value

 

Services: Business

$

244,182,386

$

258,262,872

 

26.20

%

High Tech Industries

 

91,009,383

94,251,008

 

9.56

%

Healthcare & Pharmaceuticals

 

85,962,250

85,601,802

 

8.69

%

Media: Advertising, Printing & Publishing

 

79,072,535

79,491,427

 

8.06

%

Beverage & Food

 

66,466,812

71,783,476

 

7.28

%

Consumer Goods: Non-Durable

 

63,276,327

54,148,707

 

5.49

%

Capital Equipment

 

50,028,627

52,227,597

 

5.30

%

Services: Consumer

 

48,987,156

46,657,723

 

4.73

%

Construction & Building

 

33,509,105

34,228,429

 

3.47

%

Consumer Goods: Durable

 

34,761,208

31,688,133

 

3.21

%

Chemicals, Plastics, & Rubber

 

27,191,767

26,832,102

 

2.72

%

Aerospace & Defense

 

27,570,043

23,217,974

 

2.36

%

Environmental Industries

 

19,012,806

21,674,649

 

2.20

%

Transportation & Logistics

 

17,869,351

18,117,259

 

1.84

%

Retail

 

14,727,262

14,784,458

 

1.50

%

Media: Broadcasting & Subscription

 

12,114,145

14,554,108

 

1.48

%

Energy: Oil & Gas

 

11,755,487

11,034,597

 

1.12

%

Hotel, Gaming, & Leisure

 

7,078,405

9,999,071

 

1.01

%

FIRE: Real Estate

 

17,934,808

7,790,627

 

0.79

%

Media: Diversified & Production

 

7,483,906

7,626,556

 

0.77

%

Containers, Packaging, & Glass

 

20,682,222

7,247,988

 

0.74

%

Finance

 

-

5,802,435

 

0.59

%

Wholesale

 

5,071,083

5,067,049

 

0.51

%

Education

 

4,672,614

3,795,627

 

0.38

%

Total Investments

$

990,419,688

$

985,885,674

 

100.00

%

The following is a summary of industry concentration of the Company’s investment portfolio as of December 31, 2024:

    

    

    

% of Total

 

Investments

 

Cost

Fair Value

at Fair Value

 

Services: Business

$

219,665,133

$

234,908,112

 

24.64

%

High Tech Industries

 

91,135,577

93,468,792

 

9.81

%

Healthcare & Pharmaceuticals

 

85,300,317

85,478,418

 

8.97

%

Media: Advertising, Printing & Publishing

 

71,318,416

72,291,584

 

7.58

%

Beverage & Food

 

64,052,951

68,902,142

 

7.23

%

Consumer Goods: Non-Durable

 

67,123,135

54,473,282

 

5.71

%

Services: Consumer

 

49,388,222

46,066,301

 

4.83

%

Capital Equipment

 

41,322,214

43,647,466

 

4.58

%

Consumer Goods: Durable

 

43,393,413

42,094,390

 

4.41

%

Chemicals, Plastics, & Rubber

 

36,693,101

36,907,602

 

3.87

%

Construction & Building

 

32,374,992

32,979,859

 

3.46

%

Aerospace & Defense

 

26,014,106

21,624,091

 

2.27

%

Environmental Industries

 

18,903,681

18,282,056

 

1.92

%

Transportation & Logistics

 

17,244,131

17,532,488

 

1.84

%

Retail

 

14,799,085

14,723,620

 

1.54

%

Media: Broadcasting & Subscription

 

12,170,577

14,314,711

 

1.50

%

Containers, Packaging, & Glass

 

18,007,571

12,911,794

 

1.35

%

Energy: Oil & Gas

 

11,353,959

10,728,031

 

1.13

%

Hotel, Gaming, & Leisure

 

7,113,661

8,142,050

 

0.85

%

FIRE: Real Estate

 

17,934,808

7,652,436

 

0.80

%

Media: Diversified & Production

 

5,822,637

5,934,853

 

0.62

%

Education

 

10,537,738

5,341,151

 

0.56

%

Finance

 

119,281

5,092,459

 

0.53

%

Total Investments

$

961,788,706

$

953,497,688

 

100.00

%

Schedule of quantitative information about Level 3 fair value measurements

The following provides quantitative information about Level 3 fair value measurements as of June 30, 2025:

Description:

    

Fair Value

    

Valuation Technique

    

Unobservable Inputs

    

Range (Average)(1)(3)

First lien debt

$

863,513,649

 

Income approach(2)

 

HY credit spreads

-9.27% to 8.48% (-0.31%)

 

 

Risk free rates

-1.00% to 1.94% (-0.32%)

Market approach(2)

 

Market multiples

3.4x to 26.9x (12.6x)(4)

$

14,455,731

Transaction value

Transaction price

N/A

Second lien debt

$

12,025,000

Income approach(2)

 

HY credit spreads

-0.70% to -0.31% (-0.45%)

 

 

Risk free rates

-0.53% to -0.05% (-0.23%)

 

Market approach(2)

 

Market multiples

6.7x to 13.7x (11.1x)(4)

Unsecured debt

$

6,781,475

Income approach(2)

 

HY credit spreads

-1.18% to 0.20% (0.19%)

 

 

Risk free rates

-0.61% to -0.05% (-0.60%)

Equity investments

$

72,402,235

 

Market approach(5)

 

EBITDA multiple

3.3x to 18.2x (10.3x)

Revenue multiple

7.2x to 9.3x (8.0x)

$

564,426

Enterprise value

Enterprise value

N/A

$

16,143,158

Transaction value

Transaction price

N/A

Total Long Term Level 3 Investments

$

985,885,674

 

  

 

  

  

(1)Weighted average based on fair value as of June 30, 2025.
(2)Included but not limited to (a) the market approach, which is used to determine sufficient enterprise value, and (b) the income approach, which is based on discounting future cash flows using an appropriate market yield.
(3)The Company calculates the price of the loan by discounting future cash flows, which include forecasted future BSBY, SOFR, or SONIA rates based on the published forward curve at the valuation date, using an appropriate yield calculated as of the valuation date. This yield is calculated based on the loan’s yield at the original investment and is adjusted as of the valuation date based on: changes in comparable credit spreads, changes in risk free interest rates (per swap rates), and changes in credit quality (via an estimated shadow rating). Significant movements in any of these factors could result in a significantly lower or higher fair value measurement. As an example, the “Range (Average)” for first lien debt instruments in the table above indicates that the change in the HY credit spreads between the date a loan closed and the valuation date ranged from (9.27)% ( (927) basis points) to 8.48% (848 basis points). The average of all changes was (0.31)% ( (31) basis points).
(4)Median of LTM (last twelve months) EBITDA multiples of comparable companies.
(5)The primary significant unobservable input used in the fair value measurement of the Company’s equity investments is the EBITDA multiple (the “Multiple”). Significant increases (decreases) in the Multiple in isolation could result in a significantly higher (lower) fair value measurement. To determine the Multiple for the market approach, the Company considers current market trading and/or transaction multiple, portfolio company performance (financial ratios) relative to public and private peer companies and leverage levels, among other factors. Changes in one or more of these factors can have a similar directional change on other factors in determining the appropriate Multiple to use in the market approach.

The following provides quantitative information about Level 3 fair value measurements as of December 31, 2024:

Description:

    

Fair Value

    

Valuation Technique

    

Unobservable Inputs

    

Range (Average)(1)(3)

First lien debt

$

778,177,769

 

Income approach(2)

 

HY credit spreads

-3.39% to 8.32% (-0.54%)

 

 

Risk free rates

-1.18% to 2.44% (0.19%)

Market approach(2)

 

Market multiples

4.6x to 26.3x (13.3x)(4)

$

77,918,486

Transaction value

Transaction price

N/A

Second lien debt

$

11,948,850

Income approach(2)

 

HY credit spreads

-0.72% to -0.32% (-0.46%)

 

 

Risk free rates

-0.35% to 0.14% (-0.04%)

 

Market approach(2)

 

Market multiples

5.3 to 11.8x (9.4x)(4)

Unsecured debt

$

6,581,668

Income approach(2)

 

HY credit spreads

0.18% to 0.18% (0.18%)

 

 

Risk free rates

-0.18% to -0.18% (-0.18%)

$

30,825

 

Transaction value

Transaction price

N/A

Equity investments

$

64,002,282

 

Market approach(5)

 

EBITDA multiple

3.5x to 18.3x (10.4x)

$

14,837,808

Transaction value

Transaction price

N/A

Total Long Term Level 3 Investments

$

953,497,688

 

  

 

  

  

(1)Weighted average based on fair value as of December 31, 2024.
(2)Inclusive of but not limited to (a) the market approach, which is used to determine sufficient enterprise value, and (b) the income approach which is based on discounting future cash flows using an appropriate market yield.
(3)The Company calculates the price of the loan by discounting future cash flows, which include forecasted future BSBY, SOFR, or SONIA rates based on the published forward curve at the valuation date, using an appropriate yield calculated as of the valuation date. This yield is calculated based on the loan’s yield at the original investment and is adjusted as of the valuation date based on changes in comparable credit spreads, changes in risk free interest rates (per swap rates), and changes in credit quality (via an estimated shadow rating). Significant movements in any of these factors would result in a significantly lower or higher fair value measurement. As an example, the “Range (Average)” for a first lien debt instruments in the table above indicates that the change in the HY credit spreads between the date a loan closed and the valuation date ranged from (3.39)% (339) basis points) to 8.32% (832 basis points). The average of all changes was (0.54)% ( (54) basis points).
(4)Median of LTM (last twelve months) EBITDA multiples of comparable companies.
(5)The primary significant unobservable input used in the fair value measurement of the Company’s equity investments is the Multiple. Significant increases (decreases) in the Multiple in isolation would result in a significantly higher (lower) fair value measurement. To determine the Multiple for the market approach, the Company considers current market trading and/or transaction multiples, portfolio company performance (financial ratios) relative to public and private peer companies and leverage levels, among other factors. Changes in one or more of these factors can have a similar directional change on other factors in determining the appropriate Multiple to use in the market approach.