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Investments
 6 Months Ended
Jun. 30, 2025
Schedule of Investments [Abstract]  
Investments Investments
The following tables show the composition of the Company’s investment portfolio, at amortized cost and fair value (with
corresponding percentage of total portfolio investments) as of June 30, 2025 and December 31, 2024.
June 30, 2025
Amortized Cost
Fair Value
First lien senior secured loans
$679,771
93.2%
$679,742
92.9%
Equity
43,387
5.9%
45,662
6.2%
Subordinated debt
3,293
0.5%
3,293
0.4%
Preferred equity
1,652
0.2%
2,018
0.3%
Convertible Note
1,500
0.2%
1,500
0.2%
Warrants
—
—%
—
—%
Total
$729,603
100.0%
$732,215
100.0%
December 31, 2024
Amortized Cost
Fair Value
First lien senior secured loans
$540,064
97.0%
$540,195
96.9%
Equity
11,909
2.1%
12,028
2.2%
Subordinated debt
1,738
0.3%
1,712
0.3%
Preferred equity
1,652
0.3%
1,652
0.3%
Convertible Note
1,500
0.3%
1,500
0.3%
Warrants
—
—%
—
—%
Total
$556,863
100.0%
$557,087
100.0%
The following tables show the composition of the Company’s investment portfolio by geographic region, at amortized cost
and fair value (with corresponding percentage of total portfolio investments) as of June 30, 2025 and December 31, 2024.
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:
June 30, 2025
Amortized Cost
Fair Value
Empire
$204,842
28.1%
$206,882
28.3%
Far West
135,992
18.6%
136,883
18.7%
Gulf Coast
129,587
17.8%
128,127
17.5%
Mid-Atlantic
122,595
16.8%
123,171
16.7%
Great Lakes
78,355
10.7%
76,676
10.5%
Southeast
24,685
3.4%
26,757
3.7%
Cascade
17,539
2.4%
17,677
2.4%
Northeast
9,877
1.4%
9,902
1.4%
Four Corners
6,131
0.8%
6,140
0.8%
Total
$729,603
100.0%
$732,215
100.0%
December 31, 2024
Amortized Cost
Fair Value
Mid-Atlantic
$127,815
22.9%
$128,238
23.1%
Gulf Coast
90,857
16.3%
90,079
16.2%
Empire
88,743
15.9%
89,350
16.0%
Far West
80,838
14.5%
81,472
14.6%
Great Lakes
77,697
14.0%
76,300
13.7%
Southeast
46,592
8.4%
47,073
8.4%
Four Corners
25,226
4.5%
25,307
4.5%
Cascade
17,595
3.2%
17,768
3.2%
Northeast
1,500
0.3%
1,500
0.3%
Total
$556,863
100.0%
$557,087
100.0%
The following tables show the composition of the Company’s investment portfolio by industry, at amortized cost and fair
value (with corresponding percentage of total portfolio investments) as of June 30, 2025 and December 31, 2024.
June 30, 2025
Amortized Cost
Fair Value
Commercial Services & Supplies
$65,915
9.0%
$67,927
9.3%
Professional Services
61,975
8.5%
62,393
8.5%
Specialized Consumer Services
54,745
7.5%
55,065
7.5%
Transportation Infrastructure
46,015
6.3%
46,145
6.3%
Road & Rail
41,870
5.7%
40,090
5.5%
IT Services
34,014
4.7%
34,353
4.7%
Interactive Media & Services
33,166
4.5%
33,759
4.6%
Media
34,164
4.7%
32,301
4.4%
Diversified Financial Services
30,196
4.1%
30,500
4.2%
Business Support Services
29,536
4.0%
29,925
4.1%
Hotels, Restaurants & Leisure
28,298
3.9%
28,853
3.9%
Trading Companies & Distributors
24,759
3.4%
24,759
3.4%
Electric Utilities
22,320
3.1%
22,500
3.1%
Health Care Equipment & Services
19,804
2.7%
19,901
2.7%
Real Estate Management & Development
18,673
2.6%
18,667
2.5%
Application Software
18,386
2.5%
18,485
2.5%
Insurance
18,000
2.5%
18,000
2.5%
Diversified Telecommunication Services
17,846
2.4%
17,846
2.4%
Health Care Providers & Services
17,539
2.4%
17,677
2.4%
Construction & Engineering
17,350
2.4%
17,449
2.4%
Pharmaceuticals
16,221
2.2%
16,344
2.2%
Aerospace & Defense
15,020
2.1%
15,185
2.1%
Independent Power & Renewable
13,999
1.9%
14,000
1.9%
Water Utilities
13,048
1.8%
13,264
1.8%
Electrical Equipment
12,591
1.7%
12,607
1.7%
Gas Utilities
10,702
1.5%
10,730
1.5%
Food Service Distributor
9,877
1.4%
9,902
1.4%
Diversified Consumer Services
2,459
0.3%
2,459
0.3%
Food Products
1,115
0.2%
1,129
0.2%
Total
$729,603
100.0%
$732,215
100.0%
December 31, 2024
Amortized Cost
Fair Value
Commercial Services & Supplies
$66,606
12.0%
$66,901
12.1%
Professional Services
57,752
10.4%
58,135
10.4%
Specialized Consumer Services
39,897
7.2%
40,288
7.2%
Road & Rail
41,613
7.5%
39,900
7.2%
Interactive Media & Services
34,011
6.1%
34,293
6.2%
IT Services
33,807
6.1%
33,820
6.1%
Media
34,140
6.1%
32,725
5.9%
Diversified Financial Services
28,388
5.1%
28,492
5.1%
Transportation Infrastructure
26,252
4.7%
26,530
4.8%
Water Utilities
23,112
4.2%
23,454
4.2%
Health Care Equipment & Services
19,702
3.5%
19,949
3.6%
Application Software
18,288
3.3%
18,400
3.3%
Health Care Providers & Services
17,595
3.2%
17,768
3.2%
Construction & Engineering
17,427
3.1%
17,428
3.1%
Pharmaceuticals
16,278
2.9%
16,426
2.9%
Aerospace & Defense
16,069
2.9%
16,108
2.9%
Electric Utilities
12,286
2.2%
12,500
2.2%
Restaurants
11,714
2.1%
11,783
2.1%
Hotels, Restaurants & Leisure
10,688
1.9%
10,877
2.0%
Gas Utilities
10,737
1.9%
10,787
1.9%
Real Estate Management & Development
9,184
1.6%
9,182
1.6%
Independent Power & Renewable
8,388
1.5%
8,388
1.5%
Diversified Consumer Services
2,459
0.4%
2,459
0.4%
Food & Staples Retailing
470
0.1%
494
0.1%
Total
$556,863
100.0%
$557,087
100.0%