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Investment Portfolio
 12 Months Ended
Dec. 31, 2024
Investment Company [Abstract]  
Investment Portfolio Investment Portfolio
The following table summarizes the composition of the Company’s investment portfolio at cost and fair value as of December 31, 2024 and 2023:
December 31, 2024December 31, 2023
Amortized Cost(1)
Fair ValuePercentage of Portfolio
Amortized Cost(1)
Fair ValuePercentage of Portfolio
Senior Secured Loans—First Lien$857,958 $865,488 81.3 %$201,782 $204,314 77.4 %
Subordinated Debt1,682 1,667 0.2 %973 961 0.4 %
Asset Based Finance193,223 196,918 18.5 %57,706 58,655 22.2 %
Total$1,052,863 $1,064,073 100.0 %$260,461 $263,930 100.0 %
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(1)Amortized cost represents the original cost adjusted for the amortization of premiums and/or accretion of discounts, as applicable, on investments.
In general, under the 1940 Act, the Company would be presumed to “control” a portfolio company if it owned more than 25% of its voting securities or had the power to exercise control over the management or policies of such portfolio company, and would be an “affiliated person” of a portfolio company if it owned 5% or more of its voting securities.
As of December 31, 2024, the Company held investments in one portfolio company of which it is deemed to be an “affiliated person” but is not deemed to “control.” As of December 31, 2024, the Company held investments in three portfolio companies of which it is deemed to “control.” For additional information with respect to such portfolio companies, see footnotes (l) and (m) to the consolidated schedule of investments as of December 31, 2024.
As of December 31, 2023, the Company did not hold investments in portfolio companies of which it was deemed to be an “affiliated person” but was not deemed to “control.” As of December 31, 2023, the Company held investments in two portfolio companies of which it was deemed to “control.” For additional information with respect to such portfolio companies, see footnote (l) to the consolidated schedule of investments as of December 31, 2023.
The Company’s investment portfolio may contain loans and other unfunded arrangements that are in the form of lines of credit, revolving credit facilities, delayed draw credit facilities or other investments, which require the Company to provide funding when requested by portfolio companies in accordance with the terms of the underlying agreements. As of December 31, 2024, the Company
had unfunded debt investments with aggregate unfunded commitments of $258,134 and unfunded equity/other commitments of $22,827. As of December 31, 2023, the Company had unfunded debt investments with aggregate unfunded commitments of $72,255. The Company maintains sufficient cash on hand and available capital in connection with undrawn commitments to fund such unfunded commitments should the need arise. For additional details regarding the Company’s unfunded debt investments, see the Company’s consolidated schedules of investments as of December 31, 2024 and 2023.
The table below describes investments by industry classification and enumerates the percentage, by fair value, of the total portfolio assets in such industries as of December 31, 2024 and 2023:
December 31, 2024December 31, 2023
Industry Classification
Fair ValuePercentage of PortfolioFair ValuePercentage of Portfolio
Banks$1,148 0.1 %$2,093 0.8 %
Capital Goods160,388 15.1 %55,589 21.1 %
Commercial & Professional Services207,960 19.6 %76,758 29.1 %
Consumer Discretionary Distribution & Retail6,683 0.6 %2,179 0.8 %
Consumer Durables & Apparel9,409 0.9 %— — 
Consumer Services59,984 5.6 %12,953 4.9 %
Consumer Staples Distribution & Retail16,427 1.6 %16,673 6.3 %
Equity Real Estate Investment Trusts (REITs)20,676 1.9 %— — 
Financial Services96,682 9.1 %17,055 6.5 %
Health Care Equipment & Services157,954 14.9 %— — 
Insurance92,396 8.7 %29,092 11.0 %
Materials21,447 2.0 %— — 
Pharmaceuticals, Biotechnology & Life Sciences34,250 3.2 %21,875 8.3 %
Real Estate Management & Development43,784 4.1 %3,467 1.3 %
Software & Services78,631 7.4 %12,698 4.8 %
Technology Hardware & Equipment264 0.0 %— — 
Transportation54,412 5.1 %13,498 5.1 %
Utilities1,578 0.1 %— — 
Total$1,064,073 100.0 %$263,930 100.0 %