Investment Portfolio (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of the Composition of 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, 2024						December 31, 2023
	Amortized Cost(1)		Fair Value		Percentage of Portfolio		Amortized Cost(1)		Fair Value		Percentage of Portfolio
Senior Secured Loans—First Lien	$	857,958	$	865,488	81.3	%	$	201,782	$	204,314	77.4	%


Subordinated Debt	1,682		1,667		0.2	%	973		961		0.4	%
Asset Based Finance	193,223		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.

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, 2024				December 31, 2023
Industry Classification	Fair Value		Percentage of Portfolio		Fair Value		Percentage of Portfolio

Banks	$	1,148	0.1	%	$	2,093	0.8	%
Capital Goods	160,388		15.1	%	55,589		21.1	%
Commercial & Professional Services	207,960		19.6	%	76,758		29.1	%
Consumer Discretionary Distribution & Retail	6,683		0.6	%	2,179		0.8	%
Consumer Durables & Apparel	9,409		0.9	%	—		—
Consumer Services	59,984		5.6	%	12,953		4.9	%
Consumer Staples Distribution & Retail	16,427		1.6	%	16,673		6.3	%


Equity Real Estate Investment Trusts (REITs)	20,676		1.9	%	—		—
Financial Services	96,682		9.1	%	17,055		6.5	%

Health Care Equipment & Services	157,954		14.9	%	—		—

Insurance	92,396		8.7	%	29,092		11.0	%
Materials	21,447		2.0	%	—		—

Pharmaceuticals, Biotechnology & Life Sciences	34,250		3.2	%	21,875		8.3	%
Real Estate Management & Development	43,784		4.1	%	3,467		1.3	%

Software & Services	78,631		7.4	%	12,698		4.8	%
Technology Hardware & Equipment	264		0.0	%	—		—

Transportation	54,412		5.1	%	13,498		5.1	%
Utilities	1,578		0.1	%	—		—
Total	$	1,064,073	100.0	%	$	263,930	100.0	%