Investment Portfolio (Tables)

6 Months Ended

Jun. 30, 2025

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 June 30, 2025 and December 31, 2024:


	June 30, 2025 (Unaudited)						December 31, 2024
	Amortized Cost(1)		Fair Value		Percentage of Portfolio		Amortized Cost(1)		Fair Value		Percentage of Portfolio
Senior Secured Loans—First Lien	$	1,266,412	$	1,277,689	79.4	%	$	857,958	$	865,488	81.3	%


Subordinated Debt	1,804		1,883		0.1	%	1,682		1,667		0.2	%
Asset Based Finance	318,669		329,381		20.5	%	193,223		196,918		18.5	%

Total	$	1,586,885	$	1,608,953	100.0	%	$	1,052,863	$	1,064,073	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 June 30, 2025 and December 31, 2024:


	June 30, 2025 (Unaudited)				December 31, 2024
Industry Classification	Fair Value		Percentage of Portfolio		Fair Value		Percentage of Portfolio

Banks	$	706	0.0	%	$	1,148	0.1	%
Capital Goods	232,901		14.5	%	160,388		15.1	%
Commercial & Professional Services	257,562		16.0	%	207,960		19.6	%
Consumer Discretionary Distribution & Retail	8,629		0.5	%	6,683		0.6	%
Consumer Durables & Apparel	21,942		1.4	%	9,409		0.9	%
Consumer Services	95,635		5.9	%	59,984		5.6	%
Consumer Staples Distribution & Retail	15,963		1.0	%	16,427		1.6	%


Equity Real Estate Investment Trusts (REITs)	21,221		1.3	%	20,676		1.9	%
Financial Services	146,264		9.1	%	96,682		9.1	%
Food, Beverage & Tobacco	19,964		1.2	%	—		—
Health Care Equipment & Services	210,271		13.1	%	157,954		14.9	%

Insurance	97,746		6.1	%	92,396		8.7	%
Materials	35,900		2.2	%	21,447		2.0	%
Media & Entertainment	7,310		0.5	%	—		—
Pharmaceuticals, Biotechnology & Life Sciences	44,249		2.8	%	34,250		3.2	%
Real Estate Management & Development	89,981		5.6	%	43,784		4.1	%

Software & Services	214,721		13.4	%	78,631		7.4	%
Technology Hardware & Equipment	264		0.0	%	264		0.0	%
Telecommunication Services	11,533		0.7	%	—		—
Transportation	74,733		4.6	%	54,412		5.1	%
Utilities	1,458		0.1	%	1,578		0.1	%
Total	$	1,608,953	100.0	%	$	1,064,073	100.0	%