Investments

9 Months Ended

Sep. 30, 2025

Schedule of Investments [Abstract]

Investments

Investments

The composition of the Company’s investment portfolio at cost and fair value as of September 30, 2025 and December 31, 2024 was as follows:

	September 30, 2025						December 31, 2024
	Amortized Cost		Fair Value		% of Total Investments at Fair Value		Amortized Cost		Fair Value		% of Total Investments at Fair Value
First lien debt	$	426,438	$	427,994	98.5	%	$	414,659	$	417,230	98.5	%
Second lien debt	6,186		6,051		1.4		6,070		6,200		1.5
Preferred Equity	222		222		0.1		—		—		—
Total investments	$	432,846	$	434,267	100.0	%	$	420,729	$	423,430	100.0	%

The industry composition of investments based on fair value as of September 30, 2025 and December 31, 2024 were as follows:

	September 30, 2025
Services: Business	21.0	%
High Tech	12.3
Healthcare, Education and Childcare	11.4
Services: Consumer	7.4
Capital Equipment	6.5
Finance	5.8
Chemicals, Plastics and Rubber	5.3
Media: Diversified & Production	5.3
Consumer Goods: Durable	4.7
Insurance	4.1
Printing and Publishing	3.4
Aerospace and Defense	3.3
Automobile	3.2
Construction & Building	1.7
Retail Stores	1.6
Buildings and Real Estate	1.3
Containers, Packaging and Glass	1.0
Ecological	0.7
Telecommunications	—
Total	100.0	%

	December 31, 2024
Services: Business	17.9	%
High Tech	11.8
Healthcare, Education and Childcare	10.3
Insurance	7.7
Capital Equipment	6.3
Services: Consumer	6.2
Finance	5.9
Chemicals, Plastics and Rubber	5.5
Consumer Goods: Durable	4.9
Media: Diversified & Production	4.5
Aerospace and Defense	3.4
Printing and Publishing	3.3
Automobile	3.3
Construction & Building	1.6
Technology & Electronics	1.6
Retail Stores	1.6
Buildings and Real Estate	1.4
Broadcasting and Entertainment	1.2
Containers, Packaging and Glass	0.9
Ecological	0.7
Total	100.0	%

The geographic composition of investments at cost and fair value as of September 30, 2025 and December 31, 2024 was as follows:

	September 30, 2025
		Amortized Cost		Fair Value		% of Total Investments at Fair Value		Fair Value as % of Net Assets
United States		$	389,964	$	390,125	89.8	%	81.0	%
United Kingdom		13,499		13,523		3.1		2.8
Germany		12,637		13,526		3.1		2.8
Switzerland		9,962		10,210		2.4		2.1
Canada		6,784		6,883		1.6		1.5
Total		$	432,846	$	434,267	100.0	%	90.2	%

	December 31, 2024
		Amortized Cost		Fair Value		% of Total Investments at Fair Value		Fair Value as % of Net Assets
United States		$	378,303	$	381,519	90.1	%	87.4	%
United Kingdom		13,554		13,553		3.2		3.1
Germany		12,129		11,860		2.8		2.7
Switzerland		9,955		9,863		2.3		2.3
Canada		6,788		6,635		1.6		1.5
Total		$	420,729	$	423,430	100.0	%	97.0	%