Investments

12 Months Ended

Dec. 31, 2024

Schedule of Investments [Abstract]

Investments

Investments

At December 31, 2024, the Company's investments consisted of the following:

Investment Cost and Fair Value by Type

	Cost		Fair Value
First lien	$	359,930	$	361,945
Second lien	9,337		9,417
Subordinated	1,737		1,741
Structured finance obligations	472		472
Equity and other	4,219		4,219
Total investments	$	375,695	$	377,794

    

Investment Cost and Fair Value by Industry

	Cost		Fair Value
Software	$	177,698	$	178,395
Business Services	102,830		103,117
Healthcare	32,558		32,706
Financial Services	21,538		21,570
Education	14,646		14,741
Consumer Services	11,870		11,933
Food & Beverage	9,127		9,947
Packaging	4,956		4,913
Investment Fund	472		472
Total investments	$	375,695	$	377,794

At December 31, 2023, the Company's investments consisted of the following:

Investment Cost and Fair Value by Type

	Cost		Fair Value
First lien	$	82,696	$	83,830
Second lien	717		752
Subordinated	1,954		2,031
Total investments	$	85,367	$	86,613

Investment Cost and Fair Value by Industry

	Cost		Fair Value
Business Services	$	34,107	$	34,304
Software	29,533		29,969
Healthcare	9,342		9,387
Food & Beverage	3,937		4,335
Education	3,215		3,351
Consumer Services	2,941		2,975
Financial Services	2,292		2,292
Total investments	$	85,367	$	86,613

                                                                  

For discussion of the Company's unfunded commitments, see Note 8. Commitments and Contingencies.

Investment Risk Factors—First and second lien debt that the Company invests in is almost entirely rated below investment grade or may be unrated. Debt investments rated below investment grade are often referred to as "leveraged loans", "high yield" or "junk" debt investments, and may be considered "high risk" compared to debt investments that are rated investment grade. These debt investments are considered speculative because of the credit risk of the issuers. Such issuers are considered more likely than investment grade issuers to default on their payments of interest and principal, and such risk of default could reduce the members' capital and income distributions of the Company. In addition, some of the Company's debt investments will not fully amortize during their lifetime, which could result in a loss or a substantial amount of unpaid principal and interest due upon maturity. First and second lien debt may also lose significant market value before a default occurs. Furthermore, an active trading market may not exist for these first and second lien debt investments. This illiquidity may make it more difficult to value the debt.

Subordinated debt is generally subject to similar risks as those associated with first and second lien debt, except that such debt is subordinated in payment and/or lower in lien priority. Subordinated debt is subject to the additional risk that the cash flow of the borrower and the property securing the debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured and unsecured obligations of the borrower.

The Company may directly invest in the equity of private companies or, in some cases, equity investments could be made in connection with a debt investment. Equity investments may or may not fluctuate in value, resulting in recognized realized gains or losses upon disposition.