Investment Portfolio

9 Months Ended

Sep. 30, 2025

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


	September 30, 2025 (Unaudited)				December 31, 2024
	Cost	Fair Value	Percentage of Portfolio		Cost	Fair Value	Percentage of Portfolio
Senior Secured Loans - First Lien	979,892	989,787	96.5	%	751,121	759,122	97.4	%
Subordinated Debt	721	721	0.1	%	—	—	—	%
Equity	2,459	1,219	0.1	%	—	—	—	%
Money Market Fund	33,504	33,504	3.3	%	20,295	20,295	2.6	%
Total	1,016,576	1,025,231	100.0	%	771,416	779,417	100.0	%

The following table describes investments, excluding money market funds, by industry classification and enumerates the percentage, by fair value, of the total portfolio assets in such industries as of September 30, 2025 and December 31, 2024:


	September 30, 2025 (Unaudited)				December 31, 2024
Industry Classification	Fair Value		Percentage of Portfolio		Fair Value		Percentage of Portfolio
Systems Software	$	108,608	10.9	%	$	56,010	7.4	%
Application Software	94,868		9.6	%	53,495		7.0	%
Diversified Support Services	83,355		8.4	%	77,480		10.2	%
Construction & Engineering	78,457		7.9	%	34,508		4.5	%
Health Care Services	62,447		6.3	%	61,845		8.1	%
Insurance Brokers	52,612		5.3	%	79,933		10.5	%
Air Freight & Logistics	51,109		5.2	%	50,560		6.7	%
Specialized Consumer Services	43,126		4.3	%	38,449		5.1	%
Electrical Components & Equipment	42,994		4.3	%	21,954		2.9	%
Environmental & Facilities Services	39,357		4.0	%	20,561		2.7	%
Health Care Technology	30,131		3.0	%	29,234		3.9	%
Property & Casualty Insurance	29,871		3.0	%	29,449		3.9	%
Health Care Supplies	24,750		2.5	%	—		—	%
Consumer Finance	24,135		2.4	%	16,057		2.1	%
Publishing	23,018		2.3	%	21,307		2.8	%
Research & Consulting Services	21,964		2.2	%	16,941		2.2	%
Trading Companies & Distributors	21,350		2.2	%	20,930		2.8	%
Specialty Chemicals	20,310		2.0	%	18,315		2.4	%
Leisure Facilities	19,142		1.9	%	—		—	%
Education Services	16,314		1.6	%	12,448		1.6	%
Cargo Ground Transportation	14,173		1.4	%	14,482		1.9	%
Human Resource & Employment Services	13,859		1.4	%	13,991		1.8	%
Health Care Equipment	10,682		1.1	%	11,135		1.5	%
Aerospace & Defense	8,992		0.9	%	1,419		0.2	%
Personal Care Products	8,007		0.8	%	12,576		1.7	%
Asset Management & Custody Banks	6,772		0.7	%	5,090		0.7	%
Commercial & Residential Mortgage Finance	6,535		0.7	%	6,932		0.9	%
Highways & Railtracks	5,662		0.6	%	—		—	%
Diversified Financial Services	5,570		0.6	%	5,821		0.8	%
Health Care Facilities	5,027		0.5	%	5,059		0.7	%
Food Distributors	4,544		0.5	%	4,646		0.6	%
Hotels, Resorts & Cruise Lines	4,539		0.5	%	4,493		0.6	%
Construction Machinery & Heavy Transportation Equipment	4,075		0.4	%	4,167		0.5	%
IT Consulting & Other Services	2,616		0.3	%	4,343		0.6	%
Interactive Media & Services	1,785		0.2	%	2,009		0.3	%
Electronic Equipment & Instruments	971		0.1	%	916		0.1	%
Real Estate Services	—		—	%	2,567		0.3	%
Total	$	991,727	100.0	%	$	759,122	100.0	%