Investment Portfolio

12 Months Ended

Dec. 31, 2025

The following table summarizes the composition of the Company’s investment portfolio at cost and fair value as of December 31, 2025 and December 31, 2024:


	December 31, 2025						December 31, 2024
	Cost		Fair Value		Percentage of Portfolio		Cost		Fair Value		Percentage of Portfolio
Senior Secured Loans - First Lien	$	1,295,967	$	1,303,361	95.6	%	$	751,121	$	759,122	97.4	%
Subordinated Debt	743		743		0.1	%	—		—		—	%
Equity	2,459		942		0.1	%	—		—		—	%
Money Market Fund	56,856		56,856		4.2	%	20,295		20,295		2.6	%
Total	$	1,356,025	$	1,361,902	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 December 31, 2025 and December 31, 2024:


	December 31, 2025				December 31, 2024
Industry Classification	Fair Value		Percentage of Portfolio		Fair Value		Percentage of Portfolio
Systems Software	$	152,163	11.6	%	$	56,010	7.4	%
Diversified Support Services	132,155		10.1	%	77,480		10.2	%
Construction & Engineering	114,715		8.8	%	34,508		4.5	%
Application Software	112,126		8.6	%	53,495		7.0	%
Insurance Brokers	73,174		5.6	%	79,933		10.5	%
Environmental & Facilities Services	67,565		5.2	%	20,561		2.7	%
Health Care Services	65,059		5.0	%	61,845		8.1	%
Asset Management & Custody Banks	49,242		3.8	%	5,090		0.7	%
Air Freight & Logistics	48,106		3.7	%	50,560		6.7	%
Specialized Consumer Services	45,702		3.5	%	38,449		5.1	%
Aerospace & Defense	37,649		2.9	%	1,419		0.2	%
Health Care Technology	35,850		2.7	%	29,234		3.9	%
Electrical Components & Equipment	35,545		2.7	%	21,954		2.9	%
Health Care Supplies	32,358		2.5	%	—		—	%
Property & Casualty Insurance	29,809		2.3	%	29,449		3.9	%
Consumer Finance	28,755		2.2	%	16,057		2.1	%
Interactive Media & Services	22,923		1.8	%	2,009		0.3	%
Research & Consulting Services	22,586		1.7	%	16,941		2.2	%
Trading Companies & Distributors	21,726		1.7	%	20,930		2.8	%
Publishing	20,944		1.6	%	21,307		2.8	%
Leisure Facilities	19,251		1.5	%	—		—	%
Education Services	16,666		1.3	%	12,448		1.6	%
Cargo Ground Transportation	15,015		1.2	%	14,482		1.9	%
Human Resource & Employment Services	13,824		1.1	%	13,991		1.8	%
Commercial & Residential Mortgage Finance	12,294		0.9	%	6,932		0.9	%
Health Care Equipment	10,663		0.8	%	11,135		1.5	%
Personal Care Products	7,886		0.6	%	12,576		1.7	%
Internet Services & Infrastructure	7,685		0.6	%	—		—	%
Highways & Railtracks	5,696		0.4	%	—		—	%
Diversified Financial Services	5,570		0.4	%	5,821		0.8	%
Health Care Facilities	5,010		0.4	%	5,059		0.7	%
Food Distributors	4,520		0.3	%	4,646		0.6	%
Hotels, Resorts & Cruise Lines	4,462		0.3	%	4,493		0.6	%
Construction Machinery & Heavy Transportation Equipment	4,192		0.3	%	4,167		0.5	%
IT Consulting & Other Services	2,610		0.2	%	4,343		0.6	%
Electronic Equipment & Instruments	970		0.1	%	916		0.1	%
Real Estate Services	—		—	%	2,567		0.3	%
Total	$	1,305,046	100.0	%	$	759,122	100.0	%