Investment Portfolio

3 Months Ended

Mar. 31, 2025

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


	March 31, 2025 (Unaudited)
	Cost		Fair Value		Percentage of Portfolio
Senior Secured Loans - First Lien	$	881,927	$	893,019	97.7	%
Subordinated Debt	678		678		0.1	%
Equity	1,608		800		0.1	%
Money Market Fund	19,392		19,392		2.1	%
Total	$	903,605	$	913,889	100.0	%


	December 31, 2024
	Cost		Fair Value		Percentage of Portfolio
Senior Secured Loans - First Lien	$	751,121	$	759,122	97.4	%
Money Market Fund	20,295		20,295		2.6	%
Total	$	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 March 31, 2025 and December 31, 2024:


	March 31, 2025 (Unaudited)				December 31, 2024
Industry Classification	Fair Value		Percentage of Portfolio		Fair Value		Percentage of Portfolio
Systems Software	$	90,958	10.1	%	$	56,010	7.4	%
Insurance Brokers	85,636		9.6	%	79,933		10.5	%
Diversified Support Services	84,004		9.4	%	77,480		10.2	%
Application Software	76,045		8.5	%	53,495		7.0	%
Health Care Services	62,463		7.0	%	61,845		8.1	%
Air Freight & Logistics	51,749		5.8	%	50,560		6.7	%
Specialized Consumer Services	40,402		4.5	%	38,449		5.1	%
Construction & Engineering	35,417		4.0	%	34,508		4.5	%
Health Care Technology	29,759		3.3	%	29,234		3.9	%
Property & Casualty Insurance	29,715		3.3	%	29,449		3.9	%
Health Care Supplies	24,432		2.7	%	—		—	%
Passenger Ground Transportation	24,015		2.7	%	—		—	%
Electrical Components & Equipment	23,566		2.6	%	21,954		2.9	%
Consumer Finance	22,940		2.6	%	16,057		2.1	%
Publishing	22,067		2.5	%	21,307		2.8	%
Trading Companies & Distributors	21,070		2.4	%	20,930		2.8	%
Environmental & Facilities Services	20,910		2.3	%	20,561		2.7	%
Specialty Chemicals	18,401		2.1	%	18,315		2.4	%
Research & Consulting Services	16,799		1.9	%	16,941		2.2	%
Cargo Ground Transportation	14,576		1.6	%	14,482		1.9	%
Human Resource & Employment Services	13,962		1.6	%	13,991		1.8	%
Education Services	12,719		1.4	%	12,448		1.6	%
Health Care Equipment	11,109		1.2	%	11,135		1.5	%
Aerospace & Defense	8,583		1.0	%	1,419		0.2	%
Personal Care Products	8,202		0.9	%	12,576		1.7	%
Commercial & Residential Mortgage Finance	6,801		0.8	%	6,932		0.9	%
Diversified Financial Services	5,765		0.6	%	5,821		0.8	%
Asset Management & Custody Banks	5,308		0.6	%	5,090		0.7	%
Health Care Facilities	5,051		0.6	%	5,059		0.7	%
Hotels, Resorts & Cruise Lines	4,695		0.5	%	4,493		0.6	%
Food Distributors	4,597		0.5	%	4,646		0.6	%
Construction Machinery & Heavy Transportation Equipment	3,861		0.4	%	4,167		0.5	%
IT Consulting & Other Services	3,403		0.4	%	4,343		0.6	%
Real Estate Services	2,572		0.3	%	2,567		0.3	%
Interactive Media & Services	1,957		0.2	%	2,009		0.3	%
Electronic Equipment & Instruments	988		0.1	%	916		0.1	%
Total	$	894,497	100.0	%	$	759,122	100.0	%