Investment Portfolio

6 Months Ended

Jun. 30, 2025

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


	June 30, 2025 (Unaudited)
	Cost		Fair Value		Percentage of Portfolio
Senior Secured Loans - First Lien	$	943,110	$	951,497	98.3	%
Subordinated Debt	699		699		0.1	%
Equity	1,608		457		0.0	%
Money Market Fund	15,791		15,791		1.6	%
Total	$	961,208	$	968,444	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 June 30, 2025 and December 31, 2024:


	June 30, 2025 (Unaudited)				December 31, 2024
Industry Classification	Fair Value		Percentage of Portfolio		Fair Value		Percentage of Portfolio
Systems Software	$	91,893	9.6	%	$	56,010	7.4	%
Insurance Brokers	84,462		8.9	%	79,933		10.5	%
Diversified Support Services	83,322		8.7	%	77,480		10.2	%
Application Software	81,780		8.6	%	53,495		7.0	%
Construction & Engineering	70,797		7.4	%	34,508		4.5	%
Health Care Services	62,202		6.5	%	61,845		8.1	%
Air Freight & Logistics	50,978		5.4	%	50,560		6.7	%
Specialized Consumer Services	41,567		4.4	%	38,449		5.1	%
Environmental & Facilities Services	35,624		3.7	%	20,561		2.7	%
Electrical Components & Equipment	32,318		3.4	%	21,954		2.9	%
Health Care Technology	29,944		3.1	%	29,234		3.9	%
Property & Casualty Insurance	29,741		3.1	%	29,449		3.9	%
Health Care Supplies	24,432		2.6	%	—		—	%
Consumer Finance	23,325		2.4	%	16,057		2.1	%
Research & Consulting Services	22,465		2.4	%	16,941		2.2	%
Trading Companies & Distributors	21,264		2.2	%	20,930		2.8	%
Publishing	21,026		2.2	%	21,307		2.8	%
Specialty Chemicals	20,310		2.1	%	18,315		2.4	%
Aerospace & Defense	16,198		1.7	%	1,419		0.2	%
Cargo Ground Transportation	14,474		1.5	%	14,482		1.9	%
Human Resource & Employment Services	13,958		1.5	%	13,991		1.8	%
Education Services	12,683		1.3	%	12,448		1.6	%
Health Care Equipment	11,218		1.2	%	11,135		1.5	%
Personal Care Products	8,127		0.9	%	12,576		1.7	%
Asset Management & Custody Banks	6,788		0.7	%	5,090		0.7	%
Commercial & Residential Mortgage Finance	6,750		0.7	%	6,932		0.9	%
Diversified Financial Services	5,765		0.6	%	5,821		0.8	%
Highways & Railtracks	5,645		0.6	%	—		—	%
Health Care Facilities	5,033		0.5	%	5,059		0.7	%
Hotels, Resorts & Cruise Lines	4,640		0.5	%	4,493		0.6	%
Food Distributors	4,514		0.5	%	4,646		0.6	%
Construction Machinery & Heavy Transportation Equipment	3,904		0.4	%	4,167		0.5	%
IT Consulting & Other Services	2,699		0.3	%	4,343		0.6	%
Interactive Media & Services	1,832		0.3	%	2,009		0.3	%
Electronic Equipment & Instruments	975		0.1	%	916		0.1	%
Real Estate Services	—		—	%	2,567		0.3	%
Total	$	952,653	100.0	%	$	759,122	100.0	%