Investments at Fair Value

9 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Investments at Fair Value

Investments at Fair Value

Under the 1940 Act, the Company is required to separately identify non-controlled investments where it owns 5% or more of a portfolio company’s outstanding voting securities as investments in “affiliated” companies. In addition, under the 1940 Act, the Company is required to separately identify investments where it owns more than 25% of a portfolio company’s outstanding voting securities and/or had the power to exercise control over the management or policies of such portfolio company as investments in “controlled” companies. The information in the tables below is presented on an aggregate portfolio basis, without regard to whether they are non-controlled, non-affiliated; non-controlled, affiliated; or controlled, affiliated investments.

The composition of the Company's Investments at fair value consisted of the following at September 30, 2025 and December 31, 2024:

	September 30, 2025
	Amortized Cost (1)		Fair Value		Net Unrealized Gain (Loss)
First-lien debt investments	$	290,889	$	291,693	$	804
Second-lien debt investments	31,217		31,369		152
Equity and other investments	10,463		10,468		5
Total Investments	$	332,569	$	333,530	$	961

	December 31, 2024(2)
	Amortized Cost (1)		Fair Value		Net Unrealized Gain (Loss)
First-lien debt investments	$	103,310	$	103,947	$	637
Total Investments	$	103,310	$	103,947	$	637

(1)The amortized cost represents the original cost adjusted for the amortization of discounts or premiums, as applicable, on debt investments using the effective interest method.

(2)As of December 31, 2024, the Company had not yet elected to be regulated as a BDC and was operating as the Ramp Vehicle, a private fund based on an exception from the definition of "investment company" under Section 3(c)(7) of 1940 Act.

The Company uses Global Industry Classification Standards ("GICS") for classifying the industry groupings of its portfolio companies. The table below presents the industry composition of investments as a percentage of fair value at September 30, 2025 and December 31, 2024:

	September 30, 2025		December 31, 2024(1)(2)
Automobiles & Components	1.2	%	—	%
Capital Goods	14.1	%	13.2	%
Commercial & Professional Services	14.3	%	12.8	%
Consumer Services	8.9	%	11.3	%
Financial Services	2.6	%	6.6	%
Food & Beverage	5.1	%	3.0	%
Healthcare Equipment & Services	10.0	%	5.0	%
Insurance	6.7	%	6.4	%
Materials	1.4	%	—	%
Media & Entertainment	7.0	%	2.9	%
Pharmaceuticals	2.8	%	9.0	%
Real Estate Management & Development	7.4	%	11.7	%
Software & Services	12.4	%	11.9	%
Technology Hardware & Equipment	0.7	%	2.2	%
Telecommunication Services	2.7	%	—	%
Transportation	1.1	%	—	%
Utilities	1.6	%	4.0	%
Total	100.0	%	100.0	%

(1)As of December 31, 2024, the Company had not yet elected to be regulated as a BDC and was operating as the Ramp Vehicle, a private fund based on an exception from the definition of "investment company" under Section 3(c)(7) of 1940 Act.

(2)The Company reclassified certain of its portfolio companies to conform to the current period industry composition.

The geographic composition of the Company’s investments as a percentage of fair value at September 30, 2025 and December 31, 2024 was as follows:

	September 30, 2025		December 31, 2024(1)
United States
Midwest	25.3	%	19.6	%
Northeast	13.1	%	17.8	%
South	40.4	%	38.9	%
West	19.1	%	23.7	%
Puerto Rico	2.1	%	—	%
Cayman(2)	0.0	%	—	%
Total	100.0	%	100.0	%

(1)As of December 31, 2024, the Company had not yet elected to be regulated as a BDC and was operating as the Ramp Vehicle, a private fund based on an exception from the definition of “investment company” under Section 3(c)(7) of 1940 Act.

(2)Cayman investments round to less than 0.0% for the purpose of geographic composition comparison.