Our investment objective is to generate current income and, to a lesser extent, capital appreciation through our investments across five distinct vertical markets. We seek to achieve our investment objective by making investments consisting primarily of term loans, equipment financings, and asset based lending and, to a lesser extent, working capital loans, equity and equity-related investments. In addition, we may obtain warrants or contingent exit fees at funding from many of our portfolio companies, providing an additional potential source of investment returns. We generally are required to invest at least 70% of our total assets in qualifying assets in accordance with the 1940 Act but may invest up to 30% of our total assets in non-qualifying assets, as permitted by the 1940 Act.

We target investments in growth-oriented companies, which are typically private companies, including institutional investor-based companies. We define “growth-oriented companies” as companies that have significant ownership and active participation by sponsors, such as institutional investors or private equity firms, and expected annual revenues of up to $100 million. Subject to the requirements of the 1940 Act, we are not limited to investing in any particular industry or geographic area and seek to invest in under-financed segments of the private credit markets.

Our loans generally may have initial interest-only periods of up to 24 months, and our equipment financings generally begin amortizing immediately. Our loans and equipment financings generally have a total term of up to 60 months. These investments are typically secured by a blanket first position lien, a specific asset lien on mission-critical assets and/or a blanket second position lien. We may also make a limited number of direct equity and equity-related investments in conjunction with our debt investments. We target growth-oriented companies that have recently issued equity to raise cash to offset potential cash flow needs related to projected growth, have achieved positive cash flow to cover debt service, or have institutional investors committed to providing additional funding. A loan or equipment financing may be structured to tie the amortization of the loan or equipment financing to the portfolio company’s projected cash balances while cash is still available for operations. As such, the loan or equipment financing may have a reduced risk of default. We believe that the amortizing nature of our investments will mitigate risk and significantly reduce the risk of our investments over a relatively short period. We focus on protecting and recovering principal in each investment and structure our investments to provide downside protection.

Risk Factors [Table Text Block]

Item 1A. Risk Factors

Investing in our securities involves a number of significant risks. In addition to the other information set forth in this Quarterly Report on Form 10-Q, you should carefully consider the risk factors discussed in “Item 1A. Risk Factors” of our Annual Report on Form 10-K filed with the SEC on February 26, 2025, all of which could materially affect our business, financial condition and/or results of operations. Although the risks described in our other SEC filings referenced above represent the principal risks associated with an investment in us, they are not the only risks we face. Additional risks and uncertainties not currently known to us, or that we currently deem to be immaterial, might materially and adversely affect our business, financial condition and/or results of operations.

During the three months ended March 31, 2025, there have been no material changes to the risk factors discussed in our SEC filings referenced above.

Share Price [Table Text Block]

The following table sets forth the net asset value per share of our common stock, the range of high and low closing sales prices of our common stock reported on Nasdaq, the closing sales price as a premium (discount) to net asset value and the dividends declared by us in each fiscal quarter since we began trading on Nasdaq. On May 5, 2025, the last reported closing sales price of our common stock on Nasdaq was $14.14 per share, which represented a premium of approximately 8.4% to our net asset value per share of $13.05 as of March 31, 2025. As of May 5, 2025, we had approximately 48 stockholders of record, which does not include stockholders for whom shares are held in nominee or “street” name.


			Price Range
Class and Period	Net Asset Value(1)		High		Low		High Sales Price Premium (Discount) to Net Asset Value(2)			Low Sales Price Premium (Discount) to Net Asset Value(2)				Cash Dividend Per Share(3)
Year Ending December 31, 2025
Second Quarter (through May 5, 2025)	*		$	15.52	$	13.53	*			*				*
First Quarter	$	13.05	$	16.56	$	14.26		26.9	%		9.3		%	$	0.51
Year Ending December 31, 2024
Fourth Quarter	$	13.35	$	14.87	$	13.11		11.4	%		(1.8	)	%	$	0.51
Third Quarter	$	13.13	$	14.74	$	13.57		12.3	%		3.4		%	$	0.51
Second Quarter	$	13.12	$	15.26	$	14.03		16.3	%		7.0		%	$	0.51
First Quarter	$	12.88	$	15.08	$	13.68		17.1	%		6.2		%	$	0.51
Year Ending December 31, 2023
Fourth Quarter	$	13.19	$	15.40	$	13.33		16.7	%		1.0		%	$	0.50
Third Quarter	$	13.17	$	15.29	$	13.75		16.1	%		4.4		%	$	0.54	(4)
Second Quarter	$	13.15	$	13.91	$	11.36		5.8	%		(13.6	)	%	$	0.53	(4)
First Quarter	$	13.07	$	14.26	$	10.91		9.1	%		(16.5	)	%	$	0.47

(1)

Net asset value per share is determined as of the last day in the relevant quarter and therefore may not reflect the net asset value per share on the date of the high and low closing sales prices. The net asset values shown are based on outstanding shares at the end of the relevant quarter.

(2)

Calculated as the respective high or low closing sales price less net asset value, divided by net asset value (in each case, as of the applicable quarter).

(3)

Represents the dividend or distribution declared in the relevant quarter.

(4)

Consists of a quarterly dividend and a supplemental dividend.


*	Not determined at time of filing.

Lowest Price or Bid

$ 13.53

$ 14.26

$ 13.11

$ 13.57

$ 14.03

$ 13.68

$ 13.33

$ 13.75

$ 11.36

$ 10.91

Highest Price or Bid

15.52

$ 16.56

$ 14.87

$ 14.74

$ 15.26

$ 15.08

$ 15.4

$ 15.29

$ 13.91

$ 14.26

Highest Price or Bid, Premium (Discount) to NAV [Percent]

26.90%

11.40%

12.30%

16.30%

17.10%

16.70%

16.10%

5.80%

9.10%

Lowest Price or Bid, Premium (Discount) to NAV [Percent]

9.30%

(1.80%)

3.40%

7.00%

6.20%

1.00%

4.40%

(13.60%)

(16.50%)

Share Price

$ 14.14

$ 15.16

$ 14.68

NAV Per Share

$ 13.05

$ 13.35

$ 13.13

$ 13.12

$ 12.88

$ 13.19

$ 13.17

$ 13.15

$ 13.07

Latest Premium (Discount) to NAV [Percent]

8.40%

Valuation Risk

General Description of Registrant [Abstract]

Risk [Text Block]

Valuation Risk

Our investments may not have readily available market quotations (as such term is defined in Rule 2a-5), and those investments which do not have readily available market quotations are valued at fair value as determined in good faith by our Board of Directors in accordance with our valuation policy. There is no single standard for determining fair value in good faith. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period. Because of the inherent uncertainty of valuation, these estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and it is possible that the difference could be material.

In accordance with Rule 2a-5, our Board periodically assesses and manages material risks associated with the determination of the fair value of our investments.

Interest Rate Risk

General Description of Registrant [Abstract]

Risk [Text Block]

Interest Rate Risk

Interest rate sensitivity and risk refer to the change in earnings that may result from changes in the level of interest rates. To the extent that we borrow money to make investments, including under the KeyBank Credit Facility or any future financing arrangement, our net investment income will be affected by the difference between the rate at which we borrow funds and the rate at which we invest these funds. In periods of rising interest rates, our cost of borrowing funds would increase, which may reduce our net investment income. As a result, there can be no assurance that a significant change in market interest rates, including as a result of inflation, will not have a material adverse effect on our net investment income. Inflation is likely to continue in the near to medium-term, particularly in the United States and Europe, with the possibility that monetary policy may tighten in response. Persistent inflationary pressures could affect our portfolio companies’ profit margins.

As of March 31, 2025, approximately 76.9% of our debt investments based on outstanding principal balance represented floating-rate investments based on U.S. Prime Rate (“Prime”) or SOFR, and approximately 23.1% of our debt investments based on outstanding principal balance represented fixed rate investments. In addition, borrowings under the KeyBank Credit Facility are subject to floating interest rates based on SOFR, generally bearing interest at a rate of the Adjusted Term SOFR Reference Rate plus 2.85% to 3.25%, subject to the number of eligible debt investments in the collateral pool.

Based on our Consolidated Statements of Operations as of March 31, 2025, the following table shows the annualized impact on net income of hypothetical base rate changes in the Prime Rate on our debt investments (considering interest rate floors for floating-rate instruments) and the hypothetical base rate changes in the SOFR on our KeyBank Credit Facility, assuming that there are no changes in our investment and borrowing structure (in thousands):


	Interest			Interest			Net
	Income			Expense			Income/(Loss)
Up 300 basis points	$	38,239		$	11,760		$	26,479
Up 200 basis points		25,493			7,840			17,653
Up 100 basis points		12,746			3,920			8,826
Down 100 basis points		(4,645	)		(3,920	)		(725	)
Down 200 basis points		(8,752	)		(7,840	)		(912	)
Down 300 basis points		(10,532	)		(11,760	)		1,228

Currency Risk

General Description of Registrant [Abstract]

Risk [Text Block]

Currency Risk

Any investments we make that are denominated in a foreign currency will be subject to risks associated with changes in currency exchange rates. These risks include the possibility of significant fluctuations in the foreign currency markets, the imposition or modification of foreign exchange controls and potential illiquidity in the secondary market. These risks will vary depending upon the currency or currencies involved. As of March 31, 2025, we had six foreign domiciled portfolio companies. Our exposure to currency risk related to these debt investments is minimal as payments from such portfolio companies are received in U.S. dollars. No other investments as of March 31, 2025 were subject to currency risk.