v3.25.2
CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
 6 Months Ended 12 Months Ended
Jun. 30, 2025
USD ($)
Dec. 31, 2024
USD ($)
Amortized Cost $ 1,054,454,000 [1],[2],[3] $ 892,940,000 [4],[5],[6]
Fair Value 1,362,591,000 [1],[2],[3] 1,140,859,000 [4],[5],[6]
OTHER ASSETS IN EXCESS OF LIABILITIES (42,699,000) [1],[2],[3] 90,349,000 [4],[5],[6]
Net Assets 1,319,892,000 [1],[2],[3] 1,231,208,000 [4],[5],[6]
First lien    
Amortized Cost 89,990,000 [1],[2],[3] 66,990,000 [4],[5],[6]
Fair Value $ 89,990,000 [1],[2],[3] $ 66,990,000 [4],[5],[6]
First lien | Clarion Safety Systems, LLC    
Interest Rate 0.150 [1],[2],[3] 0.150 [4],[5],[6]
First lien | Clarion Safety Systems, LLC | Visual Safety Solutions    
Principal Amount / No. Shares (in shares) $ 22,500,000 [1],[2],[3] $ 22,500,000 [4],[5],[6]
Amortized Cost 22,500,000 [1],[2],[3] 22,500,000 [4],[5],[6]
Fair Value $ 22,500,000 [1],[2],[3] 22,500,000 [4],[5],[6]
First lien | IFPG TopCo, LLC    
Interest Rate [1],[2],[3] 0.150  
First lien | IFPG TopCo, LLC | Franchise Consulting Services    
Principal Amount / No. Shares (in shares) [1],[2],[3] $ 23,000,000  
Amortized Cost [1],[2],[3] 23,000,000  
Fair Value [1],[2],[3] 23,000,000  
First lien | Lawn Doctor, Inc. | Commercial and Professional Services    
Principal Amount / No. Shares (in shares) 29,490,000 [1],[2],[3] 29,490,000 [4],[5],[6]
Amortized Cost 29,490,000 [1],[2],[3] 29,490,000 [4],[5],[6]
Fair Value $ 29,490,000 [1],[2],[3] $ 29,490,000 [4],[5],[6]
First lien | Madison Retirement Holdings TopCo, LLC    
Interest Rate 0.150 [1],[2],[3] 0.150 [4],[5],[6]
First lien | Madison Retirement Holdings TopCo, LLC | Retirement Plan Services    
Principal Amount / No. Shares (in shares) $ 15,000,000 [1],[2],[3] $ 15,000,000 [4],[5],[6]
Amortized Cost 15,000,000 [1],[2],[3] 15,000,000 [4],[5],[6]
Fair Value 15,000,000 [1],[2],[3] 15,000,000 [4],[5],[6]
Secured    
Amortized Cost 148,452,000 [1],[2],[3] 148,576,000 [4],[5],[6]
Fair Value $ 148,452,000 [1],[2],[3] $ 148,576,000 [4],[5],[6]
Secured | ATA Holding Company, LLC    
Interest Rate 0.150 [1],[2],[3],[7] 0.150 [4],[5],[6],[8]
Secured | ATA Holding Company, LLC | Real Estate Services    
Principal Amount / No. Shares (in shares) $ 37,000,000 [1],[2],[3],[7] $ 37,000,000 [4],[5],[6],[8]
Amortized Cost 37,000,000 [1],[2],[3],[7] 37,000,000 [4],[5],[6],[8]
Fair Value $ 37,000,000 [1],[2],[3],[7] $ 37,000,000 [4],[5],[6],[8]
Secured | Auriemma Consulting Group, Inc.    
Interest Rate 0.080 [1],[2],[3],[7] 0.080 [4],[5],[6],[8]
Secured | Auriemma Consulting Group, Inc. | Information Services and Advisory Solutions    
Principal Amount / No. Shares (in shares) $ 2,000,000 [1],[2],[3],[7] $ 2,000,000 [4],[5],[6],[8]
Amortized Cost 2,000,000 [1],[2],[3],[7] 2,000,000 [4],[5],[6],[8]
Fair Value $ 2,000,000 [1],[2],[3],[7] $ 2,000,000 [4],[5],[6],[8]
Secured | Healthcare Safety Holdings, LLC    
Interest Rate 0.150 [1],[2],[3],[7] 0.150 [4],[5],[6],[8]
Secured | Healthcare Safety Holdings, LLC | Healthcare Supplies    
Principal Amount / No. Shares (in shares) $ 24,400,000 [1],[2],[3],[7] $ 24,400,000 [4],[5],[6],[8]
Amortized Cost 24,400,000 [1],[2],[3],[7] 24,400,000 [4],[5],[6],[8]
Fair Value $ 24,400,000 [1],[2],[3],[7] $ 24,400,000 [4],[5],[6],[8]
Secured | Polyform Products, Co.    
Interest Rate 0.160 [1],[2],[3],[7] 0.160 [4],[5],[6],[8]
Secured | Polyform Products, Co. | Hobby Goods and Supplies    
Principal Amount / No. Shares (in shares) $ 15,700,000 [1],[2],[3],[7] $ 15,700,000 [4],[5],[6],[8]
Amortized Cost 15,700,000 [1],[2],[3],[7] 15,700,000 [4],[5],[6],[8]
Fair Value $ 15,700,000 [1],[2],[3],[7] $ 15,700,000 [4],[5],[6],[8]
Secured | Sill Holdings, LLC    
Interest Rate 0.140 [1],[2],[3],[7] 0.140 [4],[5],[6],[8]
Secured | Sill Holdings, LLC | Insurance Services    
Principal Amount / No. Shares (in shares) [1],[2],[3],[7] $ 15,851,000  
Amortized Cost [1],[2],[3],[7] 15,851,000  
Fair Value [1],[2],[3],[7] $ 15,851,000  
Secured | Sill Holdings, LLC | Business Services    
Principal Amount / No. Shares (in shares) [4],[5],[6],[8]   $ 15,851,000
Amortized Cost [4],[5],[6],[8]   15,851,000
Fair Value [4],[5],[6],[8]   $ 15,851,000
Secured | Tacmed Holdings, LLC    
Interest Rate 0.160 [1],[2],[3],[7] 0.160 [4],[5],[6],[8]
Secured | Tacmed Holdings, LLC | Healthcare Supplies    
Principal Amount / No. Shares (in shares) $ 29,000,000 [1],[2],[3],[7] $ 29,000,000 [4],[5],[6],[8]
Amortized Cost 29,000,000 [1],[2],[3],[7] 29,000,000 [4],[5],[6],[8]
Fair Value 29,000,000 [1],[2],[3],[7] 29,000,000 [4],[5],[6],[8]
Secured | Vektek Holdings, LLC | Engineered Products    
Principal Amount / No. Shares (in shares) 24,813,000 [1],[2],[3],[7] 24,625,000 [4],[5],[6],[8]
Amortized Cost 24,501,000 [1],[2],[3],[7] 24,625,000 [4],[5],[6],[8]
Fair Value 24,501,000 [1],[2],[3],[7] 24,625,000 [4],[5],[6],[8]
Second lien    
Amortized Cost 76,718,000 [1],[2],[3] 76,718,000 [4],[5],[6]
Fair Value $ 76,718,000 [1],[2],[3] $ 76,718,000 [4],[5],[6]
Second lien | Lawn Doctor, Inc.    
Interest Rate 0.160 [1],[2],[3] 0.160 [4],[5],[6]
Second lien | Lawn Doctor, Inc. | Commercial and Professional Services    
Principal Amount / No. Shares (in shares) $ 15,000,000 [1],[2],[3] $ 15,000,000 [4],[5],[6]
Amortized Cost 15,000,000 [1],[2],[3] 15,000,000 [4],[5],[6]
Fair Value $ 15,000,000 [1],[2],[3] $ 15,000,000 [4],[5],[6]
Second lien | Vektek Holdings, LLC    
Interest Rate 0.150 [1],[2],[3] 0.150 [4],[5],[6]
Second lien | Vektek Holdings, LLC | Engineered Products    
Principal Amount / No. Shares (in shares) $ 24,400,000 [1],[2],[3] $ 24,400,000 [4],[5],[6]
Amortized Cost 24,400,000 [1],[2],[3] 24,400,000 [4],[5],[6]
Fair Value $ 24,400,000 [1],[2],[3] $ 24,400,000 [4],[5],[6]
Second lien | Auriemma U.S. Roundtables    
Interest Rate 0.160 [1],[2],[3] 0.160 [4],[5],[6]
Second lien | Auriemma U.S. Roundtables | Information Services and Advisory Solutions    
Principal Amount / No. Shares (in shares) $ 12,114,000 [1],[2],[3] $ 12,114,000 [4],[5],[6]
Amortized Cost 12,114,000 [1],[2],[3] 12,114,000 [4],[5],[6]
Fair Value $ 12,114,000 [1],[2],[3] $ 12,114,000 [4],[5],[6]
Second lien | Blue Ridge ESOP Associates    
Interest Rate 0.150 [1],[2],[3] 0.150 [4],[5],[6]
Second lien | Blue Ridge ESOP Associates | Retirement Plan Services    
Principal Amount / No. Shares (in shares) $ 2,641,000 [1],[2],[3] $ 2,641,000 [4],[5],[6]
Amortized Cost 2,641,000 [1],[2],[3] 2,641,000 [4],[5],[6]
Fair Value $ 2,641,000 [1],[2],[3] $ 2,641,000 [4],[5],[6]
Second lien | Douglas Machines Corp.    
Interest Rate 0.160 [1],[2],[3] 0.160 [4],[5],[6]
Second lien | Douglas Machines Corp. | Sanitation Products    
Principal Amount / No. Shares (in shares) $ 15,000,000 [1],[2],[3] $ 15,000,000 [4],[5],[6]
Amortized Cost 15,000,000 [1],[2],[3] 15,000,000 [4],[5],[6]
Fair Value $ 15,000,000 [1],[2],[3] $ 15,000,000 [4],[5],[6]
Second lien | Milton Industries Inc.    
Interest Rate 0.150 [1],[2],[3] 0.150 [4],[5],[6]
Second lien | Milton Industries Inc. | Engineered Products    
Principal Amount / No. Shares (in shares) $ 3,353,000 [1],[2],[3] $ 3,353,000 [4],[5],[6]
Amortized Cost 3,353,000 [1],[2],[3] 3,353,000 [4],[5],[6]
Fair Value $ 3,353,000 [1],[2],[3] $ 3,353,000 [4],[5],[6]
Second lien | Resolution Economics, LLC    
Interest Rate 0.150 [1],[2],[3] 0.150 [4],[5],[6]
Second lien | Resolution Economics, LLC | Legal Services    
Principal Amount / No. Shares (in shares) [1],[2],[3] $ 2,834,000  
Amortized Cost [1],[2],[3] 2,834,000  
Fair Value [1],[2],[3] $ 2,834,000  
Second lien | Resolution Economics, LLC | Business Services    
Principal Amount / No. Shares (in shares) [4],[5],[6]   $ 2,834,000
Amortized Cost [4],[5],[6]   2,834,000
Fair Value [4],[5],[6]   $ 2,834,000
Second lien | USA Water Intermediate Holdings, LLC    
Interest Rate 0.160 [1],[2],[3] 0.160 [4],[5],[6]
Second lien | USA Water Intermediate Holdings, LLC | Commercial and Professional Services    
Principal Amount / No. Shares (in shares) $ 1,376,000 [1],[2],[3] $ 1,376,000 [4],[5],[6]
Amortized Cost 1,376,000 [1],[2],[3] 1,376,000 [4],[5],[6]
Fair Value 1,376,000 [1],[2],[3] 1,376,000 [4],[5],[6]
Second lien | LOCI Topoco Limited 12.0% PIK 1 | Legal Services    
Fair Value [1],[2],[3],[9],[10] 9,427,000  
Second lien | LOCI Topoco Limited 12.0% PIK 2 | Legal Services    
Fair Value [1],[2],[3],[9],[11] 9,428,000  
Senior Secured PIK Notes    
Amortized Cost [1],[2],[3] 18,282,000  
Fair Value [1],[2],[3] 18,855,000  
Senior Secured PIK Notes | LOCI Topoco Limited 12.0% PIK 1 | Legal Services    
Principal Amount / No. Shares (in shares) [1],[2],[3],[9],[10] 8,959,000  
Amortized Cost [1],[2],[3],[9],[10] 9,141,000  
Senior Secured PIK Notes | LOCI Topoco Limited 12.0% PIK 2 | Legal Services    
Principal Amount / No. Shares (in shares) [1],[2],[3],[9],[11] 8,959,000  
Amortized Cost [1],[2],[3],[9],[11] 9,141,000  
Total Senior Secured Notes    
Amortized Cost 333,442,000 [1],[2],[3] 292,284,000 [4],[5],[6]
Fair Value 334,015,000 [1],[2],[3] 292,284,000 [4],[5],[6]
Preferred Equity    
Amortized Cost 73,112,000 [1],[2],[3] 62,070,000 [4],[5],[6]
Fair Value 78,338,000 [1],[2],[3] 61,155,000 [4],[5],[6]
Preferred Equity | LOCI Topoco Limited | Information Services and Advisory Solutions    
Principal Amount / No. Shares (in shares) [4],[5],[6],[12]   46,597,751
Amortized Cost [4],[5],[6],[12]   62,070,000
Fair Value [4],[5],[6],[12]   61,155,000
Preferred Equity | LOCI Topoco Limited 8.5% PIK | Legal Services    
Principal Amount / No. Shares (in shares) [1],[2],[3],[9] 46,597,751  
Amortized Cost [1],[2],[3],[9] 65,098,000  
Fair Value [1],[2],[3],[9] 70,073,000  
Preferred Equity | LOCI Topoco Limited 12.0% PIK | Legal Services    
Principal Amount / No. Shares (in shares) [1],[2],[3],[9] 5,905,775  
Amortized Cost [1],[2],[3],[9] 8,014,000  
Fair Value [1],[2],[3],[9] 8,265,000  
Common Equity, Investment    
Amortized Cost 647,900,000 [1],[2],[3] 538,586,000 [4],[5],[6]
Fair Value 950,238,000 [1],[2],[3] 787,420,000 [4],[5],[6]
Common Equity, Investment | Clarion Safety Systems, LLC | Visual Safety Solutions    
Principal Amount / No. Shares (in shares) 68,891 [1],[2],[3],[13] 57,368 [4],[5],[6],[14]
Amortized Cost 70,316,000 [1],[2],[3],[13] 56,816,000 [4],[5],[6],[14]
Fair Value 96,373,000 [1],[2],[3],[13] 67,213,000 [4],[5],[6],[14]
Common Equity, Investment | IFPG TopCo, LLC | Franchise Consulting Services    
Principal Amount / No. Shares (in shares) [1],[2],[3],[13] 90,500  
Amortized Cost [1],[2],[3],[13] 90,500,000  
Fair Value [1],[2],[3],[13] 90,500,000  
Common Equity, Investment | Lawn Doctor, Inc. | Commercial and Professional Services    
Principal Amount / No. Shares (in shares) 7,746 [1],[2],[3],[13] 7,746 [4],[5],[6],[14]
Amortized Cost 27,610,000 [1],[2],[3],[13] 27,610,000 [4],[5],[6],[14]
Fair Value 96,489,000 [1],[2],[3],[13] 91,742,000 [4],[5],[6],[14]
Common Equity, Investment | Madison Retirement Holdings TopCo, LLC | Retirement Plan Services    
Principal Amount / No. Shares (in shares) 61,500 [1],[2],[3],[13] 57,500 [4],[5],[6],[14]
Amortized Cost 61,500,000 [1],[2],[3],[13] 57,500,000 [4],[5],[6],[14]
Fair Value 69,695,000 [1],[2],[3],[13] 60,463,000 [4],[5],[6],[14]
Common Equity, Investment | ATA Holding Company, LLC | Real Estate Services    
Principal Amount / No. Shares (in shares) 37,985 [1],[2],[3],[13] 37,985 [4],[5],[6],[14]
Amortized Cost 37,125,000 [1],[2],[3],[13] 37,125,000 [4],[5],[6],[14]
Fair Value 36,176,000 [1],[2],[3],[13] 35,291,000 [4],[5],[6],[14]
Common Equity, Investment | Healthcare Safety Holdings, LLC | Healthcare Supplies    
Principal Amount / No. Shares (in shares) 17,320 [1],[2],[3],[13] 17,320 [4],[5],[6],[14]
Amortized Cost 17,320,000 [1],[2],[3],[13] 17,320,000 [4],[5],[6],[14]
Fair Value 44,928,000 [1],[2],[3],[13] 47,726,000 [4],[5],[6],[14]
Common Equity, Investment | Polyform Products, Co. | Hobby Goods and Supplies    
Principal Amount / No. Shares (in shares) 10,820 [1],[2],[3],[13] 10,820 [4],[5],[6],[14]
Amortized Cost 15,599,000 [1],[2],[3],[13] 15,599,000 [4],[5],[6],[14]
Fair Value 12,822,000 [1],[2],[3],[13] 12,751,000 [4],[5],[6],[14]
Common Equity, Investment | Sill Holdings, LLC | Insurance Services    
Principal Amount / No. Shares (in shares) [1],[2],[3],[13] 82,754  
Amortized Cost [1],[2],[3],[13] 90,549,000  
Fair Value [1],[2],[3],[13] 136,989,000  
Common Equity, Investment | Sill Holdings, LLC | Business Services    
Principal Amount / No. Shares (in shares) [4],[5],[6],[14]   82,754
Amortized Cost [4],[5],[6],[14]   90,549,000
Fair Value [4],[5],[6],[14]   119,736,000
Common Equity, Investment | Tacmed Holdings, LLC | Healthcare Supplies    
Principal Amount / No. Shares (in shares) 77,000 [1],[2],[3],[13] 77,000 [4],[5],[6],[14]
Amortized Cost 76,744,000 [1],[2],[3],[13] 76,744,000 [4],[5],[6],[14]
Fair Value 93,797,000 [1],[2],[3],[13] 92,378,000 [4],[5],[6],[14]
Common Equity, Investment | Vektek Holdings, LLC | Engineered Products    
Principal Amount / No. Shares (in shares) 56,928 [1],[2],[3],[13] 56,928 [4],[5],[6],[14]
Amortized Cost 56,928,000 [1],[2],[3],[13] 56,928,000 [4],[5],[6],[14]
Fair Value 70,286,000 [1],[2],[3],[13] 70,419,000 [4],[5],[6],[14]
Common Equity, Investment | Auriemma U.S. Roundtables | Information Services and Advisory Solutions    
Principal Amount / No. Shares (in shares) 33,094 [1],[2],[3],[13] 33,094 [4],[5],[6],[14]
Amortized Cost 33,476,000 [1],[2],[3],[13] 33,476,000 [4],[5],[6],[14]
Fair Value 66,938,000 [1],[2],[3],[13] 62,511,000 [4],[5],[6],[14]
Common Equity, Investment | Blue Ridge ESOP Associates | Retirement Plan Services    
Principal Amount / No. Shares (in shares) 11,489 [1],[2],[3] 11,489 [4],[5],[6]
Amortized Cost 9,427,000 [1],[2],[3] 10,200,000 [4],[5],[6]
Fair Value 40,437,000 [1],[2],[3] 36,896,000 [4],[5],[6]
Common Equity, Investment | Douglas Machines Corp. | Sanitation Products    
Principal Amount / No. Shares (in shares) 35,500 [1],[2],[3],[13] 35,500 [4],[5],[6],[14]
Amortized Cost 35,500,000 [1],[2],[3],[13] 35,500,000 [4],[5],[6],[14]
Fair Value 35,537,000 [1],[2],[3],[13] 39,057,000 [4],[5],[6],[14]
Common Equity, Investment | Milton Industries Inc. | Engineered Products    
Principal Amount / No. Shares (in shares) 7,395 [1],[2],[3] 6,647 [4],[5],[6]
Amortized Cost 8,903,000 [1],[2],[3] 6,647,000 [4],[5],[6]
Fair Value 21,455,000 [1],[2],[3] 18,849,000 [4],[5],[6]
Common Equity, Investment | Resolution Economics, LLC | Legal Services    
Principal Amount / No. Shares (in shares) [1],[2],[3] 7,666  
Amortized Cost [1],[2],[3] 7,645,000  
Fair Value [1],[2],[3] 20,324,000  
Common Equity, Investment | Resolution Economics, LLC | Business Services    
Principal Amount / No. Shares (in shares) [4],[5],[6]   7,666
Amortized Cost [4],[5],[6]   7,855,000
Fair Value [4],[5],[6]   20,400,000
Common Equity, Investment | USA Water Intermediate Holdings, LLC | Commercial and Professional Services    
Principal Amount / No. Shares (in shares) 86,245 [1],[2],[3] 86,245 [4],[5],[6]
Amortized Cost 8,624,000 [1],[2],[3] 8,624,000 [4],[5],[6]
Fair Value 11,737,000 [1],[2],[3] 10,370,000 [4],[5],[6]
Common Equity, Investment | LOCI Topoco Limited | Information Services and Advisory Solutions    
Principal Amount / No. Shares (in shares) [4],[5],[6],[12]   73,215
Amortized Cost [4],[5],[6],[12]   93,000
Fair Value [4],[5],[6],[12]   1,618,000
Common Equity, Investment | LOCI Topoco Limited | Legal Services    
Principal Amount / No. Shares (in shares) [1],[2],[3],[9] 104,624  
Amortized Cost [1],[2],[3],[9] 134,000  
Fair Value [1],[2],[3],[9] 5,755,000  
Equity    
Amortized Cost 721,012,000 [1],[2],[3] 600,656,000 [4],[5],[6]
Fair Value $ 1,028,576,000 [1],[2],[3] $ 848,575,000 [4],[5],[6]
[1] All investments are US based unless otherwise noted.
[2] Percentages represent fair value as a percentage of net assets for each investment category.
[3] Security may be an obligation of one or more entities affiliated with the named company.
[4] All investments are US based unless otherwise noted.
[5] Percentages represent fair value as a percentage of net assets for each investment category.
[6] Security may be an obligation of one or more entities affiliated with the named company.
[7] The Company has a first lien on this portfolio company’s assets, except in cases when the portfolio company has a revolving line of credit provided by a third party lender. In some instances the revolving lender has a first priority lien on all assets, whereas, in others, the revolving lender has a first priority lien on only accounts receivable and inventory, if applicable, and a second lien on all other assets.
[8] The Company has a first lien on this portfolio company’s assets, except in cases when the portfolio company has a revolving line of credit provided by a third party lender. In some instances the revolving lender has a first priority lien on all assets, whereas, in others, the revolving lender has a first priority lien on only accounts receivable and inventory, if applicable, and a second lien on all other assets.
[9] LBR is headquartered in the United Kingdom. LBR investment represents 7.8% of net assets based on fair value as of June 30, 2025.
[10] Represents Tranche A2 PIK Notes, which rank third after the Tranche A1 PIK Notes issued by LOCI Midco 1 Limited (subsidiary of LOCI TopCo Limited).
[11] Represents Tranche B2 PIK Notes, which rank fourth after the Tranche A1 PIK Notes issued by LOCI Midco I Limited (subsidiary of LOCI TopCo Limited).
[12] LBR is headquartered in the United Kingdom. LBR investment represents 5.10% of net assets based on fair value as of December 31, 2024.
[13] As of June 30, 2025, the Company owned a controlling interest in this portfolio company.
[14] As of December 31, 2024, the Company owned a controlling interest in this portfolio company.