v3.25.2
Investments (Tables)
 6 Months Ended
Jun. 30, 2025
Investments [Abstract]  
Schedule of Composition of the Company's Investment Portfolio
The following tables show the composition of the Company’s investment portfolio, at amortized cost and fair value (with corresponding percentage of total portfolio investments) as of June 30, 2025 and December 31, 2024:
June 30, 2025December 31, 2024
Amortized Cost:
Senior secured loans$285,753 68.9%$372,074 75.0%
Unitranche secured loans2,163 0.5 3,835 0.8 
Junior secured loans41,810 10.1 35,771 7.2 
LLC equity interest in SLF42,650 10.3 42,650 8.6 
Equity investments42,432 10.2 41,467 8.4 
Total$414,808 100.0 %$495,797 100.0 %
June 30, 2025December 31, 2024
Fair Value:
Senior secured loans$270,091 73.5%$357,994 78.3%
Unitranche secured loans2,183 0.6 3,862 0.8 
Junior secured loans31,679 8.6 29,634 6.5 
LLC equity interest in SLF30,157 8.2 32,730 7.2 
Equity investments33,590 9.1 32,828 7.2 
Total$367,700 100.0 %$457,048 100.0 %
The following tables show the composition of the Company’s investment portfolio by geographic region, at amortized cost and fair value (with corresponding percentage of total portfolio investments) as of June 30, 2025 and December 31, 2024. The geographic composition is determined by the location of the corporate headquarters of the portfolio company, which may not be indicative of the primary source of the portfolio company’s business:
June 30, 2025December 31, 2024
Amortized Cost:
United States
Midwest$172,053 41.5%$178,051 35.9%
Northeast93,328 22.5 103,354 20.8 
Northwest— — 3,928 0.8 
Southeast71,381 17.2 116,087 23.5 
Southwest8,547 2.1 12,622 2.5 
West69,499 16.7 81,755 16.5 
International (1)
— — — — 
Total$414,808 100.0 %$495,797 100.0 %
___________________________________________________
(1)Includes one equity investment with no cost basis as of June 30, 2025 and December 31, 2024, respectively.
June 30, 2025December 31, 2024
Fair Value:
United States
Midwest$142,353 38.7%$152,880 33.4%
Northeast84,604 23.0 94,766 20.7 
Northwest— — 4,030 0.9 
Southeast64,628 17.6 111,115 24.4 
Southwest8,738 2.4 13,186 2.9 
West66,051 18.0 79,683 17.4 
International1,326 0.3 1,388 0.3 
Total$367,700 100.0 %$457,048 100.0 %
The following tables show the composition of the Company’s investment portfolio by industry, at amortized cost and fair value (with corresponding percentage of total portfolio investments) as of June 30, 2025 and December 31, 2024:
June 30, 2025December 31, 2024
Amortized Cost:
Automotive$20,244 4.9 %$20,188 4.1 %
Banking11,647 2.8 11,689 2.4 
Beverage, Food & Tobacco1,726 0.4 4,554 0.9 
Capital Equipment4,804 1.2 4,809 1.0 
Chemicals, Plastics & Rubber4,041 1.0 3,784 0.8 
Construction & Building10,079 2.4 10,094 2.0 
Consumer Goods: Durable8,199 2.0 8,444 1.7 
Consumer Goods: Non-Durable3,774 0.9 3,857 0.8 
Environmental Industries67 
0.0 *
67 
0.0*
FIRE: Finance8,608 2.1 12,675 2.6 
FIRE: Real Estate96,337 23.2 90,397 18.2 
Healthcare & Pharmaceuticals62,773 15.1 83,481 16.8 
High Tech Industries38,465 9.3 42,841 8.6 
Hotels, Gaming & Leisure111 
0.0 *
111 
0.0 *
Investment Funds & Vehicles42,650 10.3 42,650 8.6 
Media: Advertising, Printing & Publishing9,352 2.3 10,636 2.1 
Media: Broadcasting & Subscription4,574 1.1 4,574 0.9 
Media: Diversified & Production24,569 5.9 43,554 8.8 
Retail2,590 0.6 2,534 0.5 
Services: Business29,341 7.1 50,740 10.2 
Services: Consumer25,071 6.0 32,552 6.6 
Telecommunications5,511 1.3 5,496 1.1 
Transportation: Cargo— — 5,794 1.2 
Wholesale275 0.1 276 0.1 
Total$414,808 100.0 %$495,797 100.0 %
June 30, 2025December 31, 2024
Fair Value:
Automotive$16,436 4.5 %$16,267 3.6 %
Banking6,931 1.9 7,861 1.7 
Beverage, Food & Tobacco2,904 0.8 6,027 1.3 
Capital Equipment4,827 1.3 4,853 1.1 
Chemicals, Plastics & Rubber4,385 1.2 4,864 1.1 
Construction & Building10,348 2.8 10,334 2.3 
Consumer Goods: Durable7,463 2.0 8,263 1.8 
Consumer Goods: Non-Durable1,864 0.5 2,467 0.4 
Environmental Industries92 
0.0 *
520 0.1 
FIRE: Finance8,686 2.4 12,789 2.8 
FIRE: Real Estate89,625 24.4 83,037 18.2 
Healthcare & Pharmaceuticals56,713 15.5 79,784 17.5 
High Tech Industries37,155 10.1 41,240 9.0 
Hotels, Gaming & Leisure151 
0.0 *
144 
0.0 *
Investment Funds & Vehicles30,157 8.2 32,730 7.2 
Media: Advertising, Printing & Publishing10,686 2.9 12,035 2.6 
Media: Broadcasting & Subscription893 0.2 1,156 0.3 
Media: Diversified & Production24,752 6.7 43,717 9.6 
Retail1,699 0.5 2,036 0.4 
Services: Business29,644 8.1 51,175 11.2 
Services: Consumer16,590 4.5 24,113 5.3 
Telecommunications5,556 1.5 5,586 1.2 
Transportation: Cargo— — 5,890 1.3 
Wholesale143 
0.0*
160 
0.0*
Total$367,700 100.0 %$457,048 100.0 %
_______________________________________________________
*Represents an amount less than 0.1%
Schedule of Summarized Financial Information for SLF
Below is a summary of SLF’s portfolio, followed by a listing of the individual investments in SLF’s portfolio as of June 30, 2025 and December 31, 2024:
June 30, 2025December 31, 2024
Secured loans (1)
70,941 101,624 
Weighted average current interest rate on secured loans (2)
8.7%9.3%
Number of portfolio company investments in SLF28 36 
Largest portfolio company investment (1)
4,829 4,900 
Total of five largest portfolio company investments (1)
22,520 23,901 
________________________________________________________
(1)Represents outstanding principal amount, excluding unfunded commitments.
(2)Computed as the (a) annual stated interest rate on accruing secured loans divided by (b) total secured loans at outstanding principal amount.
Below is certain summarized financial information for SLF as of June 30, 2025 and December 31, 2024 and for the three and six months ended June 30, 2025 and 2024:
June 30, 2025December 31, 2024
(unaudited)
Assets
Investments, at fair value$67,486 $97,951 
Cash and cash equivalents1,102 1,488 
Restricted cash and cash equivalents6,194 3,673 
Interest receivable1,097 1,047 
Other assets20 — 
Total assets$75,899 $104,159 
Liabilities
Revolving credit facility$15,242 $38,214 
Less: Unamortized debt issuance costs— — 
Total debt, less unamortized debt issuance costs15,242 38,214 
Interest payable86 272 
Accounts payable and accrued expenses256 212 
Total liabilities15,584 38,698 
Members’ capital60,315 65,461 
Total liabilities and members’ capital$75,899 $104,159 
Three months ended June 30,Six months ended June 30,
2025202420252024
Investment income:
Interest income$1,773 $3,332 $4,053 $7,370 
Total investment income1,773 3,332 4,053 7,370 
Expenses:
Interest and other debt financing expenses291 1,355 855 3,045 
Professional fees and other expenses138 130 296 357 
Total expenses429 1,485 1,151 3,402 
Net investment income 1,344 1,847 2,902 3,968 
Net gain (loss):
Net realized gain (loss) — 46 82 82 
Net change in unrealized gain (loss) (3,464)122 (4,930)(496)
Net gain (loss)(3,464)168 (4,848)(414)
Net increase (decrease) in members’ capital$(2,120)$2,015 $(1,946)$3,554 
Summary of SLF's Portfolio, Followed by a Listing of the Individual Investments in SLF's Portfolio
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate (2)
MaturityPrincipalFair Value
Non-Controlled/Non-Affiliate Company Investments
Senior Secured Loans
Aerospace & Defense
Trident Maritime Systems, Inc.  SF 7.85 %
5.40% Cash/ 6.75% PIK
2/26/20273,169 $3,087 
Trident Maritime Systems, Inc.  SF 7.85 %
5.40% Cash/ 6.75% PIK
2/26/2027138 134 
Trident Maritime Systems, Inc. (Revolver)  SF 7.85 %
5.41% Cash/ 6.75% PIK
2/26/2027321 312 
3,628 3,533 
Automotive
Accelerate Auto Works Intermediate, LLC  SF 5.15 %9.48 %12/1/20271,336 1,318 
Accelerate Auto Works Intermediate, LLC  SF 5.15 %9.43 %12/1/2027382 377 
Accelerate Auto Works Intermediate, LLC (Revolver) (4) SF 5.15 %9.45 %12/1/2027132 64 
1,850 1,759 
Capital Equipment
MacQueen Equipment, LLC  SF 5.51 %9.81 %1/7/20282,025 2,025 
MacQueen Equipment, LLC  SF 5.51 %9.81 %1/7/2028444 444 
MacQueen Equipment, LLC (Revolver) (4) P 4.25 %11.75 %1/7/2028296 — 
2,765 2,469 
Chemicals, Plastics & Rubber
New Spartech Holdings, LLC (fka TJC Spartech Acquisition Corp.) (5) SF 7.00 %11.31 %3/31/2030412 412 
New Spartech Holdings, LLC (fka TJC Spartech Acquisition Corp.) (5) SF 5.25 %9.56 %9/30/2030673 673 
Phoenix Chemical Holding Company LLC  SF 7.11 %11.44 %10/3/20251,135 529 
2,220 1,614 
Consumer Goods: Durable
Runner Buyer INC. (5) SF 5.61 %9.94 %10/23/20282,910 565 
2,910 565 
Containers, Packaging & Glass
Polychem Acquisition, LLC  SF 9.61 %
9.94% Cash/ 4.00% PIK
8/15/20262,894 2,503 
PVHC Holding Corp  SF 6.40 %
9.95% Cash/ 0.75% PIK
2/17/20271,888 1,871 
4,782 4,374 
Energy: Oil & Gas
Offen, Inc.  SF 5.11 %9.44 %6/22/20262,249 2,230 
Offen, Inc.  SF 5.11 %9.44 %6/22/2026845 838 
3,094 3,068 
FIRE: Finance
TEAM Public Choices, LLC  SF 5.26 %9.54 %12/17/20272,880 2,870 
2,880 2,870 
FIRE: Real Estate
Avison Young (USA) Inc. (3)(5) SF 6.51 %10.84 %3/12/2028598 577 
598 577 
Healthcare & Pharmaceuticals
Natus Medical Incorporated  SF 5.40 %9.70 %7/20/20294,233 4,191 
4,233 4,191 
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate (2)
MaturityPrincipalFair Value
High Tech Industries
Corel Inc. (3) SF 5.10 %9.43 %7/2/20263,100 $2,938 
3,100 2,938 
Hotels, Gaming & Leisure
Excel Fitness Holdings, Inc.  SF 5.25 %9.55 %4/27/20294,288 4,270 
Excel Fitness Holdings, Inc. (Revolver) (4) SF 5.25 %9.55 %4/28/2028625 — 
North Haven Spartan US Holdco, LLC  SF 5.75 %10.06 %6/5/20262,215 2,215 
7,128 6,485 
Media: Diversified & Production
STATS Intermediate Holdings, LLC  SF 5.51 %9.83 %7/10/20264,725 4,631 
Touchtunes Music Group, LLC  SF 4.75 %9.05 %3/30/20293,250 3,147 
7,975 7,778 
Services: Business
Eliassen Group, LLC  SF 5.75 %10.05 %4/14/20283,170 3,076 
Eliassen Group, LLC  SF 5.75 %10.08 %4/14/2028228 221 
SIRVA Worldwide Inc. (Delayed Draw) (4) SF 8.00 %12.32 %2/20/2029381 240 
3,779 3,537 
Services: Consumer
Laseraway Intermediate Holdings II, LLC  SF 5.75 %10.29 %10/14/20272,144 2,064 
McKissock Investment Holdings, LLC  SF 5.15 %9.41 %3/9/20292,419 2,426 
4,563 4,490 
Telecommunications
Mavenir Systems, Inc. (5) SF 5.01 %9.34 %8/18/20281,621 45 
AppLogic Networks OpCo I LLC (fka Sandvine Corporation) (5) SF 6.00 %
5.26% Cash/ 5.00% PIK
3/3/2030640 595 
2,261 640 
Transportation: Cargo
Keystone Purchaser, LLC  SF 5.86 %10.19 %5/7/20274,829 4,811 
4,829 4,811 
Total Non-Controlled/Non-Affiliate Senior Secured Loans,62,595 55,699 
Junior Secured Loans
Consumer Goods: Durable
Elevate Textiles, Inc. (5) SF 6.65 %10.95 %9/30/2027786 623 
786 623 
FIRE: Real Estate
Avison Young (USA) Inc. (3)(5) SF 8.26 %
6.09% Cash/ 6.50% PIK
3/12/20291,492 772 
Avison Young (USA) Inc. (3)(5) SF 8.26 %
6.07% Cash/ 6.50% PIK
3/12/2029510 117 
2,002 889 
Media: Diversified & Production
Research Now Group, Inc. and Survey Sampling International, LLC  SF 5.76 %10.09 %10/15/20284,445 3,953 
4,445 3,953 
Services: Business
Output Services Group, Inc. (5) SF 6.68 %10.96 %11/30/20281,042 1,042 
SIRVA Worldwide Inc.  SF 8.00 %
7.32% Cash/ 5.00% PIK
8/20/20291,201 1,187 
2,243 2,229 
Total Non-Controlled/Non-Affiliate Junior Secured Loans9,476 7,694 
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate (2)
MaturityPrincipalFair Value
Equity Securities (6) (7) (8)
Consumer Goods: Durable
Elevate Textiles, Inc. (fka International Textile Group, Inc.) (25,524 shares of common units)
  —   —   —   — — $87 
87 
Chemicals, Plastics & Rubber
New Spartech Holdings, LLC (fka TJC Spartech Acquisition Corp.) (89,749 Class A units)
  —   —   —   — — 833 
Polyventive Lender Holding Company LLC (0.84% of the equity)
  —   —   —   — — — 
833 
FIRE: Real Estate
Avison Young (USA) Inc. (1,605,312 Class A preferred shares)
(3)(5) n/a  n/a
12.50% PIK
  — — 139 
Avison Young (USA) Inc. (1,199 Class F common shares)
(3)  —   —   —   — — — 
139 
Healthcare & Pharmaceuticals
Cano Health, Inc. (79,030 shares of common units)
  —   —   —   — — 333 
Cano Health, Inc. (warrant to purchase up to 2,682 shares of common units)
  —   —   — 6/28/2029— — 
333 
Media: Diversified & Production
Research Now Group, Inc. and Survey Sampling International, LLC (61,590 shares of common units)
  —   —   —   — — 1,288 
1,288 
Services: Business
Output Services Group, Inc. (51,370 Class A units)
  —   —   —   — — 649 
SIRVA Worldwide Inc. (2,252 Class A common shares)
  —   —   —   — — 12 
SIRVA Worldwide Inc. (518 Class A preferred shares)
  —   —   —   — — 591 
1,252 
Telecommunications
AppLogic Networks Parent LLC (fka Sandvine Corporation) (47,749 common units)
  —   —   —   — — 161 
AppLogic Networks Parent LLC (fka Sandvine Corporation) (40 shares of Class A units)
  —   —   —   — — — 
161 
Total Non-Controlled/Non-Affiliate Equities4,093 
TOTAL INVESTMENTS$67,486 
________________________________________________________
(1)All investments are U.S. companies unless otherwise noted.
(2)The majority of investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (“SOFR” or “SF”) or Prime (“P”) which reset daily, monthly, quarterly or semiannually. The Company has provided the spread over SOFR or Prime and the current contractual rate of interest in effect at June 30, 2025. Certain investments may be subject to an interest rate floor or cap. Certain investments contain a Payment-in-Kind (“PIK”) provision.
(3)The headquarters of this portfolio company is located in Canada.
(4)All or a portion of this commitment was unfunded as of June 30, 2025. As such, interest is earned only on the funded portion of this commitment. Principal reflects the commitment outstanding.
(5)This position was on non-accrual status as of June 30, 2025, meaning that the Company has ceased accruing interest income on the position.
(6)Represents less than 5% ownership of the portfolio company’s voting securities.
(7)Ownership of certain equity investments may occur through a holding company partnership.
(8)Investments without an interest rate are non-income producing.
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate (2)
MaturityPrincipalFair Value
Non-Controlled/Non-Affiliate Company Investments
Senior Secured Loans
Aerospace & Defense
Trident Maritime Systems, Inc. SF 7.65 %
9.98% Cash/ 2.00% PIK
2/26/20273,145 $3,096 
Trident Maritime Systems, Inc. SF 7.60 %
9.96% Cash/ 2.00% PIK
2/26/2027137 135 
Trident Maritime Systems, Inc. (Revolver)(4) SF 7.65 %
10.01% Cash/ 2.00% PIK
2/26/2027319 — 
3,601 3,231 
Automotive
Accelerate Auto Works Intermediate, LLC SF 4.90 %9.41 %12/1/20271,344 1,323 
Accelerate Auto Works Intermediate, LLC SF 4.90 %9.49 %12/1/2027384 378 
Accelerate Auto Works Intermediate, LLC (Revolver)(4) SF 4.90 %9.41 %12/1/2027132 44 
1,860 1,745 
Beverage, Food & Tobacco
SW Ingredients Holdings, LLC SF 5.60 %9.96 %7/8/20273,506 3,503 
3,506 3,503 
Capital Equipment
MacQueen Equipment, LLC SF 5.51 %9.84 %1/7/20282,032 2,032 
MacQueen Equipment, LLC SF 5.51 %9.84 %1/7/2028445 445 
MacQueen Equipment, LLC (Revolver)(4) P 4.25 %11.75 %1/7/2028296 20 
2,773 2,497 
Chemicals, Plastics & Rubber
Phoenix Chemical Holding Company LLC SF 7.11 %11.47 %10/3/20251,137 677 
TJC Spartech Acquisition Corp. SF 4.75 %9.41 %5/5/20284,167 3,026 
5,304 3,703 
Consumer Goods: Durable
Runner Buyer INC. SF 5.61 %10.11 %10/23/20282,910 1,382 
2,910 1,382 
Consumer Goods: Non-Durable
PH Beauty Holdings III, INC. SF 5.00 %10.17 %9/26/20252,342 2,333 
2,342 2,333 
Containers, Packaging & Glass
Polychem Acquisition, LLC SF 5.26 %9.85 %3/17/20252,828 2,463 
PVHC Holding Corp SF 6.90 %
10.43% Cash/ 0.75% PIK
2/17/20271,891 1,869 
4,719 4,332 
Energy: Oil & Gas
Offen, Inc.  SF 5.11 %9.47 %6/22/20262,249 2,209 
Offen, Inc.  SF 5.11 %9.47 %6/22/2026850 835 
3,099 3,044 
FIRE: Finance
TEAM Public Choices, LLC  SF 5.11 %9.47 %12/17/20272,895 2,914 
2,895 2,914 
FIRE: Real Estate
Avison Young (USA) Inc. (3)(5) SF 6.36 %10.70 %3/12/2028601 606 
601 606 
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate (2)
MaturityPrincipalFair Value
Healthcare & Pharmaceuticals
LSCS Holdings, Inc.  SF 4.61 %8.97 %12/15/20281,791 $1,805 
Natus Medical Incorporated  SF 5.60 %9.96 %7/20/20294,900 4,827 
6,691 6,632 
High Tech Industries
Corel Inc. (3) SF 5.10 %9.61 %7/2/20263,200 2,706 
Lightbox Intermediate, L.P.  SF 5.11 %9.44 %5/11/20264,725 4,725 
TGG TS Acquisition Company  SF 6.61 %10.97 %12/12/20252,445 2,460 
10,370 9,891 
Hotels, Gaming & Leisure
Excel Fitness Holdings, Inc.  SF 5.25 %9.58 %4/27/20294,309 4,301 
Excel Fitness Holdings, Inc. (Revolver) (4) SF 5.25 %9.58 %4/28/2028625 — 
North Haven Spartan US Holdco, LLC  SF 5.75 %10.18 %6/5/20262,227 2,227 
7,161 6,528 
Media: Diversified & Production
STATS Intermediate Holdings, LLC  SF 5.51 %10.03 %7/10/20264,750 4,698 
TA TT Buyer, LLC  SF 4.75 %9.08 %3/30/20293,267 3,281 
8,017 7,979 
Services: Business
Eliassen Group, LLC  SF 5.75 %10.08 %4/14/20283,186 3,118 
Eliassen Group, LLC  SF 5.75 %10.26 %4/14/2028229 224 
Secretariat Advisors LLC  SF 4.86 %9.22 %12/29/20281,659 1,657 
Secretariat Advisors LLC  SF 4.86 %9.22 %12/29/2028265 264 
SIRVA Worldwide Inc. (Delayed Draw) (4) SF 8.00 %12.35 %2/20/2029381 241 
5,720 5,504 
Services: Consumer
Laseraway Intermediate Holdings II, LLC  SF 5.75 %10.66 %10/14/20272,156 2,075 
McKissock Investment Holdings, LLC  SF 5.00 %9.80 %3/9/20292,431 2,420 
4,587 4,495 
Telecommunications
Mavenir Systems, Inc.  SF 5.01 %9.53 %8/18/20281,621 1,150 
Sandvine Corporation(5) SF 9.00 %13.25 %10/3/202572 72 
Sandvine Corporation(5) SF 9.00 %13.25 %10/3/2025372 374 
Sandvine Corporation (Delayed Draw)(4)(5) SF 9.00 %13.25 %10/3/2025144 — 
2,209 1,596 
Transportation: Cargo
Keystone Purchaser, LLC  SF 5.86 %10.22 %5/7/20274,854 4,836 
4,854 4,836 
Wholesale
HALO Buyer, Inc.  SF 4.60 %8.96 %6/30/20254,672 4,456 
4,672 4,456 
Total Non-Controlled/Non-Affiliate Senior Secured Loans87,891 81,207 
Junior Secured Loans
Consumer Goods: Durable
Elevate Textiles, Inc. (5) SF 6.65 %11.24 %9/30/2027790 622 
790 622 
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate (2)
MaturityPrincipalFair Value
Healthcare & Pharmaceuticals
Radiology Partners, Inc.  SF 5.26 %
8.28% Cash/ 1.50% PIK
1/31/20294,252 $4,213 
4,252 4,213 
FIRE: Real Estate
Avison Young (USA) Inc. (3)(5) SF 8.26 %
6.15% Cash/ 6.50% PIK
3/12/20291,492 1,178 
Avison Young (USA) Inc.(3)(5) SF 8.26 %
6.15% Cash/ 6.50% PIK
3/12/2029510 299 
2,002 1,477 
Media: Diversified & Production
Research Now Group, Inc. and Survey Sampling International, LLC  SF 5.76 %10.29 %10/15/20284,467 4,181 
4,467 4,181 
Services: Business
Output Services Group, Inc. (5) SF 6.68 %11.11 %11/30/20281,042 1,042 
SIRVA Worldwide Inc.  SF 8.00 %
7.52% Cash/ 5.00% PIK
8/20/20291,171 1,160 
2,213 2,202 
Telecommunications
Sandvine Corporation (5) n/a  n/a 2.00 %6/28/20271,602 381 
1,602 381 
Total Non-Controlled/Non-Affiliate Junior Secured Loans15,326 13,076 
Equity Investments (6)(7)(8)
Consumer Goods: Durable
Elevate Textiles, Inc. (fka International Textile Group, Inc.) (25,524 shares of common units)
————— 86 
86 
Chemicals, Plastics & Rubber
Polyventive Lender Holding Company LLC (0.84% of the equity)
————— — 
— 
FIRE: Real Estate
Avison Young (USA) Inc. (1,605,312 Class A preferred shares)
(3)(5) n/a  n/a
12.50% PIK
 n/a — 610 
Avison Young (USA) Inc. (1,199 Class F common shares)
(3)  — ———— — 
610 
Healthcare & Pharmaceuticals
Cano Health, Inc. (79,030 shares of common units)
  — ———— 692 
Cano Health, Inc. (warrant to purchase up to 2,682 shares of common units)
  — ——6/28/2029—2 
694 
Media: Diversified & Production
Research Now Group, Inc. and Survey Sampling International, LLC (61,590 shares of common units)
  — ———— 1,093 
1,093 
Services: Business
SIRVA Worldwide Inc. (2,252 Class A common shares)
  — ———— 547 
SIRVA Worldwide Inc. (518 Class A preferred shares)
  — ———— 25 
Output Services Group, Inc. (51,370 Class A units)
  — ———— 613 
1,185 
Portfolio Company (1)
Footnotes
Index (2)
Spread (2)
Interest Rate (2)
MaturityPrincipalFair Value
Telecommunications
Sandvine Corporation (40 shares of Class A units)
  — ———— $— 
— 
Total Non-Controlled/Non-Affiliate Equities3,668 
TOTAL INVESTMENTS$97,951 

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(1)All investments are U.S. companies unless otherwise noted.
(2)The majority of investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (“SOFR” or “SF”) or Prime (“P”) which reset daily, monthly, quarterly or semiannually. The Company has provided the spread over SOFR or Prime and the current contractual rate of interest in effect at December 31, 2024. Certain investments may be subject to an interest rate floor or cap. Certain investments contain a Payment-in-Kind (“PIK”) provision.
(3)The headquarters of this portfolio company is located in Canada.
(4)All or a portion of this commitment was unfunded as of December 31, 2024. As such, interest is earned only on the funded portion of this commitment. Principal reflects the commitment outstanding.
(5)This position was on non-accrual status as of December 31, 2024, meaning that the Company has ceased accruing interest income on the position.
(6)Represents less than 5% ownership of the portfolio company’s voting securities.
(7)Ownership of certain equity investments may occur through a holding company partnership.
(8)Investments without an interest rate are non-income producing.