v3.25.2
Consolidated Statement of Assets and Liabilities - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
ASSETS    
Non-controlled/non-affiliated investments, at fair value (amortized cost of: $661,745 and $653,701, respectively) $ 658,135 $ 653,925
Cash and cash equivalents 24,857 21,319
Interest and dividends receivable 5,851 4,247
Deferred financing costs 2,906 2,282
Deferred offering costs 1,770 1,968
Receivable for investments sold or repaid 12,009 5,019
Prepaid expenses and other assets 176 51
Due from Adviser 2,854 2,585
Total assets 708,558 691,396
LIABILITIES    
Credit facility 395,000 325,600
Accrued interest and other borrowing costs 6,456 5,384
Payable for investments purchased 3,659 55,343
Distributions payable 2,552 2,548
Offering costs payable 288 311
Due to Affiliates 74 138
Accrued professional fees 487 577
Accrued administration expense 521 469
Accrued expenses and other liabilities 417 692
Total liabilities 409,454 391,062
Commitments and contingencies (Note 7)
NET ASSETS    
Common shares, par value $0.001 (unlimited shares authorized, 12,446,559 and 12,407,361 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively) 12 12
Paid-in capital in excess of par value 300,993 300,733
Distributable earnings (accumulated losses) (1,901) (411)
Total net assets 299,104 300,334
NET ASSET VALUE PER SHARE    
Net assets $ 299,104 $ 300,334
Common Shares outstanding 12,446,559 12,407,361
Investments - non-controlled/non-affiliated [Member]    
ASSETS    
Non-controlled/non-affiliated investments, at fair value (amortized cost of: $661,745 and $653,701, respectively) $ 658,135 [1],[2],[3] $ 653,925 [4],[5],[6]
Class I Shares    
NET ASSETS    
Total net assets 299,003 300,334
NET ASSET VALUE PER SHARE    
Net assets $ 299,003 $ 300,334
Common Shares outstanding 12,442,354 12,407,361
Net asset value per share $ 24.03 $ 24.21
Class D Shares    
NET ASSETS    
Total net assets $ 101 [7] $ 0
NET ASSET VALUE PER SHARE    
Net assets $ 101 [7] $ 0
Common Shares outstanding 4,205 [7] 0
Net asset value per share [7] $ 24.03 $ 0
[1] All debt investments are income producing unless otherwise noted. All equity and warrant investments are non-income producing unless otherwise noted.
[2] All investments are non-controlled/non-affiliated investments as defined by the Investment Company Act of 1940, as amended (the “1940 Act”). The provisions of the 1940 Act classify investments based on the level of control that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally presumed to be “non-controlled” when we own 25% or less of the portfolio company’s voting securities and “controlled” when we own more than 25% of the portfolio company’s voting securities. The provisions of the 1940 Act also classify investments further based on the level of ownership that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as “non-affiliated” when we own less than 5% of a portfolio company’s voting securities and “affiliated” when we own 5% or more of a portfolio company’s voting securities.
[3] Security may be an obligation of one or more entities affiliated with the named portfolio company.
[4] All debt investments are income producing unless otherwise noted. All equity and warrant investments are non-income producing unless otherwise noted.A
[5] Security may be an obligation of one or more entities affiliated with the named portfolio company.
[6] ll investments are non-controlled/non-affiliated investments as defined by the Investment Company Act of 1940, as amended (the “1940 Act”). The provisions of the 1940 Act classify investments based on the level of control that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally presumed to be “non-controlled” when we own 25% or less of the portfolio company’s voting securities and “controlled” when we own more than 25% of the portfolio company’s voting securities. The provisions of the 1940 Act also classify investments further based on the level of ownership that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as “non-affiliated” when we own less than 5% of a portfolio company’s voting securities and “affiliated” when we own 5% or more of a portfolio company’s voting securities.
[7] The date of the first sale of Class D shares was May 1, 2025. See Note 8 - Net Assets for additional information.