v3.25.2
Consolidated Schedule of Investments - USD ($)
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Mar. 31, 2025
Dec. 31, 2023
% of Net Assets 128.10% [1] 129.70% [2]    
Cash Equivalents - % of Net Assets 0.40% 0.70%    
Short-term Investments - % of Net Assets 154.20% 164.40%    
Amortized Cost $ 432,887,516 [1],[3] $ 463,548,533 [2]    
Cash Equivalents, Amortized Cost 993,983 1,765,814    
Short-term Investments, Amortized Cost 394,466,500 420,466,431    
Short-term Investments, Fair Value 394,466,500 420,466,431    
Total Investments, Amortized Cost 828,347,999 885,780,778    
Total Investments, Fair Value 723,292,813 753,814,617    
Fair Value 327,832,330 [1],[3] 331,582,372 [2]    
Cash Equivalents, Fair Value 993,983 1,765,814    
Net unrealized depreciation on unfunded commitments 0 (1,006,980)    
Liabilities in Excess of Other Assets (467,423,022) (497,024,896)    
Net Assets $ 255,869,791 $ 255,782,741    
First American Government Obligation Fund [Member]        
Cash Equivalents - % of Net Assets 0.40% 0.70%    
Shares 993,983 1,765,814    
Cash Equivalents, Amortized Cost $ 993,983 $ 1,765,814    
Cash Equivalents, Fair Value $ 993,983 $ 1,765,814    
Debt        
% of Net Assets 65.90% [4] 67.50% [5]    
Amortized Cost $ 287,734,298 [4] $ 310,795,315 [5]    
Fair Value $ 168,757,151 [4] $ 172,216,363 [5]    
Debt | Distributors        
% of Net Assets [5]   1.40%    
Amortized Cost [5]   $ 32,857,347    
Fair Value [5]   $ 3,390,000    
Debt | Diversified Consumer Services        
% of Net Assets 2.90% [4] 3.20% [5]    
Amortized Cost $ 7,513,415 [4] $ 8,058,439 [5]    
Fair Value $ 7,515,441 [4] $ 8,065,952 [5]    
Debt | Hotels, Restaurants & Leisure        
% of Net Assets 4.90% [4] 4.80% [5]    
Amortized Cost $ 12,085,834 [4] $ 11,527,467 [5]    
Fair Value $ 12,631,826 [4] $ 12,317,541 [5]    
Debt | Household Durables        
% of Net Assets 8.00% [4] 7.80% [5]    
Amortized Cost $ 20,252,219 [4] $ 19,795,375 [5]    
Fair Value $ 20,320,170 [4] $ 19,862,743 [5]    
Debt | Industrial Conglomerates        
% of Net Assets 19.50% [4] 18.30% [5]    
Amortized Cost $ 49,912,527 [4] $ 46,745,760 [5]    
Fair Value $ 49,924,301 [4] $ 46,759,790 [5]    
Debt | Metals & Mining        
% of Net Assets 20.00% [4] 21.20% [5]    
Amortized Cost $ 170,334,770 [4] $ 163,769,117 [5]    
Fair Value $ 51,227,320 [4] $ 54,162,792 [5]    
Debt | Pharmaceuticals        
% of Net Assets 10.60% [4] 10.80% [5]    
Amortized Cost $ 27,635,533 [4] $ 28,041,810 [5]    
Fair Value $ 27,138,093 [4] $ 27,657,545 [5]    
Equity        
% of Net Assets 62.20% 62.20%    
Amortized Cost $ 145,153,218 $ 152,753,218    
Fair Value $ 159,075,179 $ 159,366,009    
Equity | Diversified Consumer Services        
% of Net Assets 14.50% 15.80%    
Amortized Cost $ 8,473,161 $ 8,473,161    
Fair Value $ 36,837,285 $ 40,289,639    
Equity | Hotels, Restaurants & Leisure        
% of Net Assets 9.50% 7.00%    
Amortized Cost $ 5,333,708 $ 5,333,708    
Fair Value $ 24,319,773 $ 18,090,912    
Equity | Household Durables        
% of Net Assets 4.80% 6.40%    
Amortized Cost $ 9,187,902 $ 9,187,902    
Fair Value $ 12,383,993 $ 16,403,979    
Equity | Industrial Conglomerates        
% of Net Assets 18.50% 13.00%    
Amortized Cost $ 62,647,925 $ 62,647,925    
Fair Value $ 47,291,000 $ 33,351,000    
Equity | Investment Funds & Vehicles        
% of Net Assets 14.90% 20.00%    
Amortized Cost $ 57,400,000 $ 65,000,000    
Fair Value $ 38,243,128 $ 51,230,479    
Equity | Metals & Mining        
% of Net Assets 0.00% 0.00%    
Amortized Cost $ 2,110,522 $ 2,110,522    
Fair Value $ 0 $ 0    
U.S. Treasury Bill        
Short-term Investments - % of Net Assets 154.20% 164.40%    
Maturity Date Oct. 28, 2025 Apr. 03, 2025    
Shares 400,000,000 425,000,000    
Short-term Investments, Amortized Cost $ 394,466,500 $ 420,466,431    
Short-term Investments, Fair Value $ 394,466,500 420,466,431    
Investment, Identifier [Axis]: ASC Acquisition Holdings LLC Term Loan - 9.50%        
Investment interest rate 9.50%      
Maturity Date Dec. 31, 2026      
Fair Value $ 0 686,276    
Investment, Identifier [Axis]: Animal Supply Company, LLC First Out Term Loan        
Fair Value $ 0 $ 2,703,724    
Investment, Identifier [Axis]: Animal Supply Company, LLC First Out Term Loan - 13.09%        
Investment interest rate   13.09%    
Maturity Date   Aug. 14, 2025    
Fair Value   $ 2,703,724   $ 0
Investment, Identifier [Axis]: Animal Supply Company, LLC Term Loan - 13.28%        
Investment interest rate   13.28%    
Maturity Date   Aug. 14, 2025    
Fair Value   $ 686,276   19,054,378
Investment, Identifier [Axis]: Cedar Electronics Holdings, Corp Incremental Term Loan - 15.00%        
Investment interest rate 15.00% 15.00%    
Maturity Date Dec. 31, 2026 Dec. 31, 2026    
Fair Value $ 6,301,718 $ 5,844,291   5,020,439
Investment, Identifier [Axis]: Cedar Electronics Holdings, Corp Term Loan - 12.65%        
Investment interest rate   12.65%    
Maturity Date   Dec. 31, 2026    
Fair Value   $ 14,018,452   14,018,452
Investment, Identifier [Axis]: Cedar Electronics Holdings, Corp Term Loan - 9.50%        
Investment interest rate 9.50%      
Maturity Date Dec. 31, 2026      
Fair Value $ 14,018,452 14,018,452    
Investment, Identifier [Axis]: Cedar Ultimate Parent, LLC Class A Preferred Unit        
Fair Value 12,383,993 16,403,979   19,981,009
Investment, Identifier [Axis]: Cedar Ultimate Parent, LLC Class D Preferred Unit        
Fair Value 0 0   0
Investment, Identifier [Axis]: Cedar Ultimate Parent, LLC Class E Preferred Unit        
Fair Value $ 0 $ 0   0
Investment, Identifier [Axis]: Debt Investments- United States Distributors Animal Supply Company, LLC Date 05/29/24 Term Loan – 13.09% inc PIK (SOFR + 8.50%, 1.00% Floor, all PIK) Net Assets 1.1% Maturity 08/14/25        
Acquisition Date [5],[6]   May 29, 2024    
Investment interest rate [5],[6]   13.09%    
Investment, Variable Interest Rate, Type [Extensible Enumeration]   us-gaap:SecuredOvernightFinancingRateSofrMember    
Investment interest, basis spread variable rate [5],[6]   8.50%    
Investment interest, floor [5],[6]   1.00%    
% of Net Assets [5],[6]   1.10%    
Par Amount [5],[6]   $ 2,703,724    
Maturity Date [5],[6]   Aug. 14, 2025    
Amortized Cost [5],[6]   $ 2,678,367    
Fair Value [5],[6]   $ 2,703,724    
Investment, Identifier [Axis]: Debt Investments- United States Distributors Animal Supply Company, LLC Date 08/14/20 Term Loan – 13.28% inc PIK (SOFR + 8.50%, 1.00% Floor, all PIK) Net Assets 0.3% Maturity 08/14/25        
Acquisition Date [5],[6],[7],[8]   Aug. 14, 2020    
Investment interest rate [5],[6],[7],[8]   13.28%    
Investment, Variable Interest Rate, Type [Extensible Enumeration]   us-gaap:SecuredOvernightFinancingRateSofrMember    
Investment interest, basis spread variable rate [5],[6],[7],[8]   8.50%    
Investment interest, floor [5],[6],[7],[8]   1.00%    
% of Net Assets [5],[6],[7],[8]   0.30%    
Par Amount [5],[6],[7],[8]   $ 32,679,831    
Maturity Date [5],[6],[7],[8]   Aug. 14, 2025    
Amortized Cost [5],[6],[7],[8]   $ 27,362,675    
Fair Value [5],[6],[7],[8]   $ 686,276    
Investment, Identifier [Axis]: Debt Investments- United States Distributors Retail & Animal Intermediate, LLC Date 07/29/22 Delayed Draw Priming Term Loan - 20.00% inc PIK (20.00%, Fixed Coupon, all PIK) Net Assets 0.0% Maturity 11/14/25        
Acquisition Date [5],[6],[7],[8]   Jul. 29, 2022    
Investment interest rate [5],[6],[7],[8]   20.00%    
% of Net Assets [5],[6],[7],[8]   0.00%    
Par Amount [5],[6],[7],[8]   $ 3,449,204    
Maturity Date [5],[6],[7],[8]   Nov. 14, 2025    
Amortized Cost [5],[6],[7],[8]   $ 2,816,305    
Fair Value [5],[6],[7],[8]   $ 0    
Investment, Identifier [Axis]: Debt Investments- United States Diversified Consumer Services SSI Parent, LLC (fka School Specialty, Inc. Date 09/15/20 Term Loan – 12.43% (SOFR + 8.00%, 1.25% Floor) Net Assets 2.9% Maturity 12/29/26        
Acquisition Date [4],[9] Sep. 15, 2020      
Investment interest rate [4],[9] 12.43%      
Investment, Variable Interest Rate, Type [Extensible Enumeration] us-gaap:SecuredOvernightFinancingRateSofrMember      
Investment interest, basis spread variable rate [4],[9] 8.00%      
Investment interest, floor [4],[9] 1.25%      
% of Net Assets [4],[9] 2.90%      
Par Amount [4],[9] $ 7,515,441      
Maturity Date [4],[9] Dec. 29, 2026      
Amortized Cost [4],[9] $ 7,513,415      
Fair Value [4],[9] $ 7,515,441      
Investment, Identifier [Axis]: Debt Investments- United States Diversified Consumer Services SSI Parent, LLC (fka School Specialty, Inc. Date 09/15/20 Term Loan – 12.46% (SOFR + 8.00%, 1.25% Floor) Net Assets 3.2% Maturity 12/29/26        
Acquisition Date [5],[10]   Sep. 15, 2020    
Investment interest rate [5],[10]   12.46%    
Investment, Variable Interest Rate, Type [Extensible Enumeration]   us-gaap:SecuredOvernightFinancingRateSofrMember    
Investment interest, basis spread variable rate [5],[10]   8.00%    
Investment interest, floor [5],[10]   1.25%    
% of Net Assets [5],[10]   3.20%    
Par Amount [5],[10]   $ 8,065,952    
Maturity Date [5],[10]   Dec. 29, 2026    
Amortized Cost [5],[10]   $ 8,058,439    
Fair Value [5],[10]   $ 8,065,952    
Investment, Identifier [Axis]: Debt Investments- United States Hotels, Restaurants & Leisure Ruby Tuesday Operations LLC Date 02/01/23 Incremental Term Loan – 20.44% inc PIK (SOFR + 16.00%, 1.25% Floor, all PIK) Net Assets 1.1% Maturity 02/24/27        
Acquisition Date [4],[9] Feb. 01, 2023      
Investment interest rate [4],[9] 20.44%      
Investment, Variable Interest Rate, Type [Extensible Enumeration] us-gaap:SecuredOvernightFinancingRateSofrMember      
Investment interest, basis spread variable rate [4],[9] 16.00%      
Investment interest, floor [4],[9] 1.25%      
% of Net Assets [4],[9] 1.10%      
Par Amount [4],[9] $ 2,402,739      
Maturity Date [4],[9] Feb. 24, 2027      
Amortized Cost [4],[9] $ 2,402,739      
Fair Value [4],[9] $ 2,928,000      
Investment, Identifier [Axis]: Debt Investments- United States Hotels, Restaurants & Leisure Ruby Tuesday Operations LLC Date 02/01/23 Incremental Term Loan – 20.65% inc PIK (SOFR + 16.00%, 1.25% Floor, all PIK) Net Assets 1.1% Maturity 02/24/27        
Acquisition Date [5],[10]   Feb. 01, 2023    
Investment interest rate [5]   20.65%    
Investment, Variable Interest Rate, Type [Extensible Enumeration]   us-gaap:SecuredOvernightFinancingRateSofrMember    
Investment interest, basis spread variable rate [5],[10]   16.00%    
Investment interest, floor [5],[10]   1.25%    
% of Net Assets [5],[10]   1.10%    
Par Amount [5],[10]   $ 2,168,392    
Maturity Date [5],[10]   Feb. 24, 2027    
Amortized Cost [5],[10]   $ 2,168,392    
Fair Value [5],[10]   $ 2,928,001    
Investment, Identifier [Axis]: Debt Investments- United States Hotels, Restaurants & Leisure Ruby Tuesday Operations LLC Date 02/24/21 Term Loan – 16.44% inc PIK (SOFR + 12.00%, 1.25% Floor, all PIK) Net Assets 3.8% Maturity 02/24/27        
Acquisition Date [4],[9] Feb. 24, 2021      
Investment interest rate [4],[9] 16.44%      
Investment, Variable Interest Rate, Type [Extensible Enumeration] us-gaap:SecuredOvernightFinancingRateSofrMember      
Investment interest, basis spread variable rate [4],[9] 12.00%      
Investment interest, floor [4],[9] 1.25%      
% of Net Assets [4],[9] 3.80%      
Par Amount [4],[9] $ 9,703,826      
Maturity Date [4],[9] Feb. 24, 2027      
Amortized Cost [4],[9] $ 9,683,095      
Fair Value [4],[9] $ 9,703,826      
Investment, Identifier [Axis]: Debt Investments- United States Hotels, Restaurants & Leisure Ruby Tuesday Operations LLC Date 02/24/21 Term Loan – 16.65% inc PIK (SOFR + 12.00%, 1.25% Floor, all PIK) Net Assets 3.7% Maturity 02/24/27        
Acquisition Date [5],[10]   Feb. 24, 2021    
Investment interest rate [5],[10]   16.65%    
Investment, Variable Interest Rate, Type [Extensible Enumeration]   us-gaap:SecuredOvernightFinancingRateSofrMember    
Investment interest, basis spread variable rate [5],[10]   12.00%    
Investment interest, floor [5],[10]   1.25%    
% of Net Assets [5],[10]   3.70%    
Par Amount [5],[10]   $ 9,389,540    
Maturity Date [5],[10]   Feb. 24, 2027    
Amortized Cost [5],[10]   $ 9,359,075    
Fair Value [5],[10]   $ 9,389,540    
Investment, Identifier [Axis]: Debt Investments- United States Household Durables Cedar Electronics Holdings, Corp. Date 01/30/19 Incremental Term Loan - 15.00% inc PIK (15.00%, Fixed Coupon, all PIK) Net Assets 2.3% Maturity 12/31/26        
Acquisition Date [5],[10]   Jan. 30, 2019    
Investment interest rate [5],[10]   15.00%    
% of Net Assets [5],[10]   2.30%    
Par Amount [5],[10]   $ 5,844,291    
Maturity Date [5],[10]   Dec. 31, 2026    
Amortized Cost [5],[10]   $ 5,776,954    
Fair Value [5],[10]   $ 5,844,291    
Investment, Identifier [Axis]: Debt Investments- United States Household Durables Cedar Electronics Holdings, Corp. Date 01/30/19 Incremental Term Loan - 15.00% inc PIK (15.00%, Fixed Coupon, all PIK) Net Assets 2.5% Maturity 12/31/26        
Acquisition Date [4],[9] Jan. 30, 2019      
Investment interest rate [4],[9] 15.00%      
% of Net Assets [4],[9] 2.50%      
Par Amount [4],[9] $ 6,301,718      
Maturity Date [4],[9] Dec. 31, 2026      
Amortized Cost [4],[9] $ 6,234,381      
Fair Value [4],[9] $ 6,301,718      
Investment, Identifier [Axis]: Debt Investments- United States Household Durables Cedar Electronics Holdings, Corp. Date 05/19/15 Term Loan – 12.42% (SOFR + 8.00%, 1.50% Floor) Net Assets 5.5% Maturity 12/31/26        
Acquisition Date [4],[9] May 19, 2015      
Investment interest rate [4],[9] 12.42%      
Investment, Variable Interest Rate, Type [Extensible Enumeration] us-gaap:SecuredOvernightFinancingRateSofrMember      
Investment interest, basis spread variable rate [4],[9] 8.00%      
Investment interest, floor [4],[9] 1.50%      
% of Net Assets [4],[9] 5.50%      
Par Amount [4],[9] $ 14,018,452      
Maturity Date [4],[9] Dec. 31, 2026      
Amortized Cost [4],[9] $ 14,017,838      
Fair Value [4],[9] $ 14,018,452      
Investment, Identifier [Axis]: Debt Investments- United States Household Durables Cedar Electronics Holdings, Corp. Date 05/19/15 Term Loan – 12.65% (SOFR + 8.00%, 1.50% Floor) Net Assets 5.5% Maturity 12/31/26        
Acquisition Date [5],[10]   May 19, 2015    
Investment interest rate [5],[10]   12.65%    
Investment, Variable Interest Rate, Type [Extensible Enumeration]   us-gaap:SecuredOvernightFinancingRateSofrMember    
Investment interest, basis spread variable rate [5],[10]   8.00%    
Investment interest, floor [5],[10]   1.50%    
% of Net Assets [5],[10]   5.50%    
Par Amount [5],[10]   $ 14,018,452    
Maturity Date [5],[10]   Dec. 31, 2026    
Amortized Cost [5],[10]   $ 14,018,421    
Fair Value [5],[10]   $ 14,018,452    
Investment, Identifier [Axis]: Debt Investments- United States Industrial Conglomerates Overton Chicago Gear, LLC (fka H-D Advanced Manufacturing Company) Date 08/22/24 Revolver - 6.00% inc PIK (6.00%, Fixed Coupon, all PIK) Net Assets 2.3% Maturity 01/31/28        
Acquisition Date [5],[10]   Aug. 22, 2024    
Investment interest rate [5],[10]   6.00%    
% of Net Assets [5],[10]   2.30%    
Par Amount [5],[10]   $ 5,829,929    
Maturity Date [5],[10]   Jan. 31, 2028    
Amortized Cost [5],[10]   $ 5,829,929    
Fair Value [5],[10]   $ 5,829,929    
Investment, Identifier [Axis]: Debt Investments- United States Industrial Conglomerates Overton Chicago Gear, LLC (fka H-D Advanced Manufacturing Company) Date 08/22/24 Revolver - 6.00% inc PIK (6.00%, Fixed Coupon, all PIK) Net Assets 3.0% Maturity 01/31/28        
Acquisition Date [4],[9] Aug. 22, 2024      
Investment interest rate [4] 6.00%      
% of Net Assets [4],[9] 3.00%      
Par Amount [4],[9] $ 7,727,013      
Maturity Date [4],[9] Jan. 31, 2028      
Amortized Cost [4],[9] $ 7,727,013      
Fair Value [4],[9] $ 7,727,013      
Investment, Identifier [Axis]: Debt Investments- United States Industrial Conglomerates Overton Chicago Gear, LLC (fka H-D Advanced Manufacturing Company) Date 08/22/24 Term Loan A - 6.00% inc PIK (6.00%, Fixed Coupon all PIK) Net Assets 16.5% Maturity 01/31/28        
Acquisition Date [4],[11] Aug. 22, 2024      
Investment interest rate [4],[11] 6.00%      
% of Net Assets [4],[11] 16.50%      
Par Amount [4],[11] $ 42,197,288      
Maturity Date [4],[11] Jan. 31, 2028      
Amortized Cost [4],[11] $ 42,185,514      
Fair Value [4],[11] $ 42,197,288      
Investment, Identifier [Axis]: Debt Investments- United States Industrial Conglomerates Overton Chicago Gear, LLC (fka H-D Advanced Manufacturing Company) Date 08/22/24 Term Loan A - 6.00% inc PIK (6.00%, Fixed Coupon, all PIK) Net Assets 16.0% Maturity 01/31/28        
Acquisition Date [5],[10]   Aug. 22, 2024    
Investment interest rate [5],[10]   6.00%    
% of Net Assets [5],[10]   16.00%    
Par Amount [5],[10]   $ 40,929,861    
Maturity Date [5],[10]   Jan. 31, 2028    
Amortized Cost [5],[10]   $ 40,915,831    
Fair Value [5],[10]   $ 40,929,861    
Investment, Identifier [Axis]: Debt Investments- United States Metals & Mining Pace Industries, Inc. Date 04/11/25 2025 Term Loan - 10.72% inc PIK (SOFR + 6.25%, 1.50% Floor, all PIK) Net Assets 1.7% Maturity 04/11/25        
Acquisition Date [4],[9] Apr. 11, 2025      
Investment, Variable Interest Rate, Type [Extensible Enumeration] us-gaap:SecuredOvernightFinancingRateSofrMember      
Investment interest, basis spread variable rate [4],[9] 6.25%      
Investment interest, floor [4],[9] 1.50%      
Investment interest, PIK [4],[9] 10.72%      
% of Net Assets [4],[9] 1.70%      
Par Amount [4],[9] $ 4,235,424      
Maturity Date [4],[9] Apr. 14, 2026      
Amortized Cost [4],[9] $ 4,235,424      
Fair Value [4],[9] $ 4,235,424      
Investment, Identifier [Axis]: Debt Investments- United States Metals & Mining Pace Industries, Inc. Date 06/01/20 HoldCo Term Loan – 6.44% inc PIK (SOFR + 2.00%, 1.50% Floor, all PIK) Net Assets 0.0% Maturity 06/01/40        
Acquisition Date [3],[4],[9],[12] Jun. 01, 2020      
Investment interest rate [3],[4],[9],[12] 6.44%      
Investment, Variable Interest Rate, Type [Extensible Enumeration] us-gaap:SecuredOvernightFinancingRateSofrMember      
Investment interest, basis spread variable rate [3],[4],[9],[12] 2.00%      
Investment interest, floor [3],[4],[9],[12] 1.50%      
% of Net Assets [3],[4],[9],[12] 0.00%      
Par Amount [3],[4],[9],[12] $ 106,620,111      
Maturity Date [3],[4],[9],[12] Jun. 01, 2040      
Amortized Cost [3],[4],[9],[12] $ 78,137,869      
Fair Value [3],[4],[9],[12] $ 0      
Investment, Identifier [Axis]: Debt Investments- United States Metals & Mining Pace Industries, Inc. Date 06/01/20 HoldCo Term Loan – 6.58% inc PIK (SOFR + 2.00%, 1.50% Floor, all PIK) Net Assets 0.0% Maturity 06/01/40        
Acquisition Date [5],[7],[8],[10]   Jun. 01, 2020    
Investment interest rate [5],[7],[8],[10]   6.58%    
Investment, Variable Interest Rate, Type [Extensible Enumeration]   us-gaap:SecuredOvernightFinancingRateSofrMember    
Investment interest, basis spread variable rate [5],[7],[8],[10]   2.00%    
Investment interest, floor [5],[7],[8],[10]   1.50%    
% of Net Assets [5],[7],[8],[10]   0.00%    
Par Amount [5],[7],[8],[10]   $ 103,197,685    
Maturity Date [5],[7],[8],[10]   Jun. 01, 2040    
Amortized Cost [5],[7],[8],[10]   $ 78,137,869    
Fair Value [5],[7],[8],[10]   $ 0    
Investment, Identifier [Axis]: Debt Investments- United States Metals & Mining Pace Industries, Inc. Date 06/01/20 Term Loan – 12.72% inc PIK (SOFR + 8.25%, 1.50% Floor, all PIK) Net Assets 14.2% Maturity 10/14/26        
Acquisition Date [3],[4],[9],[12] Jun. 01, 2020      
Investment interest rate [3],[4],[9],[12] 12.72%      
Investment, Variable Interest Rate, Type [Extensible Enumeration] us-gaap:SecuredOvernightFinancingRateSofrMember      
Investment interest, basis spread variable rate [3],[4],[9],[12] 8.25%      
Investment interest, floor [3],[4],[9],[12] 1.50%      
% of Net Assets [3],[4],[9],[12] 14.20%      
Par Amount [3],[4],[9],[12] $ 80,267,446      
Maturity Date [3],[4],[9],[12] Oct. 14, 2026      
Amortized Cost [3],[4],[9],[12] $ 68,091,752      
Fair Value [3],[4],[9],[12] $ 36,441,420      
Investment, Identifier [Axis]: Debt Investments- United States Metals & Mining Pace Industries, Inc. Date 06/01/20 Term Loan – 12.83% inc PIK (SOFR + 8.25%, 1.50% Floor, all PIK) Net Assets 16.8% Maturity 06/01/25        
Acquisition Date [5],[7],[8],[10]   Jun. 01, 2020    
Investment interest rate [5],[7],[8],[10]   12.83%    
Investment, Variable Interest Rate, Type [Extensible Enumeration]   us-gaap:SecuredOvernightFinancingRateSofrMember    
Investment interest, basis spread variable rate [5],[7],[8],[10]   8.25%    
Investment interest, floor [5],[7],[8],[10]   1.50%    
% of Net Assets [5],[7],[8],[10]   16.80%    
Par Amount [5],[7],[8],[10]   $ 75,433,976    
Maturity Date [5],[7],[8],[10]   Jun. 01, 2025    
Amortized Cost [5],[7],[8],[10]   $ 68,097,904    
Fair Value [5],[7],[8],[10]   $ 42,921,932    
Investment, Identifier [Axis]: Debt Investments- United States Metals & Mining Pace Industries, Inc. Date 10/07/22 Revolver - 12.73% inc PIK (SOFR + 8.25%, 1.50% Floor, all PIK) Net Assets 4.1% Maturity 10/14/26        
Acquisition Date [3],[4],[9],[12] Oct. 07, 2022      
Investment interest rate [3],[4],[9],[12] 12.73%      
Investment, Variable Interest Rate, Type [Extensible Enumeration] us-gaap:SecuredOvernightFinancingRateSofrMember      
Investment interest, basis spread variable rate [3],[4],[9],[12] 8.25%      
Investment interest, floor [3],[4],[9],[12] 1.50%      
% of Net Assets [3],[4],[9],[12] 4.10%      
Par Amount [3],[4],[9],[12] $ 23,238,935      
Maturity Date [3],[4],[9],[12] Oct. 14, 2026      
Amortized Cost [3],[4],[9],[12] $ 19,869,725      
Fair Value [3],[4],[9],[12] $ 10,550,476      
Investment, Identifier [Axis]: Debt Investments- United States Metals & Mining Pace Industries, Inc. Date 10/07/22 Revolver - 12.73% inc PIK (SOFR + 8.25%, 1.50% Floor, all PIK) Net Assets 4.4% Maturity 06/01/25        
Acquisition Date [5],[7],[8],[10]   Oct. 07, 2022    
Investment interest rate [5],[7],[8],[10]   12.73%    
Investment, Variable Interest Rate, Type [Extensible Enumeration]   us-gaap:SecuredOvernightFinancingRateSofrMember    
Investment interest, basis spread variable rate [5],[7],[8],[10]   8.25%    
Investment interest, floor [5],[7],[8],[10]   1.50%    
% of Net Assets [5],[7],[8],[10]   4.40%    
Par Amount [5],[7],[8],[10]   $ 19,755,465    
Maturity Date [5],[7],[8],[10]   Jun. 01, 2025    
Amortized Cost [5],[7],[8],[10]   $ 17,533,344    
Fair Value [5],[7],[8],[10]   $ 11,240,860    
Investment, Identifier [Axis]: Debt Investments- United States Pharmaceuticals Noramco, LLC Date 07/01/16 Term Loan – 12.82% inc PIK (SOFR + 8.38%, 1.00% Floor, 0.38% PIK) Net Assets 10.6% Maturity 05/01/26        
Acquisition Date [4] Jul. 01, 2016      
Investment interest rate [4] 12.82%      
Investment, Variable Interest Rate, Type [Extensible Enumeration] us-gaap:SecuredOvernightFinancingRateSofrMember      
Investment interest, basis spread variable rate [4] 8.38%      
Investment interest, floor [4] 1.00%      
Investment interest, PIK [4] 0.38%      
% of Net Assets [4] 10.60%      
Par Amount [4] $ 27,635,533      
Maturity Date [4] May 01, 2026      
Amortized Cost [4] $ 27,635,533      
Fair Value [4] $ 27,138,093      
Investment, Identifier [Axis]: Debt Investments- United States Pharmaceuticals Noramco, LLC Date 07/01/16 Term Loan – 13.12% inc PIK (SOFR + 8.38%, 1.00% Floor, 0.38% PIK) Net Assets 10.8% Maturity 01/31/26        
Acquisition Date [5]   Jul. 01, 2016    
Investment interest rate [5]   13.12%    
Investment, Variable Interest Rate, Type [Extensible Enumeration]   us-gaap:SecuredOvernightFinancingRateSofrMember    
Investment interest, basis spread variable rate [5]   8.38%    
Investment interest, floor [5]   1.00%    
Investment interest, PIK [5]   0.38%    
% of Net Assets [5]   10.80%    
Par Amount [5]   $ 27,993,467    
Maturity Date [5]   Jan. 31, 2026    
Amortized Cost [5]   $ 28,041,810    
Fair Value [5]   $ 27,657,545    
Investment, Identifier [Axis]: Equity Investments- United States Diversified Consumer Services SSI Parent, LLC (fka School Specialty, Inc.) Class A Preferred Stock Net Assets 7.1%        
% of Net Assets 7.10% [9],[12],[13],[14] 7.10% [8],[10],[15],[16]    
Shares 806,264 [9],[12],[13],[14] 806,264 [8],[10],[15],[16]    
Amortized Cost $ 8,062,637 [9],[12],[13],[14] $ 8,062,637 [8],[10],[15],[16]    
Fair Value $ 18,060,308 [9],[12],[13],[14] $ 18,060,308 [8],[10],[15],[16]    
Investment, Identifier [Axis]: Equity Investments- United States Diversified Consumer Services SSI Parent, LLC (fka School Specialty, Inc.) Class B Preferred Stock Net Assets 2.1%        
% of Net Assets 2.10% [9],[12],[13],[14] 2.10% [8],[10],[15],[16]    
Shares 359,474 [9],[12],[13],[14] 359,474 [8],[10],[15],[16]    
Amortized Cost $ 356,635 [9],[12],[13],[14] $ 356,635 [8],[10],[15],[16]    
Fair Value $ 5,284,268 [9],[12],[13],[14] $ 5,284,268 [8],[10],[15],[16]    
Investment, Identifier [Axis]: Equity Investments- United States Diversified Consumer Services SSI Parent, LLC (fka School Specialty, Inc.) Common Stock Net Assets 5.3%        
% of Net Assets [9],[12],[13],[14] 5.30%      
Shares [9],[12],[13],[14] 80,700      
Amortized Cost [9],[12],[13],[14] $ 53,889      
Fair Value [9],[12],[13],[14] $ 13,492,709      
Investment, Identifier [Axis]: Equity Investments- United States Diversified Consumer Services SSI Parent, LLC (fka School Specialty, Inc.) Common Stock Net Assets 6.6%        
% of Net Assets [8],[10],[15],[16]   6.60%    
Shares [8],[10],[15],[16]   80,700    
Amortized Cost [8],[10],[15],[16]   $ 53,889    
Fair Value [8],[10],[15],[16]   $ 16,945,063    
Investment, Identifier [Axis]: Equity Investments- United States Hotels, Restaurants & Leisure RT Holdings Parent, LLC Class A Units Net Assets 5.9%        
% of Net Assets [8],[10],[15]   5.90%    
Shares [8],[10],[15]   5,475,885    
Amortized Cost [8],[10],[15]   $ 5,133,708    
Fair Value [8],[10],[15]   $ 15,197,224    
Investment, Identifier [Axis]: Equity Investments- United States Hotels, Restaurants & Leisure RT Holdings Parent, LLC Class A Units Net Assets 8.0%        
% of Net Assets [9],[12],[13] 8.00%      
Shares [9],[12],[13] 5,475,885      
Amortized Cost [9],[12],[13] $ 5,133,708      
Fair Value [9],[12],[13] $ 20,405,885      
Investment, Identifier [Axis]: Equity Investments- United States Hotels, Restaurants & Leisure RT Holdings Parent, LLC Class P-1 Units Net Assets 0.1%        
% of Net Assets [8],[10],[15]   0.10%    
Shares [8],[10],[15]   105,624    
Amortized Cost [8],[10],[15]   $ 133,086    
Fair Value [8],[10],[15]   $ 293,001    
Investment, Identifier [Axis]: Equity Investments- United States Hotels, Restaurants & Leisure RT Holdings Parent, LLC Class P-1 Units Net Assets 0.2%        
% of Net Assets [9],[12],[13] 0.20%      
Shares [9],[12],[13] 105,624      
Amortized Cost [9],[12],[13] $ 133,086      
Fair Value [9],[12],[13] $ 393,999      
Investment, Identifier [Axis]: Equity Investments- United States Hotels, Restaurants & Leisure RT Holdings Parent, LLC Class P-2 Units Net Assets 0.0%        
% of Net Assets 0.00% [9],[12],[13] 0.00% [8],[10],[15]    
Shares 53,104 [9],[12],[13] 53,104 [8],[10],[15]    
Amortized Cost $ 66,914 [9],[12],[13] $ 66,914 [8],[10],[15]    
Fair Value $ 119,001 [9],[12],[13] $ 68,000 [8],[10],[15]    
Investment, Identifier [Axis]: Equity Investments- United States Hotels, Restaurants & Leisure RT Holdings Parent, LLC Warrant, expires 2/24/27 Net Assets 1.0%        
% of Net Assets [8],[10],[15]   1.00%    
Shares [8],[10],[15]   912,647    
Amortized Cost [8],[10],[15]   $ 0    
Fair Value [8],[10],[15]   $ 2,532,687    
Maturity Date [8],[10],[15]   Feb. 24, 2027    
Investment, Identifier [Axis]: Equity Investments- United States Hotels, Restaurants & Leisure RT Holdings Parent, LLC Warrant, expires 2/24/27 Net Assets 1.3%        
% of Net Assets [9],[12],[13] 1.30%      
Shares [9],[12],[13] 912,647      
Amortized Cost [9],[12],[13] $ 0      
Fair Value [9],[12],[13] $ 3,400,888      
Maturity Date [9],[12],[13]     Feb. 24, 2027  
Investment, Identifier [Axis]: Equity Investments- United States Household Durables Cedar Ultimate Parent, LLC Class A Preferred Units Net Assets 6.4%        
% of Net Assets [8],[10],[15]   6.40%    
Shares [8],[10],[15]   9,297,990    
Amortized Cost [8],[10],[15]   $ 9,187,902    
Fair Value [8],[10],[15]   $ 16,403,979    
Investment, Identifier [Axis]: Equity Investments- United States Household Durables Cedar Ultimate Parent, LLC Class A Preferred Units Net Assets 7.4%        
% of Net Assets [9],[12],[13] 4.80%      
Shares [9],[12],[13] 9,297,990      
Amortized Cost [9],[12],[13] $ 9,187,902      
Fair Value [9],[12],[13] $ 12,383,993      
Investment, Identifier [Axis]: Equity Investments- United States Household Durables Cedar Ultimate Parent, LLC Class D Preferred Units Net Assets 0.0%        
% of Net Assets 0.00% [9],[12],[13] 0.00% [8],[10],[15]    
Shares 2,900,000 [9],[12],[13] 2,900,000 [8],[10],[15]    
Amortized Cost $ 0 [9],[12],[13] $ 0 [8],[10],[15]    
Fair Value $ 0 [9],[12],[13] $ 0 [8],[10],[15]    
Investment, Identifier [Axis]: Equity Investments- United States Household Durables Cedar Ultimate Parent, LLC Class E Common Units Net Assets 0.0%        
% of Net Assets 0.00% [9],[12],[13] 0.00% [8],[10],[15]    
Shares 300,000 [9],[12],[13] 300,000 [8],[10],[15]    
Amortized Cost $ 0 [9],[12],[13] $ 0 [8],[10],[15]    
Fair Value $ 0 [9],[12],[13] $ 0 [8],[10],[15]    
Investment, Identifier [Axis]: Equity Investments- United States Industrial Conglomerates Precision Products Machining Group, LLC (fka H-D Advanced Manufacturing Company) Class A Units Net Assets 13.0%        
% of Net Assets [8],[10],[15]   13.00%    
Shares [8],[10],[15]   100,000    
Amortized Cost [8],[10],[15]   $ 62,647,925    
Fair Value [8],[10],[15]   $ 33,351,000    
Investment, Identifier [Axis]: Equity Investments- United States Industrial Conglomerates Precision Products Machining Group, LLC (fka H-D Advanced Manufacturing Company) Class A Units Net Assets 14.7%        
% of Net Assets [9],[12],[13] 18.50%      
Shares [9],[12],[13] 100,000      
Amortized Cost [9],[12],[13] $ 62,647,925      
Fair Value [9],[12],[13] $ 47,291,000      
Investment, Identifier [Axis]: Equity Investments- United States Investment Funds & Vehicles TCW Direct Lending Strategic Ventures Common membership Interests Net Assets 0.0%        
% of Net Assets 0.00% [9],[12],[17] 0.00% [8],[10],[18]    
Shares 800 [9],[12],[17] 800 [8],[10],[18]    
Amortized Cost $ 0 [9],[12],[17] $ 0 [8],[10],[18]    
Fair Value $ 0 [9],[12],[17] $ 0 [8],[10],[18]    
Investment, Identifier [Axis]: Equity Investments- United States Investment Funds & Vehicles TCW Direct Lending Strategic Ventures Preferred membership Interests Net Assets 16.2%        
% of Net Assets [9],[17] 14.90%      
Shares [9],[17] 57,400      
Amortized Cost [9],[17] $ 57,400,000      
Fair Value [9],[17] $ 38,243,128      
Investment, Identifier [Axis]: Equity Investments- United States Investment Funds & Vehicles TCW Direct Lending Strategic Ventures Preferred membership Interests Net Assets 20.0%        
% of Net Assets [10],[18]   20.00%    
Shares [10],[18]   65,000    
Amortized Cost [10],[18]   $ 65,000,000    
Fair Value [10],[18]   $ 51,230,479    
Investment, Identifier [Axis]: Equity Investments- United States Metals & Mining Pace Industries, Inc. Common Stock Net Assets 0.0%        
% of Net Assets 0.00% [9],[12],[13] 0.00% [8],[10],[15]    
Shares 971,418 [9],[12],[13] 971,418 [8],[10],[15]    
Amortized Cost $ 2,110,522 [9],[12],[13] $ 2,110,522 [8],[10],[15]    
Fair Value 0 [9],[12],[13] $ 0 [8],[10],[15]    
Investment, Identifier [Axis]: Overton Chicago Gear, LLC (fka H-D Advanced Manufacturing Company) Revolver - 6.00%        
Investment interest rate   6.00%    
Maturity Date   Jan. 31, 2028    
Fair Value   $ 5,829,929   0
Investment, Identifier [Axis]: Overton Chicago Gear, LLC (fka H-D Advanced Manufacturing Company) Term Loan - 6.00%        
Investment interest rate   6.00%    
Maturity Date   Jan. 31, 2028    
Fair Value   $ 40,929,862   0
Investment, Identifier [Axis]: Overton Chicago Gear, LLC Revolver        
Fair Value 7,727,013 5,829,929    
Investment, Identifier [Axis]: Overton Chicago Gear, LLC Term Loan A        
Fair Value $ 42,197,289 40,929,862    
Investment, Identifier [Axis]: Pace Industries, Inc. 2025 Term Loan - 7.75%        
Investment interest rate 7.75%      
Maturity Date Apr. 14, 2026      
Fair Value $ 4,235,424 0    
Investment, Identifier [Axis]: Pace Industries, Inc. Common Stock        
Fair Value $ 0 $ 0   0
Investment, Identifier [Axis]: Pace Industries, Inc. HoldCo Term Loan - 6.58%        
Investment interest rate   6.58%    
Maturity Date   Jun. 01, 2040    
Fair Value   $ 0   0
Investment, Identifier [Axis]: Pace Industries, Inc. Term Loan - 12.83%        
Investment interest rate   12.83%    
Maturity Date   Jun. 01, 2025    
Fair Value   $ 42,921,932   62,986,086
Investment, Identifier [Axis]: Pace Industries, Inc. Term Loan - 3.50%        
Investment interest rate 3.50%      
Maturity Date Jun. 01, 2040      
Fair Value $ 0 0    
Investment, Identifier [Axis]: Pace Industries, Inc. Term Loan - 9.75%        
Investment interest rate 9.75%      
Maturity Date Oct. 14, 2026      
Fair Value $ 36,441,420 42,921,932    
Investment, Identifier [Axis]: Pace Industries, LLC Revolver Opco        
Fair Value 10,550,476 $ 11,240,860    
Investment, Identifier [Axis]: Pace Industries, LLC Revolver Opco - 12.73%        
Investment interest rate   12.73%    
Maturity Date   Jun. 01, 2025    
Fair Value   $ 11,240,860   15,069,743
Investment, Identifier [Axis]: Precision Products Machining Group, LLC (fka H-D Advanced Manufacturing Company) Class A Units        
Fair Value   33,351,000   0
Investment, Identifier [Axis]: Precision Products Machining Group, LLC Class A Units        
Fair Value 47,291,000 33,351,000    
Investment, Identifier [Axis]: RT Holdings Parent, LLC Class A Unit        
Fair Value 20,405,886 15,197,224   19,487,032
Investment, Identifier [Axis]: RT Holdings Parent, LLC P-1 Units        
Fair Value   293,001   376,000
Investment, Identifier [Axis]: RT Holdings Parent, LLC P-2 Units        
Fair Value   68,000   110,000
Investment, Identifier [Axis]: RT Holdings Parent, LLC Warrant        
Fair Value 3,400,888 2,532,687   3,247,928
Investment, Identifier [Axis]: Retail & Animal Intermediate, LLC Delayed Draw Priming Term Loan        
Fair Value 0 $ 0    
Investment, Identifier [Axis]: Retail & Animal Intermediate, LLC Delayed Draw Priming Term Loan - 20.00%        
Investment interest rate   20.00%    
Maturity Date   Nov. 14, 2025    
Fair Value   $ 0   0
Investment, Identifier [Axis]: Ruby Tuesday Operations, LLC Incremental Term Loan        
Fair Value 2,928,000 $ 2,928,001    
Investment, Identifier [Axis]: Ruby Tuesday Operations, LLC Incremental Term Loan - 20.65%        
Investment interest rate   20.65%    
Maturity Date   Feb. 24, 2027    
Fair Value   $ 2,928,001   2,940,257
Investment, Identifier [Axis]: Ruby Tuesday Operations, LLC Term Loan        
Fair Value 9,703,826 $ 9,389,540    
Investment, Identifier [Axis]: Ruby Tuesday Operations, LLC Term Loan - 16.65%        
Investment interest rate   16.65%    
Maturity Date   Feb. 24, 2027    
Fair Value   $ 9,389,540   6,696,255
Investment, Identifier [Axis]: Ruby Tuesday P-1 Units        
Fair Value 393,999 293,001    
Investment, Identifier [Axis]: Ruby Tuesday P-2 Units        
Fair Value 119,001 68,000    
Investment, Identifier [Axis]: SSI Parent, LLC (fka School Specialty, Inc.) Common Stock        
Fair Value   16,945,063   31,928,148
Investment, Identifier [Axis]: SSI Parent, LLC (fka School Specialty, Inc.) Preferred Stock A        
Fair Value   18,060,308   15,399,637
Investment, Identifier [Axis]: SSI Parent, LLC (fka School Specialty, Inc.) Preferred Stock B        
Fair Value   $ 5,284,268   4,888,847
Investment, Identifier [Axis]: SSI Parent, LLC (fka School Specialty, Inc.) Term Loan - 12.46%        
Investment interest rate   12.46%    
Maturity Date   Dec. 29, 2026    
Fair Value   $ 8,065,952   8,808,264
Investment, Identifier [Axis]: School Specialty, Inc. Common Stock        
Fair Value 13,492,709 16,945,063    
Investment, Identifier [Axis]: School Specialty, Inc. Preferred Stock A        
Fair Value 18,060,308 18,060,308    
Investment, Identifier [Axis]: School Specialty, Inc. Preferred Stock B        
Fair Value $ 5,284,268 5,284,268    
Investment, Identifier [Axis]: School Specialty, Inc. Term Loan - 9.25%        
Investment interest rate 9.25%      
Maturity Date Dec. 29, 2026      
Fair Value $ 7,515,440 8,065,952    
Investment, Identifier [Axis]: TCW Direct Lending Strategic Ventures LLC Common Membership Interests        
Fair Value 0 0   0
Investment, Identifier [Axis]: TCW Direct Lending Strategic Ventures LLC Preferred Membership Interests        
Fair Value $ 38,243,128 $ 51,230,479   $ 69,780,704
[1] The fair value of each debt and equity investment was determined using significant unobservable inputs and such investments are considered to be Level 3 within the Fair Value Hierarchy. See Note 3 “Investment Valuations and Fair Value Measurements.”
[2] The fair value of the Quantum Corporation Common Stock held by the Company is based on the quoted market price of the issuer’s stock as of December 31, 2024. Such common stock is considered to be a Level 1 security within the Fair Value Hierarchy. Otherwise, the fair value of each debt and equity investment was determined using significant unobservable inputs and such investments are considered to be Level 3 within the Fair Value Hierarchy. See Note 3 “Investment Valuations and Fair Value Measurements.”
[3] Investment is in default as of June 30, 2025.

SOFR - Secured Overnight Financing Rate, generally 1-Month or 3-Month

PIK - Payment-In-Kind

Aggregate acquisitions and aggregate dispositions of investments, other than government securities, totaled $11,075,063 and $8,856,135, respectively, for the period ended June 30, 2025. Aggregate acquisitions includes investment assets received as payment in kind. Aggregate dispositions includes principal paydowns on and maturities of debt investments.

 

Geographic Breakdown of Portfolio

 

 

 

United States

 

 

100

%
[4] Certain debt investments are subject to contractual restrictions on resale, such as approval of the agent or borrower.
[5] Certain debt investments are subject to contractual restrictions on resale, such as approval of the agent or borrower.
[6] As defined in the Investment Company Act of 1940, as amended (the “1940 Act”), the investment is deemed to be an “affiliated person” of the Company because the Company owns, either directly or indirectly, between 5% and 25% of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company. Fair value as of December 31, 2023 and December 31, 2024 along with transactions during the year ended December 31, 2024 in these affiliated investments are as follows:

 

Name of Investment

 

Fair Value at December 31, 2023

 

 

Gross Addition(a)

 

 

Gross Reduction(b)

 

 

Realized Gains
(Losses)

 

 

Net Change in
Unrealized
Appreciation/
(Depreciation)

 

 

Fair Value at December 31, 2024

 

 

Interest/Dividend/
Other income

 

Animal Supply Company, LLC First Out Term Loan - 13.09%

 

$

—

 

 

$

2,678,367

 

 

$

—

 

 

$

—

 

 

$

25,357

 

 

$

2,703,724

 

 

$

233,844

 

Animal Supply Company, LLC Term Loan - 13.28%

 

 

19,054,378

 

 

 

—

 

 

 

(52,086

)

 

 

—

 

 

 

(18,316,016

)

 

 

686,276

 

 

 

(29,212

)

Retail & Animal Intermediate, LLC Delayed Draw Priming Term Loan - 20.00%

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total Non-Controlled Affiliated Investments

 

$

19,054,378

 

 

$

2,678,367

 

 

$

(52,086

)

 

$

—

 

 

$

(18,290,659

)

 

$

3,390,000

 

 

$

204,632

 
[7] Investment is in default as of December 31, 2024.

SOFR - Secured Overnight Financing Rate, generally 1-Month or 3-Month

PIK - Payment-In-Kind

Aggregate acquisitions and aggregate dispositions of investments, other than government securities, totaled $26,994,359 and $20,960,322, respectively, for the period ended December 31, 2024. Aggregate acquisitions includes investment assets received as payment in kind. Aggregate dispositions includes principal paydowns on and maturities of debt investments.

 

Country Breakdown Portfolio

 

 

 

United States

 

 

100

%
[8] Non-income producing.
[9] As defined in the 1940 Act, the investment is deemed to be a “controlled person” of the Company because the Company owns, either directly or indirectly, 25% or more of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company. Fair value as of December 31, 2024 and June 30, 2025 along with transactions during the period ended June 30, 2025 in these controlled investments are as follows:

 

Name of Investment

 

Fair Value at December 31, 2024

 

 

Gross Addition (a)

 

 

Gross Reduction (b)

 

 

Realized Gains
(Losses)

 

 

Net Change
in Unrealized
Appreciation/
(Depreciation)

 

 

Fair Value at June 30, 2025

 

 

Interest/Dividend/
Other income

 

Cedar Electronics Holdings, Corp Incremental Term Loan - 15.00%

 

$

5,844,291

 

 

$

457,427

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

6,301,718

 

 

$

460,519

 

Cedar Electronics Holdings, Corp Term Loan - 9.50%

 

 

14,018,452

 

 

 

—

 

 

 

(583

)

 

 

—

 

 

 

583

 

 

 

14,018,452

 

 

 

995,150

 

Cedar Ultimate Parent, LLC Class A Preferred Unit

 

 

16,403,979

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(4,019,986

)

 

 

12,383,993

 

 

 

—

 

Cedar Ultimate Parent, LLC Class D Preferred Unit

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Cedar Ultimate Parent, LLC Class E Preferred Unit

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Overton Chicago Gear, LLC Revolver

 

 

5,829,929

 

 

 

1,897,084

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

7,727,013

 

 

 

197,396

 

Overton Chicago Gear, LLC Term Loan A

 

 

40,929,862

 

 

 

1,269,684

 

 

 

—

 

 

 

—

 

 

 

(2,257

)

 

 

42,197,289

 

 

 

1,272,789

 

Pace Industries, Inc. Common Stock

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Pace Industries, Inc. Term Loan - 3.50%

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Pace Industries, Inc. Term Loan - 9.75%

 

 

42,921,932

 

 

 

—

 

 

 

(6,143

)

 

 

—

 

 

 

(6,474,369

)

 

 

36,441,420

 

 

 

(6,143

)

Pace Industries, LLC Revolver Opco

 

 

11,240,860

 

 

 

2,336,380

 

 

 

—

 

 

 

—

 

 

 

(3,026,764

)

 

 

10,550,476

 

 

 

2,500

 

Pace Industries, Inc. 2025 Term Loan - 7.75%

 

 

—

 

 

 

4,235,424

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4,235,424

 

 

 

101,169

 

Precision Products Machining Group, LLC Class A Units

 

 

33,351,000

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

13,940,000

 

 

 

47,291,000

 

 

 

—

 

RT Holdings Parent, LLC Class A Unit

 

 

15,197,224

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

5,208,662

 

 

 

20,405,886

 

 

 

—

 

RT Holdings Parent, LLC Warrant

 

 

2,532,687

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

868,201

 

 

 

3,400,888

 

 

 

—

 

Ruby Tuesday Operations, LLC Term Loan

 

 

9,389,540

 

 

 

553,628

 

 

 

(229,608

)

 

 

—

 

 

 

(9,734

)

 

 

9,703,826

 

 

 

748,477

 

Ruby Tuesday Operations, LLC Incremental Term Loan

 

 

2,928,001

 

 

 

234,347

 

 

 

—

 

 

 

—

 

 

 

(234,348

)

 

 

2,928,000

 

 

 

237,868

 

Ruby Tuesday P-1 Units

 

 

293,001

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

100,998

 

 

 

393,999

 

 

 

—

 

Ruby Tuesday P-2 Units

 

 

68,000

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

51,001

 

 

 

119,001

 

 

 

—

 

School Specialty, Inc. Common Stock

 

 

16,945,063

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(3,452,354

)

 

 

13,492,709

 

 

 

—

 

School Specialty, Inc. Preferred Stock A

 

 

18,060,308

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

18,060,308

 

 

 

—

 

School Specialty, Inc. Preferred Stock B

 

 

5,284,268

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

5,284,268

 

 

 

—

 

School Specialty, Inc. Term Loan - 9.25%

 

 

8,065,952

 

 

 

3,379

 

 

 

(548,403

)

 

 

—

 

 

 

(5,488

)

 

 

7,515,440

 

 

 

493,028

 

TCW Direct Lending Strategic Ventures LLC Common Membership Interests

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

TCW Direct Lending Strategic Ventures LLC Preferred Membership Interests

 

 

51,230,479

 

 

 

—

 

 

 

(7,600,000

)

 

 

—

 

 

 

(5,387,351

)

 

 

38,243,128

 

 

 

2,560,000

 

Total Controlled Affiliated Investments

 

$

300,534,828

 

 

$

10,987,353

 

 

$

(8,384,737

)

 

$

—

 

 

$

(2,443,206

)

 

$

300,694,238

 

 

$

7,062,753

 
[10] As defined in the 1940 Act, the investment is deemed to be a “controlled person” of the Company because the Company owns, either directly or indirectly, 25% or more of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company. Fair value as of December 31, 2023 and December 31, 2024 along with transactions during the year ended December 31, 2024 in these controlled investments are as follows:

 

Name of Investment

 

Fair Value at December 31, 2023

 

 

Gross Addition(a)

 

 

Gross Reduction(b)

 

 

Realized Gains
(Losses)

 

 

Net Change
in Unrealized
Appreciation/
(Depreciation)

 

 

Fair Value at December 31, 2024

 

 

Interest/Dividend/
Other income

 

Cedar Electronics Holdings, Corp Incremental Term Loan - 15.00%

 

$

5,020,439

 

 

$

756,515

 

 

$

—

 

 

$

—

 

 

$

67,337

 

 

$

5,844,291

 

 

$

764,721

 

Cedar Electronics Holdings, Corp Term Loan - 12.65%

 

 

14,018,452

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

14,018,452

 

 

 

2,130,117

 

Cedar Ultimate Parent, LLC Class A Preferred Unit

 

 

19,981,009

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(3,577,030

)

 

 

16,403,979

 

 

 

—

 

Cedar Ultimate Parent, LLC Class D Preferred Unit

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Cedar Ultimate Parent, LLC Class E Preferred Unit

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Overton Chicago Gear, LLC (fka H-D Advanced Manufacturing Company) Revolver - 6.00%

 

 

—

 

 

 

5,829,929

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

5,829,929

 

 

 

123,222

 

Overton Chicago Gear, LLC (fka H-D Advanced Manufacturing Company) Term Loan - 6.00%

 

 

—

 

 

 

40,915,831

 

 

 

—

 

 

 

—

 

 

 

14,031

 

 

 

40,929,862

 

 

 

938,236

 

Pace Industries, Inc. Common Stock

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Pace Industries, Inc. HoldCo Term Loan - 6.58%

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Pace Industries, Inc. Term Loan - 12.83%

 

 

62,986,086

 

 

 

2,294,114

 

 

 

—

 

 

 

—

 

 

 

(22,358,268

)

 

 

42,921,932

 

 

 

1,714,144

 

Pace Industries, LLC Revolver Opco - 12.73%

 

 

15,069,743

 

 

 

1,786,486

 

 

 

—

 

 

 

—

 

 

 

(5,615,369

)

 

 

11,240,860

 

 

 

134,785

 

Precision Products Machining Group, LLC (fka H-D Advanced Manufacturing Company) Class A Units

 

 

—

 

 

 

62,647,925

 

 

 

—

 

 

 

—

 

 

 

(29,296,925

)

 

 

33,351,000

 

 

 

—

 

RT Holdings Parent, LLC Class A Unit

 

 

19,487,032

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(4,289,808

)

 

 

15,197,224

 

 

 

—

 

RT Holdings Parent, LLC Warrant

 

 

3,247,928

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(715,241

)

 

 

2,532,687

 

 

 

—

 

RT Holdings Parent, LLC P-1 Units

 

 

376,000

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(82,999

)

 

 

293,001

 

 

 

—

 

RT Holdings Parent, LLC P-2 Units

 

 

110,000

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(42,000

)

 

 

68,000

 

 

 

—

 

Ruby Tuesday Operations, LLC Term Loan - 16.65%

 

 

6,696,255

 

 

 

2,856,227

 

 

 

(193,406

)

 

 

—

 

 

 

30,464

 

 

 

9,389,540

 

 

 

1,482,899

 

Ruby Tuesday Operations, LLC Incremental Term Loan - 20.65%

 

 

2,940,257

 

 

 

417,510

 

 

 

—

 

 

 

—

 

 

 

(429,766

)

 

 

2,928,001

 

 

 

425,897

 

SSI Parent, LLC (fka School Specialty, Inc.) Common Stock

 

 

31,928,148

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(14,983,085

)

 

 

16,945,063

 

 

 

795,969

 

SSI Parent, LLC (fka School Specialty, Inc.) Preferred Stock A

 

 

15,399,637

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,660,671

 

 

 

18,060,308

 

 

 

—

 

SSI Parent, LLC (fka School Specialty, Inc.) Preferred Stock B

 

 

4,888,847

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

395,421

 

 

 

5,284,268

 

 

 

—

 

SSI Parent, LLC (fka School Specialty, Inc.) Term Loan - 12.46%

 

 

8,808,264

 

 

 

8,240

 

 

 

(738,177

)

 

 

—

 

 

 

(12,375

)

 

 

8,065,952

 

 

 

1,173,155

 

TCW Direct Lending Strategic Ventures LLC Common Membership Interests

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

TCW Direct Lending Strategic Ventures LLC Preferred Membership Interests

 

 

69,780,704

 

 

 

—

 

 

 

(1,880,000

)

 

 

—

 

 

 

(16,670,225

)

 

 

51,230,479

 

 

 

5,160,000

 

Total Controlled Affiliated Investments

 

$

280,738,801

 

 

$

117,512,777

 

 

$

(2,811,583

)

 

$

—

 

 

$

(94,905,167

)

 

$

300,534,828

 

 

$

14,843,145

 
[11] As defined in the Investment Company Act of 1940, as amended (the “1940 Act”), the investment is deemed to be an “affiliated person” of the Company because the Company owns, either directly or indirectly, between 5% and 25% of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company. Fair value as of December 31, 2024 and June 30, 2025 along with transactions during the period ended June 30, 2025 in these affiliated investments are as follows:

 

Name of Investment

 

Fair Value at December 31, 2024

 

 

Gross Addition (a)

 

 

Gross Reduction (b)

 

 

Realized Gains
(Losses)

 

 

Net Change in
Unrealized
Appreciation/
(Depreciation)

 

 

Fair Value at June 30, 2025

 

 

Interest/Dividend/
Other income

 

ASC Acquisition Holdings LLC Term Loan - 9.50%

 

$

686,276

 

 

$

—

 

 

$

—

 

 

$

(27,362,675

)

 

$

26,676,399

 

 

$

—

 

 

$

—

 

Retail & Animal Intermediate, LLC Delayed Draw Priming Term Loan

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(2,816,305

)

 

 

2,816,305

 

 

 

—

 

 

 

—

 

Animal Supply Company, LLC First Out Term Loan

 

 

2,703,724

 

 

 

6,022

 

 

 

30,767

 

 

 

(2,715,155

)

 

 

(25,358

)

 

 

—

 

 

 

35,805

 

Total Non-Controlled Affiliated Investments

 

$

3,390,000

 

 

$

6,022

 

 

$

30,767

 

 

$

(32,894,135

)

 

$

29,467,346

 

 

$

—

 

 

$

35,805

 
[12] Non-income producing.
[13] All or a portion of such security was acquired in a transaction exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”) and may be deemed “restricted securities” under the Securities Act. As of June 30, 2025, the aggregate fair value of these securities was $120,832,051, or 16.7% of the Company’s total assets.
[14] Holdings of SSI Parent, LLC (fka School Specialty, Inc.) Class A & B preferred stock and common stock are held through TCW DL SSP LLC, a special purpose vehicle.
[15] All or a portion of such security was acquired in a transaction exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), and may be deemed “restricted securities” under the Securities Act. As of December 31, 2024, the aggregate fair value of these securities was $108,135,530, or 14.0% of the Company’s total assets.
[16] Holdings of SSI Parent, LLC (fka School Specialty, Inc.) Class A & B preferred stock and common stock are held through TCW DL SSP LLC, a special purpose vehicle.
[17] The investment is not a qualifying asset as defined in Section 55(a) under the 1940 Act. A business development company may not acquire an asset other than qualifying assets, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the company’s total assets. As of June 30, 2025, $38,243,128 or 5.3% of the Company’s total assets were represented by “non-qualifying assets.”
[18] The investment is not a qualifying asset as defined in Section 55(a) under the 1940 Act. A business development company may not acquire an asset other than qualifying assets, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the company’s total assets. As of December 31, 2024, $51,230,479 or 6.6% of the Company’s total assets were represented by “non-qualifying assets.”