| Investments |
4. INVESTMENTS The Company’s investments (excluding investments in money market funds, if any) consisted of the following:
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December 31, 2025 |
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December 31, 2024 |
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Investment Type |
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Cost |
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Fair Value |
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Cost |
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Fair Value |
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1st Lien/Senior Secured Debt |
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$ |
206,561 |
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$ |
204,984 |
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$ |
474,874 |
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$ |
419,988 |
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1st Lien/Last-Out Unitranche |
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88,142 |
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86,354 |
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144,131 |
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142,219 |
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2nd Lien/Senior Secured Debt |
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21,917 |
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28,835 |
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20,473 |
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16,934 |
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Unsecured Debt |
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13,530 |
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— |
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13,531 |
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— |
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Preferred Stock |
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10,572 |
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5,728 |
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4,833 |
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— |
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Common Stock |
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7,409 |
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3,354 |
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4,586 |
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3,354 |
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Warrants |
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1,234 |
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— |
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1,233 |
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— |
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Total |
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$ |
349,365 |
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$ |
329,255 |
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$ |
663,661 |
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$ |
582,495 |
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The Company uses the Global Industry Classification Standard (“GICS”) for classifying the industry groupings of its investments. The industry composition of the Company’s investments as a percentage of fair value and net assets was as follows:
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December 31, 2025 |
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December 31, 2024 |
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Industry |
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Fair Value |
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Net Assets |
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Fair Value |
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Net Assets |
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Hotels, Restaurants & Leisure |
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18.3 |
% |
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18.9 |
% |
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10.5 |
% |
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17.5 |
% |
Wireless Telecommunication Services |
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14.2 |
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14.7 |
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7.8 |
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13.0 |
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IT Services |
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9.7 |
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10.0 |
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5.3 |
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8.9 |
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Software |
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8.0 |
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8.2 |
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6.8 |
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11.3 |
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Consumer Staples Distribution & Retail |
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8.0 |
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8.2 |
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4.5 |
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7.4 |
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Ground Transportation |
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7.1 |
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7.3 |
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3.7 |
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6.1 |
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Entertainment |
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6.2 |
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6.4 |
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3.8 |
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6.2 |
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Specialty Retail |
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5.8 |
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6.0 |
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3.3 |
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5.5 |
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Interactive Media & Services |
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5.4 |
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5.6 |
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7.8 |
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13.0 |
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Building Products |
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4.8 |
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4.9 |
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1.0 |
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1.7 |
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Commercial Services & Supplies |
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4.5 |
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4.6 |
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2.5 |
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4.2 |
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Beverages |
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4.0 |
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4.1 |
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1.9 |
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3.2 |
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Consumer Finance |
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3.0 |
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3.1 |
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1.7 |
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2.8 |
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Capital Markets |
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1.0 |
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1.1 |
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0.6 |
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1.0 |
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Financial Services |
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— |
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— |
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14.4 |
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24.0 |
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Air Freight & Logistics |
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— |
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— |
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4.4 |
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7.3 |
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Professional Services |
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— |
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— |
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3.6 |
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6.1 |
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Chemicals |
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— |
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— |
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5.9 |
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9.8 |
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Diversified Consumer Services |
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— |
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— |
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5.8 |
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9.7 |
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Household Products |
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— |
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— |
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2.8 |
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4.7 |
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Household Durables |
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— |
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— |
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1.9 |
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3.1 |
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Total |
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100.0 |
% |
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103.1 |
% |
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100.0 |
% |
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166.5 |
% |
The geographic composition of the Company’s investments at fair value was as follows:
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Geographic |
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December 31, 2025 |
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December 31, 2024 |
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United States |
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100.0 |
% |
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100.0 |
% |
Total |
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100.0 |
% |
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100.0 |
% |
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