v3.25.4
Investments (Tables)
12 Months Ended
Dec. 31, 2025
Investments, All Other Investments [Abstract]  
Schedule of Investments Excluding Investments in Money Market Funds

The Company’s investments (excluding investments in money market funds, if any) consisted of the following:

 

 

As of

 

 

 

December 31, 2025

 

 

December 31, 2024

 

Investment Type

 

Cost

 

 

Fair Value

 

 

Cost

 

 

Fair Value

 

1st Lien/Senior Secured Debt

 

$

432,148

 

 

$

431,488

 

 

$

34,111

 

 

$

34,104

 

Total

 

$

432,148

 

 

$

431,488

 

 

$

34,111

 

 

$

34,104

 

 

Schedule of Investments as a Percentage of Fair Value and Net Assets The industry composition of the Company’s investments as a percentage of fair value and net assets was as follows:

 

 

As of

 

 

 

December 31, 2025

 

 

December 31, 2024

 

Industry

 

Fair Value

 

 

Net Assets

 

 

Fair Value

 

 

Net Assets

 

Software

 

 

19.5

%

 

 

41.1

%

 

 

%

 

 

%

Commercial Services & Supplies

 

 

17.2

 

 

 

36.3

 

 

 

 

 

 

 

Financial Services

 

 

11.9

 

 

 

24.9

 

 

 

 

 

 

 

Health Care Technology

 

 

8.2

 

 

 

17.2

 

 

 

 

 

 

 

Diversified Consumer Services

 

 

7.4

 

 

 

15.6

 

 

 

 

 

 

 

Health Care Providers & Services

 

 

5.9

 

 

 

12.4

 

 

 

 

 

 

 

IT Services

 

 

5.6

 

 

 

11.8

 

 

 

45.2

 

 

 

24.7

 

Food Products

 

 

4.6

 

 

 

9.7

 

 

 

21.7

 

 

 

11.9

 

Machinery

 

 

4.5

 

 

 

9.5

 

 

 

33.1

 

 

 

18.1

 

Air Freight & Logistics

 

 

3.7

 

 

 

7.7

 

 

 

 

 

 

 

Professional Services

 

 

3.6

 

 

 

7.7

 

 

 

 

 

 

 

Textiles, Apparel & Luxury Goods

 

 

2.8

 

 

 

5.8

 

 

 

 

 

 

 

Wireless Telecommunication Services

 

 

1.4

 

 

 

2.9

 

 

 

 

 

 

 

Aerospace & Defense

 

 

1.3

 

 

 

2.7

 

 

 

 

 

 

 

Household Products

 

 

1.2

 

 

 

2.6

 

 

 

 

 

 

 

Trading Companies & Distributors

 

 

1.2

 

 

 

2.5

 

 

 

 

 

 

 

Total

 

 

100.0

%

 

 

210.4

%

 

 

100.0

%

 

 

54.7

%

Schedule of Geographic Composition of Investments at Fair Value

The geographic composition of the Company’s investments at fair value was as follows:

 

 

As of

 

Geographic

 

December 31, 2025

 

 

December 31, 2024

 

United States

 

 

100.0

%

 

 

100.0

%

Total

 

 

100.0

%

 

 

100.0

%