| Investments |
Note 4. Investments The information in the following tables is presented on an aggregate portfolio basis, without regard to whether they are non-controlled, non-affiliated, non-controlled, affiliated or controlled affiliated, investments. Investments at fair value consisted of the following (in thousands):
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As of December 31, 2025 |
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As of December 31, 2024 |
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Investment Type |
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Cost |
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Fair Value |
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Unrealized Appreciation/ (Depreciation) |
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Cost |
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Fair Value |
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Unrealized Appreciation/ (Depreciation) |
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Senior Secured First Lien |
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$ |
457,925 |
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$ |
458,450 |
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$ |
525 |
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$ |
135,527 |
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$ |
136,018 |
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$ |
491 |
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Unitranche First Lien |
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378,769 |
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383,346 |
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4,577 |
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129,772 |
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130,616 |
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|
844 |
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Unitranche First Lien - Last Out |
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2,566 |
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2,613 |
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47 |
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3,605 |
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3,479 |
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(126 |
) |
Senior Secured Second Lien |
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9,912 |
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10,300 |
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388 |
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- |
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- |
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- |
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Unsecured Debt |
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3,468 |
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3,633 |
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165 |
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3,015 |
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3,176 |
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161 |
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Equity |
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8,035 |
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10,791 |
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2,756 |
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3,612 |
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4,260 |
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648 |
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LLC/LP Equity Interests |
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10,000 |
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10,459 |
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459 |
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4,500 |
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4,612 |
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112 |
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Total Investments |
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$ |
870,675 |
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$ |
879,592 |
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$ |
8,917 |
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$ |
280,031 |
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$ |
282,161 |
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$ |
2,130 |
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The industry composition of investments at fair value is as follows (in thousands):
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Industry |
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Fair Value as of
December 31, 2025 |
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Percentage of Fair Value |
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Fair Value as of
December 31, 2024 |
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Percentage of Fair Value |
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Health Care Equipment and Services |
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$ |
191,386 |
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21.9 |
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% |
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$ |
65,098 |
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23.1 |
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% |
Commercial and Professional Services |
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115,253 |
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13.2 |
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45,829 |
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16.2 |
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Software and Services |
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109,149 |
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12.4 |
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68,914 |
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24.3 |
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Capital Goods |
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88,976 |
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10.1 |
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13,435 |
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4.8 |
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Financial Services |
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66,386 |
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7.5 |
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7,419 |
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2.6 |
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Consumer Services |
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55,759 |
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6.3 |
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9,607 |
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3.4 |
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Materials |
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43,383 |
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4.9 |
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14,925 |
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5.3 |
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Pharmaceuticals, Biotechnology and Life Sciences |
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39,989 |
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4.5 |
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11,161 |
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4.0 |
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Telecommunication Services |
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34,231 |
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3.9 |
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1,488 |
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0.5 |
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Consumer Discretionary Distribution and Retail |
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29,848 |
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3.4 |
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6,974 |
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2.5 |
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Insurance |
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23,923 |
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2.7 |
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15,026 |
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5.3 |
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Media and Entertainment |
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21,773 |
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2.5 |
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3,283 |
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1.2 |
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Transportation |
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19,365 |
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2.2 |
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745 |
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0.3 |
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Diversified Financials |
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15,127 |
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1.7 |
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8,777 |
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3.1 |
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Energy |
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8,156 |
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0.9 |
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4,136 |
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1.5 |
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Consumer Durables and Apparel |
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7,364 |
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0.8 |
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1,552 |
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0.6 |
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Food, Beverage and Tobacco |
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5,759 |
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0.7 |
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3,164 |
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1.1 |
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Real Estate Management and Development |
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3,765 |
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0.4 |
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628 |
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0.2 |
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Total Investments |
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$ |
879,592 |
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100.0 |
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% |
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$ |
282,161 |
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100.0 |
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% |
The geographic composition of investments at fair value is as follows (in thousands):
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Geographic Region |
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Fair Value as of
December 31, 2025 |
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Percentage of Fair Value |
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Fair Value as of
December 31, 2024 |
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Percentage of Fair Value |
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United States |
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$ |
778,554 |
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88.5 |
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% |
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$ |
264,160 |
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93.6 |
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% |
Canada |
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43,981 |
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5.1 |
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- |
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- |
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Netherlands |
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13,347 |
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1.5 |
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7,860 |
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2.8 |
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United Kingdom |
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12,075 |
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1.4 |
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6,327 |
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2.20 |
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Switzerland |
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11,898 |
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1.4 |
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- |
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- |
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Australia |
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4,440 |
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0.5 |
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3,814 |
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1.40 |
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France |
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3,867 |
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0.4 |
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- |
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- |
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Gibraltar |
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2,791 |
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0.3 |
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- |
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- |
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Israel |
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2,777 |
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0.3 |
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- |
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- |
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Ireland |
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2,763 |
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0.3 |
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- |
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- |
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Germany |
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1,869 |
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0.2 |
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- |
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- |
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Denmark |
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1,107 |
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0.1 |
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- |
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- |
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Finland |
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|
123 |
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0.0 |
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- |
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- |
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Total Investments |
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$ |
879,592 |
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|
100.0 |
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% |
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$ |
282,161 |
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100.0 |
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% |
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