| Schedule of 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 |
|
Investment Type |
|
Cost |
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Fair Value |
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|
Unrealized Appreciation/ (Depreciation) |
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|
Cost |
|
|
Fair Value |
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|
Unrealized Appreciation/ (Depreciation) |
|
Senior Secured First Lien |
|
$ |
457,925 |
|
|
$ |
458,450 |
|
|
$ |
525 |
|
|
$ |
135,527 |
|
|
$ |
136,018 |
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|
$ |
491 |
|
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 |
|
Unitranche First Lien - Last Out |
|
|
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 |
|
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 |
|
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 |
|
Total Investments |
|
$ |
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 |
|
|
Percentage of Fair Value |
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|
Health Care Equipment and Services |
|
$ |
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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% |
|
$ |
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 |
|
$ |
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 |
|
|
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 |
|
|
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 |
|
|
3,867 |
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0.4 |
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|
- |
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|
- |
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Gibraltar |
|
|
2,791 |
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|
|
0.3 |
|
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|
- |
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|
- |
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Israel |
|
|
2,777 |
|
|
|
0.3 |
|
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|
- |
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|
- |
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Ireland |
|
|
2,763 |
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|
0.3 |
|
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|
- |
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|
- |
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Germany |
|
|
1,869 |
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|
0.2 |
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|
- |
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|
- |
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Denmark |
|
|
1,107 |
|
|
|
0.1 |
|
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|
|
- |
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|
- |
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Finland |
|
|
123 |
|
|
|
0.0 |
|
|
|
|
- |
|
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|
- |
|
|
Total Investments |
|
$ |
879,592 |
|
|
|
100.0 |
|
% |
|
$ |
282,161 |
|
|
|
100.0 |
|
% |
|