v3.26.1
Investments at Fair Value
12 Months Ended
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Investments at Fair Value Investments at Fair Value
Under the 1940 Act, the Company is required to separately identify non-controlled investments where it owns 5% or more of a portfolio company’s outstanding voting securities as investments in “affiliated” companies. In addition, under the 1940 Act, the Company is required to separately identify investments where it owns more than 25% of a portfolio company’s outstanding voting securities and/or had the power to exercise control over the management or policies of such portfolio company as investments in “controlled” companies. The information in the tables below is presented on an aggregate portfolio basis, without regard to whether they are non-controlled, non-affiliated; non-controlled, affiliated; or controlled, affiliated investments.
The composition of the Company's investments at fair value consisted of the following at December 31, 2025 and December 31, 2024:
December 31, 2025
Amortized Cost (1)
Fair ValueNet Unrealized
Gain (Loss)
First-lien debt investments$389,340 $388,556 $(784)
Second-lien debt investments50,102 49,843 (259)
Equity and other investments24,878 24,896 18 
Total Investments$464,320 $463,295 $(1,025)
December 31, 2024
Amortized Cost (1)
Fair ValueNet Unrealized
Gain (Loss)
First-lien debt investments$103,310 $103,947 $637 
Total Investments$103,310 $103,947 $637 
(1)The amortized cost represents the original cost adjusted for the amortization of discounts or premiums, as applicable, on debt investments using the effective interest method.
The Company uses Global Industry Classification Standards ("GICS") for classifying the industry groupings of its portfolio companies. The table below presents the industry composition of investments as a percentage of fair value at December 31, 2025 and December 31, 2024:
December 31, 2025
December 31, 2024(1)
Capital Goods12.3 %13.2 %
Commercial & Professional Services14.0 %12.8 %
Consumer Durables & Apparel2.1 %— %
Consumer Services6.4 %11.3 %
Financial Services3.3 %6.6 %
Food and Beverage7.8 %3.0 %
Healthcare Equipment & Services8.0 %5.0 %
Insurance5.2 %6.4 %
Materials1.0 %— %
Media & Entertainment7.5 %2.9 %
Pharmaceuticals2.1 %9.0 %
Real Estate Management & Development7.6 %11.7 %
Software & Services12.7 %11.9 %
Technology Hardware & Equipment1.3 %2.2 %
Telecommunication Services2.3 %— %
Transportation4.4 %— %
Utilities2.0 %4.0 %
Total100.0 %100.0 %
(1)The Company reclassified certain of its portfolio companies to conform to the current period industry composition.
The geographic composition of investments at fair value at December 31, 2025 and December 31, 2024:
December 31, 2025December 31, 2024
United States
Midwest21.4 %19.6 %
Northeast12.0 %17.8 %
South35.8 %38.9 %
West27.0 %23.7 %
Puerto Rico1.2 %— %
Canada2.6 %— %
Total100.0 %100.0 %