| Portfolio Investments |
The following tables summarize the composition of the Company’s portfolio investments by investment type as of December 31, 2025 and December 31, 2024.
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As of December 31, 2025 |
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Investment Type |
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Principal
Balance |
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Percentage
at Principal
Balance |
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Amortized
Cost |
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Percentage at
Amortized
Cost |
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Fair
Value |
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Percentage
at Fair
Value |
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First Lien Senior Secured Loans |
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$ |
295,145,971 |
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88.3 |
% |
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$ |
291,918,975 |
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87.9 |
% |
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$ |
292,719,497 |
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87.8 |
% |
Senior Secured Notes |
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37,642,786 |
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11.3 |
% |
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37,030,961 |
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11.1 |
% |
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37,473,499 |
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11.2 |
% |
Second Lien Senior Secured Loans |
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1,425,799 |
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0.4 |
% |
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1,425,798 |
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0.4 |
% |
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1,447,186 |
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0.4 |
% |
Warrants |
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- |
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0.0 |
% |
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1,333,436 |
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0.4 |
% |
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1,171,605 |
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0.4 |
% |
Preferred Stock |
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- |
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0.0 |
% |
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500,000 |
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0.2 |
% |
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500,000 |
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0.2 |
% |
Total |
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$ |
334,214,556 |
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100.0 |
% |
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$ |
332,209,170 |
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100.0 |
% |
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$ |
333,311,787 |
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100.0 |
% |
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As of December 31, 2024 |
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Investment Type |
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Principal
Balance |
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Percentage
at Principal
Balance |
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Amortized
Cost |
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Percentage at
Amortized
Cost |
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Fair
Value |
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Percentage
at Fair
Value |
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First Lien Senior Secured Loans |
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$ |
242,269,725 |
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87.3 |
% |
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$ |
239,036,463 |
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87.1 |
% |
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$ |
239,860,206 |
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87.1 |
% |
Senior Secured Notes |
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35,147,669 |
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12.7 |
% |
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34,567,422 |
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12.6 |
% |
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34,656,192 |
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12.6 |
% |
Preferred Stock |
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- |
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0.0 |
% |
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500,000 |
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0.2 |
% |
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500,000 |
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0.2 |
% |
Warrants |
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- |
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0.0 |
% |
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242,826 |
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0.1 |
% |
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225,000 |
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0.1 |
% |
Total |
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$ |
277,417,394 |
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100.0 |
% |
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$ |
274,346,711 |
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100.0 |
% |
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$ |
275,241,398 |
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100.0 |
% |
The following tables summarize the composition of the Company’s debt portfolio based on rate characteristics as of December 31, 2025 and December 31, 2024.
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As of December 31, 2025 |
Rate Type |
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Principal
Balance |
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Amortized
Cost |
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Fair
Value |
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Time to
Maturity |
Fixed-rate debt |
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$ |
94,255,821 |
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$ |
92,862,392 |
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$ |
93,187,170 |
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2.7 years |
Floating-rate debt (SOFR) |
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57,002,436 |
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56,470,076 |
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56,660,443 |
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2.5 years |
Floating-rate debt (PRIME) |
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182,956,299 |
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181,043,266 |
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181,792,569 |
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2.0 years |
Total Debt Instruments |
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$ |
334,214,556 |
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$ |
330,375,734 |
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$ |
331,640,182 |
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2.3 years |
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As of December 31, 2024 |
Rate Type |
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Principal
Balance |
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Amortized
Cost |
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Fair
Value |
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Time to
Maturity |
Fixed-rate debt |
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$ |
56,819,862 |
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$ |
55,954,923 |
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$ |
56,158,027 |
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2.6 years |
Floating-rate debt (SOFR) |
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15,543,708 |
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15,134,388 |
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15,209,230 |
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1.5 years |
Floating-rate debt (PRIME) |
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205,053,824 |
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202,514,574 |
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203,149,141 |
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1.8 years |
Total Debt Instruments |
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$ |
277,417,394 |
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$ |
273,603,885 |
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$ |
274,516,398 |
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1.9 years |
The following tables summarize the composition of the Company’s portfolio investments by industry as of December 31, 2025 and December 31, 2024.
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As of December 31, 2025 |
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Industry |
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Amortized
Cost |
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Percentage at
Amortized
Cost |
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Fair
Value |
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Percentage at
Fair Value |
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Cannabis |
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$ |
248,441,479 |
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74.8 |
% |
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$ |
249,130,462 |
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74.7 |
% |
Finance and Insurance |
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25,609,187 |
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7.7 |
% |
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25,660,999 |
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7.7 |
% |
Information |
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19,595,501 |
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5.9 |
% |
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20,011,566 |
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6.0 |
% |
Public Administration |
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11,407,386 |
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3.4 |
% |
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11,504,108 |
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3.5 |
% |
Retail Trade |
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8,896,598 |
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2.7 |
% |
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8,914,151 |
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2.7 |
% |
Manufacturing |
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7,441,941 |
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2.2 |
% |
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7,441,941 |
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2.2 |
% |
Educational Services |
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5,001,681 |
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1.5 |
% |
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5,001,681 |
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1.5 |
% |
Administrative and Support and Waste Management and Remediation Services |
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3,000,000 |
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0.9 |
% |
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3,000,000 |
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0.9 |
% |
Real Estate and Rental and Leasing |
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2,815,397 |
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0.9 |
% |
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2,646,879 |
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0.8 |
% |
Total |
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$ |
332,209,170 |
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100.0 |
% |
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$ |
333,311,787 |
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100.0 |
% |
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As of December 31, 2024 |
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Industry |
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Amortized
Cost |
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Percentage at
Amortized
Cost |
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Fair
Value |
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Percentage at
Fair Value |
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Cannabis |
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$ |
210,144,841 |
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76.6 |
% |
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$ |
211,007,307 |
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76.7 |
% |
Finance and Insurance |
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30,866,942 |
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11.3 |
% |
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30,907,369 |
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11.2 |
% |
Information |
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14,873,810 |
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5.4 |
% |
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14,754,624 |
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5.4 |
% |
Public Administration |
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10,273,444 |
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3.7 |
% |
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10,322,928 |
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3.8 |
% |
Retail Trade |
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3,285,390 |
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1.2 |
% |
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3,275,125 |
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1.2 |
% |
Health Care and Social Assistance |
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2,753,852 |
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1.0 |
% |
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2,796,946 |
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1.0 |
% |
Real Estate and Rental and Leasing |
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2,148,432 |
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0.8 |
% |
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2,177,099 |
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0.7 |
% |
Total |
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$ |
274,346,711 |
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100.0 |
% |
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$ |
275,241,398 |
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100.0 |
% |
The following tables summarize the composition of the Company’s portfolio investments by geographic region as of December 31, 2025 and December 31, 2024.
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As of December 31, 2025 |
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Geographic Region |
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Amortized
Cost |
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Percentage at
Amortized
Cost |
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Fair
Value |
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Percentage
at Fair
Value |
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United States: |
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Midwest |
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$ |
138,071,134 |
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41.6 |
% |
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$ |
138,912,130 |
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41.7 |
% |
Northeast |
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66,803,146 |
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20.1 |
% |
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67,247,357 |
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20.2 |
% |
West |
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65,511,094 |
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19.7 |
% |
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65,410,158 |
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19.6 |
% |
Southeast |
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28,827,032 |
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8.7 |
% |
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28,750,558 |
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8.6 |
% |
Southwest |
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26,982,778 |
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8.1 |
% |
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27,001,681 |
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8.1 |
% |
International: |
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Canada |
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6,013,986 |
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1.8 |
% |
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5,989,903 |
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1.8 |
% |
Total |
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$ |
332,209,170 |
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100.0 |
% |
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$ |
333,311,787 |
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100.0 |
% |
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As of December 31, 2024 |
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Geographic Region |
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Amortized
Cost |
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Percentage at
Amortized
Cost |
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Fair
Value |
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Percentage
at Fair
Value |
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United States: |
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Midwest |
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$ |
88,999,405 |
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32.4 |
% |
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$ |
89,624,122 |
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32.6 |
% |
West |
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86,686,279 |
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31.6 |
% |
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86,660,218 |
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31.5 |
% |
Northeast |
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52,963,212 |
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19.3 |
% |
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53,223,047 |
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19.3 |
% |
Southwest |
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21,980,052 |
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8.0 |
% |
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22,000,000 |
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8.0 |
% |
Southeast |
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20,703,496 |
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7.6 |
% |
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20,749,887 |
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7.5 |
% |
International: |
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Canada |
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3,014,267 |
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1.1 |
% |
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2,984,124 |
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1.1 |
% |
Total |
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$ |
274,346,711 |
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100.0 |
% |
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$ |
275,241,398 |
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100.0 |
% |
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