Note 4. Investments The composition of the Company’s investment portfolio at amortized cost and fair value was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
|
|
Amortized Cost |
|
|
Fair Value |
|
|
% of Total Investments at Fair Value |
|
|
Secured Debt |
|
$ |
148,636 |
|
|
$ |
148,839 |
|
|
|
97.12 |
|
% |
Unsecured Debt |
|
|
490 |
|
|
|
501 |
|
|
|
0.33 |
|
|
Equity Investments |
|
|
318 |
|
|
|
318 |
|
|
|
0.21 |
|
|
Short-Term Investments |
|
|
3,585 |
|
|
|
3,585 |
|
|
|
2.34 |
|
|
Total Investments |
|
$ |
153,029 |
|
|
$ |
153,243 |
|
|
|
100.00 |
|
% |
As of December 31, 2025, there were no portfolio companies with loans on non-accrual status. The industry composition of the Company's non-controlled, non-affiliated investments (at fair value) was as follows:
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
Professional Services |
|
|
13.51 |
|
% |
Software |
|
|
12.72 |
|
|
Insurance |
|
|
11.72 |
|
|
Financial Services |
|
|
10.29 |
|
|
Health Care Technology |
|
|
6.43 |
|
|
Pharmaceuticals |
|
|
5.14 |
|
|
Chemicals |
|
|
5.03 |
|
|
Commercial Services and Supplies |
|
|
4.23 |
|
|
Healthcare Providers and Services |
|
|
3.68 |
|
|
Diversified Consumer Services |
|
|
3.36 |
|
|
Food Products |
|
|
3.32 |
|
|
Wireless Telecommunication Services |
|
|
3.13 |
|
|
Containers and Packaging |
|
|
2.97 |
|
|
Household Products |
|
|
2.53 |
|
|
Media |
|
|
2.16 |
|
|
IT Services |
|
|
2.04 |
|
|
Energy Equipment and Services |
|
|
1.75 |
|
|
Distributors |
|
|
1.50 |
|
|
Healthcare Equipment and Supplies |
|
|
1.38 |
|
|
Air Freight and Logistics |
|
|
0.89 |
|
|
Textiles, Apparel and Luxury Goods |
|
|
0.67 |
|
|
Industrial Conglomerates |
|
|
0.58 |
|
|
Trading Companies and Distributors |
|
|
0.46 |
|
|
Construction & Engineering |
|
|
0.28 |
|
|
Hotels, Restaurants and Leisure |
|
|
0.23 |
|
|
Total |
|
|
100.00 |
|
% |
The geographic composition of the Company's non-controlled, non-affiliated investments (at amortized cost and fair value) was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
|
|
Amortized Cost |
|
|
Fair Value |
|
|
% of Total Investments at Fair Value |
|
|
Fair Value as % of Net Assets |
|
|
United States |
|
$ |
145,127 |
|
|
$ |
145,312 |
|
|
|
97.10 |
|
% |
|
212.04 |
|
% |
Canada |
|
|
4,317 |
|
|
|
4,346 |
|
|
|
2.90 |
|
|
|
6.34 |
|
|
Total |
|
$ |
149,444 |
|
|
$ |
149,658 |
|
|
|
100.00 |
|
% |
|
218.38 |
|
% |
|