The following tables show the composition of the Fund’s investment portfolio, at amortized cost and fair value (with corresponding percentage of total portfolio investments):


	March 31, 2026				December 31, 2025
Amortized Cost:
Senior secured loans	$	198,442	94.8	%	$	179,747	94.9	%


Equity investments	10,977		5.2		9,681		5.1
Total	$	209,419	100.0	%	$	189,428	100.0	%


	March 31, 2026				December 31, 2025
Fair Value:
Senior secured loans	$	199,088	94.1	%	$	180,094	94.3	%


Equity investments	12,471		5.9		10,939		5.7
Total	$	211,559	100.0	%	$	191,033	100.0	%

The following tables show the composition of the Fund’s investment portfolio by geographic region, at amortized cost and fair value (with corresponding percentage of total portfolio investments). The geographic composition is determined by the location of the corporate headquarters of the portfolio company, which may not be indicative of the primary source of the portfolio company’s business:


	March 31, 2026				December 31, 2025
Amortized Cost:
United States:
Midwest	$	23,913	11.4	%	$	23,330	12.3	%
Northeast	67,300		32.1		67,225		35.5
Southeast	61,084		29.2		47,036		24.8
Southwest	6,021		2.9		5,986		3.2
West	47,046		22.5		41,923		22.1
International	4,055		1.9		3,928		2.1
Total	$	209,419	100.0	%	$	189,428	100.0	%


	March 31, 2026				December 31, 2025
Fair Value:
United States:
Midwest	$	24,282	11.5	%	$	23,560	12.3	%
Northeast	67,448		31.9		67,371		35.3
Southeast	62,615		29.6		48,317		25.3
Southwest	6,024		2.8		5,990		3.1
West	46,924		22.2		41,831		21.9
International	4,266		2.0		3,964		2.1
Total	$	211,559	100.0	%	$	191,033	100.0	%

The following tables show the composition of the Fund’s investment portfolio by industry, at amortized cost and fair value (with corresponding percentage of total portfolio investments):


	March 31, 2026				December 31, 2025
Amortized Cost:

Automotive	$	8,107	3.9	%	7,471		3.9	%
Banking	1,622		0.8		1,623		0.9


Chemicals, Plastics & Rubber	6,933		3.3		6,931		3.7
Construction & Building	4,974		2.4		—		—
Consumer Goods: Durable	4,903		2.3		4,906		2.6
Consumer Goods: Non-Durable	9,920		4.7		9,935		5.2
Containers, Packaging & Glass	3,952		1.9		—		—

Environmental Industries	5,431		2.6		5,124		2.7
FIRE: Finance	7,538		3.6		7,419		3.9

Healthcare & Pharmaceuticals	35,256		16.8		30,284		16.0
High Tech Industries	33,627		16.1		32,955		17.4

Media: Advertising, Printing & Publishing	8,854		4.2		8,850		4.7


Retail	1,266		0.6		1,266		0.6
Services: Business	52,311		25.0		45,489		24.1
Services: Consumer	9,968		4.8		9,988		5.3
Telecommunications	—		—		5,002		2.6
Transportation: Cargo	14,757		7.0		12,185		6.4


Total	$	209,419	100.0	%	$	189,428	100.0	%


	March 31, 2026				December 31, 2025
Fair Value:

Automotive	$	8,124	3.8	%	7,474		3.9	%
Banking	1,620		0.8		1,620		0.8


Chemicals, Plastics & Rubber	7,021		3.3		6,930		3.6
Construction & Building	4,969		2.3		—		—
Consumer Goods: Durable	5,207		2.5		5,082		2.7
Consumer Goods: Non-Durable	9,876		4.7		9,914		5.2
Containers, Packaging & Glass	3,950		1.9		—		—

Environmental Industries	5,326		2.5		5,032		2.6
FIRE: Finance	7,752		3.7		7,456		3.9

Healthcare & Pharmaceuticals	35,270		16.6		30,320		15.9
High Tech Industries	33,554		15.9		33,003		17.3

Media: Advertising, Printing & Publishing	8,938		4.2		8,938		4.7


Retail	1,266		0.6		1,267		0.7
Services: Business	52,864		25.0		45,812		24.0
Services: Consumer	10,063		4.8		10,070		5.3
Telecommunications	—		—		5,003		2.6
Transportation: Cargo	15,759		7.4		13,112		6.8


Total	$	211,559	100.0	%	$	191,033	100.0	%