Investments (Tables)
|
3 Months Ended |
Mar. 31, 2026 |
|---|
| Investments |
|
| Schedule of investments carried at fair value |
The following table presents the Company’s investments carried at fair value as of March 31, 2026 and December 31, 2025, by caption on the Company’s accompanying consolidated statements of assets and liabilities and by security type.
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Assets at Fair Value as of March 31, 2026 |
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
First Lien Debt |
|
$ |
— |
|
|
$ |
71,697,752 |
|
|
$ |
187,324,124 |
|
|
$ |
259,021,876 |
|
Unitranche Debt |
|
|
— |
|
|
|
5,213,268 |
|
|
|
124,637,395 |
|
|
|
129,850,663 |
|
Second Lien Debt |
|
|
— |
|
|
|
1,606,024 |
|
|
|
1,985,000 |
|
|
|
3,591,024 |
|
Equity and Preferred Shares |
|
|
— |
|
|
|
— |
|
|
|
10,059,102 |
|
|
|
10,059,102 |
|
Total |
|
$ |
— |
|
|
$ |
78,517,044 |
|
|
$ |
324,005,621 |
|
|
$ |
402,522,665 |
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|
Assets at Fair Value as of December 31, 2025 |
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
First Lien Debt |
|
$ |
— |
|
|
$ |
73,090,096 |
|
|
$ |
188,700,935 |
|
|
$ |
261,791,031 |
|
Unitranche Debt |
|
|
— |
|
|
|
3,298,163 |
|
|
|
127,108,392 |
|
|
|
130,406,555 |
|
Second Lien Debt |
|
|
— |
|
|
|
1,453,533 |
|
|
|
3,916,340 |
|
|
|
5,369,873 |
|
Equity and Preferred Shares |
|
|
— |
|
|
|
— |
|
|
|
9,941,942 |
|
|
|
9,941,942 |
|
Total |
|
$ |
— |
|
|
$ |
77,841,792 |
|
|
$ |
329,667,609 |
|
|
$ |
407,509,401 |
|
|
| Schedule of quantitative information about the Level 3 fair value measurements of investments |
The weighted average calculations in the table below are based on the fair value balances for all debt related calculations for the particular input.
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As of March 31, 2026 |
|
|
Fair
Value |
|
|
Valuation
Technique |
|
Unobservable
Inputs (1) |
|
Range (2) |
|
Weighted
Average (3) |
First Lien Debt |
|
$ |
155,373,112 |
|
|
Matrix Pricing |
|
Senior Leverage |
|
0.48x - 14.07x |
|
5.03x |
|
|
|
|
|
|
|
Total Leverage |
|
0.85x - 14.24x |
|
5.43x |
|
|
|
|
|
|
|
Interest Coverage |
|
0.55x - 4.68x |
|
1.88x |
|
|
|
|
|
|
|
Debt Service Coverage |
|
0.51x - 3.42x |
|
1.53x |
|
|
|
|
|
|
|
TEV Coverage |
|
0.96x - 12.66x |
|
2.55x |
|
|
|
|
|
|
|
Liquidity |
|
0.00% - 756.13% |
|
140.90% |
|
|
|
|
|
|
|
Spread Comparison |
|
300bps - 950bps |
|
491bps |
First Lien Debt |
|
|
5,138,343 |
|
|
Analysis of Trend in Leverage |
|
Maturity Modified Market Yield (4) |
|
7.00% - 7.45% |
|
7.40% |
First Lien Debt |
|
|
12,280,613 |
|
|
Matrix Pricing/Market Analysis (5) |
|
Senior Leverage |
|
6.07x - 8.70x |
|
7.01x |
|
|
|
|
|
|
|
Total Leverage |
|
7.62x - 11.12x |
|
8.80x |
|
|
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|
|
|
|
Interest Coverage |
|
1.04x - 1.51x |
|
1.27x |
|
|
|
|
|
|
|
Debt Service Coverage |
|
0.96x - 1.25x |
|
1.10x |
|
|
|
|
|
|
|
TEV Coverage |
|
1.10x - 2.36x |
|
1.75x |
|
|
|
|
|
|
|
Liquidity |
|
29.31% - 258.80% |
|
143.80% |
|
|
|
|
|
|
|
Spread Comparison |
|
350bps - 525bps |
|
421bps |
First Lien Debt |
|
|
14,532,057 |
|
|
Enterprise Value |
|
EV/EBITDA Multiple |
|
6.70x - 11.70x |
|
8.20x |
Unitranche Debt |
|
|
73,789,253 |
|
|
Analysis of Trend in Leverage |
|
Maturity Modified Market Yield (4) |
|
4.91% - 9.57% |
|
7.23% |
Unitranche Debt |
|
|
40,824,313 |
|
|
Matrix Pricing |
|
Senior Leverage |
|
3.62x - 8.39x |
|
6.45x |
|
|
|
|
|
|
|
Total Leverage |
|
3.62x - 8.39x |
|
6.61x |
|
|
|
|
|
|
|
Interest Coverage |
|
0.76x - 2.34x |
|
1.48x |
|
|
|
|
|
|
|
Debt Service Coverage |
|
0.45x - 2.05x |
|
1.23x |
|
|
|
|
|
|
|
TEV Coverage |
|
1.24x - 2.47x |
|
1.83x |
|
|
|
|
|
|
|
Liquidity |
|
42.55% - 429.12% |
|
142.88% |
|
|
|
|
|
|
|
Spread Comparison |
|
425bps - 800bps |
|
553bps |
Unitranche Debt |
|
|
10,023,828 |
|
|
Enterprise Value |
|
EV/EBITDA Multiple |
|
10.00x - 12.47x |
|
11.19x |
Second Lien Debt |
|
|
1,985,000 |
|
|
Matrix Pricing |
|
Senior Leverage |
|
5.44x |
|
5.44x |
|
|
|
|
|
|
|
Total Leverage |
|
5.44x |
|
5.44x |
|
|
|
|
|
|
|
Interest Coverage |
|
1.75x |
|
1.75x |
|
|
|
|
|
|
|
Debt Service Coverage |
|
1.58x |
|
1.58x |
|
|
|
|
|
|
|
TEV Coverage |
|
1.63x |
|
1.63x |
|
|
|
|
|
|
|
Liquidity |
|
112.83% |
|
112.83% |
|
|
|
|
|
|
|
Spread Comparison |
|
775bps |
|
775bps |
Equity and Preferred |
|
|
10,034,102 |
|
|
Enterprise Value |
|
EV/EBITDA Multiple |
|
5.75x - 19.00x |
|
12.85x |
Total |
|
$ |
323,980,621 |
|
|
|
|
|
|
|
|
|
(1)For any portfolio company, the unobservable input "Liquidity" is a fraction, expressed as a percentage, the numerator of which is the sum of the company's undrawn revolving credit facility capacity plus cash, and the denominator of which is the total amount that may be borrowed under the company's revolving credit facility. The unobservable input "Spread Comparison" is a comparison of the spread over the referenced rate for each investment to the spread over the referenced rate for general leveraged loan transactions. (2)Each range represents the variance of outputs from calculating each statistic for each portfolio company within a specific credit seniority. The range may be a single data point when there is only one company represented in a specific credit seniority. (3)Inputs are weighted based on the fair value of the investments included in the range. (4)Maturity Modified Market Yield is calculated based on the Market yield of the security relative to its actual coupon and maturity date. The Market Yield is modified 75 basis points for every 1x delta in actual leverage versus market leverage of that issuer. (5)The valuation technique incorporates a weighting of broker quotes and matrix pricing. The weighted average calculations in the table below are based on the fair value balances for all debt related calculations for the particular input.
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|
As of December 31, 2025 |
|
|
Fair
Value |
|
|
Valuation
Technique |
|
Unobservable
Inputs(1) |
|
Range(2) |
|
Weighted
Average(3) |
First Lien Debt |
|
$ |
160,298,208 |
|
|
Matrix Pricing |
|
Senior Leverage |
|
0.48x - 11.35x |
|
5.12x |
|
|
|
|
|
|
|
Total Leverage |
|
2.43x - 11.35x |
|
5.45x |
|
|
|
|
|
|
|
Interest Coverage |
|
0.64x - 4.68x |
|
1.83x |
|
|
|
|
|
|
|
Debt Service Coverage |
|
0.58x - 3.42x |
|
1.51x |
|
|
|
|
|
|
|
TEV Coverage |
|
0.00x - 5.75x |
|
2.47x |
|
|
|
|
|
|
|
Liquidity |
|
11.96% - 737.18% |
|
144.41% |
|
|
|
|
|
|
|
Spread Comparison |
|
300bps - 800bps |
|
485bps |
First Lien Debt |
|
|
4,508,250 |
|
|
Analysis of Trend in Leverage |
|
Maturity Modified Market Yield (4) |
|
7.75% |
|
7.75% |
First Lien Debt |
|
|
12,263,985 |
|
|
Matrix Pricing/Market Analysis (5) |
|
Senior Leverage |
|
5.38x - 8.70x |
|
7.05x |
|
|
|
|
|
|
|
Total Leverage |
|
7.16x - 11.26x |
|
8.77x |
|
|
|
|
|
|
|
Interest Coverage |
|
1.00x - 1.44x |
|
1.18x |
|
|
|
|
|
|
|
Debt Service Coverage |
|
0.93x - 1.21x |
|
1.03x |
|
|
|
|
|
|
|
TEV Coverage |
|
1.10x - 2.60x |
|
1.88x |
|
|
|
|
|
|
|
Liquidity |
|
29.31% - 377.13% |
|
130.15% |
|
|
|
|
|
|
|
Spread Comparison |
|
375bps - 600bps |
|
440bps |
First Lien Debt |
|
|
11,027,439 |
|
|
Enterprise Value |
|
EV/EBITDA Multiple |
|
6.10x - 10.40x |
|
8.56x |
Unitranche Debt |
|
|
72,952,262 |
|
|
Analysis of Trend in Leverage |
|
Maturity Modified Market Yield (4) |
|
5.15% - 14.45% |
|
7.50% |
Unitranche Debt |
|
|
43,305,232 |
|
|
Matrix Pricing |
|
Senior Leverage |
|
3.62x - 8.39x |
|
6.31x |
|
|
|
|
|
|
|
Total Leverage |
|
3.62x - 9.62x |
|
6.46x |
|
|
|
|
|
|
|
Interest Coverage |
|
0.76x - 2.71x |
|
1.52x |
|
|
|
|
|
|
|
Debt Service Coverage |
|
0.45x - 2.00x |
|
1.25x |
|
|
|
|
|
|
|
TEV Coverage |
|
1.24x - 2.68x |
|
1.86x |
|
|
|
|
|
|
|
Liquidity |
|
39.61% - 429.12% |
|
143.10% |
|
|
|
|
|
|
|
Spread Comparison |
|
400bps - 800bps |
|
554bps |
Unitranche Debt |
|
|
9,738,234 |
|
|
Enterprise Value |
|
EV/EBITDA Multiple |
|
10.00x - 12.70x |
|
11.25x |
Second Lien Debt |
|
|
2,400,000 |
|
|
Matrix Pricing |
|
Senior Leverage |
|
4.11x - 5.64x |
|
5.38x |
|
|
|
|
|
|
|
Total Leverage |
|
4.11x - 5.65x |
|
5.38x |
|
|
|
|
|
|
|
Interest Coverage |
|
2.07x - 2.38x |
|
2.12x |
|
|
|
|
|
|
|
Debt Service Coverage |
|
1.83x - 2.12x |
|
1.88x |
|
|
|
|
|
|
|
TEV Coverage |
|
1.57x - 2.87x |
|
1.79x |
|
|
|
|
|
|
|
Liquidity |
|
122.08% - 445.07% |
|
177.26% |
|
|
|
|
|
|
|
Spread Comparison |
|
775bps - 900bps |
|
796bps |
Second Lien Debt |
|
|
1,516,340 |
|
|
Matrix Pricing/Market Analysis (5) |
|
Senior Leverage |
|
10.46x |
|
10.46x |
|
|
|
|
|
|
|
Total Leverage |
|
10.46x |
|
10.46x |
|
|
|
|
|
|
|
Interest Coverage |
|
0.96x |
|
0.96x |
|
|
|
|
|
|
|
Debt Service Coverage |
|
0.82x |
|
0.82x |
|
|
|
|
|
|
|
TEV Coverage |
|
1.23x |
|
1.23x |
|
|
|
|
|
|
|
Liquidity |
|
126.71% |
|
126.71% |
|
|
|
|
|
|
|
Spread Comparison |
|
700bps |
|
700bps |
Equity and Preferred |
|
|
9,704,260 |
|
|
Enterprise Value |
|
EV/EBITDA Multiple |
|
7.10x - 19.00x |
|
13.99x |
Total |
|
$ |
327,714,210 |
|
|
|
|
|
|
|
|
|
(1)For any portfolio company, the unobservable input "Liquidity" is a fraction, expressed as a percentage, the numerator of which is the sum of the company's undrawn revolving credit facility capacity plus cash, and the denominator of which is the total amount that may be borrowed under the company's revolving credit facility. The unobservable input "Spread Comparison" is a comparison of the spread over the referenced rate for each investment to the spread over the referenced rate for general leveraged loan transactions. (2)Each range represents the variance of outputs from calculating each statistic for each portfolio company within a specific credit seniority. The range may be a single data point when there is only one company represented in a specific credit seniority. (3)Inputs are weighted based on the fair value of the investments included in the range. (4)Maturity Modified Market Yield is calculated based on the Market yield of the security relative to its actual coupon and maturity date. The Market Yield is modified 75 basis points for every 1x delta in actual leverage versus market leverage of that issuer. (5)The valuation technique incorporates a weighting of broker quotes and matrix pricing.
|
| Schedule of changes in fair value, broken out by security type |
The following tables provide the changes in fair value, broken out by security type, during the three months ended March 31, 2026 and 2025 for all investments for which the Company determines fair value using unobservable (Level 3) factors.
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|
|
|
|
|
|
|
Three Months Ended March 31, 2026 |
|
First Lien
Debt |
|
|
Unitranche
Debt |
|
|
Second Lien
Debt |
|
|
Equity and
Preferred
Shares |
|
|
Total |
|
Fair Value as of December 31, 2025 |
|
$ |
188,700,935 |
|
|
$ |
127,108,392 |
|
|
$ |
3,916,340 |
|
|
$ |
9,941,942 |
|
|
$ |
329,667,609 |
|
Transfers into Level 3 |
|
|
15,391,408 |
|
|
|
2,844,086 |
|
|
|
— |
|
|
|
— |
|
|
|
18,235,494 |
|
Transfers out of Level 3 |
|
|
(17,326,330 |
) |
|
|
(3,106,105 |
) |
|
|
(1,516,340 |
) |
|
|
— |
|
|
|
(21,948,775 |
) |
Total gains: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain (loss) (a) |
|
|
(60,626 |
) |
|
|
5,804 |
|
|
|
2,050 |
|
|
|
— |
|
|
|
(52,772 |
) |
Net unrealized depreciation (b) |
|
|
(895,394 |
) |
|
|
(1,038,579 |
) |
|
|
(8,138 |
) |
|
|
(235,629 |
) |
|
|
(2,177,740 |
) |
New investments, repayments and settlements:(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases |
|
|
7,681,813 |
|
|
|
477,762 |
|
|
|
— |
|
|
|
352,789 |
|
|
|
8,512,364 |
|
Settlements/repayments |
|
|
(6,429,314 |
) |
|
|
(1,883,227 |
) |
|
|
(410,000 |
) |
|
|
— |
|
|
|
(8,722,541 |
) |
Net amortization of premiums, PIK, discounts and fees |
|
|
261,632 |
|
|
|
229,262 |
|
|
|
1,088 |
|
|
|
— |
|
|
|
491,982 |
|
Fair Value as of March 31, 2026 |
|
$ |
187,324,124 |
|
|
$ |
124,637,395 |
|
|
$ |
1,985,000 |
|
|
$ |
10,059,102 |
|
|
$ |
324,005,621 |
|
(a)Included in net realized gain (loss) on the accompanying Consolidated Statement of Operations for the three months ended March 31, 2026. (b)Included in net change in unrealized depreciation on the accompanying Consolidated Statement of Operations for the three months ended March 31, 2026. (c)Includes increases in the cost basis of investments resulting from portfolio investments, the amortization of discounts, and PIK, as well as decreases in the costs basis of investments resulting from principal repayments or sales, the amortization of premiums and acquisition costs and other cost-basis adjustments.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2025 |
|
First Lien
Debt |
|
|
Unitranche
Debt |
|
|
Second Lien
Debt |
|
|
Equity and
Preferred
Shares |
|
|
Total |
|
Fair Value as of December 31, 2024 |
|
$ |
149,557,665 |
|
|
$ |
121,815,787 |
|
|
$ |
7,392,500 |
|
|
$ |
6,428,769 |
|
|
$ |
285,194,721 |
|
Transfers into Level 3 |
|
|
18,655,278 |
|
|
|
1,687,916 |
|
|
|
407,950 |
|
|
|
— |
|
|
|
20,751,144 |
|
Transfers out of Level 3 |
|
|
(9,623,013 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(9,623,013 |
) |
Total gains: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain (a) |
|
|
47,553 |
|
|
|
66,591 |
|
|
|
— |
|
|
|
— |
|
|
|
114,144 |
|
Net unrealized (depreciation) appreciation (b) |
|
|
(82,822 |
) |
|
|
(1,019,330 |
) |
|
|
(16,985 |
) |
|
|
207,633 |
|
|
|
(911,504 |
) |
New investments, repayments and settlements:(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases |
|
|
9,888,941 |
|
|
|
1,530,582 |
|
|
|
— |
|
|
|
554,213 |
|
|
|
11,973,736 |
|
Settlements/repayments |
|
|
(9,124,625 |
) |
|
|
(7,313,848 |
) |
|
|
— |
|
|
|
— |
|
|
|
(16,438,473 |
) |
Net amortization of premiums, PIK, discounts and fees |
|
|
242,459 |
|
|
|
257,190 |
|
|
|
4,035 |
|
|
|
— |
|
|
|
503,684 |
|
Sales |
|
|
(365,449 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(365,449 |
) |
Fair Value as of March 31, 2025 |
|
$ |
159,195,987 |
|
|
$ |
117,024,888 |
|
|
$ |
7,787,500 |
|
|
$ |
7,190,615 |
|
|
$ |
291,198,990 |
|
(a)Included in net realized gain (loss) on the accompanying Consolidated Statement of Operations for the three months ended March 31, 2025. (b)Included in net change in unrealized depreciation on the accompanying Consolidated Statement of Operations for the three months ended March 31, 2025. (c)Includes increases in the cost basis of investments resulting from portfolio investments, the amortization of discounts, and PIK, as well as decreases in the costs basis of investments resulting from principal repayments or sales, the amortization of premiums and acquisition costs and other cost-basis adjustments.
|
| Schedule of investments by security type |
The following table outlines the Company’s investments by security type as of March 31, 2026 and December 31, 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2026 |
|
|
|
Cost |
|
|
Percentage
of Total
Investments |
|
|
Fair Value |
|
|
Percentage
of Total
Investments |
|
First Lien Debt |
|
$ |
271,464,878 |
|
|
|
64.42 |
% |
|
$ |
259,021,876 |
|
|
|
64.35 |
% |
Unitranche Debt |
|
|
135,000,297 |
|
|
|
32.04 |
% |
|
|
129,850,663 |
|
|
|
32.26 |
% |
Second Lien Debt |
|
|
6,044,720 |
|
|
|
1.43 |
% |
|
|
3,591,024 |
|
|
|
0.89 |
% |
Total Debt Investments |
|
|
412,509,895 |
|
|
|
97.89 |
% |
|
|
392,463,563 |
|
|
|
97.50 |
% |
Equity and Preferred Shares |
|
|
8,872,507 |
|
|
|
2.11 |
% |
|
|
10,059,102 |
|
|
|
2.50 |
% |
Total Equity Investments |
|
|
8,872,507 |
|
|
|
2.11 |
% |
|
|
10,059,102 |
|
|
|
2.50 |
% |
Total Investment |
|
$ |
421,382,402 |
|
|
|
100.00 |
% |
|
$ |
402,522,665 |
|
|
|
100.00 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
|
Cost |
|
|
Percentage
of Total
Investments |
|
|
Fair Value |
|
|
Percentage
of Total
Investments |
|
First Lien Debt |
|
$ |
270,943,037 |
|
|
|
64.45 |
% |
|
$ |
261,791,031 |
|
|
|
64.24 |
% |
Unitranche Debt |
|
|
134,480,537 |
|
|
|
31.99 |
% |
|
|
130,406,555 |
|
|
|
32.00 |
% |
Second Lien Debt |
|
|
6,449,613 |
|
|
|
1.53 |
% |
|
|
5,369,873 |
|
|
|
1.32 |
% |
Total Debt Investments |
|
|
411,873,187 |
|
|
|
97.97 |
% |
|
|
397,567,459 |
|
|
|
97.56 |
% |
Equity and Preferred Shares |
|
|
8,519,718 |
|
|
|
2.03 |
% |
|
|
9,941,942 |
|
|
|
2.44 |
% |
Total Equity Investments |
|
|
8,519,718 |
|
|
|
2.03 |
% |
|
|
9,941,942 |
|
|
|
2.44 |
% |
Total Investments |
|
$ |
420,392,905 |
|
|
|
100.00 |
% |
|
$ |
407,509,401 |
|
|
|
100.00 |
% |
|
| Schedule of investments at fair value by industry classifications |
Investments at fair value consisted of the following industry classifications as of March 31, 2026 and December 31, 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2026 |
|
|
December 31, 2025 |
|
Industry |
|
Fair Value |
|
|
Percentage
of Total
Investments |
|
|
Fair Value |
|
|
Percentage
of Total
Investments |
|
Services: Business |
|
$ |
91,046,575 |
|
|
|
22.63 |
% |
|
$ |
90,201,377 |
|
|
|
22.14 |
% |
Healthcare & Pharmaceuticals |
|
|
71,976,928 |
|
|
|
17.88 |
|
|
|
74,328,379 |
|
|
|
18.24 |
|
Banking, Finance, Insurance & Real Estate |
|
|
32,945,005 |
|
|
|
8.18 |
|
|
|
33,679,403 |
|
|
|
8.26 |
|
Capital Equipment |
|
|
33,414,504 |
|
|
|
8.30 |
|
|
|
32,324,208 |
|
|
|
7.93 |
|
Services: Consumer |
|
|
31,220,089 |
|
|
|
7.76 |
|
|
|
29,427,154 |
|
|
|
7.22 |
|
High Tech Industries |
|
|
24,268,143 |
|
|
|
6.03 |
|
|
|
25,774,978 |
|
|
|
6.33 |
|
Containers, Packaging & Glass |
|
|
15,578,303 |
|
|
|
3.87 |
|
|
|
17,037,166 |
|
|
|
4.18 |
|
Construction & Building |
|
|
18,007,563 |
|
|
|
4.47 |
|
|
|
16,763,460 |
|
|
|
4.11 |
|
Beverage, Food & Tobacco |
|
|
15,979,012 |
|
|
|
3.97 |
|
|
|
16,045,201 |
|
|
|
3.94 |
|
Transportation: Cargo |
|
|
14,173,279 |
|
|
|
3.52 |
|
|
|
14,037,710 |
|
|
|
3.44 |
|
Automotive |
|
|
10,481,915 |
|
|
|
2.60 |
|
|
|
11,443,752 |
|
|
|
2.81 |
|
Aerospace & Defense |
|
|
9,926,883 |
|
|
|
2.47 |
|
|
|
10,817,889 |
|
|
|
2.65 |
|
Chemicals, Plastics & Rubber |
|
|
8,286,603 |
|
|
|
2.06 |
|
|
|
9,232,691 |
|
|
|
2.27 |
|
Environmental Industries |
|
|
7,934,727 |
|
|
|
1.97 |
|
|
|
8,113,079 |
|
|
|
1.99 |
|
Consumer Goods: Non-Durable |
|
|
4,201,745 |
|
|
|
1.04 |
|
|
|
4,411,807 |
|
|
|
1.08 |
|
Media: Advertising, Printing & Publishing |
|
|
3,881,490 |
|
|
|
0.96 |
|
|
|
3,942,202 |
|
|
|
0.97 |
|
Wholesale |
|
|
1,939,555 |
|
|
|
0.48 |
|
|
|
1,925,973 |
|
|
|
0.47 |
|
Hotels, Gaming & Leisure |
|
|
1,876,545 |
|
|
|
0.47 |
|
|
|
1,788,581 |
|
|
|
0.44 |
|
Metals & Mining |
|
|
1,559,561 |
|
|
|
0.39 |
|
|
|
1,574,836 |
|
|
|
0.39 |
|
Media: Diversified & Production |
|
|
1,166,634 |
|
|
|
0.29 |
|
|
|
1,267,668 |
|
|
|
0.31 |
|
Retail |
|
|
1,233,261 |
|
|
|
0.31 |
|
|
|
1,244,977 |
|
|
|
0.31 |
|
Energy: Oil & Gas |
|
|
572,591 |
|
|
|
0.14 |
|
|
|
569,848 |
|
|
|
0.14 |
|
Telecommunications |
|
|
496,237 |
|
|
|
0.12 |
|
|
|
497,494 |
|
|
|
0.12 |
|
Utilities: Water |
|
|
230,329 |
|
|
|
0.06 |
|
|
|
230,329.00 |
|
|
|
0.06 |
|
Consumer Goods: Durable |
|
|
125,188 |
|
|
|
0.03 |
|
|
|
137,759 |
|
|
|
0.03 |
|
Utilities: Electric |
|
|
- |
|
|
|
- |
|
|
|
691,480 |
|
|
|
0.17 |
|
|
|
$ |
402,522,665 |
|
|
|
100.00 |
% |
|
$ |
407,509,401 |
|
|
|
100.00 |
% |
|
| Schedule of investments at fair value by geographic regions |
Investments at fair value were included in the following geographic regions of the United States as of March 31, 2026 and December 31, 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2026 |
|
|
December 31, 2025 |
|
Geographic Region |
|
Fair Value |
|
|
Percentage
of Total
Investments |
|
|
Fair Value |
|
|
Percentage
of Total
Investments |
|
Northeast |
|
$ |
102,467,588 |
|
|
|
25.45 |
% |
|
$ |
102,949,533 |
|
|
|
25.26 |
% |
Midwest |
|
|
86,402,029 |
|
|
|
21.47 |
|
|
|
86,202,891 |
|
|
|
21.15 |
|
Southeast |
|
|
61,308,664 |
|
|
|
15.23 |
|
|
|
59,623,518 |
|
|
|
14.63 |
|
Southwest |
|
|
50,920,278 |
|
|
|
12.65 |
|
|
|
53,942,491 |
|
|
|
13.24 |
|
West |
|
|
41,286,315 |
|
|
|
10.26 |
|
|
|
44,371,505 |
|
|
|
10.89 |
|
East |
|
|
39,920,656 |
|
|
|
9.92 |
|
|
|
40,283,635 |
|
|
|
9.89 |
|
South |
|
|
11,887,921 |
|
|
|
2.95 |
|
|
|
11,218,875 |
|
|
|
2.75 |
|
Northwest |
|
|
6,089,160 |
|
|
|
1.51 |
|
|
|
5,953,057 |
|
|
|
1.46 |
|
Other(a) |
|
|
2,240,054 |
|
|
|
0.56 |
|
|
|
2,963,896 |
|
|
|
0.73 |
|
Total Investments |
|
$ |
402,522,665 |
|
|
|
100.00 |
% |
|
$ |
407,509,401 |
|
|
|
100.00 |
% |
(a)The company headquarters for UDG is located in Ireland. The company headquarters for Intertape Polymer is located in Canada. The company headquarters for Balcan is located in Canada. The company headquarters for Aurora is located in the United Kingdom. The company headquarters for PayByPhone is located in Canada.
|
| Schedule of contractual principal repayments and maturity of investment portfolio by fiscal year |
The following table summarizes the contractual principal repayments and maturity of the Company’s investment portfolio by fiscal year, assuming no voluntary prepayments, as of March 31, 2026:
|
|
|
|
|
For the Fiscal Years Ending December 31: |
|
Amount |
|
2026 |
|
$ |
7,503,688 |
|
2027 |
|
|
21,351,399 |
|
2028 |
|
|
128,186,471 |
|
2029 |
|
|
107,996,407 |
|
2030 |
|
|
53,352,518 |
|
Thereafter |
|
|
98,580,333 |
|
Total contractual repayments |
|
|
416,970,816 |
|
Adjustments to cost basis on debt investments(a) |
|
|
(4,460,921 |
) |
Total Cost Basis of Debt Investments Held at March 31, 2026: |
|
$ |
412,509,895 |
|
(a)Adjustment to cost basis related to unamortized balance of OID investments.
|