v3.26.1
Consolidated Statements of Assets and Liabilities (Parenthetical) - USD ($)
Mar. 31, 2026
Dec. 31, 2025
Statements of Assets and Liabilities    
Investments, at fair value, Non-Control/Non-Affiliate investments, cost $ 421,382,402 [1],[2],[3],[4],[5],[6],[7],[8] $ 420,392,905 [9],[10],[11],[12],[13],[14],[15],[16]
Common stock, par value per share $ 0.001 $ 0.001
Common stock, shares authorized 100,000,000 100,000,000
Common stock, shares issued 47,020,471 47,020,468
Shares Outstanding 47,020,471 47,020,468
[1] All companies are located in the United States of America, unless otherwise noted.
[2] All investments acquired in transactions are exempt from registration under the Securities Act of 1933 (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act.
[3] All investments are qualifying assets under Section 55(a) of the Investment Company Act of 1940, as amended (the "1940 Act") unless otherwise noted.
[4] All loans are income-producing, unless otherwise noted.
[5] As defined in 1940 Act, the Company is not deemed to be an “Affiliated Person” of or “Control” this portfolio company because it neither owns 5% or more of the portfolio company’s outstanding voting securities nor has the power to exercise control over the management or policies of such portfolio company (including through a management agreement).
[6] Interest rate percentages represent actual interest rates as of March 31, 2026, which are indexed to the noted reference rate. The referenced rates are subject to interest floors which can vary based on contractual agreements with the borrower.
[7] Represents an investment in APD MA Equity Blocker, L.P., a holding company, made through an affiliated equity aggregator vehicle.
[8] Unless indicated otherwise, all of our investments are valued using Level 3 inputs within the FASB Accounting Standard Codification (“ASC”) Topic 820, “Fair Value Measurements and Disclosures” (“ASC 820”) fair value hierarchy. Refer to Note 3 – Investments in the accompanying Notes to Consolidated Financial Statements for additional information
[9] All companies are located in the United States of America, unless otherwise noted.
[10] All investments acquired in transactions are exempt from registration under the Securities Act of 1933 (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act.
[11] All investments are qualifying assets under Section 55(a) of the Investment Company Act of 1940, as amended (the "1940 Act") unless otherwise noted.
[12] All loans are income-producing, unless otherwise noted.
[13] As defined in 1940 Act, the Company is not deemed to be an “Affiliated Person” of or “Control” this portfolio company because it neither owns 5% or more of the portfolio company’s outstanding voting securities nor has the power to exercise control over the management or policies of such portfolio company (including through a management agreement).
[14] At December 31, 2025, the cost of investments for income tax purposes was $420,039,897, the gross unrealized depreciation for federal tax purposes was $18,605,180, the gross unrealized appreciation for federal income tax purposes was $6,074,684, and the net unrealized depreciation was $12,530,496.
[15] Interest rate percentages represent actual interest rates as of December 31, 2025, which are indexed to the noted reference rate. The referenced rates are subject to interest floors which can vary based on contractual agreements with the borrower.
[16] Unless indicated otherwise, all of our investments are valued using Level 3 inputs within the FASB Accounting Standard Codification (“ASC”) Topic 820, “Fair Value Measurements and Disclosures” (“ASC 820”) fair value hierarchy. Refer to Note 3 – Investments in the accompanying Notes to Consolidated Financial Statements for additional information.