| Schedule of Investments |
As of June 30, 2026, the Company’s investments consisted of the following:
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|
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|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
Percentage of Total |
|
|
|
|
|
Percentage of Total |
|
|
|
Amortized Cost |
|
|
Amortized Cost |
|
|
Net Assets |
|
|
Fair Value |
|
|
Fair Value |
|
|
Net Assets |
|
First lien debt investments(1) |
|
$ |
13,908,851 |
|
|
|
48.0 |
% |
|
|
173.6 |
% |
|
$ |
12,100,948 |
|
|
|
60.9 |
% |
|
|
151.0 |
% |
Second lien debt investments |
|
|
6,662,272 |
|
|
|
23.0 |
% |
|
|
83.1 |
% |
|
|
3,665,909 |
|
|
|
18.5 |
% |
|
|
45.7 |
% |
Preferred equity investments |
|
|
34,464 |
|
|
|
0.1 |
% |
|
|
0.4 |
% |
|
|
36,830 |
|
|
|
0.2 |
% |
|
|
0.5 |
% |
Common equity and warrant investments |
|
|
340,671 |
|
|
|
1.2 |
% |
|
|
4.3 |
% |
|
|
797,637 |
|
|
|
4.0 |
% |
|
|
10.0 |
% |
Total debt and equity investments |
|
|
20,946,258 |
|
|
|
72.3 |
% |
|
|
261.4 |
% |
|
|
16,601,324 |
|
|
|
83.6 |
% |
|
|
207.2 |
% |
Structured Finance Securities |
|
|
8,023,128 |
|
|
|
27.7 |
% |
|
|
100.1 |
% |
|
|
3,257,083 |
|
|
|
16.4 |
% |
|
|
40.6 |
% |
Total investments |
|
$ |
28,969,386 |
|
|
|
100.0 |
% |
|
|
361.5 |
% |
|
$ |
19,858,407 |
|
|
|
100.0 |
% |
|
|
247.8 |
% |
(1)Includes unitranche investments (which are loans that combine both senior and subordinated debt, in a first lien position) with an amortized cost and fair value of $10,201,640 and $8,885,636, respectively. Unitranche loans generally provide leverage levels comparable to a combination of first lien and second lien or subordinated loans. Investments in “last out” pieces of unitranche loans will be similar to second lien loans in that such investments will be junior in priority to the “first out” piece of the same unitranche loan with respect to payment of principal and interest. The industry compositions of the Company’s portfolio were as follows:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage of Total |
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|
|
|
Percentage of Total |
|
Industry |
|
Amortized Cost |
|
|
Amortized Cost |
|
|
Net Assets |
|
|
Fair Value |
|
|
Fair Value |
|
|
Net Assets |
|
Administrative and Support and Waste Management and Remediation Services |
|
$ |
2,190,982 |
|
|
|
7.6 |
% |
|
|
27.3 |
% |
|
$ |
2,109,023 |
|
|
|
10.7 |
% |
|
|
26.3 |
% |
Education Services |
|
|
1,371,648 |
|
|
|
4.7 |
% |
|
|
17.1 |
% |
|
|
1,390,154 |
|
|
|
7.0 |
% |
|
|
17.3 |
% |
Finance and Insurance |
|
|
1,412,508 |
|
|
|
4.9 |
% |
|
|
17.6 |
% |
|
|
1,354,603 |
|
|
|
6.8 |
% |
|
|
16.9 |
% |
Health Care and Social Assistance |
|
|
5,169,307 |
|
|
|
17.8 |
% |
|
|
64.5 |
% |
|
|
2,344,364 |
|
|
|
11.8 |
% |
|
|
29.3 |
% |
Information |
|
|
1,295,201 |
|
|
|
4.5 |
% |
|
|
16.2 |
% |
|
|
1,564,751 |
|
|
|
7.9 |
% |
|
|
19.5 |
% |
Management of Companies and Enterprises |
|
|
1,446,099 |
|
|
|
5.0 |
% |
|
|
18.0 |
% |
|
|
1,195,891 |
|
|
|
6.0 |
% |
|
|
14.9 |
% |
Manufacturing |
|
|
3,363,042 |
|
|
|
11.6 |
% |
|
|
42.0 |
% |
|
|
2,866,499 |
|
|
|
14.4 |
% |
|
|
35.8 |
% |
Professional, Scientific, and Technical Services |
|
|
1,646,256 |
|
|
|
5.7 |
% |
|
|
20.5 |
% |
|
|
1,647,138 |
|
|
|
8.3 |
% |
|
|
20.6 |
% |
Public Administration |
|
|
46,403 |
|
|
|
0.2 |
% |
|
|
0.6 |
% |
|
|
1,177 |
|
|
|
— |
% |
|
|
— |
% |
Retail Trade |
|
|
2,334,080 |
|
|
|
8.0 |
% |
|
|
29.2 |
% |
|
|
1,650,163 |
|
|
|
8.3 |
% |
|
|
20.6 |
% |
Wholesale Trade |
|
|
670,732 |
|
|
|
2.3 |
% |
|
|
8.4 |
% |
|
|
477,561 |
|
|
|
2.4 |
% |
|
|
6.0 |
% |
Total debt and equity investments |
|
|
20,946,258 |
|
|
|
72.3 |
% |
|
|
261.4 |
% |
|
|
16,601,324 |
|
|
|
83.6 |
% |
|
|
207.2 |
% |
Structured Finance Securities |
|
|
8,023,128 |
|
|
|
27.7 |
% |
|
|
100.1 |
% |
|
|
3,257,083 |
|
|
|
16.4 |
% |
|
|
40.6 |
% |
Total investments |
|
$ |
28,969,386 |
|
|
|
100.0 |
% |
|
|
361.5 |
% |
|
$ |
19,858,407 |
|
|
|
100.0 |
% |
|
|
247.8 |
% |
As of December 31, 2025, the Company's investments consisted of the following:
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|
|
|
Percentage of Total |
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|
|
|
|
Percentage of Total |
|
|
|
Amortized Cost |
|
|
Amortized Cost |
|
|
Net Assets |
|
|
Fair Value |
|
|
Fair Value |
|
|
Net Assets |
|
First lien debt investments(1) |
|
$ |
19,669,597 |
|
|
|
54.3 |
% |
|
|
170.7 |
% |
|
$ |
18,083,409 |
|
|
|
60.7 |
% |
|
|
157.1 |
% |
Second lien debt investments |
|
|
8,099,214 |
|
|
|
22.3 |
% |
|
|
70.3 |
% |
|
|
5,797,049 |
|
|
|
19.5 |
% |
|
|
50.3 |
% |
Preferred equity investments |
|
|
34,464 |
|
|
|
0.1 |
% |
|
|
0.3 |
% |
|
|
36,265 |
|
|
|
0.1 |
% |
|
|
0.3 |
% |
Common equity and warrant investments |
|
|
340,671 |
|
|
|
0.9 |
% |
|
|
3.0 |
% |
|
|
624,731 |
|
|
|
2.1 |
% |
|
|
5.4 |
% |
Total debt and equity investments |
|
|
28,143,946 |
|
|
|
77.6 |
% |
|
|
244.3 |
% |
|
|
24,541,454 |
|
|
|
82.4 |
% |
|
|
213.1 |
% |
Structured Finance Securities |
|
|
8,143,426 |
|
|
|
22.4 |
% |
|
|
70.7 |
% |
|
|
5,227,081 |
|
|
|
17.6 |
% |
|
|
45.3 |
% |
Total investments |
|
$ |
36,287,372 |
|
|
|
100.0 |
% |
|
|
315.0 |
% |
|
$ |
29,768,535 |
|
|
|
100.0 |
% |
|
|
258.4 |
% |
(1)Includes unitranche investments (which are loans that combine both senior and subordinated debt, in a first lien position) with an amortized cost and fair value of $14,373,479 and $13,551,279, respectively. Unitranche loans generally provide leverage levels comparable to a combination of first lien and second lien or subordinated loans. Investments in “last out” pieces of unitranche loans will be similar to second lien loans in that such investments will be junior in priority to the “first out” piece of the same unitranche loan with respect to payment of principal and interest. The industry compositions of the Company’s portfolio were as follows:
|
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|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage of Total |
|
|
|
|
|
Percentage of Total |
|
Industry |
|
Amortized Cost |
|
|
Amortized Cost |
|
|
Net Assets |
|
|
Fair Value |
|
|
Fair Value |
|
|
Net Assets |
|
Administrative and Support and Waste Management and Remediation Services |
|
$ |
2,194,854 |
|
|
|
6.1 |
% |
|
|
19.1 |
% |
|
$ |
2,033,739 |
|
|
|
6.8 |
% |
|
|
17.7 |
% |
Education Services |
|
|
1,377,674 |
|
|
|
3.8 |
% |
|
|
12.0 |
% |
|
|
1,386,259 |
|
|
|
4.7 |
% |
|
|
12.0 |
% |
Finance and Insurance |
|
|
1,368,448 |
|
|
|
3.8 |
% |
|
|
11.9 |
% |
|
|
1,314,331 |
|
|
|
4.4 |
% |
|
|
11.4 |
% |
Health Care and Social Assistance |
|
|
7,116,691 |
|
|
|
19.6 |
% |
|
|
61.7 |
% |
|
|
4,876,124 |
|
|
|
16.4 |
% |
|
|
42.3 |
% |
Information |
|
|
3,696,245 |
|
|
|
10.2 |
% |
|
|
32.1 |
% |
|
|
3,475,513 |
|
|
|
11.7 |
% |
|
|
30.2 |
% |
Management of Companies and Enterprises |
|
|
1,449,425 |
|
|
|
4.0 |
% |
|
|
12.6 |
% |
|
|
1,317,527 |
|
|
|
4.4 |
% |
|
|
11.4 |
% |
Manufacturing |
|
|
3,905,900 |
|
|
|
10.8 |
% |
|
|
33.8 |
% |
|
|
3,547,023 |
|
|
|
11.9 |
% |
|
|
30.9 |
% |
Other Services (except Public Administration) |
|
|
1,443,871 |
|
|
|
4.0 |
% |
|
|
12.5 |
% |
|
|
1,497,428 |
|
|
|
5.0 |
% |
|
|
13.0 |
% |
Professional, Scientific, and Technical Services |
|
|
1,619,526 |
|
|
|
4.5 |
% |
|
|
14.1 |
% |
|
|
1,626,505 |
|
|
|
5.5 |
% |
|
|
14.1 |
% |
Public Administration |
|
|
46,403 |
|
|
|
0.1 |
% |
|
|
0.4 |
% |
|
|
2,168 |
|
|
—% |
|
|
—% |
|
Retail Trade |
|
|
2,337,606 |
|
|
|
6.4 |
% |
|
|
20.3 |
% |
|
|
1,919,320 |
|
|
|
6.4 |
% |
|
|
16.7 |
% |
Real Estate and Rental and Leasing |
|
|
916,571 |
|
|
|
2.5 |
% |
|
|
8.0 |
% |
|
|
920,395 |
|
|
|
3.1 |
% |
|
|
8.0 |
% |
Wholesale Trade |
|
|
670,732 |
|
|
|
1.8 |
% |
|
|
5.8 |
% |
|
|
625,122 |
|
|
|
2.1 |
% |
|
|
5.4 |
% |
Total debt and equity investments |
|
|
28,143,946 |
|
|
|
77.6 |
% |
|
|
244.3 |
% |
|
|
24,541,454 |
|
|
|
82.4 |
% |
|
|
213.1 |
% |
Structured Finance Securities |
|
|
8,143,426 |
|
|
|
22.4 |
% |
|
|
70.7 |
% |
|
|
5,227,081 |
|
|
|
17.6 |
% |
|
|
45.3 |
% |
Total investments |
|
$ |
36,287,372 |
|
|
|
100.0 |
% |
|
|
315.0 |
% |
|
$ |
29,768,535 |
|
|
|
100.0 |
% |
|
|
258.4 |
% |
|
| Schedule of Portfolio Concentrations |
The following table presents the Company’s borrowers based on fair value that comprise greater than 10% of the Company’s total net assets as of June 30, 2026.
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage of Total |
|
Portfolio Company |
|
Investment
Type |
|
Industry |
|
Amortized
Cost |
|
|
Fair
Value |
|
|
Fair
Value |
|
|
Net
Assets |
|
TruGreen Limited Partnership |
|
Second Lien Debt |
|
Administrative and Support and Waste Management and Remediation Services |
|
$ |
1,514,788 |
|
|
$ |
1,440,000 |
|
|
|
7.3 |
% |
|
|
18.0 |
% |
SS Acquisition, LLC(2) |
|
First Lien Debt |
|
Education Services |
|
|
1,371,648 |
|
|
|
1,390,154 |
|
|
|
7.0 |
% |
|
|
17.3 |
% |
Clevertech Bidco, LLC(2) |
|
First Lien Debt |
|
Finance and Insurance |
|
|
1,412,508 |
|
|
|
1,354,603 |
|
|
|
6.8 |
% |
|
|
16.9 |
% |
BCPE North Star US Holdco 2, Inc.
(F/K/A Dessert Holdings) |
|
Second Lien Debt |
|
Manufacturing |
|
|
1,212,359 |
|
|
|
1,272,109 |
|
|
|
6.4 |
% |
|
|
15.9 |
% |
One GI LLC |
|
First Lien Debt |
|
Management of Companies and Enterprises |
|
|
1,446,099 |
|
|
|
1,195,891 |
|
|
|
6.0 |
% |
|
|
14.9 |
% |
Apex Credit CLO 2020 Ltd.(1) |
|
Subordinated Note |
|
Structured Finance Securities |
|
|
3,018,849 |
|
|
|
1,157,892 |
|
|
|
5.8 |
% |
|
|
14.4 |
% |
Inergex Holdings, LLC |
|
First Lien Debt |
|
Professional, Scientific,
and Technical Services |
|
|
1,155,106 |
|
|
|
1,156,314 |
|
|
|
5.8 |
% |
|
|
14.4 |
% |
Heritage Grocers Group, LLC (F/K/A
Tony's Fresh Market / Cardenas Markets) |
|
First Lien Debt |
|
Retail Trade |
|
|
1,713,200 |
|
|
|
1,129,866 |
|
|
|
5.7 |
% |
|
|
14.1 |
% |
Boca Home Care Holdings, Inc.(2) |
|
First Lien Debt, Common and Preferred Equity |
|
Health Care and Social Assistance |
|
|
1,069,523 |
|
|
|
1,020,199 |
|
|
|
5.1 |
% |
|
|
12.8 |
% |
Apex Credit CLO 2022-1 Ltd.(1) |
|
Subordinated Note |
|
Structured Finance Securities |
|
|
1,815,329 |
|
|
|
890,715 |
|
|
|
4.5 |
% |
|
|
11.1 |
% |
Allen Media, LLC |
|
First Lien Debt |
|
Information |
|
|
1,180,047 |
|
|
|
866,751 |
|
|
|
4.4 |
% |
|
|
10.8 |
% |
Medrina LLC(2) |
|
First Lien Debt |
|
Health Care and Social Assistance |
|
|
835,391 |
|
|
|
847,926 |
|
|
|
4.3 |
% |
|
|
10.6 |
% |
RideNow Group, Inc. (F/K/A RumbleOn, Inc.) |
|
First Lien Debt and Warrants |
|
Manufacturing |
|
|
824,691 |
|
|
|
805,021 |
|
|
|
4.1 |
% |
|
|
10.1 |
% |
Total |
|
|
|
|
|
$ |
18,569,538 |
|
|
$ |
14,527,441 |
|
|
|
73.2 |
% |
|
|
181.3 |
% |
(1)As of June 30, 2026, approximately 11% and 28% of the Company’s total portfolio at fair value and its net assets, respectively, were comprised of Structured Finance Securities managed by a single adviser. (2)As of June 30, 2026, the Company had aggregate outstanding commitments of $348,461 to fund the portfolio companies’ undrawn revolver facilities.
|