| Investment Portfolio |
4.Investment Portfolio The following table summarizes the composition of the Company’s investment portfolio at cost and fair value as of June 30, 2026: | | | | | | | | | | | | As of June 30, 2026 | | | | Amortized | | | | | Percentage | | | | Cost (1) | | Fair Value | | of Portfolio | | Senior Secured First Lien Term Loan | | $ | 589,422 | | $ | 584,052 | | 71.1 | % | Senior Secured Term Loan | | | 185,645 | | | 176,198 | | 21.5 | % | Delayed Draw Term Loan | | | 35,554 | | | 33,216 | | 4.0 | % | Revolver | | | 17,048 | | | 11,400 | | 1.4 | % | Convertible Promissory Note | | | 102 | | | 43 | | 0.0 | % | Common Units | | | 3,823 | | | 6,219 | | 0.8 | % | Preferred Units | | | 10,301 | | | 8,960 | | 1.1 | % | Warrants | | | 477 | | | 401 | | 0.1 | % | Total | | $ | 842,372 | | $ | 820,489 | | 100.0 | % |
(1) | Amortized cost represents the original cost adjusted for the amortization of premiums and/or accretion of discounts, as applicable, on investments. |
The following table summarizes the composition of the Company’s investment portfolio at cost and fair value as of December 31, 2025: | | | | | | | | | | | | As of December 31, 2025 | | | | Amortized | | | | | Percentage | | | | Cost(1) | | Fair Value | | of Portfolio | | Senior Secured First Lien Term Loan | | $ | 568,293 | | $ | 561,494 | | 70.2 | % | Senior Secured Term Loan | | | 179,267 | | | 175,761 | | 22.0 | % | Delayed Draw Term Loan | | | 38,876 | | | 36,902 | | 4.6 | % | Revolver | | | 17,613 | | | 9,111 | | 1.1 | % | Convertible Promissory Note | | | 70 | | | 62 | | 0.0 | % | Common Units | | | 4,356 | | | 8,929 | | 1.1 | % | Preferred Units | | | 9,250 | | | 7,377 | | 0.9 | % | Warrants | | | 477 | | | 464 | | 0.1 | % | Total | | $ | 818,202 | | $ | 800,100 | | 100.0 | % |
| (1) | Amortized cost represents the original cost adjusted for the amortization of premiums and/or accretion of discounts, as applicable, on investments. |
The Company does not “control” and is not an “affiliate” of any of its portfolio companies, each as defined in the 1940 Act. In general, under the 1940 Act, the Company would be presumed to “control” a portfolio company if it owned 25% or more of its voting securities and would be an “affiliate” of a portfolio company if it owned 5% or more of its voting securities. The Company’s investment portfolio may contain loans that are in the form of lines of credit or revolving credit facilities, which require the Company to provide funding when requested by portfolio companies in accordance with the terms of the underlying loan agreements. The table below describes investments by industry classification and enumerates the percentage, by fair value, of the total portfolio investments in such industries as of June 30, 2026: | | | | | | | | | As of June 30, 2026 | | | | | | | Percentage | | Industry Classification | | Fair Value | | of Portfolio | | Transportation & Logistics | | $ | 240,856 | | 29.4 | % | Business Services | | | 188,749 | | 23.0 | % | Technology & Telecommunications | | | 175,547 | | 21.4 | % | Healthcare | | | 165,126 | | 20.1 | % | Franchising | | | 50,211 | | 6.1 | % | Total | | $ | 820,489 | | 100.0 | % |
The table below describes investments by industry classification and enumerates the percentage, by fair value, of the total portfolio investments in such industries as of December 31, 2025: | | | | | | | | | As of December 31, 2025 | | | | | | | Percentage | | Industry Classification | | Fair Value | | of Portfolio | | Transportation & Logistics | | $ | 243,181 | | 30.4 | % | Business Services | | | 172,431 | | 21.6 | % | Healthcare | | | 159,446 | | 19.9 | % | Technology & Telecommunications | | | 148,928 | | 18.6 | % | Franchising | | | 76,114 | | 9.5 | % | Total | | $ | 800,100 | | 100.0 | % |
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