v3.26.1
Consolidated Schedule of Investments - USD ($)
 6 Months Ended 12 Months Ended
Jun. 30, 2026
Dec. 31, 2025
Dec. 31, 2024
% of Net Assets 96.10% [1] 113.30% [2]  
Cash Equivalents - % of Net Assets 3.20% 9.00%  
Short-term Investments - % of Net Assets 133.10% 169.70%  
Amortized Cost $ 209,428,050 [1] $ 391,372,627 [2]  
Cash Equivalents, Amortized Cost 5,937,369 20,992,368  
Short-term Investments, Amortized Cost 246,922,986 395,456,667  
Short-term Investments, Fair Value 246,922,986 395,456,667  
Total Investments, Amortized Cost 462,288,405 807,821,662  
Total Investments, Fair Value 431,206,375 680,173,130  
Fair Value 178,346,020 [1] 263,724,095 [2]  
Cash Equivalents, Fair Value 5,937,369 20,992,368  
Net unrealized depreciation on unfunded commitments 0 0  
Liabilities in Excess of Other Assets (245,687,579) (447,190,467)  
Net Assets $ 185,518,796 $ 232,982,663  
First American Government Obligation Fund [Member]      
Cash Equivalents - % of Net Assets 3.20% 9.00%  
Shares 5,937,369 20,992,368  
Cash Equivalents, Amortized Cost $ 5,937,369 $ 20,992,368  
Cash Equivalents, Fair Value $ 5,937,369 $ 20,992,368  
Debt      
% of Net Assets 27.40% [3] 48.10% [4]  
Amortized Cost $ 50,699,585 [3] $ 246,859,409 [4]  
Fair Value $ 50,710,476 [3] $ 112,090,217 [4]  
Debt | Diversified Consumer Services      
% of Net Assets 3.70% [3] 3.10% [4]  
Amortized Cost $ 6,790,431 [3] $ 7,152,936 [4]  
Fair Value $ 6,790,431 [3] $ 7,152,936 [4]  
Debt | Hotels, Restaurants & Leisure      
% of Net Assets 8.30% [3] 5.70% [4]  
Amortized Cost $ 15,313,492 [3] $ 12,906,578 [4]  
Fair Value $ 15,323,546 [3] $ 13,194,563 [4]  
Debt | Industrial Conglomerates      
% of Net Assets 10.80% [3] 12.20% [4]  
Amortized Cost $ 20,078,510 [3] $ 28,589,789 [4]  
Fair Value $ 20,079,347 [3] $ 28,592,281 [4]  
Debt | Metals & Mining      
% of Net Assets 4.60% [3] 15.40% [4]  
Amortized Cost $ 8,517,152 [3] $ 170,567,260 [4]  
Fair Value $ 8,517,152 [3] $ 36,005,162 [4]  
Debt | Pharmaceuticals      
% of Net Assets [4]   11.70%  
Amortized Cost [4]   $ 27,642,846  
Fair Value [4]   $ 27,145,275  
Equity      
% of Net Assets 68.70% 65.20%  
Amortized Cost $ 158,728,465 $ 144,513,218  
Fair Value $ 127,635,544 $ 151,633,878  
Equity | Diversified Consumer Services      
% of Net Assets 10.80% 15.20%  
Amortized Cost $ 8,473,161 $ 8,473,161  
Fair Value $ 20,180,432 $ 35,321,610  
Equity | Hotels, Restaurants & Leisure      
% of Net Assets 7.00% 9.80%  
Amortized Cost $ 5,333,708 $ 5,333,708  
Fair Value $ 13,069,373 $ 22,675,467  
Equity | Household Durables      
% of Net Assets 8.60% 6.40%  
Amortized Cost $ 9,187,902 $ 9,187,902  
Fair Value $ 15,896,960 $ 14,892,312  
Equity | Industrial Conglomerates      
% of Net Assets 25.10% 17.80%  
Amortized Cost $ 62,647,925 $ 62,647,925  
Fair Value $ 46,616,419 $ 41,555,000  
Equity | Investment Funds & Vehicles      
% of Net Assets 9.20% 16.00%  
Amortized Cost $ 43,320,000 $ 56,760,000  
Fair Value $ 16,982,360 $ 37,189,489  
Equity | Metals & Mining      
% of Net Assets 8.00% 0.00%  
Amortized Cost $ 29,765,769 $ 2,110,522  
Fair Value $ 14,890,000 $ 0  
U.S. Treasury Bill      
Short-term Investments - % of Net Assets 133.10% 169.70%  
Maturity Date Oct. 27, 2026 Apr. 28, 2026  
Shares 250,000,000 400,000,000  
Short-term Investments, Amortized Cost $ 246,922,986 $ 395,456,667  
Short-term Investments, Fair Value 246,922,986 $ 395,456,667  
Investment, Identifier [Axis]: Animal Supply Company, LLC First Out Term Loan - 13.09%      
Investment interest rate   13.09%  
Maturity Date   Aug. 14, 2025  
Fair Value [5]   $ 0 $ 2,703,724
Investment, Identifier [Axis]: Animal Supply Company, LLC Term Loan - 13.28%      
Investment interest rate   13.28%  
Maturity Date   Aug. 14, 2025  
Fair Value [5]   $ 0 686,276
Investment, Identifier [Axis]: Cedar Electronics Holdings, Corp Incremental Term Loan - 15.00%      
Investment interest rate   15.00%  
Maturity Date   Dec. 31, 2026  
Fair Value   $ 0 5,844,291
Investment, Identifier [Axis]: Cedar Electronics Holdings, Corp Term Loan - 12.65%      
Investment interest rate   12.65%  
Maturity Date   Dec. 31, 2026  
Fair Value   $ 0 14,018,452
Investment, Identifier [Axis]: Cedar Ultimate Parent, LLC Class A Preferred Unit      
Fair Value 15,896,960 14,892,312 16,403,979
Investment, Identifier [Axis]: Cedar Ultimate Parent, LLC Class D Preferred Unit      
Fair Value 0 0 0
Investment, Identifier [Axis]: Cedar Ultimate Parent, LLC Class E Preferred Unit      
Fair Value $ 0 $ 0 0
Investment, Identifier [Axis]: Debt Investments- United States Diversified Consumer Services SSI Parent, LLC (fka School Specialty, Inc. Date 09/15/20 Term Loan – 11.76% (SOFR + 8.00%, 1.25% Floor) Net Assets 3.7% Maturity 12/29/26      
Acquisition Date [3],[6] Sep. 15, 2020    
Investment interest rate [3],[6] 11.76%    
Investment, Variable Interest Rate, Type [Extensible Enumeration] us-gaap:SecuredOvernightFinancingRateSofrMember    
Investment interest, basis spread variable rate [3],[6] 8.00%    
Investment interest, floor [3],[6] 1.25%    
% of Net Assets [3],[6] 3.70%    
Par Amount [3],[6] $ 6,790,431    
Maturity Date [3],[6] Dec. 29, 2026    
Amortized Cost [3],[6] $ 6,790,431    
Fair Value [3],[6] $ 6,790,431    
Investment, Identifier [Axis]: Debt Investments- United States Diversified Consumer Services SSI Parent, LLC (fka School Specialty, Inc. Date 09/15/20 Term Loan – 11.84% (SOFR + 8.00%, 1.25% Floor) Net Assets 3.1% Maturity 12/29/26      
Acquisition Date [4],[7]   Sep. 15, 2020  
Investment interest rate [4],[7]   11.84%  
Investment, Variable Interest Rate, Type [Extensible Enumeration]   us-gaap:SecuredOvernightFinancingRateSofrMember  
Investment interest, basis spread variable rate [4],[7]   8.00%  
Investment interest, floor [4],[7]   1.25%  
% of Net Assets [4],[7]   3.10%  
Par Amount [4],[7]   $ 7,152,936  
Maturity Date [4],[7]   Dec. 29, 2026  
Amortized Cost [4],[7]   $ 7,152,936  
Fair Value [4],[7]   $ 7,152,936  
Investment, Identifier [Axis]: Debt Investments- United States Hotels, Restaurants & Leisure Ruby Tuesday Operations LLC Date 01/29/26 10th Amendment Term Loan B - 15.73% inc PIK (SOFR + 12.00%, 1.25% Floor, all PIK Net Assets 1.0% Maturity 02/24/27      
Acquisition Date [3],[6] Jan. 29, 2026    
Investment interest rate [3],[6] 15.73%    
Investment, Variable Interest Rate, Type [Extensible Enumeration] us-gaap:SecuredOvernightFinancingRateSofrMember    
Investment interest, basis spread variable rate [3],[6] 12.00%    
Investment interest, floor [3],[6] 1.25%    
% of Net Assets [3],[6] 1.00%    
Par Amount [3],[6] $ 1,868,113    
Maturity Date [3],[6] Feb. 24, 2027    
Amortized Cost [3],[6] $ 1,868,113    
Fair Value [3],[6] $ 1,868,113    
Investment, Identifier [Axis]: Debt Investments- United States Hotels, Restaurants & Leisure Ruby Tuesday Operations LLC Date 02/01/23 Incremental Term Loan – 19.73% inc PIK (SOFR + 16.00%, 1.25% Floor, all PIK) Net Assets 1.6% Maturity 02/24/27      
Acquisition Date [3],[6] Feb. 01, 2023    
Investment interest rate [3],[6] 19.73%    
Investment, Variable Interest Rate, Type [Extensible Enumeration] us-gaap:SecuredOvernightFinancingRateSofrMember    
Investment interest, basis spread variable rate [3],[6] 16.00%    
Investment interest, floor [3],[6] 1.25%    
% of Net Assets [3],[6] 1.60%    
Par Amount [3],[6] $ 2,938,671    
Maturity Date [3],[6] Feb. 24, 2027    
Amortized Cost [3],[6] $ 2,938,671    
Fair Value [3],[6] $ 2,928,000    
Investment, Identifier [Axis]: Debt Investments- United States Hotels, Restaurants & Leisure Ruby Tuesday Operations LLC Date 02/01/23 Incremental Term Loan – 19.98% inc PIK (SOFR + 16.00%, 1.25% Floor, all PIK) Net Assets 1.3% Maturity 02/24/27      
Acquisition Date [4],[7]   Feb. 01, 2023  
Investment interest rate [4],[7]   19.98%  
Investment, Variable Interest Rate, Type [Extensible Enumeration]   us-gaap:SecuredOvernightFinancingRateSofrMember  
Investment interest, basis spread variable rate [4],[7]   16.00%  
Investment interest, floor [4],[7]   1.25%  
% of Net Assets [4],[7]   1.30%  
Par Amount [4],[7]   $ 2,660,747  
Maturity Date [4],[7]   Feb. 24, 2027  
Amortized Cost [4],[7]   $ 2,660,747  
Fair Value [4],[7]   $ 2,928,001  
Investment, Identifier [Axis]: Debt Investments- United States Hotels, Restaurants & Leisure Ruby Tuesday Operations LLC Date 02/24/21 Term Loan – 15.73% inc PIK (SOFR + 12.00%, 1.25% Floor, all PIK) Net Assets 5.7% Maturity 02/24/27      
Acquisition Date [3],[6] Feb. 24, 2021    
Investment interest rate [3],[6] 15.73%    
Investment, Variable Interest Rate, Type [Extensible Enumeration] us-gaap:SecuredOvernightFinancingRateSofrMember    
Investment interest, basis spread variable rate [3],[6] 12.00%    
Investment interest, floor [3],[6] 1.25%    
% of Net Assets [3],[6] 5.70%    
Par Amount [3],[6] $ 10,527,433    
Maturity Date [3],[6] Feb. 24, 2027    
Amortized Cost [3],[6] $ 10,506,708    
Fair Value [3],[6] $ 10,527,433    
Investment, Identifier [Axis]: Debt Investments- United States Hotels, Restaurants & Leisure Ruby Tuesday Operations LLC Date 02/24/21 Term Loan – 15.98% inc PIK (SOFR + 12.00%, 1.25% Floor, all PIK) Net Assets 4.4% Maturity 02/24/27      
Acquisition Date [4],[7]   Feb. 24, 2021  
Investment interest rate [4],[7]   15.98%  
Investment, Variable Interest Rate, Type [Extensible Enumeration]   us-gaap:SecuredOvernightFinancingRateSofrMember  
Investment interest, basis spread variable rate [4],[7]   12.00%  
Investment interest, floor [4],[7]   1.25%  
% of Net Assets [4],[7]   4.40%  
Par Amount [4],[7]   $ 10,266,562  
Maturity Date [4],[7]   Feb. 24, 2027  
Amortized Cost [4],[7]   $ 10,245,831  
Fair Value [4],[7]   $ 10,266,562  
Investment, Identifier [Axis]: Debt Investments- United States Industrial Conglomerates Overton Chicago Gear, LLC (fka H-D Advanced Manufacturing Company) Date 08/22/24 Revolver - 6.00% (6.00%, Fixed Coupon) Net Assets 8.1% Maturity 01/31/28      
Acquisition Date [3],[6] Aug. 22, 2024    
Investment interest rate [3],[6] 6.00%    
% of Net Assets [3],[6] 8.10%    
Par Amount [3],[6] $ 15,092,378    
Maturity Date [3],[6] Jan. 31, 2028    
Amortized Cost [3],[6] $ 15,092,378    
Fair Value [3],[6] $ 15,092,378    
Investment, Identifier [Axis]: Debt Investments- United States Industrial Conglomerates Overton Chicago Gear, LLC (fka H-D Advanced Manufacturing Company) Date 08/22/24 Revolver - 6.00% inc PIK (6.00%, Fixed Coupon, all PIK) Net Assets 7.3% Maturity 01/31/28      
Acquisition Date [4],[7]   Aug. 22, 2024  
Investment interest rate [4],[7]   6.00%  
% of Net Assets [4],[7]   7.30%  
Par Amount [4],[7]   $ 17,092,378  
Maturity Date [4],[7]   Jan. 31, 2028  
Amortized Cost [4],[7]   $ 17,092,378  
Fair Value [4],[7]   $ 17,092,378  
Investment, Identifier [Axis]: Debt Investments- United States Industrial Conglomerates Overton Chicago Gear, LLC (fka H-D Advanced Manufacturing Company) Date 08/22/24 Term Loan A - 6.00% (6.00%, Fixed Coupon) Net Assets 2.7% Maturity 01/31/28      
Acquisition Date [3],[6] Aug. 22, 2024    
Investment interest rate [3],[6] 6.00%    
% of Net Assets [3],[6] 2.70%    
Par Amount [3],[6] $ 4,986,969    
Maturity Date [3],[6] Jan. 31, 2028    
Amortized Cost [3],[6] $ 4,986,132    
Fair Value [3],[6] $ 4,986,969    
Investment, Identifier [Axis]: Debt Investments- United States Industrial Conglomerates Overton Chicago Gear, LLC (fka H-D Advanced Manufacturing Company) Date 08/22/24 Term Loan A - 6.00% inc PIK (6.00%, Fixed Coupon, all PIK) Net Assets 4.9% Maturity 01/31/28      
Acquisition Date [4],[7]   Aug. 22, 2024  
Investment interest rate [4],[7]   6.00%  
% of Net Assets [4],[7]   4.90%  
Par Amount [4],[7]   $ 11,499,903  
Maturity Date [4],[7]   Jan. 31, 2028  
Amortized Cost [4],[7]   $ 11,497,411  
Fair Value [4],[7]   $ 11,499,903  
Investment, Identifier [Axis]: Debt Investments- United States Metals & Mining Pace Industries, Inc. Date 04/11/25 2025 Term Loan - 10.19% inc PIK (SOFR + 6.25%, 1.50% Floor, all PIK) Net Assets 1.9% Maturity 04/14/26      
Acquisition Date [4],[7]   Apr. 11, 2025  
Investment interest rate [4],[7]   10.19%  
Investment, Variable Interest Rate, Type [Extensible Enumeration]   us-gaap:SecuredOvernightFinancingRateSofrMember  
Investment interest, basis spread variable rate [4],[8]   6.25%  
Investment interest, floor [4],[8]   1.50%  
% of Net Assets [4],[7]   1.90%  
Par Amount [4],[7]   $ 4,467,914  
Maturity Date [4],[7]   Apr. 14, 2026  
Amortized Cost [4],[7]   $ 4,467,914  
Fair Value [4],[7]   $ 4,467,914  
Investment, Identifier [Axis]: Debt Investments- United States Metals & Mining Pace Industries, Inc. Date 06/01/20 HoldCo Term Loan – 5.89% inc PIK (SOFR + 2.00%, 1.50% Floor, all PIK) Net Assets 0.0% Maturity 06/01/40      
Acquisition Date [4],[7],[8],[9]   Jun. 01, 2020  
Investment interest rate [4],[7],[8],[9]   5.89%  
Investment, Variable Interest Rate, Type [Extensible Enumeration]   us-gaap:SecuredOvernightFinancingRateSofrMember  
Investment interest, basis spread variable rate [4],[7],[8],[9]   2.00%  
Investment interest, floor [4],[7],[8],[9]   1.50%  
% of Net Assets [4],[7],[8],[9]   0.00%  
Par Amount [4],[7],[8],[9]   $ 110,137,754  
Maturity Date [4],[7],[8],[9]   Jun. 01, 2040  
Amortized Cost [4],[7],[8],[9]   $ 78,137,869  
Fair Value [4],[7],[8],[9]   $ 0  
Investment, Identifier [Axis]: Debt Investments- United States Metals & Mining Pace Industries, Inc. Date 06/01/20 Term Loan – 12.17% inc PIK (SOFR + 8.25%, 1.50% Floor, all PIK) Net Assets 10.5% Maturity 10/14/26      
Acquisition Date [4],[7],[8],[9]   Jun. 01, 2020  
Investment interest rate [4],[7],[8],[9]   12.17%  
Investment, Variable Interest Rate, Type [Extensible Enumeration]   us-gaap:SecuredOvernightFinancingRateSofrMember  
Investment interest, basis spread variable rate [4],[7],[8],[9]   8.25%  
Investment interest, floor [4],[7],[8],[9]   1.50%  
% of Net Assets [4],[7],[8],[9]   10.50%  
Par Amount [4],[7],[8],[9]   $ 85,511,026  
Maturity Date [4],[7],[8],[9]   Oct. 14, 2026  
Amortized Cost [4],[7],[8],[9]   $ 68,091,752  
Fair Value [4],[7],[8],[9]   $ 24,456,153  
Investment, Identifier [Axis]: Debt Investments- United States Metals & Mining Pace Industries, Inc. Date 10/07/22 Revolver - 12.31% inc PIK (SOFR + 8.25%, 1.50% Floor, all PIK) Net Assets 3.0% Maturity 10/14/26      
Acquisition Date [4],[7],[8],[9]   Oct. 07, 2022  
Investment interest rate [4],[7],[8],[9]   12.31%  
Investment, Variable Interest Rate, Type [Extensible Enumeration]   us-gaap:SecuredOvernightFinancingRateSofrMember  
Investment interest, basis spread variable rate [4],[7],[8],[9]   8.25%  
Investment interest, floor [4],[7],[8],[9]   1.50%  
% of Net Assets [4],[7],[8],[9]   3.00%  
Par Amount [4],[7],[8],[9]   $ 24,759,073  
Maturity Date [4],[7],[8],[9]   Oct. 14, 2026  
Amortized Cost [4],[7],[8],[9]   $ 19,869,725  
Fair Value [4],[7],[8],[9]   $ 7,081,095  
Investment, Identifier [Axis]: Debt Investments- United States Metals & Mining Xiphias Buyer, Inc., (fka Pace Industries, Inc.) Date 02/23/26 Term Loan – 8.14% inc PIK (SOFR + 4.50%, 1.50% Floor, all PIK) Net Assets 4.6% Maturity 02/23/31      
Acquisition Date [3],[6] Feb. 23, 2026    
Investment interest rate [3],[6] 8.14%    
Investment, Variable Interest Rate, Type [Extensible Enumeration] us-gaap:SecuredOvernightFinancingRateSofrMember    
Investment interest, basis spread variable rate [3],[6] 4.50%    
Investment interest, floor [3],[6] 1.50%    
% of Net Assets [3],[6] 4.60%    
Par Amount [3],[6] $ 8,517,152    
Maturity Date [3],[6] Feb. 23, 2031    
Amortized Cost [3],[6] $ 8,517,152    
Fair Value [3],[6] $ 8,517,152    
Investment, Identifier [Axis]: Debt Investments- United States Pharmaceuticals Noramco, LLC Date 07/01/16 Term Loan – 12.51% inc PIK (SOFR + 8.38%, 1.00% Floor, 0.38% PIK) Net Assets 11.7% Maturity 05/01/26      
Acquisition Date [4]   Jul. 01, 2016  
Investment interest rate [4]   12.51%  
Investment, Variable Interest Rate, Type [Extensible Enumeration]   us-gaap:SecuredOvernightFinancingRateSofrMember  
Investment interest, basis spread variable rate [4]   8.38%  
Investment interest, floor [4]   1.00%  
Investment interest, PIK [4]   0.38%  
% of Net Assets [4]   11.70%  
Par Amount [4]   $ 27,642,846  
Maturity Date [4]   May 01, 2026  
Amortized Cost [4]   $ 27,642,846  
Fair Value [4]   $ 27,145,275  
Investment, Identifier [Axis]: Equity Investments- United States Diversified Consumer Services SSI Parent, LLC (fka School Specialty, Inc. Class B Preferred Stock Net Assets 2.3%      
% of Net Assets [7],[9],[10],[11]   2.30%  
Shares [7],[9],[10],[11]   359,474  
Amortized Cost [7],[9],[10],[11]   $ 356,635  
Fair Value [7],[9],[10],[11]   $ 5,284,268  
Investment, Identifier [Axis]: Equity Investments- United States Diversified Consumer Services SSI Parent, LLC (fka School Specialty, Inc. Common Stock Net Assets 5.1%      
% of Net Assets [7],[9],[10],[11]   5.10%  
Shares [7],[9],[10],[11]   80,700  
Amortized Cost [7],[9],[10],[11]   $ 53,889  
Fair Value [7],[9],[10],[11]   $ 11,977,034  
Investment, Identifier [Axis]: Equity Investments- United States Diversified Consumer Services SSI Parent, LLC (fka School Specialty, Inc.) Class A Preferred Stock Net Assets 7.8%      
% of Net Assets [7],[9],[10],[11]   7.80%  
Shares [7],[9],[10],[11]   806,264  
Amortized Cost [7],[9],[10],[11]   $ 8,062,637  
Fair Value [7],[9],[10],[11]   $ 18,060,308  
Investment, Identifier [Axis]: Equity Investments- United States Diversified Consumer Services SSI Parent, LLC (fka School Specialty, Inc.) Class A Preferred Stock Net Assets 9.7%      
% of Net Assets [6],[12],[13],[14] 9.70%    
Shares [6],[12],[13],[14] 806,264    
Amortized Cost [6],[12],[13],[14] $ 8,062,637    
Fair Value [6],[12],[13],[14] $ 18,060,308    
Investment, Identifier [Axis]: Equity Investments- United States Diversified Consumer Services SSI Parent, LLC (fka School Specialty, Inc.) Class B Preferred Stock Net Assets 1.1%      
% of Net Assets [6],[12],[13],[14] 1.10%    
Shares [6],[12],[13],[14] 359,474    
Amortized Cost [6],[12],[13],[14] $ 356,635    
Fair Value [6],[12],[13],[14] $ 2,120,124    
Investment, Identifier [Axis]: Equity Investments- United States Diversified Consumer Services SSI Parent, LLC (fka School Specialty, Inc.) Common Stock Net Assets 0.0%      
% of Net Assets [6],[12],[13],[14] 0.00%    
Shares [6],[12],[13],[14] 80,700    
Amortized Cost [6],[12],[13],[14] $ 53,889    
Fair Value [6],[12],[13],[14] $ 0    
Investment, Identifier [Axis]: Equity Investments- United States Hotels, Restaurants & Leisure RT Holdings Parent, LLC Class A Units Net Assets 5.9%      
% of Net Assets [6],[12],[14] 5.90%    
Shares [6],[12],[14] 5,475,885    
Amortized Cost [6],[12],[14] $ 5,133,708    
Fair Value [6],[12],[14] $ 10,996,711    
Investment, Identifier [Axis]: Equity Investments- United States Hotels, Restaurants & Leisure RT Holdings Parent, LLC Class A Units Net Assets 8.2%      
% of Net Assets [7],[9],[10]   8.20%  
Shares [7],[9],[10]   5,475,885  
Amortized Cost [7],[9],[10]   $ 5,133,708  
Fair Value [7],[9],[10]   $ 19,030,891  
Investment, Identifier [Axis]: Equity Investments- United States Hotels, Restaurants & Leisure RT Holdings Parent, LLC Class P-1 Units Net Assets 0.1%      
% of Net Assets [6],[12],[14] 0.10%    
Shares [6],[12],[14] 105,624    
Amortized Cost [6],[12],[14] $ 133,086    
Fair Value [6],[12],[14] $ 212,115    
Investment, Identifier [Axis]: Equity Investments- United States Hotels, Restaurants & Leisure RT Holdings Parent, LLC Class P-1 Units Net Assets 0.2%      
% of Net Assets [7],[9],[10]   0.20%  
Shares [7],[9],[10]   105,624  
Amortized Cost [7],[9],[10]   $ 133,086  
Fair Value [7],[9],[10]   $ 367,086  
Investment, Identifier [Axis]: Equity Investments- United States Hotels, Restaurants & Leisure RT Holdings Parent, LLC Class P-2 Units Net Assets 0.0%      
% of Net Assets 0.00% [6],[12],[14] 0.00% [7],[9],[10]  
Shares 53,104 [6],[12],[14] 53,104 [7],[9],[10]  
Amortized Cost $ 66,914 [6],[12],[14] $ 66,914 [7],[9],[10]  
Fair Value $ 27,760 [6],[12],[14] $ 105,677 [7],[9],[10]  
Investment, Identifier [Axis]: Equity Investments- United States Hotels, Restaurants & Leisure RT Holdings Parent, LLC Warrant, expires 2/24/27 Net Assets 1.0%      
% of Net Assets [6],[12],[14] 1.00%    
Shares [6],[12],[14] 912,647    
Amortized Cost [6],[12],[14] $ 0    
Fair Value [6],[12],[14] $ 1,832,787    
Warrants and Rights Outstanding, Maturity Date [6],[12],[14] Feb. 24, 2027    
Investment, Identifier [Axis]: Equity Investments- United States Hotels, Restaurants & Leisure RT Holdings Parent, LLC Warrant, expires 2/24/27 Net Assets 1.4%      
% of Net Assets [7],[9],[10]   1.40%  
Shares [7],[9],[10]   912,647  
Amortized Cost [7],[9],[10]   $ 0  
Fair Value [7],[9],[10]   $ 3,171,813  
Warrants and Rights Outstanding, Maturity Date [7],[9],[10]   Feb. 24, 2027  
Investment, Identifier [Axis]: Equity Investments- United States Household Durables Cedar Ultimate Parent, LLC Class A Preferred Units Net Assets 6.4%      
% of Net Assets [7],[9],[10]   6.40%  
Shares [7],[9],[10]   9,297,990  
Amortized Cost [7],[9],[10]   $ 9,187,902  
Fair Value [7],[9],[10]   $ 14,892,312  
Investment, Identifier [Axis]: Equity Investments- United States Household Durables Cedar Ultimate Parent, LLC Class A Preferred Units Net Assets 8.6%      
% of Net Assets [6],[12],[14] 8.60%    
Shares [6],[12],[14] 9,297,990    
Amortized Cost [6],[12],[14] $ 9,187,902    
Fair Value [6],[12],[14] $ 15,896,960    
Investment, Identifier [Axis]: Equity Investments- United States Household Durables Cedar Ultimate Parent, LLC Class D Preferred Units Net Assets 0.0%      
% of Net Assets 0.00% [6],[12],[14] 0.00% [7],[9],[10]  
Shares 2,900,000 [6],[12],[14] 2,900,000 [7],[9],[10]  
Amortized Cost $ 0 [6],[12],[14] $ 0 [7],[9],[10]  
Fair Value $ 0 [6],[12],[14] $ 0 [7],[9],[10]  
Investment, Identifier [Axis]: Equity Investments- United States Household Durables Cedar Ultimate Parent, LLC Class E Common Units Net Assets 0.0%      
% of Net Assets 0.00% [6],[12],[14] 0.00% [7],[9],[10]  
Shares 300,000 [6],[12],[14] 300,000 [7],[9],[10]  
Amortized Cost $ 0 [6],[12],[14] $ 0 [7],[9],[10]  
Fair Value $ 0 [6],[12],[14] $ 0 [7],[9],[10]  
Investment, Identifier [Axis]: Equity Investments- United States Industrial Conglomerates Precision Products Machining Group, LLC (fka H-D Advanced Manufacturing Company) Class A Units Net Assets 17.8%      
% of Net Assets [7],[9],[10]   17.80%  
Shares [7],[9],[10]   100,000  
Amortized Cost [7],[9],[10]   $ 62,647,925  
Fair Value [7],[9],[10]   $ 41,555,000  
Investment, Identifier [Axis]: Equity Investments- United States Industrial Conglomerates Precision Products Machining Group, LLC (fka H-D Advanced Manufacturing Company) Class A Units Net Assets 25.1%      
% of Net Assets [6],[12],[14] 25.10%    
Shares [6],[12],[14] 100,000    
Amortized Cost [6],[12],[14] $ 62,647,925    
Fair Value [6],[12],[14] $ 46,616,419    
Investment, Identifier [Axis]: Equity Investments- United States Investment Funds & Vehicles TCW Direct Lending Strategic Ventures Common membership Interests Net Assets 0.0%      
% of Net Assets [6],[14],[15] 0.00%    
Shares [6],[14],[15] 800    
Amortized Cost [6],[14],[15] $ 0    
Fair Value [6],[14],[15] $ 0    
Investment, Identifier [Axis]: Equity Investments- United States Investment Funds & Vehicles TCW Direct Lending Strategic Ventures LLC Common membership Interests Net Assets 0.0%      
% of Net Assets [7],[9],[16]   0.00%  
Shares [7],[9],[16]   800  
Amortized Cost [7],[9],[16]   $ 0  
Fair Value [7],[9],[16]   $ 0  
Investment, Identifier [Axis]: Equity Investments- United States Investment Funds & Vehicles TCW Direct Lending Strategic Ventures LLC Preferred membership Interests Net Assets 16.0%      
% of Net Assets [7],[16]   16.00%  
Shares [7],[16]   56,760  
Amortized Cost [7],[16]   $ 56,760,000  
Fair Value [7],[16]   $ 37,189,489  
Investment, Identifier [Axis]: Equity Investments- United States Investment Funds & Vehicles TCW Direct Lending Strategic Ventures Preferred membership Interests Net Assets 9.2%      
% of Net Assets [6],[15] 9.20%    
Shares [6],[15] 43,320    
Amortized Cost [6],[15] $ 43,320,000    
Fair Value [6],[15] $ 16,982,360    
Investment, Identifier [Axis]: Equity Investments- United States Metals & Mining Pace Industries, Inc. Common Stock Net Assets 0.0%      
% of Net Assets [7],[9],[10]   0.00%  
Shares [7],[9],[10]   971,418  
Amortized Cost [7],[9],[10]   $ 2,110,522  
Fair Value [7],[9],[10]   $ 0  
Investment, Identifier [Axis]: Equity Investments- United States Metals & Mining Xiphias Holdings, Inc., (fka Pace Industries, Inc.) Common Shares Net Assets 4.0%      
% of Net Assets [6],[12],[14] 4.00%    
Shares [6],[12],[14] 20    
Amortized Cost [6],[12],[14] $ 29,765,769    
Fair Value [6],[12],[14] $ 7,444,654    
Investment, Identifier [Axis]: Equity Investments- United States Metals & Mining Yellowtail Holdings, Inc., (fka Pace Industries, Inc.) Common Shares Net Assets 4.0%      
% of Net Assets [6],[12],[14] 4.00%    
Shares [6],[12],[14] 20    
Amortized Cost [6],[12],[14] $ 0    
Fair Value [6],[12],[14] $ 7,445,346    
Investment, Identifier [Axis]: Overton Chicago Gear, LLC (fka H-D Advanced Manufacturing Company) Revolver - 6.00%      
Investment interest rate 6.00% 6.00%  
Maturity Date Jan. 31, 2028 Jan. 31, 2028  
Fair Value $ 15,092,378 $ 17,092,378 5,829,929
Investment, Identifier [Axis]: Overton Chicago Gear, LLC (fka H-D Advanced Manufacturing Company) Term Loan - 6.00%      
Investment interest rate 6.00% 6.00%  
Maturity Date Jan. 31, 2028 Jan. 31, 2028  
Fair Value $ 4,986,970 $ 11,499,904 40,929,862
Investment, Identifier [Axis]: Pace Industries, Inc. 2025 Term Loan - 10.19%      
Investment interest rate 10.19% 10.19%  
Maturity Date Apr. 14, 2026 Apr. 14, 2026  
Fair Value $ 0 $ 4,467,914 0
Investment, Identifier [Axis]: Pace Industries, Inc. Common Stock      
Fair Value $ 0 $ 0 0
Investment, Identifier [Axis]: Pace Industries, Inc. HoldCo Term Loan - 5.89%      
Investment interest rate 5.89% 5.89%  
Maturity Date Jun. 01, 2040 Jun. 01, 2040  
Fair Value $ 0 $ 0 0
Investment, Identifier [Axis]: Pace Industries, Inc. Term Loan - 12.17%      
Investment interest rate 12.17% 12.17%  
Maturity Date Oct. 14, 2026 Jun. 01, 2025  
Fair Value $ 0 $ 24,456,153 42,921,932
Investment, Identifier [Axis]: Pace Industries, LLC Revolver Opco - 12.31%      
Investment interest rate 12.31% 12.31%  
Maturity Date Jun. 01, 2025 Jun. 01, 2025  
Fair Value $ 0 $ 7,081,095 11,240,860
Investment, Identifier [Axis]: Precision Products Machining Group, LLC (fka H-D Advanced Manufacturing Company) Class A Units      
Fair Value 46,616,419 41,555,000 33,351,000
Investment, Identifier [Axis]: RT Holdings Parent, LLC Class A Unit      
Fair Value 10,996,711 19,030,891 15,197,224
Investment, Identifier [Axis]: RT Holdings Parent, LLC P-1 Units      
Fair Value 212,116 367,086 293,001
Investment, Identifier [Axis]: RT Holdings Parent, LLC P-2 Units      
Fair Value 27,760 105,677 68,000
Investment, Identifier [Axis]: RT Holdings Parent, LLC Warrant      
Fair Value $ 1,832,787 $ 3,171,814 2,532,687
Investment, Identifier [Axis]: Retail & Animal Intermediate, LLC Delayed Draw Priming Term Loan - 20.00%      
Investment interest rate   20.00%  
Maturity Date   Nov. 14, 2025  
Fair Value [5]   $ 0 0
Investment, Identifier [Axis]: Ruby Tuesday Operations LLC, 10th Amendment Term Loan B - 15.73%      
Investment interest rate 15.73%    
Maturity Date Feb. 24, 2027    
Fair Value $ 1,868,113 0  
Investment, Identifier [Axis]: Ruby Tuesday Operations, LLC Incremental Term Loan - 19.73%      
Investment interest rate 19.73%    
Maturity Date Feb. 24, 2027    
Fair Value $ 2,928,000 $ 2,928,000  
Investment, Identifier [Axis]: Ruby Tuesday Operations, LLC Incremental Term Loan - 19.98%      
Investment interest rate   19.98%  
Maturity Date   Feb. 24, 2027  
Fair Value   $ 2,928,000 2,928,001
Investment, Identifier [Axis]: Ruby Tuesday Operations, LLC Term Loan - 15.73%      
Investment interest rate 15.73%    
Maturity Date Feb. 24, 2027    
Fair Value $ 10,527,433 $ 10,266,562  
Investment, Identifier [Axis]: Ruby Tuesday Operations, LLC Term Loan - 15.98%      
Investment interest rate   15.98%  
Maturity Date   Feb. 24, 2027  
Fair Value   $ 10,266,562 9,389,540
Investment, Identifier [Axis]: SSI Parent, LLC (fka School Specialty, Inc.) Common Stock      
Fair Value 0 11,977,034 16,945,063
Investment, Identifier [Axis]: SSI Parent, LLC (fka School Specialty, Inc.) Preferred Stock A      
Fair Value 18,060,308 18,060,308 18,060,308
Investment, Identifier [Axis]: SSI Parent, LLC (fka School Specialty, Inc.) Preferred Stock B      
Fair Value $ 2,120,124 5,284,268 5,284,268
Investment, Identifier [Axis]: SSI Parent, LLC (fka School Specialty, Inc.) Term Loan - 11.78%      
Investment interest rate 11.78%    
Maturity Date Dec. 29, 2026    
Fair Value $ 6,790,431 $ 7,152,936  
Investment, Identifier [Axis]: SSI Parent, LLC (fka School Specialty, Inc.) Term Loan - 11.84%      
Investment interest rate   11.84%  
Maturity Date   Dec. 29, 2026  
Fair Value   $ 7,152,936 8,065,952
Investment, Identifier [Axis]: TCW Direct Lending Strategic Ventures LLC Common Membership Interests      
Fair Value 0 0 0
Investment, Identifier [Axis]: TCW Direct Lending Strategic Ventures LLC Preferred Membership Interests      
Fair Value $ 16,982,359 37,189,488 $ 51,230,479
Investment, Identifier [Axis]: Xiphias Buyer, Inc., (fka Pace Industries, Inc.) Term Loan - 8.14%      
Investment interest rate 8.14%    
Maturity Date Feb. 23, 2031    
Fair Value $ 8,517,152 0  
Investment, Identifier [Axis]: Xiphias Holdings, Inc., (fka Pace Industries, Inc.) Common Shares      
Fair Value 7,444,654 0  
Investment, Identifier [Axis]: Yellowtail Holdings, Inc., (fka Pace Industries, Inc.) Common Shares      
Fair Value $ 7,445,346 $ 0  
[1] The fair value of each debt and equity investment was determined using significant unobservable inputs and such investments are considered to be Level 3 within the Fair Value Hierarchy. See Note 3 “Investment Valuations and Fair Value Measurements.”
[2] The fair value of each debt and equity investment was determined using significant unobservable inputs and such investments are considered to be Level 3 within the Fair Value Hierarchy. See Note 3 “Investment Valuations and Fair Value Measurements.”
[3] Certain debt investments are subject to contractual restrictions on resale, such as approval of the agent or borrower.
[4] Certain debt investments are subject to contractual restrictions on resale, such as approval of the agent or borrower.
[5] The investments were sold during the year ended December 31, 2025 and are no longer presented on the Company's Consolidated Schedule of Investments as of December 31, 2025.
[6] As defined in the 1940 Act, the investment is deemed to be a “controlled person” of the Company because the Company owns, either directly or indirectly, 25% or more of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company. Fair value as of December 31, 2025 and June 30, 2026 along with transactions during the period ended June 30, 2026 in these controlled investments are as follows:

 

Name of Investment

 

Fair Value at December 31, 2025

 

 

Gross Addition (a)

 

 

Gross Reduction (b)

 

 

Realized Gains
(Losses)

 

 

Net Change
in Unrealized
Appreciation/
(Depreciation)

 

 

Fair Value at June 30, 2026

 

 

Interest/Dividend/
Other income

 

Cedar Ultimate Parent, LLC Class A Preferred Unit

 

$

14,892,312

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

1,004,648

 

 

$

15,896,960

 

 

$

—

 

Cedar Ultimate Parent, LLC Class D Preferred Unit

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Cedar Ultimate Parent, LLC Class E Preferred Unit

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Overton Chicago Gear, LLC (fka H-D Advanced Manufacturing Company) Revolver - 6.00%

 

 

17,092,378

 

 

 

—

 

 

 

(2,000,000

)

 

 

—

 

 

 

—

 

 

 

15,092,378

 

 

 

860,607

 

Overton Chicago Gear, LLC (fka H-D Advanced Manufacturing Company) Term Loan - 6.00%

 

 

11,499,904

 

 

 

555

 

 

 

(6,511,834

)

 

 

—

 

 

 

(1,655

)

 

 

4,986,970

 

 

 

776,059

 

Pace Industries, Inc. Common Stock

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(2,110,522

)

 

 

2,110,522

 

 

 

—

 

 

 

—

 

Pace Industries, Inc. HoldCo Term Loan - 5.89%

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(78,137,869

)

 

 

78,137,869

 

 

 

—

 

 

 

—

 

Pace Industries, LLC Revolver Opco - 12.31%

 

 

7,081,095

 

 

 

—

 

 

 

(7,316,501

)

 

 

(12,553,224

)

 

 

12,788,630

 

 

 

—

 

 

 

—

 

Pace Industries, Inc. Term Loan - 12.17%

 

 

24,456,153

 

 

 

—

 

 

 

(25,142,534

)

 

 

(42,949,218

)

 

 

43,635,599

 

 

 

—

 

 

 

(18

)

Pace Industries, Inc. 2025 Term Loan - 10.19%

 

 

4,467,914

 

 

 

1,181,922

 

 

 

(5,649,836

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,142,727

 

Precision Products Machining Group, LLC (fka H-D Advanced Manufacturing Company) Class A Units

 

 

41,555,000

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

5,061,419

 

 

 

46,616,419

 

 

 

—

 

RT Holdings Parent, LLC Class A Unit

 

 

19,030,891

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(8,034,180

)

 

 

10,996,711

 

 

 

—

 

RT Holdings Parent, LLC Warrant

 

 

3,171,814

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(1,339,027

)

 

 

1,832,787

 

 

 

—

 

RT Holdings Parent, LLC P-1 Units

 

 

367,086

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(154,970

)

 

 

212,116

 

 

 

—

 

RT Holdings Parent, LLC P-2 Units

 

 

105,677

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(77,917

)

 

 

27,760

 

 

 

—

 

Ruby Tuesday Operations, LLC Incremental Term Loan - 19.73%

 

 

2,928,000

 

 

 

277,924

 

 

 

—

 

 

 

—

 

 

 

(277,924

)

 

 

2,928,000

 

 

 

280,342

 

Ruby Tuesday Operations, LLC Term Loan - 15.73%

 

 

10,266,562

 

 

 

495,815

 

 

 

(234,938

)

 

 

—

 

 

 

(6

)

 

 

10,527,433

 

 

 

891,908

 

Ruby Tuesday Operations LLC, 10th Amendment Term Loan B - 15.73%

 

 

—

 

 

 

1,868,113

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,868,113

 

 

 

132,571

 

SSI Parent, LLC (fka School Specialty, Inc.) Term Loan - 11.78%

 

 

7,152,936

 

 

 

—

 

 

 

(362,505

)

 

 

—

 

 

 

—

 

 

 

6,790,431

 

 

 

417,057

 

SSI Parent, LLC (fka School Specialty, Inc.) Common Stock

 

 

11,977,034

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(11,977,034

)

 

 

—

 

 

 

—

 

SSI Parent, LLC (fka School Specialty, Inc.) Preferred Stock A

 

 

18,060,308

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

18,060,308

 

 

 

—

 

SSI Parent, LLC (fka School Specialty, Inc.) Preferred Stock B

 

 

5,284,268

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(3,164,144

)

 

 

2,120,124

 

 

 

—

 

TCW Direct Lending Strategic Ventures LLC Common Membership Interests

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

TCW Direct Lending Strategic Ventures LLC Preferred Membership Interests

 

 

37,189,488

 

 

 

—

 

 

 

(13,440,000

)

 

 

—

 

 

 

(6,767,129

)

 

 

16,982,359

 

 

 

—

 

Xiphias Buyer, Inc., (fka Pace Industries, Inc.) Term Loan - 8.14%

 

 

—

 

 

 

8,517,152

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

8,517,152

 

 

 

243,364

 

Xiphias Holdings, Inc., (fka Pace Industries, Inc.) Common Shares

 

 

—

 

 

 

29,765,769

 

 

 

—

 

 

 

—

 

 

 

(22,321,115

)

 

 

7,444,654

 

 

 

—

 

Yellowtail Holdings, Inc., (fka Pace Industries, Inc.) Common Shares

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

7,445,346

 

 

 

7,445,346

 

 

 

—

 

Total Controlled Affiliated Investments

 

$

236,578,820

 

 

$

42,107,250

 

 

$

(60,658,148

)

 

$

(135,750,833

)

 

$

96,068,932

 

 

$

178,346,021

 

 

$

4,744,617

 
[7] As defined in the 1940 Act, the investment is deemed to be a “controlled person” of the Company because the Company owns, either directly or indirectly, 25% or more of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company. Fair value as of December 31, 2024 and December 31, 2025 along with transactions during the year ended December 31, 2025 in these controlled investments are as follows:

 

Name of Investment

 

Fair Value at
December 31,
2024

 

 

Gross Addition
(a)

 

 

Gross Reduction
(b)

 

 

Realized Gains
(Losses)

 

 

Net Change
in Unrealized
Appreciation/
(Depreciation)

 

 

Fair Value at
December 31,
2025

 

 

Interest/Dividend/
Other income

 

Cedar Electronics Holdings, Corp Incremental Term Loan - 15.00%

 

$

5,844,291

 

 

$

1,029,927

 

 

$

(6,806,881

)

 

$

—

 

 

$

(67,337

)

 

$

—

 

 

$

1,081,630

 

Cedar Electronics Holdings, Corp Term Loan - 12.65%

 

 

14,018,452

 

 

 

—

 

 

 

(14,018,421

)

 

 

—

 

 

 

(31

)

 

 

—

 

 

 

2,062,947

 

Cedar Ultimate Parent, LLC Class A Preferred Unit

 

 

16,403,979

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(1,511,667

)

 

 

14,892,312

 

 

 

—

 

Cedar Ultimate Parent, LLC Class D Preferred Unit

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Cedar Ultimate Parent, LLC Class E Preferred Unit

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Overton Chicago Gear, LLC (fka H-D Advanced Manufacturing Company) Revolver - 6.00%

 

 

5,829,929

 

 

 

11,262,449

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

17,092,378

 

 

 

340,163

 

Overton Chicago Gear, LLC (fka H-D Advanced Manufacturing Company) Term Loan - 6.00%

 

 

40,929,862

 

 

 

1,521,200

 

 

 

(30,939,620

)

 

 

—

 

 

 

(11,538

)

 

 

11,499,904

 

 

 

1,498,978

 

Pace Industries, Inc. Common Stock

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Pace Industries, Inc. HoldCo Term Loan - 5.89%

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Pace Industries, Inc. Term Loan - 12.17%

 

 

42,921,932

 

 

 

—

 

 

 

(6,143

)

 

 

—

 

 

 

(18,459,636

)

 

 

24,456,153

 

 

 

(6,143

)

Pace Industries, Inc. 2025 Term Loan - 10.19%

 

 

—

 

 

 

4,467,914

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4,467,914

 

 

 

335,004

 

Pace Industries, LLC Revolver Opco - 12.31%

 

 

11,240,860

 

 

 

2,336,380

 

 

 

—

 

 

 

—

 

 

 

(6,496,145

)

 

 

7,081,095

 

 

 

2,500

 

Precision Products Machining Group, LLC (fka H-D Advanced Manufacturing Company) Class A Units

 

 

33,351,000

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

8,204,000

 

 

 

41,555,000

 

 

 

—

 

RT Holdings Parent, LLC Class A Unit

 

 

15,197,224

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,833,667

 

 

 

19,030,891

 

 

 

—

 

RT Holdings Parent, LLC Warrant

 

 

2,532,687

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

639,127

 

 

 

3,171,814

 

 

 

—

 

RT Holdings Parent, LLC P-1 Units

 

 

293,001

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

74,085

 

 

 

367,086

 

 

 

—

 

RT Holdings Parent, LLC P-2 Units

 

 

68,000

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

37,677

 

 

 

105,677

 

 

 

—

 

Ruby Tuesday Operations, LLC Term Loan - 15.98%

 

 

9,389,540

 

 

 

1,116,364

 

 

 

(229,608

)

 

 

—

 

 

 

(9,734

)

 

 

10,266,562

 

 

 

1,529,165

 

Ruby Tuesday Operations, LLC Incremental Term Loan - 19.98%

 

 

2,928,001

 

 

 

492,355

 

 

 

—

 

 

 

—

 

 

 

(492,356

)

 

 

2,928,000

 

 

 

501,983

 

SSI Parent, LLC (fka School Specialty, Inc.) Common Stock

 

 

16,945,063

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(4,968,029

)

 

 

11,977,034

 

 

 

1,408,253

 

SSI Parent, LLC (fka School Specialty, Inc.) Preferred Stock A

 

 

18,060,308

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

18,060,308

 

 

 

—

 

SSI Parent, LLC (fka School Specialty, Inc.) Preferred Stock B

 

 

5,284,268

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

5,284,268

 

 

 

—

 

SSI Parent, LLC (fka School Specialty, Inc.) Term Loan - 11.84%

 

 

8,065,952

 

 

 

5,405

 

 

 

(910,908

)

 

 

—

 

 

 

(7,513

)

 

 

7,152,936

 

 

 

960,115

 

TCW Direct Lending Strategic Ventures LLC Common Membership Interests

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

TCW Direct Lending Strategic Ventures LLC Preferred Membership Interests

 

 

51,230,479

 

 

 

—

 

 

 

(8,240,000

)

 

 

—

 

 

 

(5,800,991

)

 

 

37,189,488

 

 

 

3,920,000

 

Total Controlled Affiliated Investments

 

$

300,534,828

 

 

$

22,231,994

 

 

$

(61,151,581

)

 

$

—

 

 

$

(25,036,421

)

 

$

236,578,820

 

 

$

13,634,594

 
[8] Loan was on nonaccrual status as of December 31, 2025.
[9] Non-income producing.
[10] All or a portion of such security was acquired in a transaction exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), and may be deemed “restricted securities” under the Securities Act. As of December 31, 2025, the aggregate fair value of these securities was $114,444,389, or 16.8% of the Company’s total assets.
[11] Holdings of SSI Parent, LLC (fka School Specialty, Inc.) Class A & B preferred stock and common stock are held through TCW DL SSP LLC, a special purpose vehicle.
[12] All or a portion of such security was acquired in a transaction exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”) and may be deemed “restricted securities” under the Securities Act. As of June 30, 2026, the aggregate fair value of these securities was $110,653,184, or 25.6% of the Company’s total assets.
[13] Holdings of SSI Parent, LLC (fka School Specialty, Inc.) Class A & B preferred stock and common stock are held through TCW DL SSP LLC, a special purpose vehicle.
[14] Non-income producing.
[15] The investment is not a qualifying asset as defined in Section 55(a) under the 1940 Act. A business development company may not acquire an asset other than qualifying assets, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the company’s total assets. As of June 30, 2026, $16,982,360 or 3.9% of the Company’s total assets were represented by “non-qualifying assets.”
[16] The investment is not a qualifying asset as defined in Section 55(a) under the 1940 Act. A business development company may not acquire an asset other than qualifying assets, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the company’s total assets. As of December 31, 2025, $37,189,489 or 5.5% of the Company’s total assets were represented by “non-qualifying assets.”