v3.26.1
Consolidated Schedule of Investments (Parenthetical) - USD ($)
 6 Months Ended 12 Months Ended
Jun. 30, 2026
Dec. 31, 2025
Percentage of total investment of net asset 232.40% 291.90%
Percentage of net unrealized depreciation on unfunded commitments (0.00%) (0.00%)
Percentage of liabilities in excess of other assets (132.40%) (191.90%)
Net Assets - % of Net Assets 100.00% 100.00%
Fair Value [1] $ 263,724,095  
Fair Value $ 178,346,020 [2] $ 263,724,095 [1]
Percentage of minimum qualifying assets 70.00% 70.00%
Non-qualifying assets $ 16,982,360 $ 37,189,489
Percentage of non-qualifying assets 3.90% 5.50%
Aggregate fair value on restricted securities $ 110,653,184 $ 114,444,389
Percentage of restricted securities on net assets 25.60% 16.80%
First American Government Obligation Fund [Member]    
Percentage of yield on investment 3.56% 3.68%
U.S. Treasury Bill    
Percentage of yield on investment 3.85% 3.62%
Maturity Date Oct. 27, 2026 Apr. 28, 2026
Non-Controlled Affiliated Investments    
Fair Value $ 0 $ 3,390,000
Gross Addition [3]   36,789
Gross Reduction [4]   0
Realized Gains (Losses)   (32,894,135)
Net Change in Unrealized Appreciation/ (Depreciation)   29,467,346
Fair Value   0
Interest/Dividend/ Other income   $ 35,805
Non-Controlled Affiliated Investments | Minimum    
Percentage of voting interests on investment securities owned   5.00%
Non-Controlled Affiliated Investments | Maximum    
Percentage of voting interests on investment securities owned   25.00%
Controlled Affiliated Investments    
Percentage of voting interests on investment securities owned 25.00%  
Fair Value $ 236,578,820 $ 300,534,828
Gross Addition 42,107,250 [5] 22,231,994 [6]
Gross Reduction (60,658,148) [7] (61,151,581) [8]
Realized Gains (Losses) (135,750,833) 0
Net Change in Unrealized Appreciation/ (Depreciation) 96,068,932 (25,036,421)
Fair Value 178,346,021 236,578,820
Interest/Dividend/ Other income 4,744,617 $ 13,634,594
Controlled Affiliated Investments | Minimum    
Percentage of voting interests on investment securities owned   25.00%
Investment, Identifier [Axis]: Animal Supply Company, LLC First Out Term Loan - 13.09%    
Maturity Date   Aug. 14, 2025
Fair Value [9] 0 $ 2,703,724
Gross Addition [3],[9]   36,789
Gross Reduction [4],[9]   0
Realized Gains (Losses) [9]   (2,715,156)
Net Change in Unrealized Appreciation/ (Depreciation) [9]   (25,357)
Fair Value [9]   0
Interest/Dividend/ Other income [9]   $ 35,805
Investment interest rate   13.09%
Investment, Identifier [Axis]: Animal Supply Company, LLC Term Loan - 13.28%    
Maturity Date   Aug. 14, 2025
Fair Value [9] 0 $ 686,276
Gross Addition [3],[9]   0
Gross Reduction [4],[9]   0
Realized Gains (Losses) [9]   (27,362,674)
Net Change in Unrealized Appreciation/ (Depreciation) [9]   26,676,398
Fair Value [9]   0
Interest/Dividend/ Other income [9]   $ (0)
Investment interest rate   13.28%
Investment, Identifier [Axis]: Cedar Electronics Holdings, Corp Incremental Term Loan - 15.00%    
Maturity Date   Dec. 31, 2026
Fair Value 0 $ 5,844,291
Gross Addition [6]   1,029,927
Gross Reduction [8]   (6,806,881)
Realized Gains (Losses)   0
Net Change in Unrealized Appreciation/ (Depreciation)   (67,337)
Fair Value   0
Interest/Dividend/ Other income   $ 1,081,630
Investment interest rate   15.00%
Investment, Identifier [Axis]: Cedar Electronics Holdings, Corp Term Loan - 12.65%    
Maturity Date   Dec. 31, 2026
Fair Value 0 $ 14,018,452
Gross Addition [6]   0
Gross Reduction [8]   (14,018,421)
Realized Gains (Losses)   0
Net Change in Unrealized Appreciation/ (Depreciation)   (31)
Fair Value   0
Interest/Dividend/ Other income   $ 2,062,947
Investment interest rate   12.65%
Investment, Identifier [Axis]: Cedar Ultimate Parent, LLC Class A Preferred Unit    
Fair Value 14,892,312 $ 16,403,979
Gross Addition 0 [5] 0 [6]
Gross Reduction 0 [7] 0 [8]
Realized Gains (Losses) 0 0
Net Change in Unrealized Appreciation/ (Depreciation) 1,004,648 (1,511,667)
Fair Value 15,896,960 14,892,312
Interest/Dividend/ Other income 0 0
Investment, Identifier [Axis]: Cedar Ultimate Parent, LLC Class D Preferred Unit    
Fair Value 0 0
Gross Addition 0 [5] 0 [6]
Gross Reduction 0 [7] 0 [8]
Realized Gains (Losses) 0 0
Net Change in Unrealized Appreciation/ (Depreciation) 0 0
Fair Value 0 0
Interest/Dividend/ Other income 0 0
Investment, Identifier [Axis]: Cedar Ultimate Parent, LLC Class E Preferred Unit    
Fair Value 0 0
Gross Addition 0 [5] 0 [6]
Gross Reduction 0 [7] 0 [8]
Realized Gains (Losses) 0 0
Net Change in Unrealized Appreciation/ (Depreciation) 0 0
Fair Value 0 0
Interest/Dividend/ Other income $ 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    
Maturity Date [10],[11] Dec. 29, 2026  
Fair Value [10],[11] $ 6,790,431  
Investment interest rate [10],[11] 11.76%  
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    
Maturity Date [12],[13]   Dec. 29, 2026
Fair Value [12],[13] $ 7,152,936  
Fair Value [12],[13]   $ 7,152,936
Investment interest rate [12],[13]   11.84%
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    
Maturity Date [10],[11] Feb. 24, 2027  
Fair Value [10],[11] $ 1,868,113  
Investment interest rate [10],[11] 15.73%  
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    
Maturity Date [10],[11] Feb. 24, 2027  
Fair Value [10],[11] $ 2,928,000  
Investment interest rate [10],[11] 19.73%  
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    
Maturity Date [12],[13]   Feb. 24, 2027
Fair Value [12],[13] $ 2,928,001  
Fair Value [12],[13]   $ 2,928,001
Investment interest rate [12],[13]   19.98%
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    
Maturity Date [10],[11] Feb. 24, 2027  
Fair Value [10],[11] $ 10,527,433  
Investment interest rate [10],[11] 15.73%  
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    
Maturity Date [12],[13]   Feb. 24, 2027
Fair Value [12],[13] $ 10,266,562  
Fair Value [12],[13]   $ 10,266,562
Investment interest rate [12],[13]   15.98%
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    
Maturity Date [10],[11] Jan. 31, 2028  
Fair Value [10],[11] $ 15,092,378  
Investment interest rate [10],[11] 6.00%  
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    
Maturity Date [12],[13]   Jan. 31, 2028
Fair Value [12],[13] $ 17,092,378  
Fair Value [12],[13]   $ 17,092,378
Investment interest rate [12],[13]   6.00%
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    
Maturity Date [10],[11] Jan. 31, 2028  
Fair Value [10],[11] $ 4,986,969  
Investment interest rate [10],[11] 6.00%  
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    
Maturity Date [12],[13]   Jan. 31, 2028
Fair Value [12],[13] $ 11,499,903  
Fair Value [12],[13]   $ 11,499,903
Investment interest rate [12],[13]   6.00%
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    
Maturity Date [12],[13]   Apr. 14, 2026
Fair Value [12],[13] 4,467,914  
Fair Value [12],[13]   $ 4,467,914
Investment interest rate [12],[13]   10.19%
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    
Maturity Date [12],[13],[14],[15]   Jun. 01, 2040
Fair Value [12],[13],[14],[15] 0  
Fair Value [12],[13],[14],[15]   $ 0
Investment interest rate [12],[13],[14],[15]   5.89%
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    
Maturity Date [12],[13],[14],[15]   Oct. 14, 2026
Fair Value [12],[13],[14],[15] 24,456,153  
Fair Value [12],[13],[14],[15]   $ 24,456,153
Investment interest rate [12],[13],[14],[15]   12.17%
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    
Maturity Date [12],[13],[14],[15]   Oct. 14, 2026
Fair Value [12],[13],[14],[15] $ 7,081,095  
Fair Value [12],[13],[14],[15]   $ 7,081,095
Investment interest rate [12],[13],[14],[15]   12.31%
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    
Maturity Date [10],[11] Feb. 23, 2031  
Fair Value [10],[11] $ 8,517,152  
Investment interest rate [10],[11] 8.14%  
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    
Maturity Date [13]   May 01, 2026
Fair Value [13] $ 27,145,275  
Fair Value [13]   $ 27,145,275
Investment interest rate [13]   12.51%
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%    
Fair Value [12],[15],[16],[17] 5,284,268  
Fair Value [12],[15],[16],[17]   $ 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%    
Fair Value [12],[15],[16],[17] 11,977,034  
Fair Value [12],[15],[16],[17]   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%    
Fair Value [12],[15],[16],[17] 18,060,308  
Fair Value [12],[15],[16],[17]   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%    
Fair Value [10],[18],[19],[20] 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%    
Fair Value [10],[18],[19],[20] 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%    
Fair Value [10],[18],[19],[20] 0  
Investment, Identifier [Axis]: Equity Investments- United States Hotels, Restaurants & Leisure RT Holdings Parent, LLC Class A Units Net Assets 5.9%    
Fair Value [10],[18],[20] 10,996,711  
Investment, Identifier [Axis]: Equity Investments- United States Hotels, Restaurants & Leisure RT Holdings Parent, LLC Class A Units Net Assets 8.2%    
Fair Value [12],[15],[16] 19,030,891  
Fair Value [12],[15],[16]   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%    
Fair Value [10],[18],[20] 212,115  
Investment, Identifier [Axis]: Equity Investments- United States Hotels, Restaurants & Leisure RT Holdings Parent, LLC Class P-1 Units Net Assets 0.2%    
Fair Value [12],[15],[16] 367,086  
Fair Value [12],[15],[16]   367,086
Investment, Identifier [Axis]: Equity Investments- United States Hotels, Restaurants & Leisure RT Holdings Parent, LLC Class P-2 Units Net Assets 0.0%    
Fair Value [12],[15],[16] 105,677  
Fair Value 27,760 [10],[18],[20] 105,677 [12],[15],[16]
Investment, Identifier [Axis]: Equity Investments- United States Hotels, Restaurants & Leisure RT Holdings Parent, LLC Warrant, expires 2/24/27 Net Assets 1.0%    
Fair Value [10],[18],[20] 1,832,787  
Investment, Identifier [Axis]: Equity Investments- United States Hotels, Restaurants & Leisure RT Holdings Parent, LLC Warrant, expires 2/24/27 Net Assets 1.4%    
Fair Value [12],[15],[16] 3,171,813  
Fair Value [12],[15],[16]   3,171,813
Investment, Identifier [Axis]: Equity Investments- United States Household Durables Cedar Ultimate Parent, LLC Class A Preferred Units Net Assets 6.4%    
Fair Value [12],[15],[16] 14,892,312  
Fair Value [12],[15],[16]   14,892,312
Investment, Identifier [Axis]: Equity Investments- United States Household Durables Cedar Ultimate Parent, LLC Class A Preferred Units Net Assets 8.6%    
Fair Value [10],[18],[20] 15,896,960  
Investment, Identifier [Axis]: Equity Investments- United States Household Durables Cedar Ultimate Parent, LLC Class D Preferred Units Net Assets 0.0%    
Fair Value [12],[15],[16] 0  
Fair Value 0 [10],[18],[20] 0 [12],[15],[16]
Investment, Identifier [Axis]: Equity Investments- United States Household Durables Cedar Ultimate Parent, LLC Class E Common Units Net Assets 0.0%    
Fair Value [12],[15],[16] 0  
Fair Value 0 [10],[18],[20] 0 [12],[15],[16]
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%    
Fair Value [12],[15],[16] 41,555,000  
Fair Value [12],[15],[16]   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%    
Fair Value [10],[18],[20] 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%    
Fair Value [10],[20],[21] 0  
Investment, Identifier [Axis]: Equity Investments- United States Investment Funds & Vehicles TCW Direct Lending Strategic Ventures LLC Common membership Interests Net Assets 0.0%    
Fair Value [12],[15],[22] 0  
Fair Value [12],[15],[22]   0
Investment, Identifier [Axis]: Equity Investments- United States Investment Funds & Vehicles TCW Direct Lending Strategic Ventures LLC Preferred membership Interests Net Assets 16.0%    
Fair Value [12],[22] 37,189,489  
Fair Value [12],[22]   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%    
Fair Value [10],[21] 16,982,360  
Investment, Identifier [Axis]: Equity Investments- United States Metals & Mining Pace Industries, Inc. Common Stock Net Assets 0.0%    
Fair Value [12],[15],[16] 0  
Fair Value [12],[15],[16]   $ 0
Investment, Identifier [Axis]: Equity Investments- United States Metals & Mining Xiphias Holdings, Inc., (fka Pace Industries, Inc.) Common Shares Net Assets 4.0%    
Fair Value [10],[18],[20] 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%    
Fair Value [10],[18],[20] $ 7,445,346  
Investment, Identifier [Axis]: Overton Chicago Gear, LLC (fka H-D Advanced Manufacturing Company) Revolver - 6.00%    
Maturity Date Jan. 31, 2028 Jan. 31, 2028
Fair Value $ 17,092,378 $ 5,829,929
Gross Addition 0 [5] 11,262,449 [6]
Gross Reduction (2,000,000) [7] 0 [8]
Realized Gains (Losses) 0 0
Net Change in Unrealized Appreciation/ (Depreciation) 0 0
Fair Value 15,092,378 17,092,378
Interest/Dividend/ Other income $ 860,607 $ 340,163
Investment interest rate 6.00% 6.00%
Investment, Identifier [Axis]: Overton Chicago Gear, LLC (fka H-D Advanced Manufacturing Company) Term Loan - 6.00%    
Maturity Date Jan. 31, 2028 Jan. 31, 2028
Fair Value $ 11,499,904 $ 40,929,862
Gross Addition 555 [5] 1,521,200 [6]
Gross Reduction (6,511,834) [7] (30,939,620) [8]
Realized Gains (Losses) 0 0
Net Change in Unrealized Appreciation/ (Depreciation) (1,655) (11,538)
Fair Value 4,986,970 11,499,904
Interest/Dividend/ Other income $ 776,059 $ 1,498,978
Investment interest rate 6.00% 6.00%
Investment, Identifier [Axis]: Pace Industries, Inc. 2025 Term Loan - 10.19%    
Maturity Date Apr. 14, 2026 Apr. 14, 2026
Fair Value $ 4,467,914 $ 0
Gross Addition 1,181,922 [5] 4,467,914
Gross Reduction (5,649,836) [7] 0
Realized Gains (Losses) 0 0
Net Change in Unrealized Appreciation/ (Depreciation) 0 0
Fair Value 0 4,467,914
Interest/Dividend/ Other income $ 1,142,727 $ 335,004
Investment interest rate 10.19% 10.19%
Investment, Identifier [Axis]: Pace Industries, Inc. Common Stock    
Fair Value $ 0 $ 0
Gross Addition 0 [5] 0 [6]
Gross Reduction 0 [7] 0 [8]
Realized Gains (Losses) (2,110,522) 0
Net Change in Unrealized Appreciation/ (Depreciation) 2,110,522 0
Fair Value 0 0
Interest/Dividend/ Other income $ 0 $ 0
Investment, Identifier [Axis]: Pace Industries, Inc. HoldCo Term Loan - 5.89%    
Maturity Date Jun. 01, 2040 Jun. 01, 2040
Fair Value $ 0 $ 0
Gross Addition 0 [5] 0 [6]
Gross Reduction 0 [7] 0 [8]
Realized Gains (Losses) (78,137,869) 0
Net Change in Unrealized Appreciation/ (Depreciation) 78,137,869 0
Fair Value 0 0
Interest/Dividend/ Other income $ 0 $ 0
Investment interest rate 5.89% 5.89%
Investment, Identifier [Axis]: Pace Industries, Inc. Term Loan - 12.17%    
Maturity Date Oct. 14, 2026 Jun. 01, 2025
Fair Value $ 24,456,153 $ 42,921,932
Gross Addition (0) [5] 0 [6]
Gross Reduction (25,142,534) [7] (6,143) [8]
Realized Gains (Losses) (42,949,218) 0
Net Change in Unrealized Appreciation/ (Depreciation) 43,635,599 (18,459,636)
Fair Value 0 24,456,153
Interest/Dividend/ Other income $ (18) $ (6,143)
Investment interest rate 12.17% 12.17%
Investment, Identifier [Axis]: Pace Industries, LLC Revolver Opco - 12.31%    
Maturity Date Jun. 01, 2025 Jun. 01, 2025
Fair Value $ 7,081,095 $ 11,240,860
Gross Addition 0 [5] 2,336,380 [6]
Gross Reduction (7,316,501) [7] 0 [8]
Realized Gains (Losses) (12,553,224) 0
Net Change in Unrealized Appreciation/ (Depreciation) 12,788,630 (6,496,145)
Fair Value 0 7,081,095
Interest/Dividend/ Other income $ 0 $ 2,500
Investment interest rate 12.31% 12.31%
Investment, Identifier [Axis]: Precision Products Machining Group, LLC (fka H-D Advanced Manufacturing Company) Class A Units    
Fair Value $ 41,555,000 $ 33,351,000
Gross Addition 0 [5] 0 [6]
Gross Reduction 0 [7] 0 [8]
Realized Gains (Losses) 0 0
Net Change in Unrealized Appreciation/ (Depreciation) 5,061,419 8,204,000
Fair Value 46,616,419 41,555,000
Interest/Dividend/ Other income 0 0
Investment, Identifier [Axis]: RT Holdings Parent, LLC Class A Unit    
Fair Value 19,030,891 15,197,224
Gross Addition 0 [5] 0 [6]
Gross Reduction 0 [7] 0 [8]
Realized Gains (Losses) 0 0
Net Change in Unrealized Appreciation/ (Depreciation) (8,034,180) 3,833,667
Fair Value 10,996,711 19,030,891
Interest/Dividend/ Other income 0 0
Investment, Identifier [Axis]: RT Holdings Parent, LLC P-1 Units    
Fair Value 367,086 293,001
Gross Addition 0 [5] 0 [6]
Gross Reduction 0 [7] 0 [8]
Realized Gains (Losses) 0 0
Net Change in Unrealized Appreciation/ (Depreciation) (154,970) 74,085
Fair Value 212,116 367,086
Interest/Dividend/ Other income 0 0
Investment, Identifier [Axis]: RT Holdings Parent, LLC P-2 Units    
Fair Value 105,677 68,000
Gross Addition 0 [5] 0 [6]
Gross Reduction 0 [7] 0 [8]
Realized Gains (Losses) 0 0
Net Change in Unrealized Appreciation/ (Depreciation) (77,917) 37,677
Fair Value 27,760 105,677
Interest/Dividend/ Other income 0 0
Investment, Identifier [Axis]: RT Holdings Parent, LLC Warrant    
Fair Value 3,171,814 2,532,687
Gross Addition 0 [5] 0 [6]
Gross Reduction 0 [7] 0 [8]
Realized Gains (Losses) 0 0
Net Change in Unrealized Appreciation/ (Depreciation) (1,339,027) 639,127
Fair Value 1,832,787 3,171,814
Interest/Dividend/ Other income 0 $ 0
Investment, Identifier [Axis]: Retail & Animal Intermediate, LLC Delayed Draw Priming Term Loan - 20.00%    
Maturity Date   Nov. 14, 2025
Fair Value [9] $ 0 $ 0
Gross Addition [3],[9]   0
Gross Reduction [4],[9]   0
Realized Gains (Losses) [9]   (2,816,305)
Net Change in Unrealized Appreciation/ (Depreciation) [9]   2,816,305
Fair Value [9]   0
Interest/Dividend/ Other income [9]   $ 0
Investment interest rate   20.00%
Investment, Identifier [Axis]: Ruby Tuesday Operations LLC, 10th Amendment Term Loan B - 15.73%    
Maturity Date Feb. 24, 2027  
Fair Value $ 0  
Gross Addition [5] 1,868,113  
Gross Reduction [7] 0  
Realized Gains (Losses) 0  
Net Change in Unrealized Appreciation/ (Depreciation) 0  
Fair Value 1,868,113 $ 0
Interest/Dividend/ Other income $ 132,571  
Investment interest rate 15.73%  
Investment, Identifier [Axis]: Ruby Tuesday Operations, LLC Incremental Term Loan - 19.73%    
Maturity Date Feb. 24, 2027  
Fair Value $ 2,928,000  
Gross Addition [5] 277,924  
Gross Reduction [7] 0  
Realized Gains (Losses) 0  
Net Change in Unrealized Appreciation/ (Depreciation) (277,924)  
Fair Value 2,928,000 $ 2,928,000
Interest/Dividend/ Other income $ 280,342  
Investment interest rate 19.73%  
Investment, Identifier [Axis]: Ruby Tuesday Operations, LLC Incremental Term Loan - 19.98%    
Maturity Date   Feb. 24, 2027
Fair Value $ 2,928,000 $ 2,928,001
Gross Addition [6]   492,355
Gross Reduction [8]   0
Realized Gains (Losses)   0
Net Change in Unrealized Appreciation/ (Depreciation)   (492,356)
Fair Value   2,928,000
Interest/Dividend/ Other income   $ 501,983
Investment interest rate   19.98%
Investment, Identifier [Axis]: Ruby Tuesday Operations, LLC Term Loan - 15.73%    
Maturity Date Feb. 24, 2027  
Fair Value $ 10,266,562  
Gross Addition [5] 495,815  
Gross Reduction [7] (234,938)  
Realized Gains (Losses) 0  
Net Change in Unrealized Appreciation/ (Depreciation) (6)  
Fair Value 10,527,433 $ 10,266,562
Interest/Dividend/ Other income $ 891,908  
Investment interest rate 15.73%  
Investment, Identifier [Axis]: Ruby Tuesday Operations, LLC Term Loan - 15.98%    
Maturity Date   Feb. 24, 2027
Fair Value $ 10,266,562 $ 9,389,540
Gross Addition [6]   1,116,364
Gross Reduction [8]   (229,608)
Realized Gains (Losses)   0
Net Change in Unrealized Appreciation/ (Depreciation)   (9,734)
Fair Value   10,266,562
Interest/Dividend/ Other income   $ 1,529,165
Investment interest rate   15.98%
Investment, Identifier [Axis]: SSI Parent, LLC (fka School Specialty, Inc.) Common Stock    
Fair Value 11,977,034 $ 16,945,063
Gross Addition 0 [5] 0 [6]
Gross Reduction 0 [7] 0 [8]
Realized Gains (Losses) 0 0
Net Change in Unrealized Appreciation/ (Depreciation) (11,977,034) (4,968,029)
Fair Value 0 11,977,034
Interest/Dividend/ Other income 0 1,408,253
Investment, Identifier [Axis]: SSI Parent, LLC (fka School Specialty, Inc.) Preferred Stock A    
Fair Value 18,060,308 18,060,308
Gross Addition 0 [5] 0 [6]
Gross Reduction 0 [7] 0 [8]
Realized Gains (Losses) 0 0
Net Change in Unrealized Appreciation/ (Depreciation) 0 0
Fair Value 18,060,308 18,060,308
Interest/Dividend/ Other income 0 0
Investment, Identifier [Axis]: SSI Parent, LLC (fka School Specialty, Inc.) Preferred Stock B    
Fair Value 5,284,268 5,284,268
Gross Addition 0 [5] 0 [6]
Gross Reduction 0 [7] 0 [8]
Realized Gains (Losses) 0 0
Net Change in Unrealized Appreciation/ (Depreciation) (3,164,144) 0
Fair Value 2,120,124 5,284,268
Interest/Dividend/ Other income $ 0 0
Investment, Identifier [Axis]: SSI Parent, LLC (fka School Specialty, Inc.) Term Loan - 11.78%    
Maturity Date Dec. 29, 2026  
Fair Value $ 7,152,936  
Gross Addition [5] 0  
Gross Reduction [7] (362,505)  
Realized Gains (Losses) 0  
Net Change in Unrealized Appreciation/ (Depreciation) (0)  
Fair Value 6,790,431 $ 7,152,936
Interest/Dividend/ Other income $ 417,057  
Investment interest rate 11.78%  
Investment, Identifier [Axis]: SSI Parent, LLC (fka School Specialty, Inc.) Term Loan - 11.84%    
Maturity Date   Dec. 29, 2026
Fair Value $ 7,152,936 $ 8,065,952
Gross Addition [6]   5,405
Gross Reduction [8]   (910,908)
Realized Gains (Losses)   0
Net Change in Unrealized Appreciation/ (Depreciation)   (7,513)
Fair Value   7,152,936
Interest/Dividend/ Other income   $ 960,115
Investment interest rate   11.84%
Investment, Identifier [Axis]: TCW Direct Lending Strategic Ventures LLC Common Membership Interests    
Fair Value 0 $ 0
Gross Addition 0 [5] 0 [6]
Gross Reduction 0 [7] 0 [8]
Realized Gains (Losses) 0 0
Net Change in Unrealized Appreciation/ (Depreciation) 0 0
Fair Value 0 0
Interest/Dividend/ Other income 0 0
Investment, Identifier [Axis]: TCW Direct Lending Strategic Ventures LLC Preferred Membership Interests    
Fair Value 37,189,488 51,230,479
Gross Addition 0 [5] 0 [6]
Gross Reduction (13,440,000) [7] (8,240,000) [8]
Realized Gains (Losses) 0 0
Net Change in Unrealized Appreciation/ (Depreciation) (6,767,129) (5,800,991)
Fair Value 16,982,359 37,189,488
Interest/Dividend/ Other income $ 0 3,920,000
Investment, Identifier [Axis]: Xiphias Buyer, Inc., (fka Pace Industries, Inc.) Term Loan - 8.14%    
Maturity Date Feb. 23, 2031  
Fair Value $ 0  
Gross Addition [5] 8,517,152  
Gross Reduction [7] 0  
Realized Gains (Losses) 0  
Net Change in Unrealized Appreciation/ (Depreciation) 0  
Fair Value 8,517,152 0
Interest/Dividend/ Other income $ 243,364  
Investment interest rate 8.14%  
Investment, Identifier [Axis]: Xiphias Holdings, Inc., (fka Pace Industries, Inc.) Common Shares    
Fair Value $ 0  
Gross Addition [5] 29,765,769  
Gross Reduction [7] 0  
Realized Gains (Losses) 0  
Net Change in Unrealized Appreciation/ (Depreciation) (22,321,115)  
Fair Value 7,444,654 0
Interest/Dividend/ Other income 0  
Investment, Identifier [Axis]: Yellowtail Holdings, Inc., (fka Pace Industries, Inc.) Common Shares    
Fair Value 0  
Gross Addition [5] 0  
Gross Reduction [7] 0  
Realized Gains (Losses) 0  
Net Change in Unrealized Appreciation/ (Depreciation) 7,445,346  
Fair Value 7,445,346 $ 0
Interest/Dividend/ Other income $ 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] Gross additions include new purchases, PIK income and amortization of original issue and market discounts.
[4] Gross reductions include decreases in the cost basis from sales, paydown and the amortization of premium.
[5] Gross additions include new purchases, PIK income and amortization of original issue and market discounts.
[6] Gross additions include new purchases, PIK income and amortization of original issue and market discounts
[7] Gross reductions include decreases in the cost basis from sales, paydown and the amortization of premium.
[8] Gross reductions include decreases in the cost basis from sales, paydown and the amortization of premium
[9] 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.
[10] 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

 
[11] Certain debt investments are subject to contractual restrictions on resale, such as approval of the agent or borrower.
[12] 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

 
[13] Certain debt investments are subject to contractual restrictions on resale, such as approval of the agent or borrower.
[14] Loan was on nonaccrual status as of December 31, 2025.
[15] Non-income producing.
[16] 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.
[17] 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.
[18] 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.
[19] 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.
[20] Non-income producing.
[21] 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.”
[22] 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.”