| Portfolio Investments |
The following tables summarize the composition of the Company’s portfolio investments by investment type as of June 30, 2026 and December 31, 2025.
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As of June 30, 2026 |
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Investment Type |
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Principal
Balance |
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Percentage
at Principal
Balance |
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Amortized
Cost |
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Percentage at
Amortized
Cost |
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Fair
Value |
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Percentage
at Fair
Value |
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First Lien Senior Secured Loans |
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$ |
305,686,111 |
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90.4 |
% |
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$ |
301,111,960 |
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89.4 |
% |
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$ |
299,326,128 |
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89.5 |
% |
Senior Secured Notes |
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31,009,496 |
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9.2 |
% |
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30,873,754 |
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9.2 |
% |
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30,904,496 |
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9.2 |
% |
Warrants |
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- |
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0.0 |
% |
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2,916,757 |
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0.9 |
% |
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2,745,000 |
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0.8 |
% |
Second Lien Senior Secured Loans |
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1,344,919 |
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0.4 |
% |
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1,344,918 |
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0.4 |
% |
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1,358,368 |
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0.4 |
% |
Preferred Stock |
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- |
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0.0 |
% |
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500,000 |
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0.1 |
% |
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500,000 |
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0.1 |
% |
Total |
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$ |
338,040,526 |
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100.0 |
% |
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$ |
336,747,389 |
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100.0 |
% |
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$ |
334,833,992 |
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100.0 |
% |
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As of December 31, 2025 |
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Investment Type |
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Principal
Balance |
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Percentage
at Principal
Balance |
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Amortized
Cost |
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Percentage
at Amortized
Cost |
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Fair
Value |
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Percentage at
Fair Value |
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First Lien Senior Secured Loans |
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$ |
295,145,971 |
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88.3 |
% |
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$ |
291,918,975 |
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87.9 |
% |
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$ |
292,719,497 |
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87.8 |
% |
Senior Secured Notes |
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37,642,786 |
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11.3 |
% |
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37,030,961 |
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11.1 |
% |
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37,473,499 |
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11.2 |
% |
Second Lien Senior Secured Loans |
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1,425,799 |
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0.4 |
% |
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1,425,798 |
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0.4 |
% |
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1,447,186 |
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0.4 |
% |
Warrants |
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- |
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0.0 |
% |
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1,333,436 |
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0.4 |
% |
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1,171,605 |
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0.4 |
% |
Preferred Stock |
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- |
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0.0 |
% |
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500,000 |
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0.2 |
% |
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500,000 |
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0.2 |
% |
Total |
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$ |
334,214,556 |
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100.0 |
% |
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$ |
332,209,170 |
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100.0 |
% |
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$ |
333,311,787 |
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100.0 |
% |
The following tables summarize the composition of the Company’s debt portfolio based on rate characteristics as of June 30, 2026 and December 31, 2025.
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As of June 30, 2026 |
Rate Type |
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Principal
Balance |
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Amortized
Cost |
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Fair
Value |
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Time to
Maturity |
Fixed-rate debt |
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$ |
64,136,566 |
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$ |
63,349,309 |
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$ |
63,774,697 |
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2.3 years |
Floating-rate debt (SOFR) |
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133,820,943 |
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131,094,921 |
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130,364,147 |
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2.7 years |
Floating-rate debt (PRIME) |
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140,083,017 |
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138,886,402 |
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137,450,148 |
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2.3 years |
Total Debt Instruments |
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$ |
338,040,526 |
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$ |
333,330,632 |
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$ |
331,588,992 |
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2.4 years |
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As of December 31, 2025 |
Rate Type |
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Principal
Balance |
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Amortized
Cost |
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Fair
Value |
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Time to
Maturity |
Fixed-rate debt |
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$ |
94,255,821 |
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$ |
92,862,392 |
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$ |
93,187,170 |
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2.7 years |
Floating-rate debt (SOFR) |
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57,002,436 |
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56,470,076 |
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56,660,443 |
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2.5 years |
Floating-rate debt (PRIME) |
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182,956,299 |
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181,043,266 |
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181,792,569 |
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2.0 years |
Total Debt Instruments |
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$ |
334,214,556 |
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$ |
330,375,734 |
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$ |
331,640,182 |
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2.3 years |
The following tables summarize the composition of the Company’s portfolio investments by industry as of June 30, 2026 and December 31, 2025.
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As of June 30, 2026 |
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Industry |
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Amortized
Cost |
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Percentage at
Amortized
Cost |
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Fair
Value |
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Percentage at
Fair Value |
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Cannabis |
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$ |
248,423,841 |
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73.8 |
% |
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$ |
246,461,746 |
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73.6 |
% |
Finance and Insurance |
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27,485,554 |
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8.2 |
% |
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27,509,496 |
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8.2 |
% |
Information |
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15,202,728 |
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4.5 |
% |
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15,215,348 |
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4.5 |
% |
Manufacturing |
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14,777,170 |
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4.4 |
% |
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14,694,123 |
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4.4 |
% |
Public Administration |
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11,118,144 |
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3.3 |
% |
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11,193,188 |
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3.3 |
% |
Retail Trade |
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8,940,645 |
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2.6 |
% |
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8,793,122 |
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2.6 |
% |
Educational Services |
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5,006,092 |
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1.5 |
% |
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4,912,000 |
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1.5 |
% |
Real Estate and Rental and Leasing |
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2,918,213 |
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0.9 |
% |
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3,179,967 |
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1.0 |
% |
Administrative and Support and Waste Management and Remediation Services |
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2,875,002 |
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0.8 |
% |
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2,875,002 |
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0.9 |
% |
Total |
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$ |
336,747,389 |
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100.0 |
% |
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$ |
334,833,992 |
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100.0 |
% |
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As of December 31, 2025 |
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Industry |
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Amortized
Cost |
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Percentage at
Amortized
Cost |
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Fair
Value |
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Percentage at
Fair Value |
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Cannabis |
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$ |
248,441,479 |
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74.8 |
% |
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$ |
249,130,462 |
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74.7 |
% |
Finance and Insurance |
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25,609,187 |
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7.7 |
% |
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25,660,999 |
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7.7 |
% |
Information |
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19,595,501 |
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5.9 |
% |
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20,011,566 |
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6.0 |
% |
Public Administration |
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11,407,386 |
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3.4 |
% |
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11,504,108 |
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3.5 |
% |
Retail Trade |
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8,896,598 |
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2.7 |
% |
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8,914,151 |
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2.7 |
% |
Manufacturing |
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7,441,941 |
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2.2 |
% |
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7,441,941 |
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2.2 |
% |
Educational Services |
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5,001,681 |
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1.5 |
% |
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5,001,681 |
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1.5 |
% |
Administrative and Support and Waste Management and Remediation Services |
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3,000,000 |
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0.9 |
% |
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3,000,000 |
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0.9 |
% |
Real Estate and Rental and Leasing |
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2,815,397 |
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0.9 |
% |
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2,646,879 |
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0.8 |
% |
Total |
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$ |
332,209,170 |
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100.0 |
% |
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$ |
333,311,787 |
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100.0 |
% |
The following tables summarize the composition of the Company’s portfolio investments by geographic region as of June 30, 2026 and December 31, 2025.
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As of June 30, 2026 |
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Geographic Region |
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Amortized
Cost |
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Percentage at
Amortized
Cost |
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Fair
Value |
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Percentage at
Fair Value |
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United States: |
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Midwest |
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$ |
138,864,624 |
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41.2 |
% |
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$ |
138,379,323 |
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41.3 |
% |
West |
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78,716,696 |
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23.4 |
% |
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77,687,008 |
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23.2 |
% |
Northeast |
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42,631,772 |
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12.7 |
% |
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42,116,754 |
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12.6 |
% |
Southeast |
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28,419,631 |
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8.4 |
% |
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29,033,529 |
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8.7 |
% |
Southwest |
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26,990,594 |
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8.0 |
% |
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26,912,000 |
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8.0 |
% |
International: |
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Canada |
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21,124,072 |
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6.3 |
% |
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20,705,378 |
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6.2 |
% |
Total |
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$ |
336,747,389 |
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100.0 |
% |
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$ |
334,833,992 |
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100.0 |
% |
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As of December 31, 2025 |
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Geographic Region |
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Amortized
Cost |
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Percentage at
Amortized Cost |
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Fair
Value |
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Percentage at
Fair Value |
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United States: |
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Midwest |
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$ |
138,071,134 |
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41.6 |
% |
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$ |
138,912,130 |
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41.7 |
% |
Northeast |
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66,803,146 |
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20.1 |
% |
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67,247,357 |
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20.2 |
% |
West |
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65,511,094 |
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19.7 |
% |
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65,410,158 |
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19.6 |
% |
Southeast |
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28,827,032 |
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8.7 |
% |
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28,750,558 |
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8.6 |
% |
Southwest |
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26,982,778 |
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8.1 |
% |
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27,001,681 |
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8.1 |
% |
International: |
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Canada |
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6,013,986 |
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1.8 |
% |
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5,989,903 |
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1.8 |
% |
Total |
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$ |
332,209,170 |
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100.0 |
% |
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$ |
333,311,787 |
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100.0 |
% |
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