v3.26.1
Investments - Schedule of Fair Value Disaggregated into the Three Levels of Fair Value Hierarchy (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Schedule of Investments [Line Items]    
Investment cost $ 699,873 $ 638,563
Total Cash Equivalents 39,144 28,771
Total investments after cash equivalents at cost 739,017 [1] 667,334 [2]
Fair Value 694,385 640,076
Total Cash Equivalents, Fair Value 39,144 28,771
Total investments after cash equivalents at fair value 733,529 [3],[4],[5] 668,847 [6],[7],[8]
Level 1    
Schedule of Investments [Line Items]    
Fair Value 0 0
Total Cash Equivalents, Fair Value 39,144 28,771
Total investments after cash equivalents at fair value 39,144 28,771
Level 2    
Schedule of Investments [Line Items]    
Fair Value 72,816 56,301
Total Cash Equivalents, Fair Value 0 0
Total investments after cash equivalents at fair value 72,816 56,301
Level 3    
Schedule of Investments [Line Items]    
Fair Value 621,569 583,775
Total Cash Equivalents, Fair Value 0 0
Total investments after cash equivalents at fair value 621,569 583,775
Money Market Fund    
Schedule of Investments [Line Items]    
Total Cash Equivalents 39,144 28,771
Total Cash Equivalents, Fair Value 39,144 28,771
Money Market Fund | Level 1    
Schedule of Investments [Line Items]    
Total Cash Equivalents, Fair Value 39,144 28,771
Money Market Fund | Level 2    
Schedule of Investments [Line Items]    
Total Cash Equivalents, Fair Value 0 0
Money Market Fund | Level 3    
Schedule of Investments [Line Items]    
Total Cash Equivalents, Fair Value 0 0
First Lien Secured Debt    
Schedule of Investments [Line Items]    
Investment cost 697,983 637,787
Fair Value 692,598 639,300
First Lien Secured Debt | Level 1    
Schedule of Investments [Line Items]    
Fair Value 0 0
First Lien Secured Debt | Level 2    
Schedule of Investments [Line Items]    
Fair Value 72,816 56,301
First Lien Secured Debt | Level 3    
Schedule of Investments [Line Items]    
Fair Value 619,782 582,999
Preferred Equity    
Schedule of Investments [Line Items]    
Investment cost 15 15
Fair Value 15 15
Preferred Equity | Level 1    
Schedule of Investments [Line Items]    
Fair Value 0 0
Preferred Equity | Level 2    
Schedule of Investments [Line Items]    
Fair Value 0 0
Preferred Equity | Level 3    
Schedule of Investments [Line Items]    
Fair Value 15 15
Common Equity    
Schedule of Investments [Line Items]    
Investment cost 1,875 761
Fair Value 1,772 761
Common Equity | Level 1    
Schedule of Investments [Line Items]    
Fair Value 0 0
Common Equity | Level 2    
Schedule of Investments [Line Items]    
Fair Value 0 0
Common Equity | Level 3    
Schedule of Investments [Line Items]    
Fair Value $ 1,772 $ 761
[1] The following shows the composition of the Company’s portfolio at cost by investment type and industry as of June 30, 2026:

 

Industry

 

First Lien - Secured Debt

 

Preferred Equity

 

Common Equity

 

Total

Aerospace & Defense

$

30,026

$

-

$

-

$

30,026

Automobile Components

 

10,484

 

-

 

-

 

10,484

Building Products

 

11,578

 

-

 

-

 

11,578

Capital Markets

 

13,301

 

-

 

-

 

13,301

Chemicals

 

6,703

 

-

 

-

 

6,703

Commercial Services & Supplies

 

57,955

 

-

 

-

 

57,955

Construction & Engineering

 

25,234

 

-

 

-

 

25,234

Consumer Staples Distribution & Retail

 

23,611

 

-

 

-

 

23,611

Diversified Consumer Services

 

13,086

 

-

 

-

 

13,086

Financial Services

 

18,597

 

-

 

-

 

18,597

Health Care Equipment & Supplies

 

11,138

 

-

 

-

 

11,138

Health Care Providers & Services

 

46,503

 

-

 

-

 

46,503

Health Care Technology

 

49,016

 

-

 

-

 

49,016

Hotels, Restaurants & Leisure

 

6,174

 

-

 

-

 

6,174

Household Durables

 

11,871

 

-

 

-

 

11,871

Insurance

 

36,619

 

15

 

-

 

36,634

IT Services

 

14,883

 

-

 

-

 

14,883

Life Sciences Tools & Services

 

32,169

 

-

 

-

 

32,169

Machinery

 

4,170

 

-

 

-

 

4,170

Media

 

18,804

 

-

 

-

 

18,804

Personal Care Products

 

31,068

 

-

 

-

 

31,068

Pharmaceuticals

 

21,480

 

-

 

-

 

21,480

Professional Services

 

39,822

 

-

 

-

 

39,822

Software

 

100,476

 

-

 

-

 

100,476

Technology Hardware, Storage & Peripherals

 

54,936

 

-

 

1,875

 

56,811

Transportation Infrastructure

 

4,750

 

-

 

-

 

4,750

Wireless Telecommunication Services

 

3,529

 

-

 

-

 

3,529

 Grand Total

$

697,983

$

15

$

1,875

$

699,873
[2] The following shows the composition of the Company’s portfolio at cost by investment type and industry as of December 31, 2025:

 

Industry

 

First Lien - Secured Debt

 

 

Preferred Equity

 

 

Common Equity

 

 

Total

 

Aerospace & Defense

$

 

29,699

 

$

 

-

 

$

 

-

 

$

 

29,699

 

Automobile Components

 

 

10,532

 

 

 

-

 

 

 

-

 

 

 

10,532

 

Building Products

 

 

11,521

 

 

 

-

 

 

 

-

 

 

 

11,521

 

Capital Markets

 

 

13,289

 

 

 

-

 

 

 

-

 

 

 

13,289

 

Chemicals

 

 

6,585

 

 

 

-

 

 

 

-

 

 

 

6,585

 

Commercial Services & Supplies

 

 

45,166

 

 

 

-

 

 

 

-

 

 

 

45,166

 

Communications Equipment

 

 

9,828

 

 

 

-

 

 

 

-

 

 

 

9,828

 

Construction & Engineering

 

 

14,400

 

 

 

-

 

 

 

-

 

 

 

14,400

 

Consumer Staples Distribution & Retail

 

 

16,438

 

 

 

-

 

 

 

-

 

 

 

16,438

 

Electronic Equipment, Instruments & Components

 

 

4,650

 

 

 

-

 

 

 

-

 

 

 

4,650

 

Financial Services

 

 

20,052

 

 

 

-

 

 

 

-

 

 

 

20,052

 

Health Care Equipment & Supplies

 

 

10,621

 

 

 

-

 

 

 

-

 

 

 

10,621

 

Health Care Providers & Services

 

 

40,388

 

 

 

-

 

 

 

-

 

 

 

40,388

 

Health Care Technology

 

 

49,241

 

 

 

-

 

 

 

-

 

 

 

49,241

 

Household Durables

 

 

11,929

 

 

 

-

 

 

 

-

 

 

 

11,929

 

Insurance

 

 

34,482

 

 

 

15

 

 

 

-

 

 

 

34,497

 

IT Services

 

 

14,110

 

 

 

-

 

 

 

-

 

 

 

14,110

 

Life Sciences Tools & Services

 

 

28,647

 

 

 

-

 

 

 

-

 

 

 

28,647

 

Machinery

 

 

3,826

 

 

 

-

 

 

 

-

 

 

 

3,826

 

Media

 

 

19,342

 

 

 

-

 

 

 

-

 

 

 

19,342

 

Personal Care Products

 

 

32,186

 

 

 

-

 

 

 

-

 

 

 

32,186

 

Pharmaceuticals

 

 

18,753

 

 

 

-

 

 

 

-

 

 

 

18,753

 

Professional Services

 

 

38,622

 

 

 

-

 

 

 

-

 

 

 

38,622

 

Software

 

 

94,940

 

 

 

-

 

 

 

-

 

 

 

94,940

 

Specialty Retail

 

 

4,642

 

 

 

-

 

 

 

-

 

 

 

4,642

 

Technology Hardware, Storage & Peripherals

 

 

36,284

 

 

 

-

 

 

 

761

 

 

 

37,045

 

Transportation Infrastructure

 

 

14,069

 

 

 

-

 

 

 

-

 

 

 

14,069

 

Wireless Telecommunication Services

 

 

3,545

 

 

 

-

 

 

 

-

 

 

 

3,545

 

 Grand Total

$

 

637,787

 

$

 

15

 

$

 

761

 

$

 

638,563

 
[3] Apollo Credit Management, LLC, as "valuation designee" (the "Adviser") is responsible for determining fair value, subject to the oversight of the Board of the Company (the "Board") (see Note 2 to the consolidated financial statements).
[4] Currently there are no differences for federal income tax purposes as it relates to unrealized gain and loss.
[5] The following shows the composition of the Company’s portfolio at fair value by investment type, industry and region as of June 30, 2026:

 

Industry

 

First Lien - Secured Debt

 

Preferred Equity

 

Common Equity

 

Total

Aerospace & Defense

$

30,194

$

-

$

-

$

30,194

Automobile Components

 

10,489

 

-

 

-

 

10,489

Building Products

 

11,531

 

-

 

-

 

11,531

Capital Markets

 

13,464

 

-

 

-

 

13,464

Chemicals

 

6,297

 

-

 

-

 

6,297

Commercial Services & Supplies

 

58,411

 

-

 

-

 

58,411

Construction & Engineering

 

25,282

 

-

 

-

 

25,282

Consumer Staples Distribution & Retail

 

23,752

 

-

 

-

 

23,752

Diversified Consumer Services

 

13,439

 

-

 

-

 

13,439

Financial Services

 

18,255

 

-

 

-

 

18,255

Health Care Equipment & Supplies

 

10,723

 

-

 

-

 

10,723

Health Care Providers & Services

 

46,042

 

-

 

-

 

46,042

Health Care Technology

 

48,210

 

-

 

-

 

48,210

Hotels, Restaurants & Leisure

 

6,173

 

-

 

-

 

6,173

Household Durables

 

11,827

 

-

 

-

 

11,827

Insurance

 

36,296

 

15

 

-

 

36,311

IT Services

 

14,561

 

-

 

-

 

14,561

Life Sciences Tools & Services

 

29,310

 

-

 

-

 

29,310

Machinery

 

4,287

 

-

 

-

 

4,287

Media

 

18,929

 

-

 

-

 

18,929

Personal Care Products

 

31,122

 

-

 

-

 

31,122

Pharmaceuticals

 

21,478

 

-

 

-

 

21,478

Professional Services

 

39,536

 

-

 

-

 

39,536

Software

 

98,353

 

-

 

-

 

98,353

Technology Hardware, Storage & Peripherals

 

56,518

 

-

 

1,772

 

58,290

Transportation Infrastructure

 

4,535

 

-

 

-

 

4,535

Wireless Telecommunication Services

 

3,584

 

-

 

-

 

3,584

 Grand Total

$

692,598

$

15

$

1,772

$

694,385
[6] Currently there are no differences for federal income tax purposes as it relates to unrealized gain and loss.
[7] Fair value is determined in good faith by the Company (See Note 2 to the consolidated financial statements).
[8] The following shows the composition of the Company’s portfolio at fair value by investment type, industry and region as of December 31, 2025:

 

Industry

 

First Lien - Secured Debt

 

 

Preferred Equity

 

 

Common Equity

 

 

Total

 

Aerospace & Defense

$

 

29,544

 

$

 

-

 

$

 

-

 

$

 

29,544

 

Automobile Components

 

 

10,469

 

 

 

-

 

 

 

-

 

 

 

10,469

 

Building Products

 

 

11,513

 

 

 

-

 

 

 

-

 

 

 

11,513

 

Capital Markets

 

 

13,289

 

 

 

-

 

 

 

-

 

 

 

13,289

 

Chemicals

 

 

6,461

 

 

 

-

 

 

 

-

 

 

 

6,461

 

Commercial Services & Supplies

 

 

45,447

 

 

 

-

 

 

 

-

 

 

 

45,447

 

Communications Equipment

 

 

9,663

 

 

 

-

 

 

 

-

 

 

 

9,663

 

Construction & Engineering

 

 

14,501

 

 

 

-

 

 

 

-

 

 

 

14,501

 

Consumer Staples Distribution & Retail

 

 

16,425

 

 

 

-

 

 

 

-

 

 

 

16,425

 

Electronic Equipment, Instruments & Components

 

 

5,524

 

 

 

-

 

 

 

-

 

 

 

5,524

 

Financial Services

 

 

20,008

 

 

 

-

 

 

 

-

 

 

 

20,008

 

Health Care Equipment & Supplies

 

 

10,390

 

 

 

-

 

 

 

-

 

 

 

10,390

 

Health Care Providers & Services

 

 

40,275

 

 

 

-

 

 

 

-

 

 

 

40,275

 

Health Care Technology

 

 

49,312

 

 

 

-

 

 

 

-

 

 

 

49,312

 

Household Durables

 

 

11,875

 

 

 

-

 

 

 

-

 

 

 

11,875

 

Insurance

 

 

34,456

 

 

 

15

 

 

 

-

 

 

 

34,471

 

IT Services

 

 

14,032

 

 

 

-

 

 

 

-

 

 

 

14,032

 

Life Sciences Tools & Services

 

 

28,970

 

 

 

-

 

 

 

-

 

 

 

28,970

 

Machinery

 

 

3,826

 

 

 

-

 

 

 

-

 

 

 

3,826

 

Media

 

 

19,471

 

 

 

-

 

 

 

-

 

 

 

19,471

 

Personal Care Products

 

 

32,149

 

 

 

-

 

 

 

-

 

 

 

32,149

 

Pharmaceuticals

 

 

18,875

 

 

 

-

 

 

 

-

 

 

 

18,875

 

Professional Services

 

 

38,921

 

 

 

-

 

 

 

-

 

 

 

38,921

 

Software

 

 

95,312

 

 

 

-

 

 

 

-

 

 

 

95,312

 

Specialty Retail

 

 

4,551

 

 

 

-

 

 

 

-

 

 

 

4,551

 

Technology Hardware, Storage & Peripherals

 

 

36,234

 

 

 

-

 

 

 

761

 

 

 

36,995

 

Transportation Infrastructure

 

 

14,218

 

 

 

-

 

 

 

-

 

 

 

14,218

 

Wireless Telecommunication Services

 

 

3,589

 

 

 

-

 

 

 

-

 

 

 

3,589

 

 Grand Total

$

 

639,300

 

$

 

15

 

$

 

761

 

$

 

640,076