v3.26.1
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (Parenthetical) - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2026
Dec. 31, 2025
Investment cost $ 976,354 $ 962,492 [1],[2],[3]
Foreign currencies 408 1,249
Net of deferred financing costs and unamortized original issue discount $ 6,253 $ 7,095
Common shares, par value $ 0.001 $ 0.001
Common shares, authorized Unlimited Unlimited
Common shares, issued 17,142,542 17,072,253
Common shares, outstanding 17,142,542 [4] 17,072,253
Non-controlled/Non-affiliated Investments    
Investment cost $ 969,165 $ 955,289
Non-controlled/Affiliated Investments    
Investment cost $ 7,189 $ 7,203
[1] Currently there are no differences for federal income tax purposes as it relates to unrealized gain and loss.
[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

 

 

Unsecured Debt

 

Common Equity

 

 

Total

 

Non-Controlled / Non-Affiliated Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace & Defense

 

 

$

 

8,999

 

 

$

 

—

 

$

 

99

 

 

$

 

9,098

 

Air Freight & Logistics

 

 

 

 

13,188

 

 

 

 

—

 

 

 

2,736

 

 

 

 

15,924

 

Automobile Components

 

 

 

 

12,423

 

 

 

 

—

 

 

 

34

 

 

 

 

12,457

 

Beverages

 

 

 

 

3,652

 

 

 

 

—

 

 

 

50

 

 

 

 

3,702

 

Building Products

 

 

 

 

13,549

 

 

 

 

—

 

 

 

—

 

 

 

 

13,549

 

Chemicals

 

 

 

 

17,626

 

 

 

 

—

 

 

 

—

 

 

 

 

17,626

 

Commercial Services & Supplies

 

 

 

 

44,657

 

 

 

 

—

 

 

 

2,815

 

 

 

 

47,472

 

Construction & Engineering

 

 

 

 

39,796

 

 

 

 

—

 

 

 

—

 

 

 

 

39,796

 

Consumer Staples Distribution & Retail

 

 

 

 

16,060

 

 

 

 

—

 

 

 

—

 

 

 

 

16,060

 

Containers & Packaging

 

 

 

 

29,902

 

 

 

 

—

 

 

 

—

 

 

 

 

29,902

 

Diversified Consumer Services

 

 

 

 

59,006

 

 

 

 

—

 

 

 

—

 

 

 

 

59,006

 

Electrical Equipment

 

 

 

 

26,276

 

 

 

 

—

 

 

 

—

 

 

 

 

26,276

 

Electronic Equipment, Instruments & Components

 

 

 

 

32,097

 

 

 

 

—

 

 

 

—

 

 

 

 

32,097

 

Entertainment

 

 

 

 

12,053

 

 

 

 

—

 

 

 

—

 

 

 

 

12,053

 

Financial Services

 

 

 

 

30,539

 

 

 

 

—

 

 

 

—

 

 

 

 

30,539

 

Food Products

 

 

 

 

30,599

 

 

 

 

—

 

 

 

100

 

 

 

 

30,699

 

Ground Transportation

 

 

 

 

7,608

 

 

 

 

—

 

 

 

—

 

 

 

 

7,608

 

Health Care Equipment & Supplies

 

 

 

 

44,544

 

 

 

 

—

 

 

 

—

 

 

 

 

44,544

 

Health Care Providers & Services

 

 

 

 

131,947

 

 

 

 

—

 

 

 

100

 

 

 

 

132,047

 

Health Care Technology

 

 

 

 

17,935

 

 

 

 

—

 

 

 

—

 

 

 

 

17,935

 

Hotels, Restaurants & Leisure

 

 

 

 

25,576

 

 

 

 

—

 

 

 

—

 

 

 

 

25,576

 

Household Products

 

 

 

 

7,721

 

 

 

 

—

 

 

 

—

 

 

 

 

7,721

 

Insurance

 

 

 

 

15,484

 

 

 

 

—

 

 

 

—

 

 

 

 

15,484

 

IT Services

 

 

 

 

19,439

 

 

 

 

—

 

 

 

—

 

 

 

 

19,439

 

Leisure Products

 

 

 

 

12,970

 

 

 

 

—

 

 

 

—

 

 

 

 

12,970

 

Machinery

 

 

 

 

33,018

 

 

 

 

—

 

 

 

—

 

 

 

 

33,018

 

Media

 

 

 

 

26,824

 

 

 

 

—

 

 

 

—

 

 

 

 

26,824

 

Multi-Utilities

 

 

 

 

15,983

 

 

 

 

—

 

 

 

—

 

 

 

 

15,983

 

Paper & Forest Products

 

 

 

 

7,345

 

 

 

 

—

 

 

 

—

 

 

 

 

7,345

 

Personal Care Products

 

 

 

 

34,814

 

 

 

 

—

 

 

 

—

 

 

 

 

34,814

 

Pharmaceuticals

 

 

 

 

43,082

 

 

 

 

19

 

 

 

149

 

 

 

 

43,250

 

Professional Services

 

 

 

 

26,136

 

 

 

 

—

 

 

 

—

 

 

 

 

26,136

 

Software

 

 

 

 

42,942

 

 

 

 

—

 

 

 

—

 

 

 

 

42,942

 

Specialty Retail

 

 

 

 

9,722

 

 

 

 

—

 

 

 

—

 

 

 

 

9,722

 

Trading Companies & Distributors

 

 

 

 

23,853

 

 

 

 

—

 

 

 

30

 

 

 

 

23,883

 

Transportation Infrastructure

 

 

 

 

3,871

 

 

 

 

—

 

 

 

—

 

 

 

 

3,871

 

Wireless Telecommunication Services

 

 

 

 

7,921

 

 

 

 

—

 

 

 

—

 

 

 

 

7,921

 

Total Non-Controlled / Non-Affiliated Investments

 

 

$

 

949,157

 

 

$

 

19

 

$

 

6,113

 

 

$

 

955,289

 

Non-Controlled / Affiliated Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hotels, Restaurants & Leisure

 

 

 

 

5,544

 

 

 

 

—

 

 

 

1,659

 

 

 

 

7,203

 

Total Non-Controlled / Affiliated Investments

 

 

$

 

5,544

 

 

$

 

—

 

$

 

1,659

 

 

$

 

7,203

 

Total

 

 

$

 

954,701

 

 

$

 

19

 

$

 

7,772

 

 

$

 

962,492

 

 

 

 
[3] Unless otherwise indicated, all securities are pledged as collateral to our credit facility (the “AP Leaf Secured Credit Facility” as defined in Note 5 to the financial statements). As such, these securities are not available as collateral to our general creditors.
[4] Financial highlights are based on the weighted average number of shares outstanding for the period presented.