v3.26.1
Investments - Schedule of Composition of Investments (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Schedule of Investments [Line Items]    
Total Investments before Foreign Currency Forward Contracts $ 976,354 $ 962,492 [1],[2],[3]
Total Investments, Fair Value 935,434 942,796 [1],[3],[4],[5]
Total Investments after Cash Equivalents, Cost [6],[7],[8] 988,890  
Total Investments after Cash Equivalents, Fair Value [6],[8],[9],[10] 947,970  
Total Investments and Foreign Currency Forward Contracts at Fair Value (113) (55)
Total Investments at Cost 988,890 962,492
Total Investments at Fair Value 948,083 942,741
Cash Equivalents, Cost 25,504 19,192
Cash Equivalents, at Carrying Value 12,536  
Cash Equivalents, Fair Value 12,536  
Level 1    
Schedule of Investments [Line Items]    
Total Investments after Cash Equivalents, Fair Value 12,536  
Total Investments at Fair Value 12,536  
Cash Equivalents, Fair Value 12,536  
Level 2    
Schedule of Investments [Line Items]    
Total Investments, Fair Value 5,609 6,814
Total Investments after Cash Equivalents, Fair Value 5,609  
Total Investments and Foreign Currency Forward Contracts at Fair Value (113) (55)
Total Investments at Fair Value 5,722 6,759
Level 3    
Schedule of Investments [Line Items]    
Total Investments, Fair Value 929,825 935,982
Total Investments after Cash Equivalents, Fair Value 929,825  
Total Investments at Fair Value 929,825 935,982
Money Market Funds [Member]    
Schedule of Investments [Line Items]    
Cash Equivalents, at Carrying Value 12,536  
Cash Equivalents, Fair Value 12,536  
Money Market Funds [Member] | Level 1    
Schedule of Investments [Line Items]    
Cash Equivalents, Fair Value 12,536  
First Lien Secured Debt    
Schedule of Investments [Line Items]    
Total Investments before Foreign Currency Forward Contracts 968,458 954,701
Total Investments, Fair Value 934,825 938,801
First Lien Secured Debt | Level 2    
Schedule of Investments [Line Items]    
Total Investments, Fair Value 5,609 6,814
First Lien Secured Debt | Level 3    
Schedule of Investments [Line Items]    
Total Investments, Fair Value 929,216 931,987
Unsecured Debt    
Schedule of Investments [Line Items]    
Total Investments before Foreign Currency Forward Contracts 19 19
Total Investments, Fair Value 0 0
Unsecured Debt | Level 3    
Schedule of Investments [Line Items]    
Total Investments, Fair Value   0
Common Equity/Interests    
Schedule of Investments [Line Items]    
Total Investments before Foreign Currency Forward Contracts 7,877 7,772
Total Investments, Fair Value 609 3,995
Common Equity/Interests | Level 3    
Schedule of Investments [Line Items]    
Total Investments, Fair Value $ 609 $ 3,995
[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] Fair value is determined in good faith subject to the oversight of the board of trustees of the Company (the "Board") (see Note 2 to the consolidated financial statements).
[5] 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

 

 

Unsecured Debt

 

 

Common Equity

 

 

Total

 

 

% of Net Assets

 

Non-Controlled / Non-Affiliated Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace & Defense

 

 

$

 

8,998

 

 

$

 

—

 

 

$

 

98

 

 

$

 

9,096

 

 

 

2.3

%

Air Freight & Logistics

 

 

 

 

13,324

 

 

 

 

—

 

 

 

 

—

 

 

 

 

13,324

 

 

 

3.4

%

Automobile Components

 

 

 

 

12,334

 

 

 

 

—

 

 

 

 

18

 

 

 

 

12,352

 

 

 

3.1

%

Beverages

 

 

 

 

3,644

 

 

 

 

—

 

 

 

 

50

 

 

 

 

3,694

 

 

 

0.9

%

Building Products

 

 

 

 

13,536

 

 

 

 

—

 

 

 

 

—

 

 

 

 

13,536

 

 

 

3.4

%

Chemicals

 

 

 

 

17,277

 

 

 

 

—

 

 

 

 

—

 

 

 

 

17,277

 

 

 

4.4

%

Commercial Services & Supplies

 

 

 

 

44,467

 

 

 

 

—

 

 

 

 

2,444

 

 

 

 

46,911

 

 

 

11.8

%

Construction & Engineering

 

 

 

 

39,994

 

 

 

 

—

 

 

 

 

—

 

 

 

 

39,994

 

 

 

10.1

%

Consumer Staples Distribution & Retail

 

 

 

 

15,907

 

 

 

 

—

 

 

 

 

—

 

 

 

 

15,907

 

 

 

4.0

%

Containers & Packaging

 

 

 

 

29,999

 

 

 

 

—

 

 

 

 

—

 

 

 

 

29,999

 

 

 

7.6

%

Diversified Consumer Services

 

 

 

 

58,955

 

 

 

 

—

 

 

 

 

—

 

 

 

 

58,955

 

 

 

14.9

%

Electrical Equipment

 

 

 

 

23,475

 

 

 

 

—

 

 

 

 

—

 

 

 

 

23,475

 

 

 

5.9

%

Electronic Equipment, Instruments & Components

 

 

 

 

32,118

 

 

 

 

—

 

 

 

 

—

 

 

 

 

32,118

 

 

 

8.1

%

Entertainment

 

 

 

 

11,994

 

 

 

 

—

 

 

 

 

—

 

 

 

 

11,994

 

 

 

3.0

%

Financial Services

 

 

 

 

30,328

 

 

 

 

—

 

 

 

 

—

 

 

 

 

30,328

 

 

 

7.6

%

Food Products

 

 

 

 

30,332

 

 

 

 

—

 

 

 

 

100

 

 

 

 

30,432

 

 

 

7.7

%

Ground Transportation

 

 

 

 

7,526

 

 

 

 

—

 

 

 

 

—

 

 

 

 

7,526

 

 

 

1.9

%

Health Care Equipment & Supplies

 

 

 

 

44,319

 

 

 

 

—

 

 

 

 

—

 

 

 

 

44,319

 

 

 

11.2

%

Health Care Providers & Services

 

 

 

 

127,385

 

 

 

 

—

 

 

 

 

100

 

 

 

 

127,485

 

 

 

32.2

%

Health Care Technology

 

 

 

 

14,384

 

 

 

 

—

 

 

 

 

—

 

 

 

 

14,384

 

 

 

3.6

%

Hotels, Restaurants & Leisure

 

 

 

 

24,751

 

 

 

 

—

 

 

 

 

—

 

 

 

 

24,751

 

 

 

6.2

%

Household Products

 

 

 

 

7,740

 

 

 

 

—

 

 

 

 

—

 

 

 

 

7,740

 

 

 

2.0

%

Insurance

 

 

 

 

15,571

 

 

 

 

—

 

 

 

 

—

 

 

 

 

15,571

 

 

 

3.9

%

IT Services

 

 

 

 

19,325

 

 

 

 

—

 

 

 

 

—

 

 

 

 

19,325

 

 

 

4.9

%

Leisure Products

 

 

 

 

12,894

 

 

 

 

—

 

 

 

 

—

 

 

 

 

12,894

 

 

 

3.2

%

Machinery

 

 

 

 

32,983

 

 

 

 

—

 

 

 

 

—

 

 

 

 

32,983

 

 

 

8.3

%

Media

 

 

 

 

26,614

 

 

 

 

—

 

 

 

 

—

 

 

 

 

26,614

 

 

 

6.7

%

Multi-Utilities

 

 

 

 

14,477

 

 

 

 

—

 

 

 

 

—

 

 

 

 

14,477

 

 

 

3.6

%

Paper & Forest Products

 

 

 

 

7,294

 

 

 

 

—

 

 

 

 

—

 

 

 

 

7,294

 

 

 

1.8

%

Personal Care Products

 

 

 

 

34,415

 

 

 

 

—

 

 

 

 

—

 

 

 

 

34,415

 

 

 

8.7

%

Pharmaceuticals

 

 

 

 

42,554

 

 

 

 

—

 

 

 

 

53

 

 

 

 

42,607

 

 

 

10.7

%

Professional Services

 

 

 

 

26,096

 

 

 

 

—

 

 

 

 

—

 

 

 

 

26,096

 

 

 

6.6

%

Software

 

 

 

 

43,016

 

 

 

 

—

 

 

 

 

—

 

 

 

 

43,016

 

 

 

10.8

%

Specialty Retail

 

 

 

 

9,737

 

 

 

 

—

 

 

 

 

—

 

 

 

 

9,737

 

 

 

2.5

%

Trading Companies & Distributors

 

 

 

 

23,902

 

 

 

 

—

 

 

 

 

53

 

 

 

 

23,955

 

 

 

6.0

%

Transportation Infrastructure

 

 

 

 

3,916

 

 

 

 

—

 

 

 

 

—

 

 

 

 

3,916

 

 

 

1.0

%

Wireless Telecommunication Services

 

 

 

 

7,877

 

 

 

 

—

 

 

 

 

—

 

 

 

 

7,877

 

 

 

2.0

%

Total Non-Controlled / Non-Affiliated Investments

 

 

$

 

933,458

 

 

$

 

—

 

 

$

 

2,916

 

 

$

 

936,374

 

 

 

236.0

%

% of Net Assets

 

 

 

 

235.3

%

 

 

 

0.0

%

 

 

 

0.7

%

 

 

 

236.0

%

 

 

 

Non-Controlled / Affiliated Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hotels, Restaurants & Leisure

 

 

 

 

5,343

 

 

 

 

—

 

 

 

 

1,079

 

 

 

 

6,422

 

 

 

1.6

%

Total Non-Controlled / Affiliated Investments

 

 

$

 

5,343

 

 

$

 

—

 

 

$

 

1,079

 

 

$

 

6,422

 

 

 

1.6

%

% of Net Assets

 

 

 

 

1.3

%

 

 

 

0.0

%

 

 

 

0.3

%

 

 

 

1.6

%

 

 

 

Total

 

 

$

 

938,801

 

 

$

 

—

 

 

$

 

3,995

 

 

$

 

942,796

 

 

 

237.6

%

% of Net Assets

 

 

 

 

236.6

%

 

 

 

0.0

%

 

 

 

1.0

%

 

 

 

237.6

%

 

 

 

 

Industry Classification

Percentage of Total
Investments (at Fair Value)
as of December 31, 2025

 

Health Care Providers & Services

 

13.5

%

Diversified Consumer Services

 

6.3

%

Commercial Services & Supplies

 

5.0

%

Health Care Equipment & Supplies

 

4.7

%

Software

 

4.6

%

Pharmaceuticals

 

4.5

%

Construction & Engineering

 

4.2

%

Personal Care Products

 

3.7

%

Machinery

 

3.5

%

Electronic Equipment, Instruments & Components

 

3.4

%

Hotels, Restaurants & Leisure

 

3.3

%

Food Products

 

3.2

%

Financial Services

 

3.2

%

Containers & Packaging

 

3.2

%

Media

 

2.8

%

Professional Services

 

2.8

%

Trading Companies & Distributors

 

2.5

%

Electrical Equipment

 

2.5

%

IT Services

 

2.0

%

Chemicals

 

1.8

%

Consumer Staples Distribution & Retail

 

1.7

%

Insurance

 

1.7

%

Multi-Utilities

 

1.5

%

Health Care Technology

 

1.5

%

Building Products

 

1.4

%

Air Freight & Logistics

 

1.4

%

Leisure Products

 

1.4

%

Automobile Components

 

1.3

%

Entertainment

 

1.3

%

Specialty Retail

 

1.0

%

Aerospace & Defense

 

1.0

%

Wireless Telecommunication Services

 

0.8

%

Household Products

 

0.8

%

Ground Transportation

 

0.8

%

Paper & Forest Products

 

0.8

%

Transportation Infrastructure

 

0.4

%

Beverages

 

0.4

%

 

 

100.0

%

 

Geographic Region

December 31, 2025

 

United States

 

94.6

%

United Kingdom

 

2.7

%

Canada

 

2.3

%

Luxembourg

 

0.4

%
[6] Currently there are no differences for federal income tax purposes as it relates to unrealized gain and loss.
[7] 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

 

 

Unsecured Debt

 

 

Common Equity

 

 

Total

 

Non-Controlled / Non-Affiliated Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace & Defense

 

 

$

 

14,366

 

 

$

 

—

 

 

$

 

104

 

 

$

 

14,470

 

Air Freight & Logistics

 

 

 

 

13,283

 

 

 

 

—

 

 

 

 

2,736

 

 

 

 

16,019

 

Automobile Components

 

 

 

 

15,669

 

 

 

 

—

 

 

 

 

34

 

 

 

 

15,703

 

Beverages

 

 

 

 

3,833

 

 

 

 

—

 

 

 

 

50

 

 

 

 

3,883

 

Building Products

 

 

 

 

4,115

 

 

 

 

—

 

 

 

 

—

 

 

 

 

4,115

 

Chemicals

 

 

 

 

16,407

 

 

 

 

—

 

 

 

 

—

 

 

 

 

16,407

 

Commercial Services & Supplies

 

 

 

 

56,868

 

 

 

 

—

 

 

 

 

2,814

 

 

 

 

59,682

 

Construction & Engineering

 

 

 

 

27,979

 

 

 

 

—

 

 

 

 

—

 

 

 

 

27,979

 

Consumer Staples Distribution & Retail

 

 

 

 

18,078

 

 

 

 

—

 

 

 

 

—

 

 

 

 

18,078

 

Containers & Packaging

 

 

 

 

37,923

 

 

 

 

—

 

 

 

 

—

 

 

 

 

37,923

 

Diversified Consumer Services

 

 

 

 

59,738

 

 

 

 

—

 

 

 

 

—

 

 

 

 

59,738

 

Electrical Equipment

 

 

 

 

25,470

 

 

 

 

—

 

 

 

 

—

 

 

 

 

25,470

 

Electronic Equipment, Instruments & Components

 

 

 

 

36,234

 

 

 

 

—

 

 

 

 

—

 

 

 

 

36,234

 

Financial Services

 

 

 

 

34,541

 

 

 

 

—

 

 

 

 

—

 

 

 

 

34,541

 

Food Products

 

 

 

 

30,879

 

 

 

 

—

 

 

 

 

100

 

 

 

 

30,979

 

Ground Transportation

 

 

 

 

7,750

 

 

 

 

—

 

 

 

 

—

 

 

 

 

7,750

 

Health Care Equipment & Supplies

 

 

 

 

42,872

 

 

 

 

—

 

 

 

 

—

 

 

 

 

42,872

 

Health Care Providers & Services

 

 

 

 

132,926

 

 

 

 

—

 

 

 

 

100

 

 

 

 

133,026

 

Health Care Technology

 

 

 

 

17,921

 

 

 

 

—

 

 

 

 

—

 

 

 

 

17,921

 

Hotels, Restaurants & Leisure

 

 

 

 

23,255

 

 

 

 

—

 

 

 

 

—

 

 

 

 

23,255

 

Household Products

 

 

 

 

9,259

 

 

 

 

—

 

 

 

 

—

 

 

 

 

9,259

 

Insurance

 

 

 

 

15,434

 

 

 

 

—

 

 

 

 

—

 

 

 

 

15,434

 

IT Services

 

 

 

 

19,361

 

 

 

 

—

 

 

 

 

—

 

 

 

 

19,361

 

Leisure Products

 

 

 

 

12,984

 

 

 

 

—

 

 

 

 

—

 

 

 

 

12,984

 

Machinery

 

 

 

 

36,101

 

 

 

 

—

 

 

 

 

—

 

 

 

 

36,101

 

Media

 

 

 

 

28,042

 

 

 

 

—

 

 

 

 

—

 

 

 

 

28,042

 

Multi-Utilities

 

 

 

 

16,138

 

 

 

 

—

 

 

 

 

—

 

 

 

 

16,138

 

Paper & Forest Products

 

 

 

 

5,252

 

 

 

 

—

 

 

 

 

—

 

 

 

 

5,252

 

Personal Care Products

 

 

 

 

34,293

 

 

 

 

—

 

 

 

 

—

 

 

 

 

34,293

 

Pharmaceuticals

 

 

 

 

40,059

 

 

 

 

19

 

 

 

 

150

 

 

 

 

40,228

 

Professional Services

 

 

 

 

26,067

 

 

 

 

—

 

 

 

 

—

 

 

 

 

26,067

 

Real Estate Management & Development

 

 

 

 

2,830

 

 

 

 

—

 

 

 

 

100

 

 

 

 

2,930

 

Software

 

 

 

 

40,143

 

 

 

 

—

 

 

 

 

—

 

 

 

 

40,143

 

Specialty Retail

 

 

 

 

9,685

 

 

 

 

—

 

 

 

 

—

 

 

 

 

9,685

 

Technology Hardware, Storage & Peripherals

 

 

 

 

11,959

 

 

 

 

—

 

 

 

 

—

 

 

 

 

11,959

 

Trading Companies & Distributors

 

 

 

 

25,806

 

 

 

 

—

 

 

 

 

30

 

 

 

 

25,836

 

Wireless Telecommunication Services

 

 

 

 

9,408

 

 

 

 

—

 

 

 

 

—

 

 

 

 

9,408

 

Total Non-Controlled / Non-Affiliated Investments

 

$

 

962,928

 

 

$

 

19

 

 

$

 

6,218

 

 

$

 

969,165

 

Non-Controlled / Affiliated Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hotels, Restaurants & Leisure

 

 

 

 

5,530

 

 

 

 

—

 

 

 

 

1,659

 

 

 

 

7,189

 

Total Non-Controlled / Affiliated Investments

 

$

 

5,530

 

 

$

 

—

 

 

$

 

1,659

 

 

$

 

7,189

 

Total

 

 

$

 

968,458

 

 

$

 

19

 

 

$

 

7,877

 

 

$

 

976,354

 
[8] 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.
[9] Apollo Credit Management, LLC, as "valuation designee" (the "Adviser") is responsible for determining fair value, subject to the oversight of the Board of Trustees of the Company (the "Board") (see Note 2 to the consolidated financial statements).
[10] 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

 

 

Unsecured Debt

 

 

Common Equity

 

 

Total

 

 

% of Net Assets

 

Non-Controlled / Non-Affiliated Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace & Defense

 

 

$

 

14,379

 

 

$

 

—

 

 

$

 

130

 

 

$

 

14,509

 

 

 

3.9

%

Air Freight & Logistics

 

 

 

 

12,694

 

 

 

 

—

 

 

 

 

—

 

 

 

 

12,694

 

 

 

3.4

%

Automobile Components

 

 

 

 

15,583

 

 

 

 

—

 

 

 

 

15

 

 

 

 

15,598

 

 

 

4.1

%

Beverages

 

 

 

 

3,869

 

 

 

 

—

 

 

 

 

50

 

 

 

 

3,919

 

 

 

1.0

%

Building Products

 

 

 

 

4,151

 

 

 

 

—

 

 

 

 

—

 

 

 

 

4,151

 

 

 

1.1

%

Chemicals

 

 

 

 

16,066

 

 

 

 

—

 

 

 

 

—

 

 

 

 

16,066

 

 

 

4.3

%

Commercial Services & Supplies

 

 

 

 

55,651

 

 

 

 

—

 

 

 

 

—

 

 

 

 

55,651

 

 

 

14.8

%

Construction & Engineering

 

 

 

 

25,995

 

 

 

 

—

 

 

 

 

—

 

 

 

 

25,995

 

 

 

6.9

%

Consumer Staples Distribution & Retail

 

 

 

 

17,999

 

 

 

 

—

 

 

 

 

—

 

 

 

 

17,999

 

 

 

4.8

%

Containers & Packaging

 

 

 

 

37,724

 

 

 

 

—

 

 

 

 

—

 

 

 

 

37,724

 

 

 

10.0

%

Diversified Consumer Services

 

 

 

 

59,529

 

 

 

 

—

 

 

 

 

—

 

 

 

 

59,529

 

 

 

15.8

%

Electrical Equipment

 

 

 

 

20,656

 

 

 

 

—

 

 

 

 

—

 

 

 

 

20,656

 

 

 

5.5

%

Electronic Equipment, Instruments & Components

 

 

 

 

35,926

 

 

 

 

—

 

 

 

 

—

 

 

 

 

35,926

 

 

 

9.5

%

Financial Services

 

 

 

 

34,202

 

 

 

 

—

 

 

 

 

—

 

 

 

 

34,202

 

 

 

9.1

%

Food Products

 

 

 

 

30,474

 

 

 

 

—

 

 

 

 

98

 

 

 

 

30,572

 

 

 

8.1

%

Ground Transportation

 

 

 

 

6,813

 

 

 

 

—

 

 

 

 

—

 

 

 

 

6,813

 

 

 

1.8

%

Health Care Equipment & Supplies

 

 

 

 

42,523

 

 

 

 

—

 

 

 

 

—

 

 

 

 

42,523

 

 

 

11.3

%

Health Care Providers & Services

 

 

 

 

126,887

 

 

 

 

—

 

 

 

 

117

 

 

 

 

127,004

 

 

 

33.7

%

Health Care Technology

 

 

 

 

13,740

 

 

 

 

—

 

 

 

 

—

 

 

 

 

13,740

 

 

 

3.7

%

Hotels, Restaurants & Leisure

 

 

 

 

21,130

 

 

 

 

—

 

 

 

 

—

 

 

 

 

21,130

 

 

 

5.6

%

Household Products

 

 

 

 

9,114

 

 

 

 

—

 

 

 

 

—

 

 

 

 

9,114

 

 

 

2.4

%

Insurance

 

 

 

 

15,495

 

 

 

 

—

 

 

 

 

—

 

 

 

 

15,495

 

 

 

4.1

%

IT Services

 

 

 

 

18,042

 

 

 

 

—

 

 

 

 

—

 

 

 

 

18,042

 

 

 

4.8

%

Leisure Products

 

 

 

 

12,599

 

 

 

 

—

 

 

 

 

—

 

 

 

 

12,599

 

 

 

3.3

%

Machinery

 

 

 

 

35,999

 

 

 

 

—

 

 

 

 

—

 

 

 

 

35,999

 

 

 

9.6

%

Media

 

 

 

 

27,573

 

 

 

 

—

 

 

 

 

—

 

 

 

 

27,573

 

 

 

7.3

%

Multi-Utilities

 

 

 

 

12,790

 

 

 

 

—

 

 

 

 

—

 

 

 

 

12,790

 

 

 

3.4

%

Paper & Forest Products

 

 

 

 

5,002

 

 

 

 

—

 

 

 

 

—

 

 

 

 

5,002

 

 

 

1.3

%

Personal Care Products

 

 

 

 

33,560

 

 

 

 

—

 

 

 

 

—

 

 

 

 

33,560

 

 

 

8.9

%

Pharmaceuticals

 

 

 

 

39,002

 

 

 

 

—

 

 

 

 

33

 

 

 

 

39,035

 

 

 

10.4

%

Professional Services

 

 

 

 

25,988

 

 

 

 

—

 

 

 

 

—

 

 

 

 

25,988

 

 

 

6.9

%

Real Estate Management & Development

 

 

 

 

2,819

 

 

 

 

—

 

 

 

 

100

 

 

 

 

2,919

 

 

 

0.8

%

Software

 

 

 

 

39,914

 

 

 

 

—

 

 

 

 

—

 

 

 

 

39,914

 

 

 

10.6

%

Specialty Retail

 

 

 

 

9,698

 

 

 

 

—

 

 

 

 

—

 

 

 

 

9,698

 

 

 

2.6

%

Technology Hardware, Storage & Peripherals

 

 

 

 

11,975

 

 

 

 

—

 

 

 

 

—

 

 

 

 

11,975

 

 

 

3.2

%

Trading Companies & Distributors

 

 

 

 

25,814

 

 

 

 

—

 

 

 

 

66

 

 

 

 

25,880

 

 

 

7.0

%

Wireless Telecommunication Services

 

 

 

 

9,399

 

 

 

 

—

 

 

 

 

—

 

 

 

 

9,399

 

 

 

2.5

%

Total Non-Controlled / Non-Affiliated Investments

$

 

930,774

 

 

$

 

—

 

 

$

 

609

 

 

$

 

931,383

 

 

 

247.5

%

% of Net Assets

 

 

247.3

%

 

 

 

0.0

%

 

 

 

0.2

%

 

 

 

247.5

%

 

 

 

Non-Controlled / Affiliated Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hotels, Restaurants & Leisure

 

 

 

 

4,051

 

 

 

 

—

 

 

 

 

—

 

 

 

 

4,051

 

 

 

1.1

%

Total Non-Controlled / Affiliated Investments

$

 

4,051

 

 

$

 

—

 

 

$

 

—

 

 

$

 

4,051

 

 

 

1.1

%

% of Net Assets

 

 

 

 

1.1

%

 

 

 

0.0

%

 

 

 

0.0

%

 

 

 

1.1

%

 

 

 

Total

 

 

$

 

934,825

 

 

$

 

—

 

 

$

 

609

 

 

$

 

935,434

 

 

 

248.6

%

% of Net Assets

 

 

 

 

248.4

%

 

 

 

0.0

%

 

 

 

0.2

%

 

 

 

248.6

%

 

 

 

 

Industry Classification

Percentage of Total
Investments (at Fair Value)
as of June 30, 2026

 

Health Care Providers & Services

 

13.6

%

Diversified Consumer Services

 

6.4

%

Commercial Services & Supplies

 

5.9

%

Health Care Equipment & Supplies

 

4.5

%

Software

 

4.3

%

Pharmaceuticals

 

4.2

%

Containers & Packaging

 

4.0

%

Machinery

 

3.8

%

Electronic Equipment, Instruments & Components

 

3.8

%

Financial Services

 

3.7

%

Personal Care Products

 

3.6

%

Food Products

 

3.3

%

Media

 

2.9

%

Construction & Engineering

 

2.8

%

Professional Services

 

2.8

%

Trading Companies & Distributors

 

2.8

%

Hotels, Restaurants & Leisure

 

2.7

%

Electrical Equipment

 

2.2

%

IT Services

 

1.9

%

Consumer Staples Distribution & Retail

 

1.9

%

Chemicals

 

1.7

%

Automobile Components

 

1.7

%

Insurance

 

1.7

%

Aerospace & Defense

 

1.6

%

Health Care Technology

 

1.5

%

Multi-Utilities

 

1.4

%

Air Freight & Logistics

 

1.4

%

Leisure Products

 

1.3

%

Technology Hardware, Storage & Peripherals

 

1.3

%

Specialty Retail

 

1.0

%

Wireless Telecommunication Services

 

1.0

%

Household Products

 

1.0

%

Ground Transportation

 

0.7

%

Paper & Forest Products

 

0.5

%

Building Products

 

0.4

%

Beverages

 

0.4

%

Real Estate Management & Development

 

0.3

%

 

 

100.0

%

 

Geographic Region

June 30, 2026

 

United States

 

95.5

%

United Kingdom

 

2.7

%

Canada

 

1.8

%