| Investments |
Note 4. InvestmentsAs of June 30, 2026 and December 31, 2025, the composition of the Company’s investment portfolio at cost and fair value was as follows (dollar amounts in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2026 |
|
|
|
Cost |
|
|
Fair value |
|
|
Percentage of
Total Investments
at Fair Value |
|
First Lien Debt |
|
$ |
425,994 |
|
|
$ |
426,639 |
|
|
|
98.29 |
% |
Equity Investments |
|
|
367 |
|
|
|
3,276 |
|
|
|
0.75 |
% |
Cash Equivalents |
|
|
4,157 |
|
|
|
4,157 |
|
|
|
0.96 |
% |
Total |
|
$ |
430,518 |
|
|
$ |
434,072 |
|
|
|
100.00 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
|
Cost |
|
|
Fair value |
|
|
Percentage of
Total Investments
at Fair Value |
|
First Lien Debt |
|
$ |
356,730 |
|
|
$ |
360,727 |
|
|
|
99.77 |
% |
Equity Investments |
|
|
367 |
|
|
|
827 |
|
|
|
0.23 |
% |
Total |
|
$ |
357,097 |
|
|
$ |
361,554 |
|
|
|
100.00 |
% |
As of June 30, 2026 and December 31, 2025, the industry composition of investments at fair value was as follows:
|
|
|
|
|
|
|
|
|
Industry |
|
June 30, 2026 |
|
|
December 31, 2025 |
|
Commercial Services & Supplies |
|
|
11.47 |
% |
|
|
8.20 |
% |
Food Products |
|
|
10.80 |
% |
|
|
12.62 |
% |
Professional Services |
|
|
8.69 |
% |
|
|
12.25 |
% |
Construction & Engineering |
|
|
8.56 |
% |
|
|
5.42 |
% |
Diversified Consumer Services |
|
|
7.44 |
% |
|
|
8.93 |
% |
IT Services |
|
|
4.99 |
% |
|
|
4.00 |
% |
Software |
|
|
4.55 |
% |
|
|
3.54 |
% |
Hotels, Restaurants & Leisure |
|
|
4.27 |
% |
|
|
4.03 |
% |
Chemicals |
|
|
4.05 |
% |
|
|
8.98 |
% |
Containers & Packaging |
|
|
3.23 |
% |
|
|
4.24 |
% |
Household Products |
|
|
2.90 |
% |
|
|
3.62 |
% |
Building Products |
|
|
2.56 |
% |
|
|
4.09 |
% |
Health Care Equipment & Supplies |
|
|
4.84 |
% |
|
|
— |
% |
Real Estate Management & Development |
|
|
2.13 |
% |
|
|
— |
% |
Trading Companies & Distributors |
|
|
2.01 |
% |
|
|
1.82 |
% |
Aerospace & Defense |
|
|
1.96 |
% |
|
|
1.04 |
% |
Diversified Financial Services |
|
|
1.95 |
% |
|
|
2.39 |
% |
Beverages |
|
|
1.57 |
% |
|
|
2.21 |
% |
Health Care Providers & Services |
|
|
1.37 |
% |
|
|
1.86 |
% |
Technology Hardware, Storage & Peripherals |
|
|
1.29 |
% |
|
|
1.48 |
% |
Auto Components |
|
|
1.29 |
% |
|
|
1.65 |
% |
Electronic Equipment, Instruments & Components |
|
|
1.15 |
% |
|
|
— |
% |
Paper & Forest Products |
|
|
1.12 |
% |
|
|
1.36 |
% |
Media |
|
|
1.03 |
% |
|
|
1.43 |
% |
Cash Equivalents |
|
|
0.96 |
% |
|
|
— |
% |
Diversified Telecommunication Services |
|
|
0.96 |
% |
|
|
— |
% |
Electric Utilities |
|
|
0.86 |
% |
|
|
— |
% |
Food & Staples Retailing |
|
|
0.80 |
% |
|
|
— |
% |
Energy Equipment & Services |
|
|
0.65 |
% |
|
|
— |
% |
Pharmaceuticals |
|
|
0.31 |
% |
|
|
— |
% |
Machinery |
|
|
0.24 |
% |
|
|
— |
% |
Health Care Equipment |
|
|
— |
% |
|
|
2.76 |
% |
IT Consulting & Other Services |
|
|
— |
% |
|
|
0.62 |
% |
Human Resource & Employment Services |
|
|
— |
% |
|
|
0.49 |
% |
Environmental & Facilities Services |
|
|
— |
% |
|
|
0.28 |
% |
Gas Utilities |
|
|
— |
% |
|
|
0.49 |
% |
Distributors |
|
|
— |
% |
|
|
0.20 |
% |
Total |
|
|
100.00 |
% |
|
|
100.00 |
% |
As of June 30, 2026 and December 31, 2025, the geographic composition of investments at cost and fair value was as follows (dollar amounts in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2026 |
|
Country |
|
Cost |
|
|
Fair Value |
|
|
% of Total
Investments
at Fair Value |
|
United States |
|
$ |
357,278 |
|
|
$ |
360,542 |
|
|
|
83.06 |
% |
United Kingdom |
|
|
37,019 |
|
|
|
37,495 |
|
|
|
8.64 |
% |
Spain |
|
|
21,463 |
|
|
|
20,992 |
|
|
|
4.84 |
% |
France |
|
|
9,894 |
|
|
|
10,066 |
|
|
|
2.32 |
% |
Germany |
|
|
3,472 |
|
|
|
3,666 |
|
|
|
0.84 |
% |
Australia |
|
|
1,051 |
|
|
|
947 |
|
|
|
0.22 |
% |
Netherlands |
|
|
341 |
|
|
|
364 |
|
|
|
0.08 |
% |
Total |
|
$ |
430,518 |
|
|
$ |
434,072 |
|
|
|
100.00 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
Country |
|
Cost |
|
|
Fair Value |
|
|
% of Total
Investments
at Fair Value |
|
United States |
|
$ |
295,204 |
|
|
$ |
297,521 |
|
|
|
82.29 |
% |
United Kingdom |
|
|
25,694 |
|
|
|
26,844 |
|
|
|
7.42 |
% |
Spain |
|
|
21,474 |
|
|
|
21,726 |
|
|
|
6.01 |
% |
France |
|
|
9,872 |
|
|
|
10,279 |
|
|
|
2.84 |
% |
Germany |
|
|
3,461 |
|
|
|
3,765 |
|
|
|
1.04 |
% |
Australia |
|
|
1,052 |
|
|
|
1,046 |
|
|
|
0.29 |
% |
Netherlands |
|
|
340 |
|
|
|
373 |
|
|
|
0.11 |
% |
Total |
|
$ |
357,097 |
|
|
$ |
361,554 |
|
|
|
100.00 |
% |
As of June 30, 2026 one loan in the portfolio was on non-accrual status. As of December 31,2025, no loans in the portfolio were on non-accrual status. As of June 30, 2026 and December 31, 2025, on a fair value basis, all performing debt investments bore interest at a floating rate.
|