| Investment [Text Block] |
4. INVESTMENTS
The following is a summary of the composition of the Company’s investment portfolio at cost and fair value as of June 30, 2026 and December 31, 2025 (dollar amounts in thousands):
| | June 30, 2026 | | | December 31, 2025 | |
| | Amortized Cost | | | Fair Value | | | % of Total Investments at Amortized Cost | | | % of Total Investments at Fair Value | | | Amortized Cost | | | Fair Value | | | % of Total Investments at Amortized Cost | | | % of Total Investments at Fair Value | |
First Lien Senior Secured Loans | | $ | 258,466 | | | $ | 255,613 | | | | 100.00 | % | | | 100.00 | % | | $ | 254,405 | | | $ | 253,989 | | | | 100.00 | % | | | 100.00 | % |
Total investments | | $ | 258,466 | | | $ | 255,613 | | | | 100.00 | % | | | 100.00 | % | | $ | 254,405 | | | $ | 253,989 | | | | 100.00 | % | | | 100.00 | % |
The following is a summary of the industry classifications in which the Company was invested as of June 30, 2026 and December 31, 2025 (dollar amounts in thousands):
June 30, 2026 | |
| | Amortized Cost | | | Fair Value | | | % of Total Investments at Amortized Cost | | | % of Total Investments at Fair Value | |
Aerospace & Defense | | $ | 4,403 | | | $ | 4,424 | | | | 1.70 | % | | | 1.73 | % |
Air Freight & Logistics | | | 1,682 | | | | 1,682 | | | | 0.65 | | | | 0.66 | |
Automobiles | | | 8,454 | | | | 8,302 | | | | 3.27 | | | | 3.25 | |
Building Products | | | 4,383 | | | | 4,383 | | | | 1.69 | | | | 1.71 | |
Chemicals | | | 7,360 | | | | 7,425 | | | | 2.85 | | | | 2.91 | |
Commercial Services & Supplies | | | 10,627 | | | | 10,660 | | | | 4.11 | | | | 4.17 | |
Construction & Engineering | | | 22,053 | | | | 21,265 | | | | 8.53 | | | | 8.32 | |
Diversified Financial Services | | | 9,146 | | | | 9,166 | | | | 3.54 | | | | 3.59 | |
Electrical Equipment | | | 10,487 | | | | 10,545 | | | | 4.06 | | | | 4.12 | |
Food & Staples Retailing | | | 5,985 | | | | 5,992 | | | | 2.31 | | | | 2.35 | |
Health Care Equipment & Supplies | | | 11,009 | | | | 11,070 | | | | 4.26 | | | | 4.33 | |
Health Care Providers & Services | | | 32,249 | | | | 32,215 | | | | 12.48 | | | | 12.60 | |
Health Care Technology | | | 13,618 | | | | 12,616 | | | | 5.27 | | | | 4.94 | |
Household Products | | | 9,953 | | | | 9,974 | | | | 3.85 | | | | 3.90 | |
Insurance | | | 1,910 | | | | 1,910 | | | | 0.74 | | | | 0.75 | |
Interactive Media & Services | | | 5,724 | | | | 5,374 | | | | 2.21 | | | | 2.10 | |
IT Services | | | 13,091 | | | | 13,401 | | | | 5.07 | | | | 5.24 | |
Life Sciences Tools & Services | | | 2,884 | | | | 2,887 | | | | 1.12 | | | | 1.13 | |
Machinery | | | 17,507 | | | | 17,518 | | | | 6.77 | | | | 6.85 | |
Media | | | 10,691 | | | | 9,147 | | | | 4.14 | | | | 3.58 | |
Professional Services | | | 17,129 | | | | 17,508 | | | | 6.63 | | | | 6.85 | |
Real Estate Management & Development | | | 2,175 | | | | 2,181 | | | | 0.84 | | | | 0.85 | |
Road & Rail | | | 1,052 | | | | 1,059 | | | | 0.41 | | | | 0.41 | |
Software | | | 15,362 | | | | 15,364 | | | | 5.94 | | | | 6.01 | |
Specialty Retail | | | 2,140 | | | | 2,140 | | | | 0.83 | | | | 0.84 | |
Trading Companies & Distributors | | | 2,029 | | | | 2,029 | | | | 0.78 | | | | 0.79 | |
Transportation & Logistics | | | 2,459 | | | | 2,472 | | | | 0.95 | | | | 0.97 | |
Transportation Infrastructure | | | 6,864 | | | | 6,864 | | | | 2.66 | | | | 2.69 | |
Water Utilities | | | 6,040 | | | | 6,040 | | | | 2.34 | | | | 2.36 | |
Total | | $ | 258,466 | | | $ | 255,613 | | | | 100.00 | % | | | 100.00 | % |
December 31, 2025 | |
| | Amortized Cost | | | Fair Value | | | % of Total Investments at Amortized Cost | | | % of Total Investments at Fair Value | |
Aerospace & Defense | | $ | 7,182 | | | $ | 7,183 | | | | 2.82 | % | | | 2.83 | % |
Air Freight & Logistics | | | 1,759 | | | | 1,759 | | | | 0.69 | | | | 0.69 | |
Auto Components | | | 3,232 | | | | 3,232 | | | | 1.27 | | | | 1.27 | |
Automobiles | | | 8,157 | | | | 8,169 | | | | 3.20 | | | | 3.22 | |
Building Products | | | 4,406 | | | | 4,406 | | | | 1.73 | | | | 1.73 | |
Chemicals | | | 7,390 | | | | 7,463 | | | | 2.91 | | | | 2.94 | |
Commercial Services & Supplies | | | 17,289 | | | | 17,374 | | | | 6.80 | | | | 6.84 | |
Construction & Engineering | | | 21,384 | | | | 21,479 | | | | 8.40 | | | | 8.46 | |
Diversified Consumer Services | | | 5,247 | | | | 5,247 | | | | 2.06 | | | | 2.07 | |
Diversified Financial Services | | | 9,539 | | | | 9,568 | | | | 3.75 | | | | 3.77 | |
Electrical Equipment | | | 11,266 | | | | 11,266 | | | | 4.43 | | | | 4.43 | |
Food & Staples Retailing | | | 5,844 | | | | 5,846 | | | | 2.30 | | | | 2.30 | |
Health Care Equipment & Supplies | | | 8,464 | | | | 8,464 | | | | 3.33 | | | | 3.33 | |
Health Care Providers & Services | | | 15,039 | | | | 15,039 | | | | 5.91 | | | | 5.92 | |
Health Care Technology | | | 13,278 | | | | 12,817 | | | | 5.22 | | | | 5.05 | |
Household Products | | | 5,581 | | | | 5,581 | | | | 2.19 | | | | 2.20 | |
Insurance | | | 1,920 | | | | 1,920 | | | | 0.75 | | | | 0.76 | |
Interactive Media & Services | | | 6,095 | | | | 6,098 | | | | 2.39 | | | | 2.40 | |
IT Services | | | 18,414 | | | | 18,502 | | | | 7.24 | | | | 7.28 | |
Life Sciences Tools & Services | | | 2,902 | | | | 2,902 | | | | 1.14 | | | | 1.14 | |
Machinery | | | 10,605 | | | | 10,633 | | | | 4.17 | | | | 4.19 | |
Media | | | 14,541 | | | | 13,854 | | | | 5.72 | | | | 5.45 | |
Professional Services | | | 15,484 | | | | 15,793 | | | | 6.09 | | | | 6.22 | |
Real Estate Management & Development | | | 2,048 | | | | 2,048 | | | | 0.81 | | | | 0.81 | |
Road & Rail | | | 1,161 | | | | 1,154 | | | | 0.46 | | | | 0.45 | |
Software | | | 16,513 | | | | 16,513 | | | | 6.49 | | | | 6.50 | |
Specialty Retail | | | 2,183 | | | | 2,183 | | | | 0.86 | | | | 0.86 | |
Trading Companies & Distributors | | | 2,039 | | | | 2,039 | | | | 0.80 | | | | 0.80 | |
Transportation & Logistics | | | 2,470 | | | | 2,484 | | | | 0.97 | | | | 0.98 | |
Transportation Infrastructure | | | 6,903 | | | | 6,903 | | | | 2.71 | | | | 2.72 | |
Water Utilities | | | 6,070 | | | | 6,070 | | | | 2.39 | | | | 2.39 | |
Total | | $ | 254,405 | | | $ | 253,989 | | | | 100.00 | % | | | 100.00 | % |
The following is a summary of the geographical concentration of the Company’s investment portfolio as of June 30, 2026 and December 31, 2025 (dollar amounts in thousands):
| | June 30, 2026 | |
| | Amortized Cost | | | Fair Value | | | % of Total Investments at Amortized Cost | | | % of Total Investments at Fair Value | |
United States | | $ | 258,466 | | | $ | 255,613 | | | | 100.00 | % | | | 100.00 | % |
Total | | $ | 258,466 | | | $ | 255,613 | | | | 100.00 | % | | | 100.00 | % |
| | December 31, 2025 | |
| | Amortized Cost | | | Fair Value | | | % of Total Investments at Amortized Cost | | | % of Total Investments at Fair Value | |
United States | | $ | 254,405 | | | $ | 253,989 | | | | 100.00 | % | | | 100.00 | % |
Total | | $ | 254,405 | | | $ | 253,989 | | | | 100.00 | % | | | 100.00 | % |
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