Note 4. Investments

The following table presents the composition of the Company’s investment portfolio at amortized cost and fair value as of June 30, 2026 and December 31, 2025:

​

The geographic composition of investments based on fair value as of June 30, 2026 and December 31, 2025 was as follows:

​

​

The industry composition of investments based on fair value as of June 30, 2026 and December 31, 2025 was as follows:

​

​

The interest rate composition of debt investments based on fair value as of June 30, 2026 and December 31, 2025 was as follows:

​

​

Andalusian Credit Rated JV I LLC

​

On March 23, 2026, the Company entered into a newly-formed joint venture, Andalusian Credit Rated JV I LLC (the “Rated JV”), with certain affiliates of Carlyle Global Credit Investment Management LLC (collectively, “Carlyle”) as members. The Rated JV is a Delaware limited liability company which commenced operations on April 1, 2026. The Rated JV’s investment objective is to generate current income and capital appreciation by investing primarily in senior secured middle-market loan assets and other cash-flow producing private credit assets, including through participations and other interests therein.

​

The Company and Carlyle have committed to invest up to an aggregate of $60 million in equity interests in the Rated JV, with the Company committing to invest up to $52.5 million in Class B Interests and Carlyle committing to invest up to an aggregate of $7.5 million in Class A Interests. The Rated JV, in connection with commencing operations, also issued four classes of delayed draw notes totaling $140 million rated by Morningstar DBRS to Carlyle (the “Rated Notes”), which have a final maturity date of March 23, 2038. Together the equity interest and Rated Notes commitments represent $200 million of capital. Pursuant to the terms of the Rated JV note indenture and governing agreements, distributable proceeds shall be made to holders of the Rated Notes and Class A Interests prior to distributions to the holders of the Class B Interests. Additionally, neither the Class A nor the Class B interest may redeem their investments. The Rated JV’s business affairs are managed by its board of managers, which consists of four managers, with Carlyle and the Company each designating two managers.

​

The Company has determined that the Rated JV is an investment company as defined under ASC Topic 946, and generally investment companies are not consolidated. Further the Company does not control the Rated JV, due to the allocation of voting rights among the Rated JV members. As such the Company does not consolidate the Rated JV, and instead reports its investment in the Consolidated Schedule of Investments at fair value, using NAV per share as the practical expedient to determine fair value.

​

On April 1, 2026, the Rated JV, called and drew $107.6 million of total capital and notes. As part of the initial close, the Company funded $32.9 million by contributing $30.4 million of assets in-kind and $2.5 million in cash. In addition, the Company sold approximately $70.6 million of assets to the Rated JV in exchange for cash. The cash was used to pay down the CIBC Credit facility and fund new investments. In addition, the Company may from time-to-time assign a portion of investments to the Rated JV in accordance with the Company’s allocation policy. During the six months ended June 30, 2026, the Company assigned an additional $4.5 million of investments at fair value to the Rated JV. The Company received $4.5 million from the Rated JV relating to these assigned investments. As of June 30, 2026, the Company had $1.8 million due from the Rated JV related to organizational expenses, which is included in “Prepaid expenses and other assets” on the Consolidated Statements of Assets and Liabilities.

​

Below is a summary of the Rated JV’s portfolio at fair value as of June 30, 2026:

​

​

​

​

​

​

​

​

The Company classifies its investments by level of control as required by the 1940 Act.  The Company generally is deemed to “control” a company in which it is invested if it owns more than 25% of the voting securities of such company or if it has greater than 50% representation on the board of such company.  An “affiliated investment” is an investment in a company that is an “affiliated company” of the Company.  As of June 30, 2026, the Company’s investment in the Rated JV is deemed to be an “affiliated company” and deemed to “control.” The following table presents information for the Company’s investment in the Rated JV for the six months ended June 30, 2026:

​

​