CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) - USD ($)
$ in Thousands

Sep. 30, 2026

Dec. 31, 2025

Investments at fair value

$ 928,024

$ 942,796

^{[1],[2],[3],[4]}

Cash and cash equivalents

17,228

19,192

Foreign currencies (cost $426 and $1,249, respectively)

420

1,266

Receivable for investments sold

121

405

Interest receivable

5,324

4,676

Unrealized appreciation on foreign currency forward contracts

431

0

6

0

951,554

968,335

Liabilities

Debt (net of deferred financing costs and unamortized original issue discount of $5,826 and $7,095 as of September 30, 2026 and December 31, 2025, respectively)

562,342

553,694

Payable for investments purchased

1,012

168

Management fees payable

4

508

Performance-based incentive fees payable

0

740

Distributions payable

0

12,292

Interest payable

2,622

2,614

Accrued administrative services expense payable

451

42

Unrealized depreciation on foreign currency forward contracts

0

55

Other liabilities and accrued expenses

2,334

1,468

Total Liabilities

568,765

571,581

Commitments and contingencies (Note 7)

Total Net Assets

382,789

396,754

Common shares, $0.001 par value (Unlimited shares authorized; 17,172,990 shares issued and outstanding as of September 30, 2026 and 17,072,253 shares issued and outstanding as of December 31, 2025)

17

17

Capital in excess of par value

430,088

427,763

Accumulated under-distributed (over-distributed) earnings

(47,316)

(31,026)

$ 382,789

$ 396,754

Net Asset Value Per Share

$ 22.29

$ 23.24

Non-controlled/Non-affiliated Investments

Investments at fair value

$ 923,810

$ 936,374

Non-controlled/Affiliated Investments

Investments at fair value

$ 4,214

$ 6,422

[1]

Currently there are no differences for federal income tax purposes as it relates to unrealized gain and loss.

[2]

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).

[3]

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	%

[4]

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.