v3.26.3
Related Party Agreements and Transactions - Additional Information (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 9 Months Ended 12 Months Ended 15 Months Ended
Jan. 31, 2024
Dec. 31, 2023
Sep. 30, 2026
Jun. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Mar. 15, 2026
Jun. 30, 2027
Dec. 31, 2025
Related Party Transaction [Line Items]                    
Management fee annual rate percentage           1.00%        
Management fee waive percentage               50.00%    
Pre-incentive fee net investment income returns per quarter percentage on net asset value           1.50%        
Pre-incentive fee net investment income returns per annum percentage on net asset value.           6.00%        
Waiver amount       $ 1,199            
Management fees waiver amount       476            
Incentive fees waiver amount       $ 723            
Management fees     $ 959   $ 1,008 $ 2,898 $ 2,918      
Performance-based incentive fees     1,428   1,654 4,305 4,885      
Management fees waived     955   504 1,360 1,845      
Performance-based incentive fees waived     1,436   827 2,033 3,094      
Investments at fair value     928,024     928,024       $ 942,796 [1],[2],[3],[4]
Investment cost     970,553     970,553       962,492 [1],[4],[5]
Management fees payable     4     4       508
Performance-based incentive fees payable     0     0       $ 740
Location, Statement of Financial Position, Balance [Axis]: us-gaap:OtherAssets                    
Related Party Transaction [Line Items]                    
Waiver amount remained to be offset against management fees and incentive fees     $ 8     $ 8        
Forecast                    
Related Party Transaction [Line Items]                    
Management fee waive percentage                 50.00%  
Co-Investment Holdings                    
Related Party Transaction [Line Items]                    
Investment owned, percent of fair value     76.80%     76.80%       72.40%
Investments at fair value     $ 712,817     $ 712,817       $ 682,621
Investment owned percent at cost     76.10%     76.10%       71.90%
Investment cost     $ 738,501     $ 738,501       $ 692,028
Incentive Fees from Pre Incentive Fee Net Investment Income                    
Related Party Transaction [Line Items]                    
Percentage of pre-incentive fee net investment income           12.50%        
Catch up pre-incentive fee net investment income returns per quarter percentage on net asset value           1.71%        
Catch up pre-incentive fee net investment income returns per annum percentage on net asset valu           6.86%        
Catch up portion adviser percentage           12.50%        
Catch up Net investment income           1.71%        
Incentive Fees from Pre Incentive Fee Net Investment Income | Minimum                    
Related Party Transaction [Line Items]                    
Catch up pre-incentive fee net investment income returns per quarter percentage on net asset value           1.71%        
Catch up pre-incentive fee net investment income returns per annum percentage on net asset valu           6.86%        
Incentive Fees from Pre Incentive Fee Net Investment Income | Maximum                    
Related Party Transaction [Line Items]                    
Percentage of pre-incentive fee net investment income           100.00%        
Incentive Fees from Capital Gains                    
Related Party Transaction [Line Items]                    
Management fee and incentive fee waive percentage               50.00%    
Percentage of cumulative pre-Incentive fee net return           12.50%        
Management fees payable     4     $ 4       508
Performance-based incentive fees payable     0     0       $ 740
Incentive Fees from Capital Gains | Forecast                    
Related Party Transaction [Line Items]                    
Management fee and incentive fee waive percentage                 50.00%  
Asset Transfer Agreement                    
Related Party Transaction [Line Items]                    
Additional consideration to Affiliate $ 236                  
Service fees     $ 0   $ 0 $ 0 $ 0      
Asset Transfer Agreement | Assets Acquired by Affiliate Before December 20, 2018                    
Related Party Transaction [Line Items]                    
Percentage of service fee from aggregate face value of asset           0.0625%        
Asset Transfer Agreement | Assets Acquired by Affiliate After December 20, 2018                    
Related Party Transaction [Line Items]                    
Percentage of service fee from aggregate face value of asset           0.0875%        
Asset Transfer Agreement | AP Leaf Secured Credit Facility                    
Related Party Transaction [Line Items]                    
Affiliate transferred secured, floating rate, middle market term loans   $ 785,224                
Acquired capitalized PIK   $ 1,280                
Investment Advisory Agreement                    
Related Party Transaction [Line Items]                    
Agreement termination description           The Company may terminate the Advisory Agreement, without payment of any penalty, upon 60 days’ written notice.        
[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.
[5] 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