Summary of Significant Accounting Policies (Tables)
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9 Months Ended |
Sep. 30, 2026 |
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| Accounting Policies [Abstract] |
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| Schedule of Cash, Foreign Currencies, Cash Equivalents and Restricted Cash, Restricted Foreign Currencies and Restricted Cash Equivalents |
The table below details cash, foreign currencies, cash equivalents and restricted cash, restricted foreign currencies and restricted cash equivalents as of September 30, 2026.
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($ in thousands) |
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Restricted cash, foreign currencies and cash equivalents |
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Cash, foreign currencies and cash equivalents |
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|
Total2 |
|
Cash |
|
$ |
5,317 |
|
|
$ |
17,843 |
|
|
$ |
23,160 |
|
Foreign currencies |
|
|
1,202 |
|
|
|
22 |
|
|
|
1,224 |
|
Cash equivalents1 |
|
|
18,754 |
|
|
|
4,893 |
|
|
|
23,647 |
|
Total |
|
$ |
25,273 |
|
|
$ |
22,758 |
|
|
$ |
48,031 |
|
1Total cash equivalents agrees to amounts disclosed in the Consolidated Schedule of Investments. |
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2Total cash, foreign currencies, cash equivalents and restricted cash, restricted foreign currencies, restricted cash equivalents agrees to amounts disclosed in the Consolidated Statement of Cash Flows. |
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The table below details cash, foreign currencies, cash equivalents and restricted cash, restricted foreign currencies and restricted cash equivalents as of December 31, 2025.
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($ in thousands) |
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Restricted cash, foreign currencies and cash equivalents |
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Cash, foreign currencies and cash equivalents |
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Total2 |
|
Cash |
|
$ |
2,364 |
|
|
$ |
4,247 |
|
|
$ |
6,611 |
|
Foreign currencies |
|
|
1,100 |
|
|
|
502 |
|
|
|
1,602 |
|
Cash equivalents1 |
|
|
60,063 |
|
|
|
26,937 |
|
|
|
87,000 |
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Total |
|
$ |
63,527 |
|
|
$ |
31,686 |
|
|
$ |
95,213 |
|
1Total cash equivalents agrees to amounts disclosed in the Consolidated Schedule of Investments. |
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2Total cash, foreign currencies, cash equivalents and restricted cash, restricted foreign currencies, restricted cash equivalents agrees to amounts disclosed in the Consolidated Statement of Cash Flows. |
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| Reconciliation of Gross to Net Balances Expressed |
Net realized and net change in unrealized gain/(loss) on forward foreign currency contracts are reflected in the Consolidated Statement of Operations. The below table details the Company's reconciliation of gross to net balances expressed in thousands as of September 30, 2026:
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Counterparty |
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Gross Amounts
of Recognized
Assets/(Liabilities) |
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Gross Amounts
offset in the
Consolidated
Statement of
Financial Condition |
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|
Net Amount of
Asset/(Liabilities)
Presented on the
Consolidated
Statement of
Financial Condition |
|
|
Cash
Collateral
(Received)
/Pledged |
|
|
Net Amount |
|
Bank of Nova Scotia |
|
$ |
1,467 |
|
|
$ |
(1,467 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Bank of Nova Scotia |
|
|
(1,881 |
) |
|
|
1,467 |
|
|
|
(414 |
) |
|
|
— |
|
|
|
(414 |
) |
Total |
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$ |
(414 |
) |
|
$ |
— |
|
|
$ |
(414 |
) |
|
$ |
— |
|
|
$ |
(414 |
) |
Net realized and net change in unrealized gain/(loss) on forward foreign currency contracts are reflected in the Consolidated Statement of Operations. The below table details the Company's reconciliation of gross to net balances expressed in thousands as of December 31, 2025:
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|
Counterparty |
|
Gross Amounts
of Recognized
Assets/(Liabilities) |
|
|
Gross Amounts
offset in the
Consolidated
Statement of
Financial Condition |
|
|
Net Amount of
Asset/(Liabilities)
Presented on the
Consolidated
Statement of
Financial Condition |
|
|
Cash
Collateral
(Received)
/Pledged |
|
|
Net Amount |
|
Bank of Nova Scotia |
|
$ |
385 |
|
|
$ |
(218 |
) |
|
$ |
167 |
|
|
$ |
— |
|
|
$ |
167 |
|
Bank of Nova Scotia |
|
|
(218 |
) |
|
|
218 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total |
|
$ |
167 |
|
|
$ |
— |
|
|
$ |
167 |
|
|
$ |
— |
|
|
$ |
167 |
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| Schedule of Current Positions Expressed |
The below table details the Company's current positions expressed in thousands as of September 30, 2026:
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Counterparty |
|
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Notional
amount to be
purchased |
|
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|
Notional
amount to
be sold |
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|
Settlement
Date |
|
Fair Value
($ in
thousands) |
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|
Balance Sheet Location of Net Amounts |
Bank of Nova Scotia |
|
C$ |
|
11,426 |
|
|
$ |
|
8,456 |
|
|
11/16/2026 |
|
$ |
(407 |
) |
|
Unrealized loss on forward foreign currency contracts |
Bank of Nova Scotia |
|
$ |
|
23,626 |
|
|
C$ |
|
33,226 |
|
|
12/29/2026 |
|
|
171 |
|
|
Unrealized loss on forward foreign currency contracts |
Bank of Nova Scotia |
|
$ |
|
565 |
|
|
C$ |
|
797 |
|
|
12/29/2026 |
|
|
3 |
|
|
Unrealized loss on forward foreign currency contracts |
Bank of Nova Scotia |
|
$ |
|
524 |
|
|
€ |
|
443 |
|
|
10/27/2026 |
|
|
22 |
|
|
Unrealized loss on forward foreign currency contracts |
Bank of Nova Scotia |
|
$ |
|
8,445 |
|
|
€ |
|
7,134 |
|
|
10/27/2026 |
|
|
355 |
|
|
Unrealized loss on forward foreign currency contracts |
Bank of Nova Scotia |
|
$ |
|
6 |
|
|
€ |
|
5 |
|
|
10/27/2026 |
|
|
— |
|
|
Unrealized loss on forward foreign currency contracts |
Bank of Nova Scotia |
|
$ |
|
522 |
|
|
€ |
|
447 |
|
|
10/27/2026 |
|
|
15 |
|
|
Unrealized loss on forward foreign currency contracts |
Bank of Nova Scotia |
|
$ |
|
2,008 |
|
|
€ |
|
1,763 |
|
|
10/27/2026 |
|
|
9 |
|
|
Unrealized loss on forward foreign currency contracts |
Bank of Nova Scotia |
|
$ |
|
600 |
|
|
€ |
|
523 |
|
|
10/27/2026 |
|
|
7 |
|
|
Unrealized loss on forward foreign currency contracts |
Bank of Nova Scotia |
|
$ |
|
1,218 |
|
|
€ |
|
1,056 |
|
|
10/27/2026 |
|
|
21 |
|
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Unrealized loss on forward foreign currency contracts |
Bank of Nova Scotia |
|
$ |
|
1,841 |
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|
€ |
|
1,584 |
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|
10/27/2026 |
|
|
45 |
|
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Unrealized loss on forward foreign currency contracts |
Bank of Nova Scotia |
|
€ |
|
14,779 |
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|
$ |
|
17,539 |
|
|
11/16/2026 |
|
|
(764 |
) |
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Unrealized loss on forward foreign currency contracts |
Bank of Nova Scotia |
|
€ |
|
1,861 |
|
|
$ |
|
2,123 |
|
|
11/16/2026 |
|
|
(11 |
) |
|
Unrealized loss on forward foreign currency contracts |
Bank of Nova Scotia |
|
€ |
|
1,022 |
|
|
$ |
|
1,181 |
|
|
11/16/2026 |
|
|
(22 |
) |
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Unrealized loss on forward foreign currency contracts |
Bank of Nova Scotia |
|
€ |
|
1,533 |
|
|
$ |
|
1,785 |
|
|
11/16/2026 |
|
|
(45 |
) |
|
Unrealized loss on forward foreign currency contracts |
Bank of Nova Scotia |
|
$ |
|
27,279 |
|
|
€ |
|
23,868 |
|
|
2/3/2027 |
|
|
102 |
|
|
Unrealized loss on forward foreign currency contracts |
Bank of Nova Scotia |
|
£ |
|
7,912 |
|
|
$ |
|
10,759 |
|
|
11/16/2026 |
|
|
(263 |
) |
|
Unrealized loss on forward foreign currency contracts |
Bank of Nova Scotia |
|
£ |
|
13,057 |
|
|
$ |
|
17,690 |
|
|
11/16/2026 |
|
|
(369 |
) |
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Unrealized loss on forward foreign currency contracts |
Bank of Nova Scotia |
|
$ |
|
17,430 |
|
|
£ |
|
12,892 |
|
|
3/1/2027 |
|
|
317 |
|
|
Unrealized loss on forward foreign currency contracts |
Bank of Nova Scotia |
|
$ |
|
25,746 |
|
|
£ |
|
19,095 |
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|
3/11/2027 |
|
|
400 |
|
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Unrealized loss on forward foreign currency contracts |
|
|
|
|
|
|
|
|
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Total |
|
$ |
(414 |
) |
|
|
The below table details the Company's current positions expressed in thousands as of December 31, 2025:
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|
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|
|
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|
|
|
Counterparty |
|
|
Notional amount to be purchased |
|
|
|
Notional amount to be sold |
|
|
Settlement Date |
|
Fair Value
($ in thousands) |
|
|
Balance Sheet Location of Net Amounts |
Bank of Nova Scotia |
|
£ |
|
5,844 |
|
|
$ |
|
7,729 |
|
|
5/14/2026 |
|
$ |
147 |
|
|
Unrealized gain on forward foreign currency contracts |
Bank of Nova Scotia |
|
C$ |
|
11,426 |
|
|
$ |
|
8,234 |
|
|
5/14/2026 |
|
|
136 |
|
|
Unrealized gain on forward foreign currency contracts |
Bank of Nova Scotia |
|
€ |
|
14,779 |
|
|
$ |
|
17,410 |
|
|
5/14/2026 |
|
|
61 |
|
|
Unrealized gain on forward foreign currency contracts |
Bank of Nova Scotia |
|
$ |
|
22,441 |
|
|
£ |
|
16,620 |
|
|
3/11/2026 |
|
|
41 |
|
|
Unrealized gain on forward foreign currency contracts |
Bank of Nova Scotia |
|
$ |
|
28,050 |
|
|
€ |
|
23,868 |
|
|
2/2/2026 |
|
|
(37 |
) |
|
Unrealized gain on forward foreign currency contracts |
Bank of Nova Scotia |
|
$ |
|
8,172 |
|
|
€ |
|
6,972 |
|
|
4/27/2026 |
|
|
(64 |
) |
|
Unrealized gain on forward foreign currency contracts |
Bank of Nova Scotia |
|
$ |
|
24,298 |
|
|
C$ |
|
33,275 |
|
|
6/29/2026 |
|
|
(117 |
) |
|
Unrealized gain on forward foreign currency contracts |
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
167 |
|
|
|
|
| Schedule of Tax Cost and Estimated Gross Unrealized Appreciation (Depreciation) from Investments for Federal Income Tax Purposes |
As of September 30, 2026 and December 31, 2025, the tax cost and estimated gross unrealized appreciation (depreciation) from investments for federal income tax purposes are as follows:
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As of September 30, |
|
|
As of December 31, |
|
($ in thousands) |
|
2026 |
|
|
2025 |
|
Tax cost |
|
$ |
|
2,027,977 |
|
|
$ |
|
1,503,544 |
|
Gross unrealized appreciation |
|
|
|
12,122 |
|
|
|
|
3,751 |
|
Gross unrealized depreciation |
|
|
|
(20,643 |
) |
|
|
|
(18,489 |
) |
Net unrealized investment appreciation / (depreciation) on investments |
|
$ |
|
(8,521 |
) |
|
$ |
|
(14,738 |
) |
|