| Investments |
4. INVESTMENTS The Company’s investments (excluding investments in money market funds, if any) consisted of the following:
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September 30, 2026 |
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December 31, 2025 |
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Investment Type |
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Cost |
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Fair Value |
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Cost |
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Fair Value |
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1st Lien/Senior Secured Debt |
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$ |
142,676 |
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$ |
127,504 |
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$ |
206,561 |
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$ |
204,984 |
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1st Lien/Last-Out Unitranche |
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85,801 |
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73,181 |
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88,142 |
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86,354 |
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2nd Lien/Senior Secured Debt |
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43,480 |
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38,894 |
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21,917 |
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28,835 |
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Unsecured Debt |
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13,530 |
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— |
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13,530 |
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— |
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Preferred Stock |
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10,572 |
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1,896 |
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10,572 |
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5,728 |
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Common Stock |
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7,409 |
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3,099 |
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7,409 |
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3,354 |
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Warrants |
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— |
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— |
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1,234 |
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— |
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Total |
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$ |
303,468 |
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$ |
244,574 |
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$ |
349,365 |
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$ |
329,255 |
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The Company uses the Global Industry Classification Standard (“GICS”) for classifying the industry groupings of its investments. The industry composition of the Company’s investments as a percentage of fair value and net assets was as follows:
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September 30, 2026 |
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December 31, 2025 |
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Industry |
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Fair Value |
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Net Assets |
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Fair Value |
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Net Assets |
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Wireless Telecommunication Services |
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19.1 |
% |
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16.8 |
% |
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14.2 |
% |
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14.7 |
% |
Hotels, Restaurants & Leisure |
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16.2 |
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14.3 |
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18.3 |
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18.9 |
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Building Products |
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13.3 |
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11.7 |
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4.8 |
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4.9 |
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IT Services |
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10.8 |
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9.6 |
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9.7 |
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10.0 |
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Software |
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10.1 |
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8.9 |
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8.0 |
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8.2 |
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Ground Transportation |
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9.7 |
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8.5 |
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7.1 |
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7.3 |
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Commercial Services & Supplies |
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6.0 |
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5.3 |
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4.5 |
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4.6 |
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Interactive Media & Services |
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5.5 |
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4.9 |
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5.4 |
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5.6 |
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Entertainment |
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4.0 |
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3.5 |
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6.2 |
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6.4 |
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Beverages |
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2.6 |
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2.3 |
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4.0 |
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4.1 |
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Consumer Finance |
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1.4 |
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1.3 |
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3.0 |
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3.1 |
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Capital Markets |
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1.3 |
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1.1 |
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1.0 |
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1.1 |
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Consumer Staples Distribution & Retail |
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— |
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— |
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8.0 |
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8.2 |
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Specialty Retail |
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— |
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— |
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5.8 |
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6.0 |
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Total |
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100.0 |
% |
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88.2 |
% |
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100.0 |
% |
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103.1 |
% |
The geographic composition of the Company’s investments at fair value was as follows:
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Geographic |
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September 30, 2026 |
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December 31, 2025 |
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United States |
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100.0 |
% |
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100.0 |
% |
Total |
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100.0 |
% |
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100.0 |
% |
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