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Portfolio Company Investments (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Investments Type With Corresponding Percentage of Total Portfolio Investments

Investments by type with corresponding percentage of total portfolio investments consisted of the following:


	Fair Value								Cost
	September 30,				December 31,				September 30,				December 31,
	2025				2024				2025				2024
First Lien Debt(1)	$	859,375	72.1	%	$	718,120	65.8	%	$	856,304	73.2	%	$	729,084	67.8	%
Second Lien Debt		82,267	6.9			83,543	7.7			112,461	9.6			116,250	10.8
Subordinated Debt		107,705	9.0			142,839	13.1			107,392	9.2			142,056	13.2
Equity		143,094	12.0			138,371	12.7			92,415	7.9			84,816	7.9
Warrants		307	-			7,633	0.7			818	0.1			2,951	0.3
Total	$	1,192,748	100.0	%	$	1,090,506	100.0	%	$	1,169,390	100.0	%	$	1,075,157	100.0	%


(1)	Includes unitranche investments, which account for 46.7% and 47.7% of the Company's portfolio on a fair value and cost basis as of September 30, 2025, respectively. Includes unitranche investments, which account for 39.9% and 40.4% of the Company's portfolio on a fair value and cost basis as of December 31, 2024, respectively.

The following table shows portfolio composition by geographic region at fair value and cost and as a percentage of total investments. The geographic composition is determined by the location of the corporate headquarters of the portfolio company, which may not be indicative of the primary source of the portfolio company’s business.


	Fair Value								Cost
	September 30,				December 31,				September 30,				December 31,
	2025				2024				2025				2024
United States
Midwest	$	139,446	11.7	%	$	120,537	11.1	%	$	92,054	7.9	%	$	73,636	6.8	%
Southeast		334,454	28.0			339,683	31.2			334,415	28.6			337,762	31.4
Northeast		239,347	20.1			211,758	19.4			237,901	20.3			202,206	18.8
West		201,160	16.9			194,568	17.8			219,615	18.8			232,262	21.6
Southwest		249,785	20.9			211,431	19.4			257,092	22.0			216,802	20.2
Canada		28,556	2.4			12,529	1.1			28,313	2.4			12,489	1.2
Total	$	1,192,748	100.0	%	$	1,090,506	100.0	%	$	1,169,390	100.0	%	$	1,075,157	100.0	%

Schedule of Portfolio Composition by Type And by Geographic Region at Fair Value

The following table shows portfolio composition by type and by geographic region at fair value as a percentage of net assets.


By Type							By Geographic Region
	September 30,			December 31,				September 30,			December 31,
	2025			2024				2025			2024
First Lien Debt		120.9	%		109.5	%	United States
Second Lien Debt		11.6			12.7		Midwest		19.6	%		18.4	%
Subordinated Debt		15.1			21.8		Southeast		47.0			51.8
Equity		20.1			21.1		Northeast		33.7			32.3
Warrants		-			1.2		West		28.3			29.7
Total		167.7	%		166.3	%	Southwest		35.1			32.2
							Canada		4.0			1.9
							Total		167.7	%		166.3	%

Schedule of Debt Investment on Non-Accrual Status

As of September 30, 2025 and December 31, 2024, the Company had debt investments in three and four portfolio companies on non-accrual status, respectively.


	September 30, 2025						December 31, 2024
	Fair						Fair
Portfolio Company	Value			Cost			Value		Cost
Quantum IR Technologies, LLC	$	—	(1)	$	—	(1)	$	—	$	11,964
US GreenFiber, LLC		—			5,223			—		5,223
Suited Connector LLC		1,784			15,933			5,505		15,933
Virtex Enterprises, LP		1,625			11,226			4,765		11,259
Total	$	3,409		$	32,382		$	10,270	$	44,379

         (1) The Company exited its debt investment in such portfolio company and did not hold such investment as of September 30, 2025.

        

Schedule of Consolidated Schedule of Investments in and Advances to Affiliates

The table below represents the fair value of control and affiliate investments as of December 31, 2024 and any additions and reductions made to such investments during the nine months ended September 30, 2025, the ending fair value as of September 30, 2025, and the total investment income earned on such investments during the period.


												Nine Months Ended September 30, 2025
Portfolio Company (1)	September 30, 2025 Principal Amount - Debt Investments		December 31, 2024 Fair Value		Gross Additions (2)		Gross Reductions (3)			September 30, 2025 Fair Value		Net Realized Gains (Losses) (4)		Net Change in Unrealized Appreciation (Depreciation)			Interest Income		Payment-in-kind Interest Income		Dividend Income		Fee Income
Control Investments
US GreenFiber, LLC	$	5,226	$	—	$	—	$	—		$	—	$	—	$	—		$	—	$	—	$	—	$	—
Total Control Investments	$	5,226	$	—	$	—	$	—		$	—	$	—	$	—		$	—	$	—	$	—	$	—
Affiliate Investments
Applegate Greenfiber Intermediate Inc. (fka US GreenFiber, LLC)	$	9,602	$	24,387	$	1,270	$	—		$	25,657	$	—	$	1,269		$	801	$	—	$	—	$	—
CP Communications, LLC		5,941		8,306		43		(1,919	)		6,430		—		28			794		—		—		8
Medsurant Holdings, LLC		—		9,863		10,963		(20,518	)		308		10,963		(6,981	)		—		—		867		—
Pfanstiehl, Inc.		—		39,923		1,999		—			41,922		—		1,999			—		—		348		—
Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.)		16,500		14,921		4,221		—			19,142		—		2,705			1,663		—		—		16
Steward Holding LLC (dba Steward Advanced Materials)		—		4,624		—		(778	)		3,846		—		(778	)		—		—		166		—
Total Affiliate Investments	$	32,043	$	102,024	$	18,496	$	(23,215	)	$	97,305	$	10,963	$	(1,758	)	$	3,258	$	—	$	1,381	$	24

(1)

The investment type, industry, ownership detail for equity investments, interest rate and maturity date for debt investments, and if the investment is income producing is disclosed in the consolidated schedule of investments.

(2)

Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on investments, accrued PIK interest and PIK dividend income, accretion of OID and origination fees, and net unrealized appreciation recognized during the period. Gross additions also include transfers of portfolio companies into the control or affiliate classification during the period, as applicable.

(3)

Gross reductions include decreases in the cost basis of investments resulting from principal repayments or sales and net unrealized (depreciation) recognized during the period. Gross reductions also include transfers of portfolio companies out of the control or affiliate classification during the period, as applicable.

(4)

The schedule does not reflect realized gains or losses on escrow receivables for investments which were previously exited and were not held during the period presented. Gains and losses on escrow receivables are classified in the consolidated statements of operations according to the control classification at the time the investment was exited. Escrow receivables are presented in prepaid expenses and other assets on the consolidated statements of assets and liabilities.

The table below represents the fair value of control and affiliate investments as of December 31, 2023 and any additions and reductions made to such investments during the year ended December 31, 2024, including the total investment income earned on such investments during the period.


												Year Ended December 31, 2024
Portfolio Company (1)	December 31, 2024 Principal Amount - Debt Investments		December 31, 2023 Fair Value		Gross Additions (2)		Gross Reductions (3)			December 31, 2024 Fair Value		Net Realized Gains (Losses) (4)		Net Change in Unrealized Appreciation (Depreciation)			Interest Income		Payment-in-kind Interest Income		Dividend Income		Fee Income
Control Investments
US GreenFiber, LLC	$	5,226	$	—	$	—	$	—		$	—	$	—	$	—		$	—	$	—	$	—	$	—
Total Control Investments	$	5,226	$	—	$	—	$	—		$	—	$	—	$	—		$	—	$	—	$	—	$	—
Affiliate Investments
Applegate Greenfiber Intermediate Inc. (fka US GreenFiber, LLC)	$	9,602	$	24,590	$	—	$	(203	)	$	24,387	$	—	$	(202	)	$	1,074	$	—	$	—	$	—
CP Communications, LLC		7,859		—		8,360		(54	)		8,306		—		-			88		9		—		163
Medsurant Holdings, LLC		—		5,930		4,262		(329	)		9,863		—		4,261			—		—		1,328		—
Pfanstiehl, Inc.		—		33,321		6,602		—			39,923		—		6,602			—		—		348		—
Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.)		15,000		15,321		2,217		(2,617	)		14,921		—		(2,617	)		2,371		—		—		20
Steward Holding LLC (dba Steward Advanced Materials)		—		4,714		—		(90	)		4,624		—		(90	)		—		—		154		—
Total Affiliate Investments	$	32,461	$	83,876	$	21,441	$	(3,293	)	$	102,024	$	—	$	7,954		$	3,533	$	9	$	1,830	$	183


(1)	The investment type, industry, ownership detail for equity investments, interest rate and maturity date for debt investments, and if the investment is income producing is disclosed in the consolidated schedule of investments.
(2)	Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on investments, accrued PIK interest and PIK dividend income, accretion of OID and origination fees, and net unrealized appreciation recognized during the period. Gross additions also include transfers of portfolio companies into the control or affiliate classification during the period, as applicable.
(3)	Gross reductions include decreases in the cost basis of investments resulting from principal repayments or sales and net unrealized (depreciation) recognized during the period. Gross reductions also include transfers of portfolio companies out of the control or affiliate classification during the period, as applicable.
(4)	The schedule does not reflect realized gains or losses on escrow receivables for investments which were previously exited and were not held during the period presented. Gains and losses on escrow receivables are classified in the consolidated statements of operations according to the control classification at the time the investment was exited. Escrow receivables are presented in prepaid expenses and other assets on the consolidated statements of assets and liabilities.