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STATEMENTS OF ASSETS AND LIABILITIES (unaudited) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Investments    
Total investments at fair value $ 413,804 [1] $ 332,710 [2]
Receivable for investments sold 67 5,065
Interest receivable 3,383 3,306
Dividends receivable 1,305 364
Due from portfolio company 32 32
Due from affiliates $ 146 $ 160
Other Receivable, after Allowance for Credit Loss, Related Party [Extensible Enumeration] srt:AffiliatedEntityMember srt:AffiliatedEntityMember
Deferred financing costs $ 301 $ 237
Prepaid expenses and other assets 1,011 154
Total assets 420,049 342,028
Liabilities    
Notes payable (including unamortized discount of $5,211 and $5,705, respectively) 200,189 189,695
Payable for investments purchased 75,628 11,194
Interest payable 296 32
Accrued incentive fees payable 1,145 1,712
Distributions payable 0 577
Due to affiliates $ 1,570 $ 1,385
Other Liability, Related Party [Extensible Enumeration] srt:AffiliatedEntityMember srt:AffiliatedEntityMember
Accrued expenses and other liabilities $ 1,123 $ 1,320
Total liabilities 279,951 205,915
Commitments and contingencies (Note 7)
Net Assets    
Common stock, par value $0.01 per share (100,000,000 shares authorized, 13,998,168 shares issued and outstanding and 11,544,415 shares issued and outstanding, respectively) 140 115
Additional paid-in capital 359,371 332,111
Accumulated losses (219,413) (196,113)
Total net assets 140,098 136,113
Total liabilities and net assets $ 420,049 $ 342,028
Net asset value per share [3] $ 10.01 $ 11.79
Non-affiliated, Non-controlled Investments    
Investments    
Total investments at fair value $ 241,014 $ 240,958
Non-affiliated, Non-controlled Short-term Investments    
Investments    
Total investments at fair value 88,698 8,448
Controlled Investments    
Investments    
Total investments at fair value $ 84,092 $ 83,304
[1] As of period end, the aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost was $20,968; the aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value was $(70,085); the net unrealized depreciation was $(49,117); the aggregate cost of securities for Federal income tax purposes was $438,585.
[2] As of period end, the aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost was $16,176; the aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value was $37,761; the net unrealized depreciation was $(21,585); the aggregate cost of securities for Federal income tax purposes was $354,295.
[3] The per share data was derived by using the weighted average shares outstanding during the period, except where such calculations deviate from those specified under the instructions to Form N-2.