The following table presents the composition of the Company’s investment portfolio at amortized cost and fair value as of March 31, 2025 and December 31, 2024:


	March 31, 2025				December 31, 2024
	Amortized		Fair		Amortized		Fair
	Cost		Value		Cost		Value
First-lien senior secured debt	$	1,198,129,169	$	1,150,400,159	$	1,243,362,037	$	1,206,603,630
Second-lien senior secured debt		81,455,745		72,072,969		84,821,531		77,650,130
Corporate Bonds		4,906,704		4,232,288		4,883,315		4,214,315
CLO Mezzanine		34,943,703		34,583,965		37,827,370		38,147,753
CLO Equity		12,767,087		9,346,070		13,029,085		10,003,685
Equity		8,145,051		6,822,978		1,258,194		1,081,497
Short-term investments		56,855,834		56,855,834		69,429,935		69,429,935
Total Investments	$	1,397,203,293	$	1,334,314,263	$	1,454,611,467	$	1,407,130,945

As of March 31, 2025, approximately 16.9% of the long-term investment portfolio at amortized cost and 17.3% of the long-term investment portfolio measured at fair value, respectively, were invested in non-qualifying assets. As of December 31, 2024, approximately 17.8% of the long-term investment portfolio at amortized cost and 18.1% of the long-term investment portfolio measured at fair value, respectively, were invested in non-qualifying assets. With respect to the Company’s total assets, 16.2% and 17.0% of the Company’s total assets were in non-qualifying assets as defined by Section 55(a) of the 1940 Act as of March 31, 2025 and December 31, 2024, respectively.

The industry composition of investments based on fair value, as a percentage of total investments at fair value, as of March 31, 2025 and December 31, 2024 was as follows:


	March 31, 2025			December 31, 2024
Software		10.6	%		10.2	%
Healthcare Providers and Services		9.1	%		9.4	%
Professional Services		7.4	%		7.7	%
IT Services		6.9	%		6.7	%
Chemicals		5.3	%		5.1	%
Short-Term Investments		4.3	%		4.9	%
Construction and Engineering		4.1	%		4.5	%
Diversified Financial Services		3.8	%		3.9	%
Insurance		3.8	%		5.0	%
Media		3.4	%		3.1	%
Independent Power and Renewable Electricity Producers		3.4	%		3.3	%
Hotels, Restaurants and Leisure		3.4	%		3.1	%
Electronic Equipment, Instruments and Components		2.9	%		2.8	%
Food Products		2.6	%		1.9	%
Structured Note		2.6	%		2.7	%
Auto Components		2.3	%		2.2	%
Internet Software and Services		2.2	%		1.9	%
Energy Equipment and Services		1.9	%		1.7	%
Building Products		1.9	%		1.9	%
Diversified Consumer Services		1.8	%		2.6	%
Machinery		1.7	%		1.8	%
Containers and Packaging		1.5	%		1.5	%
Metals and Mining		1.4	%		1.4	%
Interactive Media Services		1.3	%		0.7	%
Industrial Conglomerates		1.3	%		0.7	%
Diversified Telecommunication Services		1.2	%		2.2	%
Household Durables		0.9	%		0.2	%
Commercial Services and Supplies		0.8	%		0.6	%
Aerospace and Defense		0.7	%		0.7	%
Real Estate Management and Development		0.7	%		0.6	%
Wireless Telecommunication Services		0.7	%		0.7	%
Structured Subordinated Note		0.7	%		0.7	%
Healthcare Equipment and Supplies		0.7	%		0.6	%
Road and Rail		0.7	%		0.6	%
Pharmaceuticals		0.6	%		0.6	%
Electrical Equipment		0.4	%		0.7	%
Specialty Retail		0.4	%		0.5	%
Automotive		0.3	%		—
Construction Materials		0.3	%		—
Electric Utilities		—			0.6	%
Total		100.0	%		100.0	%