| Summary of Company's Investment Portfolio at Cost and Fair Value |
The following tables summarize the composition of the Company’s investment portfolio at cost and fair value (amounts in thousands):
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March 31, 2025 |
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December 31, 2024 |
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Amortized Cost |
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Fair Value |
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Percent of Total Investments at Fair Value |
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Amortized Cost |
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Fair Value |
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Percent of Total Investments at Fair Value |
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First Lien Senior Secured Debt |
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$ |
901,398 |
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$ |
901,723 |
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97.8 |
% |
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$ |
665,276 |
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$ |
665,741 |
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99.9 |
% |
First Lien Last Out Unitranche Debt |
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20,372 |
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20,347 |
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2.2 |
% |
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— |
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— |
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0.0 |
% |
Common Equity |
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400 |
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348 |
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0.0 |
% |
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400 |
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400 |
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0.1 |
% |
Total Investments |
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$ |
922,170 |
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$ |
922,418 |
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100.0 |
% |
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$ |
665,676 |
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$ |
666,141 |
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100.0 |
% |
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| Summary of Industry Composition of Investments at Fair Value |
The industry composition of investments at fair value was as follows:
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March 31, 2025 |
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December 31, 2024 |
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Fair Value |
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Percent of Total Investments at Fair Value |
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Fair Value |
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Percent of Total Investments at Fair Value |
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IT Services |
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$ |
163,688 |
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17.8 |
% |
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$ |
163,612 |
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24.5 |
% |
Health Care Technology |
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145,686 |
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15.9 |
% |
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128,697 |
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19.3 |
% |
Diversified Financial Services |
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98,171 |
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10.6 |
% |
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97,181 |
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14.6 |
% |
Software |
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79,676 |
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8.6 |
% |
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75,727 |
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11.4 |
% |
Multi-Utilities |
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62,081 |
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6.7 |
% |
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52,039 |
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7.8 |
% |
Aerospace & Defense |
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60,385 |
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6.5 |
% |
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- |
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- |
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Pharmaceuticals |
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43,538 |
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4.7 |
% |
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- |
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- |
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Insurance |
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39,061 |
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4.2 |
% |
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- |
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- |
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Semiconductors & Semiconductor Equipment |
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36,680 |
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4.0 |
% |
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37,077 |
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5.6 |
% |
Interactive Media & Services |
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36,483 |
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4.0 |
% |
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- |
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- |
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Diversified Consumer Services |
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36,114 |
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3.9 |
% |
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7,277 |
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1.1 |
% |
Professional Services |
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34,520 |
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3.7 |
% |
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32,184 |
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4.8 |
% |
Life Sciences Tools & Services |
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28,819 |
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3.1 |
% |
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|
16,167 |
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2.4 |
% |
Commercial Services & Supplies |
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22,076 |
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2.4 |
% |
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21,986 |
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3.3 |
% |
Real Estate Management & Development |
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13,675 |
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1.5 |
% |
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13,709 |
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2.1 |
% |
Health Care Equipment & Supplies |
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13,545 |
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1.5 |
% |
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12,335 |
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1.9 |
% |
Air Freight & Logistics |
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8,220 |
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0.9 |
% |
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8,150 |
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1.2 |
% |
Total |
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$ |
922,418 |
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100.0 |
% |
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$ |
666,141 |
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100.0 |
% |
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| Summary of Geographic Composition of Investments at Cost and Fair Value |
The geographic composition of investments at cost and fair value was as follows:
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March 31, 2025 |
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December 31, 2024 |
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Amortized Cost |
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Fair Value |
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Percent of Total Investments at Fair Value |
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Amortized Cost |
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Fair Value |
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Percent of Total Investments at Fair Value |
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United States |
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$ |
922,170 |
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$ |
922,418 |
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100.0 |
% |
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$ |
665,676 |
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$ |
666,141 |
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100.0 |
% |
Total |
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$ |
922,170 |
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$ |
922,418 |
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100.0 |
% |
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$ |
665,676 |
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$ |
666,141 |
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100.0 |
% |
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