| Summary of the Composition of Investment |
The composition of the Company’s investment portfolio at amortized cost and fair value was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2025 |
|
|
December 31, 2024 |
|
|
|
Amortized Cost |
|
|
Fair Value |
|
|
% of Total
Investments at
Fair Value |
|
|
Amortized Cost |
|
|
Fair Value |
|
|
% of Total
Investments at
Fair Value |
|
First lien debt |
|
$ |
1,442,471 |
|
|
$ |
1,460,117 |
|
|
|
94.52 |
% |
|
$ |
1,122,966 |
|
|
$ |
1,132,256 |
|
|
|
93.08 |
% |
Common equity |
|
|
7,500 |
|
|
|
7,742 |
|
|
|
0.50 |
|
|
|
7,500 |
|
|
|
7,500 |
|
|
|
0.62 |
|
Preferred equity |
|
|
76,676 |
|
|
|
76,855 |
|
|
|
4.98 |
|
|
|
76,676 |
|
|
|
76,687 |
|
|
|
6.30 |
|
Total |
|
$ |
1,526,647 |
|
|
$ |
1,544,714 |
|
|
|
100.00 |
% |
|
$ |
1,207,142 |
|
|
$ |
1,216,443 |
|
|
|
100.00 |
% |
The industry composition of investments at fair value was as follows:
|
|
|
|
|
|
|
|
|
|
March 31, 2025 |
|
December 31, 2024 |
|
Automobiles |
|
|
1.95 |
% |
|
2.47 |
% |
Chemicals |
|
|
2.37 |
|
|
— |
|
Commercial Services & Supplies |
|
|
10.15 |
|
|
12.03 |
|
Construction & Engineering |
|
|
2.53 |
|
|
2.91 |
|
Diversified Consumer Services |
|
|
3.01 |
|
|
3.57 |
|
Diversified Telecommunication Services |
|
|
2.11 |
|
|
1.97 |
|
Electrical Equipment |
|
|
1.47 |
|
|
1.87 |
|
Energy Equipment & Services |
|
|
2.13 |
|
|
2.64 |
|
Financial Services |
|
|
3.40 |
|
|
4.35 |
|
Health Care Equipment & Supplies |
|
|
7.48 |
|
|
4.06 |
|
Health Care Providers & Services |
|
|
10.21 |
|
|
8.85 |
|
Health Care Technology |
|
|
— |
|
|
0.92 |
|
Hotels, Restaurants & Leisure |
|
|
4.57 |
|
|
5.62 |
|
Insurance |
|
|
10.86 |
|
|
13.39 |
|
Interactive Media & Services |
|
|
11.06 |
|
|
4.24 |
|
Media |
|
|
1.74 |
|
|
2.18 |
|
Personal Care Products |
|
|
3.36 |
|
|
4.23 |
|
Professional Services |
|
|
10.69 |
|
|
13.29 |
|
Software |
|
|
10.91 |
|
|
11.41 |
|
Total |
|
|
100.00 |
% |
|
100.00 |
% |
The geographic composition of investments at amortized cost and fair value was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2025 |
|
|
|
Amortized Cost |
|
|
Fair Value |
|
|
% of Total
Investments at
Fair Value |
|
Germany |
|
$ |
42,413 |
|
|
$ |
44,279 |
|
|
|
2.87 |
% |
United States |
|
|
1,484,234 |
|
|
|
1,500,435 |
|
|
|
97.13 |
|
Total |
|
$ |
1,526,647 |
|
|
$ |
1,544,714 |
|
|
|
100.00 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2024 |
|
|
|
Amortized Cost |
|
|
Fair Value |
|
|
% of Total
Investments at
Fair Value |
|
Germany |
|
$ |
42,487 |
|
|
$ |
42,897 |
|
|
|
3.53 |
% |
United States |
|
|
1,164,655 |
|
|
|
1,173,546 |
|
|
|
96.47 |
|
Total |
|
$ |
1,207,142 |
|
|
$ |
1,216,443 |
|
|
|
100.00 |
% |
|