| Investments |
4. INVESTMENTS The following tables summarize the composition of the Company’s investment portfolio at cost and fair value (amounts in thousands):
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June 30, 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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$ |
958,910 |
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$ |
959,980 |
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|
97.9 |
% |
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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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|
20,391 |
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20,342 |
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2.1 |
% |
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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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|
372 |
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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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$ |
979,701 |
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$ |
980,694 |
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100.0 |
% |
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$ |
665,676 |
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$ |
666,141 |
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100.0 |
% |
The industry composition of investments at fair value was as follows:
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June 30, 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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$ |
163,613 |
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16.7 |
% |
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$ |
163,612 |
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24.5 |
% |
Health Care Technology |
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145,907 |
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14.9 |
% |
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|
128,697 |
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19.3 |
% |
Software |
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121,163 |
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12.4 |
% |
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|
75,727 |
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11.4 |
% |
Diversified Financial Services |
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|
99,393 |
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10.1 |
% |
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|
97,181 |
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14.6 |
% |
Multi-Utilities |
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|
65,857 |
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6.7 |
% |
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|
52,039 |
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7.8 |
% |
Aerospace & Defense |
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|
62,416 |
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6.4 |
% |
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- |
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- |
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Pharmaceuticals |
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43,538 |
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4.4 |
% |
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- |
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- |
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Diversified Consumer Services |
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40,418 |
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4.1 |
% |
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|
7,277 |
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1.1 |
% |
Insurance |
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38,958 |
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4.0 |
% |
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- |
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- |
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Professional Services |
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38,316 |
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3.9 |
% |
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32,184 |
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4.8 |
% |
Interactive Media & Services |
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36,483 |
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3.7 |
% |
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- |
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- |
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Semiconductors & Semiconductor Equipment |
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35,730 |
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3.6 |
% |
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|
37,077 |
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5.6 |
% |
Life Sciences Tools & Services |
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|
29,228 |
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3.0 |
% |
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|
16,167 |
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2.4 |
% |
Commercial Services & Supplies |
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|
22,455 |
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2.3 |
% |
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|
21,986 |
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3.3 |
% |
Health Care Equipment & Supplies |
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15,290 |
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1.6 |
% |
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|
12,335 |
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1.9 |
% |
Real Estate Management & Development |
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|
13,640 |
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1.4 |
% |
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|
13,709 |
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2.1 |
% |
Air Freight & Logistics |
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|
8,289 |
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0.8 |
% |
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|
8,150 |
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1.2 |
% |
Total |
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$ |
980,694 |
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|
100.0 |
% |
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$ |
666,141 |
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|
100.0 |
% |
The geographic composition of investments at cost and fair value was as follows:
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June 30, 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 |
|
United States |
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$ |
979,701 |
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$ |
980,694 |
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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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$ |
979,701 |
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$ |
980,694 |
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|
100.0 |
% |
|
$ |
665,676 |
|
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$ |
666,141 |
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|
100.0 |
% |
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