v3.25.2
Investments
 6 Months Ended
Jun. 30, 2025
Schedule of Investments [Abstract]  
Investments Investments
The composition of the Company’s investment portfolio at cost and fair value was as follows:
June 30, 2025December 31, 2024
CostFair Value% of Total
Investments at
Fair Value		CostFair Value% of Total
Investments at
Fair Value
First lien debt$13,113,676 $13,015,201 98.2 %$12,959,332 $12,830,389 98.0 %
Second lien debt123,559 122,942 0.9 122,634 119,184 0.9 
Unsecured debt14,009 13,721 0.1 33,644 33,521 0.3 
Equity76,115 100,936 0.8 77,609 109,424 0.8 
Total$13,327,359 $13,252,800 100.0 %$13,193,219 $13,092,518 100.0 %
The industry composition of investments at fair value was as follows:
June 30, 2025December 31, 2024
Aerospace & Defense4.4 %4.4 %
Air Freight & Logistics2.1 3.0 
Auto Components (1)(2)
0.0 0.0 
Biotechnology0.1 — 
Building Products2.3 2.4 
Chemicals0.3 0.3 
Commercial Services & Supplies8.2 7.7 
Construction & Engineering0.8 0.8 
Consumer Staples Distribution & Retail (1)
0.0 — 
Containers & Packaging0.2 0.2 
Distributors3.0 3.1 
Diversified Consumer Services4.3 4.6 
Diversified Telecommunication Services1.0 1.0 
Electric Utilities1.0 1.1 
Electrical Equipment0.8 0.8 
Electronic Equipment, Instruments & Components2.0 1.9 
Energy Equipment & Services0.2 0.2 
Financial Services0.5 0.3 
Ground Transportation0.1 0.2 
Health Care Equipment & Supplies0.4 0.7 
Health Care Providers & Services9.6 9.2 
Health Care Technology5.2 5.0 
Insurance8.2 7.4 
Interactive Media & Services0.4 0.5 
Internet & Direct Marketing Retail— 2.4 
IT Services5.4 4.4 
Life Sciences Tools & Services0.9 0.6 
Machinery0.3 0.2 
Marine0.5 0.4 
Media0.6 0.4 
June 30, 2025December 31, 2024
Oil, Gas & Consumable Fuels0.6 %0.6 %
Paper & Forest Products
0.1 0.1 
Pharmaceuticals0.3 0.2 
Professional Services8.8 8.4 
Real Estate Management & Development1.2 1.1 
Software20.3 20.1 
Specialty Retail1.4 1.3 
Technology Hardware, Storage & Peripherals0.6 0.6 
Trading Companies & Distributors0.9 1.0 
Transportation Infrastructure2.8 3.4 
Wireless Telecommunication Services0.2 — 
Total100.0 %100.0 %
(1)Amount rounds to less than 0.1% as of June 30, 2025.
(2)Amount rounds to less than 0.1% as of December 31, 2024.
The geographic composition of investments at cost and fair value was as follows:
June 30, 2025
CostFair Value% of Total Investments at Fair ValueFair Value as % of Net Assets
United States$11,897,748 $11,768,803 88.8 %187.2 %
Europe1,161,035 1,210,929 9.2 19.2 
Bermuda/Cayman Islands148,911 149,748 1.1 2.4 
Canada119,027 122,667 0.9 2.0 
Asia638 653 0.0 0.0 
Total$13,327,359 $13,252,800 100.0 %210.8 %
December 31, 2024
CostFair Value% of Total Investments at Fair ValueFair Value as % of Net Assets
United States$11,663,322 $11,595,231 88.6 %190.8 %
Europe1,138,542 1,104,837 8.4 18.2 
Canada241,124 242,103 1.8 4.0 
Bermuda/Cayman Islands149,595 149,735 1.2 2.5 
Asia636 612 0.0 0.0 
Total$13,193,219 $13,092,518 100.0 %215.5 %
As of June 30, 2025 and December 31, 2024, four borrowers (across five loans) and four borrowers (five loans) in the portfolio were on non-accrual status, respectively.
As of June 30, 2025 and December 31, 2024, on a fair value basis, 99.8% and 99.8%, respectively, of performing debt investments bore interest at a floating rate and 0.2% and 0.2%, respectively, of performing debt investments bore interest at a fixed rate.