| Investments |
Note 4. Investments The composition of the Company’s investment portfolio at amortized 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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% of Total
Investments at
Fair Value |
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Amortized Cost |
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Fair Value |
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% of Total
Investments at
Fair Value |
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First lien debt |
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$ |
1,564,612 |
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$ |
1,581,741 |
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94.27 |
% |
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$ |
1,122,966 |
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$ |
1,132,256 |
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93.08 |
% |
Common equity |
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15,987 |
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17,607 |
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1.05 |
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7,500 |
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7,500 |
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0.62 |
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Preferred equity |
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78,005 |
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78,575 |
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4.68 |
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76,676 |
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76,687 |
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6.30 |
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Total |
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$ |
1,658,604 |
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$ |
1,677,923 |
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100.00 |
% |
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$ |
1,207,142 |
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$ |
1,216,443 |
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100.00 |
% |
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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Automobiles |
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1.79 |
% |
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2.47 |
% |
Chemicals |
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2.16 |
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— |
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Commercial Services & Supplies |
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10.16 |
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12.03 |
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Construction & Engineering |
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2.46 |
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2.91 |
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Diversified Consumer Services |
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2.88 |
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3.57 |
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Diversified Telecommunication Services |
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1.37 |
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1.97 |
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Electrical Equipment |
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1.37 |
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1.87 |
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Energy Equipment & Services |
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1.97 |
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2.64 |
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Financial Services |
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3.15 |
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4.35 |
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Health Care Equipment & Supplies |
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6.95 |
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4.06 |
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Health Care Providers & Services |
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9.56 |
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8.85 |
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Health Care Technology |
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— |
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0.92 |
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Hotels, Restaurants & Leisure |
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8.09 |
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5.62 |
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Insurance |
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10.44 |
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13.39 |
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Interactive Media & Services |
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8.69 |
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4.24 |
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Media |
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1.59 |
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2.18 |
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Personal Care Products |
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3.13 |
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4.23 |
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Professional Services |
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10.34 |
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13.29 |
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Software |
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11.85 |
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11.41 |
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Trading Companies & Distributors |
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2.05 |
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— |
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Total |
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100.00 |
% |
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100.00 |
% |
The geographic composition of investments at amortized cost and fair value was as follows:
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June 30, 2025 |
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Amortized Cost |
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Fair Value |
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% of Total
Investments at
Fair Value |
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Germany |
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$ |
42,339 |
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$ |
44,169 |
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2.63 |
% |
United States |
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1,616,265 |
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1,633,754 |
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97.37 |
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Total |
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$ |
1,658,604 |
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$ |
1,677,923 |
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100.00 |
% |
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December 31, 2024 |
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Amortized Cost |
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Fair Value |
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% of Total
Investments at
Fair Value |
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Germany |
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$ |
42,487 |
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$ |
42,897 |
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3.53 |
% |
United States |
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1,164,655 |
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1,173,546 |
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96.47 |
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Total |
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$ |
1,207,142 |
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$ |
1,216,443 |
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100.00 |
% |
As of June 30, 2025 and December 31, 2024, no loans in the portfolio were on non-accrual status. As of June 30, 2025 and December 31, 2024, on a fair value basis, 98.1% and 97.3%, respectively, of our performing debt investments bore interest at a floating rate and 1.9% and 2.7%, respectively, of our performing debt investments bore interest at a fixed rate.
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