| INVESTMENTS |
The information in the tables below is presented on an aggregate portfolio basis, without regard to whether the investments are non-controlled, non-affiliated; non-controlled, affiliated; or controlled, affiliated investments. Detailed information with respect to the Company’s non-controlled, non-affiliated; non-controlled, affiliated; and controlled, affiliated investments is contained in the accompanying consolidated financial statements, including the Consolidated Schedules of Investments. The composition of the Company’s investment portfolio was as follows:
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December 31, 2025 |
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December 31, 2024 |
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Cost |
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Fair Value |
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% of Total
Investments
at Fair Value |
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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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$ |
571,796 |
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$ |
571,774 |
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99.7 |
% |
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$ |
267,555 |
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$ |
268,845 |
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99.6 |
% |
Other Debt Investments |
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715 |
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689 |
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0.1 |
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626 |
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630 |
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0.2 |
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Equity |
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1,075 |
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1,095 |
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0.2 |
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398 |
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413 |
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0.2 |
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Total |
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$ |
573,586 |
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$ |
573,558 |
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100.0 |
% |
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$ |
268,579 |
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$ |
269,888 |
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100.0 |
% |
The industry composition of investments at fair value was as follows:
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December 31,2025 |
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December 31, 2024 (1) |
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Aerospace & Defense |
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2.1 |
% |
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0.7 |
% |
Automobile Components |
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0.6 |
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0.7 |
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Automobiles |
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3.1 |
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2.8 |
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Banks |
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0.4 |
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— |
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Beverages |
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0.5 |
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— |
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Biotechnology |
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— |
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2.7 |
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Building Products |
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1.3 |
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2.5 |
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Chemicals |
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0.5 |
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1.1 |
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Commercial Services & Supplies |
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9.2 |
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10.6 |
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Construction & Engineering |
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1.9 |
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1.6 |
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Consumer Staples Distribution & Retail |
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1.0 |
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0.9 |
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Containers & Packaging |
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1.0 |
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0.8 |
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Distributors |
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— |
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1.1 |
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Diversified Consumer Services |
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4.8 |
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6.4 |
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Electrical Equipment |
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1.0 |
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0.3 |
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Electronic Equipment, Instruments & Components |
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2.9 |
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3.1 |
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Electric Utilities |
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— |
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0.3 |
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Entertainment |
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0.3 |
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— |
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Financial Services |
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4.0 |
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2.8 |
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Food Products |
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0.3 |
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— |
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Ground Transportation |
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1.8 |
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0.5 |
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Health Care Equipment & Supplies |
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1.7 |
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1.9 |
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Health Care Providers & Services |
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5.7 |
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3.8 |
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Health Care Technology |
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0.9 |
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2.1 |
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Household Durables |
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0.2 |
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— |
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Household Products |
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0.1 |
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0.3 |
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Industrial Conglomerates |
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1.5 |
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0.6 |
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Insurance Services |
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8.2 |
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8.5 |
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Interactive Media & Services |
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0.8 |
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— |
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IT Services |
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6.1 |
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4.9 |
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Leisure Products |
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0.2 |
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0.4 |
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Life Sciences Tools & Services |
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1.2 |
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2.5 |
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Machinery |
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1.0 |
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1.4 |
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Media |
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— |
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0.4 |
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Multi-Utilities |
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0.7 |
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1.1 |
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Pharmaceuticals |
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1.1 |
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— |
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Professional Services |
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9.0 |
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9.4 |
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Real Estate Management & Development |
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2.4 |
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2.5 |
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Software |
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19.6 |
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19.9 |
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Specialty Retail |
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0.1 |
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0.2 |
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Textiles, Apparel & Luxury Goods |
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0.3 |
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0.4 |
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Transportation Infrastructure |
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1.4 |
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0.2 |
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Wireless Telecommunication Services |
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1.1 |
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0.6 |
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Total |
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100.0 |
% |
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100.0 |
% |
(1)The Company reclassified certain industry groupings of its portfolio companies presented in the consolidated financial statements as of December 31, 2025 to align with the recently updated GICS, where applicable. These reclassifications had no impact on the prior period’s Consolidated Statement of Financial Condition. The geographic composition of investments at cost and fair value was as follows:
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December 31, 2025 |
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December 31, 2024 |
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Geographic |
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Cost |
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Fair Value |
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% of Total Investments at Fair Value |
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% of Total Net Assets at Fair Value |
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Cost |
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Fair Value |
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% of Total Investments at Fair Value |
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% of Total Net Assets at Fair Value |
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Canada |
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$ |
12,036 |
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$ |
12,088 |
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2.1 |
% |
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4.0 |
% |
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$ |
5,905 |
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$ |
5,960 |
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2.2 |
% |
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3.3 |
% |
United States |
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561,550 |
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561,470 |
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97.9 |
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186.5 |
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262,674 |
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263,928 |
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97.8 |
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147.7 |
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Total |
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$ |
573,586 |
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$ |
573,558 |
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100.0 |
% |
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190.5 |
% |
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$ |
268,579 |
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$ |
269,888 |
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100.0 |
% |
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151.0 |
% |
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