v3.25.4
INVESTMENTS (Tables)
12 Months Ended
Dec. 31, 2025
Schedule of Investments [Abstract]  
Schedule of Composition of the Company's Investment Portfolio

The composition of the Company’s investment portfolio was as follows:

 

 

 

December 31, 2025

 

 

December 31, 2024

 

 

 

Cost

 

 

Fair Value

 

 

% of Total
Investments
at Fair Value

 

 

Cost

 

 

Fair Value

 

 

% of Total
Investments
at Fair Value

 

First Lien Debt

 

$

571,796

 

 

$

571,774

 

 

 

99.7

%

 

$

267,555

 

 

$

268,845

 

 

 

99.6

%

Other Debt Investments

 

 

715

 

 

 

689

 

 

 

0.1

 

 

 

626

 

 

 

630

 

 

 

0.2

 

Equity

 

 

1,075

 

 

 

1,095

 

 

 

0.2

 

 

 

398

 

 

 

413

 

 

 

0.2

 

Total

 

$

573,586

 

 

$

573,558

 

 

 

100.0

%

 

$

268,579

 

 

$

269,888

 

 

 

100.0

%

 

Schedule of Industry Composition of Investments at Fair Value

The industry composition of investments at fair value was as follows:

 

 

 

December 31,2025

 

 

December 31, 2024 (1)

 

Aerospace & Defense

 

 

2.1

%

 

 

0.7

%

Automobile Components

 

 

0.6

 

 

 

0.7

 

Automobiles

 

 

3.1

 

 

 

2.8

 

Banks

 

 

0.4

 

 

 

 

Beverages

 

 

0.5

 

 

 

 

Biotechnology

 

 

 

 

 

2.7

 

Building Products

 

 

1.3

 

 

 

2.5

 

Chemicals

 

 

0.5

 

 

 

1.1

 

Commercial Services & Supplies

 

 

9.2

 

 

 

10.6

 

Construction & Engineering

 

 

1.9

 

 

 

1.6

 

Consumer Staples Distribution & Retail

 

 

1.0

 

 

 

0.9

 

Containers & Packaging

 

 

1.0

 

 

 

0.8

 

Distributors

 

 

 

 

 

1.1

 

Diversified Consumer Services

 

 

4.8

 

 

 

6.4

 

Electrical Equipment

 

 

1.0

 

 

 

0.3

 

Electronic Equipment, Instruments & Components

 

 

2.9

 

 

 

3.1

 

Electric Utilities

 

 

 

 

 

0.3

 

Entertainment

 

 

0.3

 

 

 

 

Financial Services

 

 

4.0

 

 

 

2.8

 

Food Products

 

 

0.3

 

 

 

 

Ground Transportation

 

 

1.8

 

 

 

0.5

 

Health Care Equipment & Supplies

 

 

1.7

 

 

 

1.9

 

Health Care Providers & Services

 

 

5.7

 

 

 

3.8

 

Health Care Technology

 

 

0.9

 

 

 

2.1

 

Household Durables

 

 

0.2

 

 

 

 

Household Products

 

 

0.1

 

 

 

0.3

 

Industrial Conglomerates

 

 

1.5

 

 

 

0.6

 

Insurance Services

 

 

8.2

 

 

 

8.5

 

Interactive Media & Services

 

 

0.8

 

 

 

 

IT Services

 

 

6.1

 

 

 

4.9

 

Leisure Products

 

 

0.2

 

 

 

0.4

 

Life Sciences Tools & Services

 

 

1.2

 

 

 

2.5

 

Machinery

 

 

1.0

 

 

 

1.4

 

Media

 

 

 

 

 

0.4

 

Multi-Utilities

 

 

0.7

 

 

 

1.1

 

Pharmaceuticals

 

 

1.1

 

 

 

 

Professional Services

 

 

9.0

 

 

 

9.4

 

Real Estate Management & Development

 

 

2.4

 

 

 

2.5

 

Software

 

 

19.6

 

 

 

19.9

 

Specialty Retail

 

 

0.1

 

 

 

0.2

 

Textiles, Apparel & Luxury Goods

 

 

0.3

 

 

 

0.4

 

Transportation Infrastructure

 

 

1.4

 

 

 

0.2

 

Wireless Telecommunication Services

 

 

1.1

 

 

 

0.6

 

Total

 

 

100.0

%

 

 

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.
Schedule of Geographic Composition of Investments at Cost and Fair Value

The geographic composition of investments at cost and fair value was as follows:

 

 

 

December 31, 2025

 

 

December 31, 2024

 

Geographic

 

Cost

 

 

Fair Value

 

 

% of Total Investments at Fair Value

 

 

% of Total Net Assets at Fair Value

 

 

Cost

 

 

Fair Value

 

 

% of Total Investments at Fair Value

 

 

% of Total Net Assets at Fair Value

 

Canada

 

$

12,036

 

 

$

12,088

 

 

 

2.1

%

 

 

4.0

%

 

$

5,905

 

 

$

5,960

 

 

 

2.2

%

 

 

3.3

%

United States

 

 

561,550

 

 

 

561,470

 

 

 

97.9

 

 

 

186.5

 

 

 

262,674

 

 

 

263,928

 

 

 

97.8

 

 

 

147.7

 

Total

 

$

573,586

 

 

$

573,558

 

 

 

100.0

%

 

 

190.5

%

 

$

268,579

 

 

$

269,888

 

 

 

100.0

%

 

 

151.0

%