| Investments |
4. INVESTMENTS The Company’s investments (excluding investments in money market funds, if any) consisted of the following:
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December 31, 2025 |
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December 31, 2024 |
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Investment Type |
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Cost |
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Fair Value |
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Cost |
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Fair Value |
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1st Lien/Senior Secured Debt |
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$ |
1,514,118 |
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$ |
1,468,487 |
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$ |
2,032,863 |
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$ |
1,992,547 |
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1st Lien/Last-Out Unitranche |
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30,821 |
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29,474 |
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22,830 |
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22,642 |
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2nd Lien/Senior Secured Debt |
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3,789 |
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2,526 |
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3,789 |
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3,587 |
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Unsecured Debt |
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6,558 |
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6,654 |
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15,031 |
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14,969 |
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Preferred Stock |
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16,005 |
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23,007 |
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25,315 |
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34,482 |
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Common Stock |
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23,521 |
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3,974 |
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22,916 |
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18,475 |
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Warrants |
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1,666 |
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223 |
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1,666 |
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379 |
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Total investments |
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$ |
1,596,478 |
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$ |
1,534,345 |
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$ |
2,124,410 |
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$ |
2,087,081 |
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The Company uses the Global Industry Classification Standard (“GICS”) for classifying the industry groupings of its investments. The industry composition of the Company’s investments as a percentage of fair value and net assets was as follows:
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December 31, 2025 |
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December 31, 2024 |
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Industry |
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Fair Value |
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Net Assets |
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Fair Value |
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Net Assets |
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Health Care Providers & Services |
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17.3 |
% |
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27.9 |
% |
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18.1 |
% |
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34.5 |
% |
Software |
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14.8 |
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23.9 |
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18.4 |
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35.0 |
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Professional Services |
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11.5 |
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18.5 |
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11.9 |
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22.6 |
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Diversified Consumer Services |
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9.3 |
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15.1 |
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7.7 |
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14.6 |
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Financial Services |
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8.9 |
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14.4 |
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6.8 |
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12.9 |
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Real Estate Mgmt. & Development |
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8.6 |
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13.9 |
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7.1 |
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13.4 |
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Health Care Technology |
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7.3 |
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11.7 |
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10.2 |
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19.4 |
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Commercial Services & Supplies |
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4.1 |
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6.6 |
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3.0 |
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5.6 |
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Health Care Equipment & Supplies |
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3.2 |
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5.1 |
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2.4 |
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4.6 |
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Independent Power and Renewable Electricity Producers |
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2.8 |
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4.5 |
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1.9 |
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3.7 |
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Construction & Engineering |
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2.6 |
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4.2 |
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1.4 |
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2.7 |
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Entertainment |
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2.6 |
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4.1 |
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2.0 |
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3.8 |
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Trading Companies & Distributors |
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2.0 |
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3.2 |
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1.5 |
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2.8 |
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Specialty Retail |
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1.6 |
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2.6 |
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1.0 |
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1.9 |
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Broadline Retail |
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1.1 |
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1.9 |
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0.8 |
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1.5 |
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Pharmaceuticals |
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1.0 |
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1.6 |
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0.7 |
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1.4 |
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IT Services |
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0.9 |
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1.5 |
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2.5 |
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4.7 |
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Chemicals |
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0.4 |
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0.7 |
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1.0 |
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1.9 |
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Hotels, Restaurants & Leisure |
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— |
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— |
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1.6 |
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3.0 |
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Total |
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100.0 |
% |
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161.4 |
% |
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100.0 |
% |
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190.0 |
% |
The geographic composition of the Company’s investments at fair value was as follows:
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Geographic |
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December 31, 2025 |
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December 31, 2024 |
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United States |
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97.1 |
% |
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97.9 |
% |
Canada |
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2.0 |
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1.5 |
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United Kingdom |
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0.9 |
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0.6 |
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Total |
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100.0 |
% |
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100.0 |
% |
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