4. INVESTMENTS The Company’s investments (excluding investments in money market funds, if any) consisted of the following:
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As of |
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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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$ |
432,148 |
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$ |
431,488 |
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$ |
34,111 |
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$ |
34,104 |
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Total |
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$ |
432,148 |
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$ |
431,488 |
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$ |
34,111 |
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$ |
34,104 |
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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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As of |
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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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Software |
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19.5 |
% |
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41.1 |
% |
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— |
% |
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— |
% |
Commercial Services & Supplies |
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17.2 |
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36.3 |
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— |
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— |
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Financial Services |
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11.9 |
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24.9 |
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— |
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— |
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Health Care Technology |
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8.2 |
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17.2 |
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— |
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— |
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Diversified Consumer Services |
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7.4 |
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15.6 |
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— |
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— |
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Health Care Providers & Services |
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5.9 |
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12.4 |
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— |
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— |
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IT Services |
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5.6 |
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11.8 |
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45.2 |
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24.7 |
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Food Products |
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4.6 |
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9.7 |
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21.7 |
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11.9 |
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Machinery |
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4.5 |
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9.5 |
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33.1 |
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18.1 |
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Air Freight & Logistics |
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3.7 |
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7.7 |
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— |
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— |
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Professional Services |
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3.6 |
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7.7 |
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— |
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— |
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Textiles, Apparel & Luxury Goods |
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2.8 |
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5.8 |
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— |
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— |
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Wireless Telecommunication Services |
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1.4 |
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2.9 |
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— |
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— |
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Aerospace & Defense |
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1.3 |
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2.7 |
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— |
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— |
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Household Products |
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1.2 |
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2.6 |
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— |
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— |
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Trading Companies & Distributors |
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1.2 |
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2.5 |
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— |
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— |
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Total |
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100.0 |
% |
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210.4 |
% |
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100.0 |
% |
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|
54.7 |
% |
The geographic composition of the Company’s investments at fair value was as follows:
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As of |
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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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100.0 |
% |
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100.0 |
% |
Total |
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100.0 |
% |
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100.0 |
% |
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