Investment Cost and Fair Value by Industry


	Cost (1)		Fair Value (1)
Business Services	$	483,935	$	484,215
Software	356,465		356,217
Financial Services & Technology	238,890		239,885
Healthcare	221,363		210,328
Consumer Services	79,607		79,612
Education	34,808		33,269
Distribution & Logistics	31,396		31,065
Packaging	25,052		23,653
Business Products	21,408		21,626
Consumer Products	16,243		16,243
Food & Beverage	9,707		9,698

Specialty Chemicals & Materials	6,267		6,287

Total investments	$	1,525,141	$	1,512,098

(1)During the year ended December 31, 2025, the Company updated its investment industry classification to better reflect the business mix of underlying portfolio companies. The Consolidated Schedule of Investments as of December 31, 2024, as well as the industry composition of investments as of December 31, 2024 has been updated to conform to the classifications used to prepare the consolidated financial statements as of and for the year ended December 31, 2025.

During the fourth quarter of 2025, the Company placed its first lien positions in DCA Investment Holding, LLC ("DCA") on non-accrual status. As of December 31, 2025, the Company's positions in DCA had an aggregate cost basis of $7,211, an aggregate fair value of $6,376 and total unearned income of $229 for the year then ended.


	Cost (1)		Fair Value (1)
Software	$	434,127	$	435,576
Business Services	376,770		374,000
Healthcare	235,811		230,525
Financial Services & Technology	204,730		205,693
Consumer Services	64,686		65,029
Distribution & Logistics	29,933		29,464
Food & Beverage	24,488		26,649
Education	24,798		24,784
Consumer Products	22,804		20,894
Packaging	18,322		18,436
Business Products	8,427		8,496
Specialty Chemicals & Materials	6,109		6,109
Total investments	$	1,451,005	$	1,445,655

During the fourth quarter of 2024, the Company placed its first lien positions in KWOR Acquisition, Inc. ("KWOR") on non-accrual status. As of December 31, 2024, the Company's first lien position in KWOR had an aggregate cost basis of $20,161, an aggregate fair value of $16,387 and total unearned interest income of $1,366 for the year then ended.

Investment Risk Factors—First and second lien debt that the Company invests in is almost entirely rated below investment grade or may be unrated. Debt investments rated below investment grade are often referred to as "leveraged loans", "high yield" or "junk" debt investments, and may be considered "high risk" compared to debt investments that are rated investment grade. These debt investments are considered speculative because of the credit risk of the issuers. Such issuers are considered more likely than investment grade issuers to default on their payments of interest and principal, and such risk of default could reduce the net asset value and income distributions of the Company. In addition, some of the Company's debt investments will not fully amortize during their lifetime, which could result in a loss or a substantial amount of unpaid principal and interest due upon maturity. First and second lien debt may also lose significant market value before a default occurs. Furthermore, an active trading market may not exist for these securities. This illiquidity may make it more difficult to value the investments.

Subordinated debt is generally subject to similar risks as those associated with first and second lien debt, except that such debt is subordinated in payment and/or lower in lien priority. Subordinated debt is subject to the additional risk that the cash flow of the borrower and the property securing the debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured and unsecured obligations of the borrower.

The Company invests a significant portion of its portfolio in unitranche loans, which combine both senior and subordinated debt, generally in a first-lien position. Such loans have risks similar to the risks associated with secured debt and subordinated debt according to the combination of loan characteristics of the unitranche loan. Unitranche loans typically allow a borrower to make a lump sum payment of the principal at the end of the loan term. If the borrower is unable to pay the lump sum, or refinance the amount owed at maturity, the Company may lose the value of its investment. The Company will be subject to heightened risk similar to the risks of subordinated or second lien loans described above to the extent the Company invests in the "last out" tranche of a unitranche loan. The Company generally does not hold any last-out positions.

The Company may directly invest in the equity of private companies or, in some cases, equity investments could be made in connection with a debt investment. Equity investments may or may not fluctuate in value, resulting in recognized realized gains or losses upon disposition.