| Schedule of Investment Portfolio at Amortized Cost and Fair Value |
The following table shows the composition of the investment portfolio, at amortized cost and fair value as of December 31, 2025 (with corresponding percentage of total portfolio investments):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2025 |
|
|
|
|
|
Amortized Cost |
|
Percentage of
Total Portfolio |
|
|
|
Fair Value |
|
Percentage of
Total Portfolio |
|
|
First Lien Senior Secured Loan |
|
$ |
|
1,464,929 |
|
|
88.0 |
|
% |
$ |
|
1,467,754 |
|
|
87.3 |
|
% |
Second Lien Senior Secured Loan |
|
|
|
18,757 |
|
|
1.1 |
|
|
|
|
18,749 |
|
|
1.1 |
|
|
Subordinated Debt |
|
|
|
103,042 |
|
|
6.2 |
|
|
|
|
103,961 |
|
|
6.2 |
|
|
Preferred Equity |
|
|
|
22,927 |
|
|
1.4 |
|
|
|
|
24,362 |
|
|
1.4 |
|
|
Equity Interest |
|
|
|
28,187 |
|
|
1.7 |
|
|
|
|
37,894 |
|
|
2.3 |
|
|
Warrants |
|
|
|
— |
|
|
— |
|
|
|
|
1,233 |
|
|
0.1 |
|
|
Subordinated Notes in Investment Vehicles (1) |
|
|
|
20,240 |
|
|
1.2 |
|
|
|
|
20,240 |
|
|
1.2 |
|
|
Preferred Equity Interest in Investment Vehicles (1) |
|
|
|
10 |
|
|
0.0 |
|
|
|
|
87 |
|
|
0.0 |
|
|
Equity Interests in Investment Vehicles (1) |
|
|
|
6,900 |
|
|
0.4 |
|
|
|
|
6,978 |
|
|
0.4 |
|
|
Total |
|
$ |
|
1,664,992 |
|
|
100.0 |
|
% |
$ |
|
1,681,258 |
|
|
100.0 |
|
% |
(1) Represents debt and equity investment in SLP II. The following table shows the composition of the investment portfolio, at amortized cost and fair value as of December 31, 2024 (with corresponding percentage of total portfolio investments):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2024 |
|
|
|
|
|
Amortized Cost |
|
Percentage of
Total Portfolio |
|
|
|
Fair Value |
|
Percentage of
Total Portfolio |
|
|
First Lien Senior Secured Loan |
|
$ |
|
687,623 |
|
|
95.9 |
|
% |
$ |
|
685,846 |
|
|
95.7 |
|
% |
Preferred Equity |
|
|
|
14,360 |
|
|
2.0 |
|
|
|
|
14,694 |
|
|
2.0 |
|
|
Equity Interest |
|
|
|
9,529 |
|
|
1.3 |
|
|
|
|
10,984 |
|
|
1.5 |
|
|
Subordinated Debt |
|
|
|
5,399 |
|
|
0.8 |
|
|
|
|
5,147 |
|
|
0.7 |
|
|
Warrants |
|
|
— |
|
— |
|
|
|
|
628 |
|
|
0.1 |
|
|
Total |
|
$ |
|
716,911 |
|
|
100.0 |
|
% |
$ |
|
717,299 |
|
|
100.0 |
|
% |
|
| Schedule of Investment by Geographic Region |
The following table shows the composition of the investment portfolio by geographic region, at amortized cost and fair value as of December 31, 2025 (with corresponding percentage of total portfolio investments):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2025 |
|
|
|
|
|
Amortized Cost |
|
Percentage of
Total Portfolio |
|
|
|
Fair Value |
|
Percentage of
Total Portfolio |
|
|
USA |
|
$ |
|
1,495,779 |
|
|
89.9 |
|
% |
$ |
|
1,506,911 |
|
|
89.7 |
|
% |
United Kingdom |
|
|
|
79,946 |
|
|
4.8 |
|
|
|
|
80,952 |
|
|
4.8 |
|
|
Germany |
|
|
|
17,872 |
|
|
1.1 |
|
|
|
|
18,545 |
|
|
1.1 |
|
|
Canada |
|
|
|
17,243 |
|
|
1.0 |
|
|
|
|
17,335 |
|
|
1.0 |
|
|
Luxembourg |
|
|
|
10,770 |
|
|
0.6 |
|
|
|
|
11,550 |
|
|
0.7 |
|
|
Jersey |
|
|
|
10,995 |
|
|
0.7 |
|
|
|
|
11,187 |
|
|
0.7 |
|
|
France |
|
|
|
6,585 |
|
|
0.4 |
|
|
|
|
6,829 |
|
|
0.4 |
|
|
Italy |
|
|
|
6,111 |
|
|
0.4 |
|
|
|
|
6,716 |
|
|
0.4 |
|
|
Belgium |
|
|
|
5,958 |
|
|
0.4 |
|
|
|
|
6,528 |
|
|
0.4 |
|
|
Ireland |
|
|
|
4,837 |
|
|
0.3 |
|
|
|
|
5,535 |
|
|
0.3 |
|
|
Australia |
|
|
|
4,117 |
|
|
0.2 |
|
|
|
|
4,248 |
|
|
0.3 |
|
|
Guernsey |
|
|
|
2,174 |
|
|
0.1 |
|
|
|
|
2,207 |
|
|
0.1 |
|
|
Netherlands |
|
|
|
1,887 |
|
|
0.1 |
|
|
|
|
2,039 |
|
|
0.1 |
|
|
New Zealand |
|
|
|
718 |
|
|
0.0 |
|
|
|
|
676 |
|
|
0.0 |
|
|
Total |
|
$ |
|
1,664,992 |
|
|
100.0 |
|
% |
$ |
|
1,681,258 |
|
|
100.0 |
|
% |
The following table shows the composition of the investment portfolio by geographic region, at amortized cost and fair value as of December 31, 2024 (with corresponding percentage of total portfolio investments):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2024 |
|
|
|
|
|
Amortized Cost |
|
Percentage of
Total Portfolio |
|
|
|
Fair Value |
|
Percentage of
Total Portfolio |
|
|
USA |
|
$ |
|
641,360 |
|
|
89.4 |
|
% |
$ |
|
644,060 |
|
|
89.7 |
|
% |
United Kingdom |
|
|
|
42,061 |
|
|
5.9 |
|
|
|
|
40,976 |
|
|
5.7 |
|
|
Germany |
|
|
|
15,618 |
|
|
2.2 |
|
|
|
|
15,121 |
|
|
2.1 |
|
|
Italy |
|
|
|
5,348 |
|
|
0.7 |
|
|
|
|
5,102 |
|
|
0.7 |
|
|
Ireland |
|
|
|
4,839 |
|
|
0.7 |
|
|
|
|
4,774 |
|
|
0.7 |
|
|
Luxembourg |
|
|
|
4,122 |
|
|
0.6 |
|
|
|
|
3,980 |
|
|
0.6 |
|
|
Netherlands |
|
|
|
1,626 |
|
|
0.2 |
|
|
|
|
1,511 |
|
|
0.2 |
|
|
Belgium |
|
|
|
1,232 |
|
|
0.2 |
|
|
|
|
1,143 |
|
|
0.2 |
|
|
New Zealand |
|
|
|
705 |
|
|
0.1 |
|
|
|
|
632 |
|
|
0.1 |
|
|
Total |
|
$ |
|
716,911 |
|
|
100.0 |
|
% |
$ |
|
717,299 |
|
|
100.0 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Schedule of Investment by Industry |
The following table shows the composition of the investment portfolio by industry, at amortized cost and fair value as of December 31, 2025 (with corresponding percentage of total portfolio investments):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2025 |
|
|
|
|
|
Amortized Cost |
|
Percentage of
Total Portfolio |
|
|
|
Fair Value |
|
Percentage of
Total Portfolio |
|
|
Healthcare & Pharmaceuticals |
|
$ |
|
257,286 |
|
|
15.4 |
|
% |
$ |
|
258,539 |
|
|
15.3 |
|
% |
Services: Business |
|
|
|
190,261 |
|
|
11.4 |
|
|
|
|
193,995 |
|
|
11.5 |
|
|
High Tech Industries |
|
|
|
183,877 |
|
|
11.0 |
|
|
|
|
192,933 |
|
|
11.4 |
|
|
Services: Consumer |
|
|
|
114,846 |
|
|
6.9 |
|
|
|
|
114,416 |
|
|
6.8 |
|
|
Aerospace & Defense |
|
|
|
105,993 |
|
|
6.4 |
|
|
|
|
106,963 |
|
|
6.4 |
|
|
Beverage, Food & Tobacco |
|
|
|
89,097 |
|
|
5.4 |
|
|
|
|
91,293 |
|
|
5.4 |
|
|
FIRE: Finance (1) |
|
|
|
85,078 |
|
|
5.1 |
|
|
|
|
87,455 |
|
|
5.2 |
|
|
Consumer Goods: Non-Durable |
|
|
|
64,071 |
|
|
3.8 |
|
|
|
|
64,164 |
|
|
3.8 |
|
|
Metals & Mining |
|
|
|
52,405 |
|
|
3.1 |
|
|
|
|
52,308 |
|
|
3.1 |
|
|
Hotel, Gaming & Leisure |
|
|
|
49,072 |
|
|
2.9 |
|
|
|
|
49,720 |
|
|
3.0 |
|
|
Wholesale |
|
|
|
51,560 |
|
|
3.1 |
|
|
|
|
47,251 |
|
|
2.8 |
|
|
Capital Equipment |
|
|
|
46,134 |
|
|
2.8 |
|
|
|
|
46,460 |
|
|
2.8 |
|
|
Construction & Building |
|
|
|
42,950 |
|
|
2.6 |
|
|
|
|
43,003 |
|
|
2.6 |
|
|
Chemicals, Plastics & Rubber |
|
|
|
40,818 |
|
|
2.5 |
|
|
|
|
39,978 |
|
|
2.4 |
|
|
Containers, Packaging & Glass |
|
|
|
37,656 |
|
|
2.3 |
|
|
|
|
37,920 |
|
|
2.3 |
|
|
Utilities: Electric |
|
|
|
33,527 |
|
|
2.0 |
|
|
|
|
33,499 |
|
|
2.0 |
|
|
Environmental Industries |
|
|
|
32,688 |
|
|
2.0 |
|
|
|
|
33,248 |
|
|
2.0 |
|
|
FIRE: Insurance (1) |
|
|
|
29,585 |
|
|
1.8 |
|
|
|
|
29,827 |
|
|
1.8 |
|
|
Transportation: Cargo |
|
|
|
29,808 |
|
|
1.8 |
|
|
|
|
29,569 |
|
|
1.8 |
|
|
Investment Vehicles (2) |
|
|
|
27,150 |
|
|
1.6 |
|
|
|
|
27,305 |
|
|
1.6 |
|
|
Automotive |
|
|
|
23,779 |
|
|
1.4 |
|
|
|
|
23,783 |
|
|
1.4 |
|
|
Telecommunications |
|
|
|
23,731 |
|
|
1.4 |
|
|
|
|
23,739 |
|
|
1.4 |
|
|
Consumer Goods: Durable |
|
|
|
18,691 |
|
|
1.1 |
|
|
|
|
18,780 |
|
|
1.1 |
|
|
Media: Advertising, Printing & Publishing |
|
|
|
17,514 |
|
|
1.1 |
|
|
|
|
17,223 |
|
|
1.0 |
|
|
Utilities: Water |
|
|
|
12,606 |
|
|
0.8 |
|
|
|
|
12,700 |
|
|
0.8 |
|
|
Retail |
|
|
|
4,809 |
|
|
0.3 |
|
|
|
|
5,187 |
|
|
0.3 |
|
|
Total |
|
$ |
|
1,664,992 |
|
|
100.0 |
|
% |
$ |
|
1,681,258 |
|
|
100.0 |
|
% |
(1)Finance, Insurance, and Real Estate (“FIRE”). (2)Represents debt and equity investment in SLP II. The following table shows the composition of the investment portfolio by industry, at amortized cost and fair value as of December 31, 2024 (with corresponding percentage of total portfolio investments):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2024 |
|
|
|
|
|
Amortized Cost |
|
Percentage of
Total Portfolio |
|
|
|
Fair Value |
|
Percentage of
Total Portfolio |
|
|
Services: Business |
|
$ |
|
108,936 |
|
|
15.3 |
|
% |
$ |
|
108,807 |
|
|
15.1 |
|
% |
Healthcare & Pharmaceuticals |
|
|
|
100,642 |
|
|
14.0 |
|
|
|
|
100,803 |
|
|
14.0 |
|
|
High Tech Industries |
|
|
|
84,472 |
|
|
11.8 |
|
|
|
|
85,545 |
|
|
11.9 |
|
|
Hotel, Gaming & Leisure |
|
|
|
69,425 |
|
|
9.7 |
|
|
|
|
70,016 |
|
|
9.8 |
|
|
Aerospace & Defense |
|
|
|
46,012 |
|
|
6.4 |
|
|
|
|
46,349 |
|
|
6.5 |
|
|
Consumer Goods: Non-durable |
|
|
|
37,942 |
|
|
5.3 |
|
|
|
|
38,180 |
|
|
5.3 |
|
|
FIRE: Finance(1) |
|
|
|
28,037 |
|
|
3.9 |
|
|
|
|
28,413 |
|
|
4.0 |
|
|
Wholesale |
|
|
|
28,449 |
|
|
4.0 |
|
|
|
|
25,901 |
|
|
3.6 |
|
|
FIRE: Insurance(1) |
|
|
|
23,597 |
|
|
3.3 |
|
|
|
|
23,621 |
|
|
3.3 |
|
|
Chemicals, Plastics & Rubber |
|
|
|
21,759 |
|
|
3.0 |
|
|
|
|
21,505 |
|
|
3.0 |
|
|
Construction & Building |
|
|
|
19,553 |
|
|
2.7 |
|
|
|
|
19,678 |
|
|
2.7 |
|
|
Automotive |
|
|
|
18,381 |
|
|
2.6 |
|
|
|
|
18,476 |
|
|
2.6 |
|
|
Transportation: Cargo |
|
|
|
17,225 |
|
|
2.4 |
|
|
|
|
17,322 |
|
|
2.4 |
|
|
Capital Equipment |
|
|
|
15,231 |
|
|
2.1 |
|
|
|
|
15,461 |
|
|
2.2 |
|
|
Media: Advertising, Printing & Publishing |
|
|
|
15,964 |
|
|
2.2 |
|
|
|
|
14,976 |
|
|
2.1 |
|
|
Beverage, Food & Tobacco |
|
|
|
14,309 |
|
|
2.0 |
|
|
|
|
14,429 |
|
|
2.0 |
|
|
Banking, Finance, Insurance & Real Estate |
|
|
|
13,048 |
|
|
1.8 |
|
|
|
|
13,665 |
|
|
1.9 |
|
|
Containers, Packaging & Glass |
|
|
|
10,306 |
|
|
1.4 |
|
|
|
|
10,597 |
|
|
1.5 |
|
|
Environmental Industries |
|
|
|
9,384 |
|
|
1.3 |
|
|
|
|
9,227 |
|
|
1.3 |
|
|
Consumer Goods: Durable |
|
|
|
8,369 |
|
|
1.2 |
|
|
|
|
8,369 |
|
|
1.2 |
|
|
Utilities: Water |
|
|
|
7,717 |
|
|
1.1 |
|
|
|
|
7,806 |
|
|
1.1 |
|
|
Services: Consumer |
|
|
|
7,294 |
|
|
1.0 |
|
|
|
|
7,336 |
|
|
1.0 |
|
|
Retail |
|
|
|
6,028 |
|
|
0.8 |
|
|
|
|
5,927 |
|
|
0.8 |
|
|
Media: Diversified & Production |
|
|
|
2,928 |
|
|
0.4 |
|
|
|
|
2,971 |
|
|
0.4 |
|
|
Forest Products & Paper |
|
|
|
1,903 |
|
|
0.3 |
|
|
|
|
1,919 |
|
|
0.3 |
|
|
Total |
|
$ |
|
716,911 |
|
|
100.0 |
|
% |
$ |
|
717,299 |
|
|
100.0 |
|
% |
(1)Finance, Insurance, and Real Estate (“FIRE”).
|