Investments (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Investments, Debt and Equity Securities [Abstract] |
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| Schedule of Investment Company's Investment Portfolio |
The composition of the Company’s investment portfolio at amortized cost and fair value was as follows:
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December 31, 2025 |
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December 31, 2024 |
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Amortized Cost |
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Fair Value |
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% of Total Investments at Fair Value |
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Amortized Cost |
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Fair Value |
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% of Total Investments at Fair Value |
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Secured Debt |
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$ |
1,579,235 |
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$ |
1,576,308 |
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94.64 |
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% |
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$ |
845,082 |
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$ |
843,710 |
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99.45 |
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% |
Unsecured Debt |
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8,614 |
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8,617 |
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0.52 |
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713 |
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703 |
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0.08 |
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Equity Investments |
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23,032 |
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24,577 |
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1.48 |
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3,947 |
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3,947 |
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0.47 |
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Short-Term Investments (1) |
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56,001 |
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56,001 |
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3.36 |
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— |
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— |
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— |
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Total Investments |
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$ |
1,666,882 |
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$ |
1,665,503 |
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100.00 |
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% |
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$ |
849,742 |
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$ |
848,360 |
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100.00 |
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% |
(1)Beginning in the reporting period ended June 30, 2025, the Company has made a prospective presentation change to reclassify money market fund investments as short-term investments. As of December 31, 2024, the amortized cost and fair value of money market investments held by the Company was $39,527.
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| Schedule of composition of the investment at fair value |
The industry composition of the Company's non-controlled, non-affiliated investments (at fair value) was as follows:
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December 31, 2025 |
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December 31, 2024 |
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Software |
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15.03 |
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% |
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11.14 |
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% |
Commercial Services and Supplies |
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8.12 |
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9.76 |
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Financial Services |
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7.85 |
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4.39 |
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Diversified Consumer Services |
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6.61 |
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8.78 |
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Insurance |
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6.52 |
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7.32 |
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Healthcare Providers and Services |
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6.51 |
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5.54 |
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Professional Services |
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6.45 |
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9.40 |
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Health Care Technology |
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6.14 |
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4.44 |
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Containers and Packaging |
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4.18 |
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3.17 |
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IT Services |
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3.71 |
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4.23 |
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Chemicals |
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3.42 |
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2.23 |
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Pharmaceuticals |
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2.11 |
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1.77 |
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Healthcare Equipment and Supplies |
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2.08 |
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0.56 |
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Capital Markets |
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1.93 |
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2.99 |
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Distributors |
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1.84 |
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2.44 |
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Automobile Components |
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1.22 |
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2.26 |
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Construction & Engineering |
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1.04 |
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0.84 |
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Industrial Conglomerates |
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0.95 |
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0.96 |
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Food Products |
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0.91 |
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0.91 |
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Energy Equipment and Services |
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0.90 |
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1.35 |
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Machinery |
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0.84 |
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0.99 |
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Technology Hardware, Storage and Peripherals |
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0.78 |
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1.15 |
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Air Freight and Logistics |
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0.77 |
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0.66 |
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Construction Materials |
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0.75 |
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0.84 |
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Electronic Equipment, Instruments and Components |
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0.73 |
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1.33 |
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Gas Utilities |
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0.72 |
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— |
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Life Sciences Tools & Services |
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0.69 |
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0.94 |
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Electrical Equipment |
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0.68 |
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1.53 |
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Household Products |
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0.65 |
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0.33 |
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Real Estate Management and Development |
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0.64 |
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0.77 |
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Wireless Telecommunication Services |
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0.64 |
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0.31 |
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Textiles, Apparel and Luxury Goods |
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0.58 |
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0.25 |
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Diversified Telecommunication Services |
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0.57 |
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0.50 |
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Hotels, Restaurants and Leisure |
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0.55 |
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1.04 |
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Oil, Gas and Consumable Fuels |
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0.55 |
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1.30 |
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Aerospace and Defense |
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0.52 |
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0.43 |
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Specialty Retail |
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0.46 |
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0.02 |
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Media |
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0.38 |
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2.18 |
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Transportation Infrastructure |
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0.37 |
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0.25 |
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Trading Companies and Distributors |
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0.31 |
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0.30 |
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Building Products |
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0.20 |
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0.31 |
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Beverages |
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0.06 |
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— |
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Personal Care Products |
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0.02 |
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0.05 |
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Household Durables |
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0.01 |
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0.02 |
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Ground Transportation |
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0.01 |
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0.02 |
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Total |
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100.00 |
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% |
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100.00 |
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% |
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| Summary of Geographic Composition of Investments at Amortized Cost and Fair Value |
The geographic composition of the Company's non-controlled, non-affiliated investments (at amortized cost and fair value) was as follows:
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December 31, 2025 |
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Amortized Cost |
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Fair Value |
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% of Total Investments at Fair Value |
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Fair Value as % of Net Assets |
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United States |
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$ |
1,577,869 |
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$ |
1,576,036 |
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97.92 |
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% |
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214.99 |
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% |
Canada |
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33,012 |
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33,466 |
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2.08 |
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4.57 |
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Total |
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$ |
1,610,881 |
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$ |
1,609,502 |
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100.00 |
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% |
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219.56 |
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% |
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December 31, 2024 |
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Amortized Cost |
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Fair Value |
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% of Total Investments at Fair Value |
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Fair Value as % of Net Assets |
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United States |
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$ |
824,707 |
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$ |
823,915 |
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97.12 |
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% |
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129.25 |
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% |
Canada |
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17,851 |
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17,375 |
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2.05 |
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2.73 |
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United Kingdom |
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7,184 |
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7,070 |
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0.83 |
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1.11 |
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Total |
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$ |
849,742 |
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$ |
848,360 |
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100.00 |
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% |
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133.09 |
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% |
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