| Investments |
Note 4. Investments The composition of the Company’s investment portfolio at amortized cost and fair value as of December 31, 2025 and December 31, 2024 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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First lien debt |
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$ |
6,345,127 |
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$ |
6,345,143 |
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99.28 |
% |
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$ |
4,380,981 |
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$ |
4,375,355 |
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96.61 |
% |
Second lien debt |
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30,132 |
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30,116 |
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0.47 |
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89,589 |
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89,485 |
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1.98 |
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Subordinated debt |
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1,437 |
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1,481 |
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0.02 |
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990 |
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990 |
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0.02 |
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Equity and Other Investments |
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12,369 |
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14,314 |
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0.23 |
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63,397 |
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63,234 |
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1.39 |
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Total investments |
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$ |
6,389,065 |
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$ |
6,391,054 |
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100.00 |
% |
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$ |
4,534,957 |
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$ |
4,529,064 |
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100.00 |
% |
The industry composition of investments at fair value as of December 31, 2025 and December 31, 2024 was as follows:
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December 31, 2025 |
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December 31, 2024 |
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Aerospace & Defense |
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4.26 |
% |
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4.72 |
% |
Automotive |
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— |
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0.24 |
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Banking, Finance, Insurance & Real Estate |
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7.28 |
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6.82 |
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Beverage, Food & Tobacco |
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3.26 |
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0.46 |
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Capital Equipment |
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2.16 |
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3.23 |
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Chemicals, Plastics & Rubber |
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1.88 |
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1.50 |
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Construction & Building |
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7.94 |
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7.77 |
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Consumer Goods: Durable |
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— |
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1.98 |
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Consumer Goods: Non-durable |
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4.99 |
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6.90 |
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Containers, Packaging & Glass |
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1.43 |
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1.72 |
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Energy: Oil & Gas |
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— |
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0.05 |
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Environmental Industries |
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0.33 |
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0.40 |
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Healthcare & Pharmaceuticals |
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8.77 |
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6.53 |
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High Tech Industries |
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8.19 |
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4.66 |
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Hotel, Gaming & Leisure |
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13.97 |
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10.73 |
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Media: Advertising, Printing & Publishing |
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6.50 |
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2.60 |
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Media: Broadcasting & Subscription |
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0.05 |
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0.49 |
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Media: Diversified & Production |
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2.41 |
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1.68 |
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Retail |
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— |
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1.92 |
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Services: Business |
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15.35 |
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18.38 |
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Services: Consumer |
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7.70 |
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8.84 |
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Sovereign & Public Finance |
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— |
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1.11 |
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Telecommunications |
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2.17 |
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4.02 |
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Transportation: Cargo |
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1.01 |
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1.46 |
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Transportation: Consumer |
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— |
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1.29 |
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Wholesale |
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0.35 |
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0.50 |
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Total |
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100.00 |
% |
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100.00 |
% |
The geographic composition of investments at cost and fair value as of December 31, 2025 and December 31, 2024 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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$ |
5,686,259 |
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$ |
5,668,402 |
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88.69 |
% |
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172.90 |
% |
Luxembourg |
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74,981 |
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66,877 |
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1.05 |
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2.04 |
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United Kingdom |
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345,908 |
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353,014 |
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5.52 |
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10.77 |
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Switzerland |
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142,294 |
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161,779 |
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2.53 |
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4.93 |
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Ireland |
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90,861 |
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90,761 |
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1.42 |
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2.77 |
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Australia |
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48,762 |
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50,221 |
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0.79 |
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1.53 |
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Total |
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$ |
6,389,065 |
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$ |
6,391,054 |
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100.00 |
% |
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194.95 |
% |
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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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$ |
4,204,937 |
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$ |
4,209,632 |
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92.95 |
% |
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175.26 |
% |
Luxembourg |
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73,272 |
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69,901 |
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1.54 |
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2.91 |
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United Kingdom |
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256,748 |
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249,531 |
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5.51 |
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10.39 |
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Total |
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$ |
4,534,957 |
|
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$ |
4,529,064 |
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100.00 |
% |
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188.56 |
% |
As of both December 31, 2025 and December 31, 2024, one investment in the portfolio was on non-accrual status. As of December 31, 2025, on a fair value basis, approximately 99.2% of our performing debt investments bore interest at a floating rate and approximately 0.8% of our performing debt investments bore interest at a fixed rate. As of December 31, 2024, on a fair value basis, approximately 97.4% of our performing debt investments bore interest at a floating rate and approximately 2.6% of our performing debt investments bore interest at a fixed rate.
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