In accordance with the provisions of the 1940 Act, the Company classifies investments by level of control. The 1940 Act classifies investments based on the level of control that the Company maintains in a particular portfolio company. As defined in the 1940 Act, a company is generally presumed to be “non-controlled” when the Company owns 25% or less of the portfolio company’s voting securities and “controlled” when the Company owns more than 25% of the portfolio company’s voting securities and/or has the power to exercise control over the management or policies of such portfolio company. The 1940 Act also classifies investments further based on the level of ownership that the Company maintains in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as “non-affiliated” when the Company owns less than 5% of a portfolio company’s voting securities and “affiliated” when the Company owns 5% or more of a portfolio company’s voting securities (and is not otherwise “controlled”). Under the 1940 Act, “non-affiliated investments” are defined as investments that are neither controlled investments nor affiliated investments. Detailed information with respect to the Company’s non-controlled and non-affiliated investments is contained in the consolidated financial statements, including the consolidated schedules of investments. The information in the tables below is presented on an aggregate portfolio basis, without regard to whether they are non-controlled, non-affiliated; non-controlled, affiliated; or controlled investments.

Investments at fair value and cost consisted of the following as of December 31, 2025:


	December 31, 2025
					% of Total
	Cost		Fair Value		Investments
First Lien Senior Secured	$	2,908,938		2,903,414		96.50	%
Second Lien Senior Secured		5,440		5,460		0.18	%
Subordinated Notes*		48,779		49,318		1.64	%
Preferred Equity		1,989		499		0.02	%
Limited Partnership Interests		43,092		49,937		1.66	%
Total investments	$	3,008,238	$	3,008,628		100.00	%

Investments at fair value and cost consisted of the following as of December 31, 2024:


	December 31, 2024
					% of Total
	Cost		Fair Value		Investments
First Lien Senior Secured	$	1,532,317		1,532,466		97.58	%
Second Lien Senior Secured		4,423		4,467		0.28	%
CLO*		4,994		4,994		0.32	%
Private Credit Funds		26,022		28,615		1.82	%
Total investments	$	1,567,756	$	1,570,542		100.00	%

* CLOs are included as Subordinated Notes for the fiscal year ended 2025.

As of December 31, 2025, 98.56% of investments held at fair value were based in the United States. The remaining 1.44% of investments held at fair value were based in England 0.68%, Canada 0.58%, Jersey 0.11% and Cayman Islands 0.07%.

As of December 31, 2024, 99.12% of investments held at fair value were based in the United States. The remaining 0.88% of investments held at fair value were based in Canada 0.70% and Jersey 0.18%.

For the years ended December 31, 2025 and December 31, 2024, purchases of investments were $1,818,473 and $1,192,589, at amortized cost respectively. For the years ended December 31, 2025 and December 31, 2024, total proceeds received from sales, exits and repayments of investments were $386,417 and $204,006, respectively at amortized cost.