| Investments |
4. Investments The table below presents the Company's investments at amortized cost and fair value as of December 31, 2025 expressed in thousands:
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|
Investment Type |
|
Fair Value |
|
|
% Fair
Value |
|
|
Amortized
Cost |
|
|
% Amortized
Cost |
|
First lien debt investments |
|
$ |
1,472,716 |
|
|
|
98.9 |
% |
|
$ |
1,486,855 |
|
|
|
98.9 |
% |
Preferred equity investments |
|
|
16,140 |
|
|
|
1.1 |
% |
|
|
15,959 |
|
|
|
1.1 |
% |
Total |
|
$ |
1,488,856 |
|
|
|
100.0 |
% |
|
$ |
1,502,814 |
|
|
|
100.0 |
% |
The Company uses Global Industry Classification Standards for classifying the industry groupings of its portfolio companies. The table below presents investments by industry composition based on fair value as of December 31, 2025 expressed in thousands:
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Industry |
|
Fair Value |
|
|
% Fair Value |
|
|
Consumer Services |
|
$ |
184,163 |
|
|
|
12.4 |
|
% |
Commercial & Professional Services |
|
|
178,984 |
|
|
|
12.0 |
|
|
Software & Services |
|
|
141,719 |
|
|
|
9.5 |
|
|
Health Care Equipment & Services |
|
|
139,258 |
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|
|
9.4 |
|
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Energy |
|
|
137,492 |
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|
|
9.2 |
|
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Capital Goods |
|
|
123,412 |
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|
|
8.3 |
|
|
Consumer Durables & Apparel |
|
|
117,398 |
|
|
|
7.9 |
|
|
Materials |
|
|
105,023 |
|
|
|
7.1 |
|
|
Financial Services |
|
|
91,525 |
|
|
|
6.2 |
|
|
Insurance |
|
|
52,757 |
|
|
|
3.5 |
|
|
Pharmaceuticals, Biotechnology & Life Sciences |
|
|
44,473 |
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|
|
3.0 |
|
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Household & Personal Products |
|
|
43,168 |
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|
|
2.9 |
|
|
Telecommunication Services |
|
|
27,667 |
|
|
|
1.9 |
|
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Transportation |
|
|
26,064 |
|
|
|
1.8 |
|
|
Food, Beverage & Tobacco |
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|
19,637 |
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|
|
1.3 |
|
|
Equity Real Estate Investment Trusts (REITs) |
|
|
12,632 |
|
|
|
0.9 |
|
|
Automobiles & Components |
|
|
10,825 |
|
|
|
0.7 |
|
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Real Estate Management & Development |
|
|
8,973 |
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|
|
0.6 |
|
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Utilities |
|
|
8,885 |
|
|
|
0.6 |
|
|
Consumer Discretionary Distribution & Retail |
|
|
8,106 |
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|
|
0.5 |
|
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Technology Hardware & Equipment |
|
|
6,695 |
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|
|
0.5 |
|
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Total |
|
$ |
1,488,856 |
|
|
|
100 |
|
% |
The table below presents investments by geographic composition based on fair value as of December 31, 2025 expressed in thousands:
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|
|
Geographic Risk |
|
Fair Value |
|
|
% Fair Value |
|
|
United States |
|
$ |
1,362,534 |
|
|
|
91.5 |
|
% |
United Kingdom |
|
|
73,509 |
|
|
|
4.9 |
|
|
Canada |
|
|
26,064 |
|
|
|
1.8 |
|
|
Panama |
|
|
9,975 |
|
|
|
0.7 |
|
|
Australia |
|
|
8,933 |
|
|
|
0.6 |
|
|
Netherlands |
|
|
7,841 |
|
|
|
0.5 |
|
|
Total |
|
$ |
1,488,856 |
|
|
|
100.0 |
|
% |
|