Under the 1940 Act, the Company is required to separately identify non-controlled investments where it owns 5% or more of a portfolio company’s outstanding voting securities as investments in “affiliated” companies. In addition, under the 1940 Act, the Company is required to separately identify investments where it owns more than 25% of a portfolio company’s outstanding voting securities and/or had the power to exercise control over the management or policies of such portfolio company as investments in “controlled” companies. Detailed information with respect to the Company’s non-controlled, non-affiliated; non-controlled, affiliated; and controlled, affiliated investments is contained in the accompanying 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, affiliated investments.

Investments at fair value consisted of the following at March 31, 2026 and December 31, 2025:


	March 31, 2026
	Amortized Cost (1)		Fair Value		Net Unrealized Gain (Loss)
First-lien debt investments	$	2,963,245	$	2,959,032	$	(4,213	)
Second-lien debt investments		31,369		31,195		(174	)
Mezzanine debt investments		62,852		63,752		900
Equity investments		153,647		150,992		(2,655	)
Structured credit investments		98,554		93,805		(4,749	)
Joint venture investments		14,665		14,665		—
Total Investments	$	3,324,332	$	3,313,441	$	(10,891	)


	December 31, 2025
	Amortized Cost (1)		Fair Value		Net Unrealized Gain (Loss)
First-lien debt investments	$	2,934,162	$	2,984,501	$	50,339
Second-lien debt investments		69,631		30,678		(38,953	)
Mezzanine debt investments		61,150		61,684		534
Equity and other investments		159,782		172,582		12,800
Structured credit investments		98,557		97,872		(685	)
Total Investments	$	3,323,282	$	3,347,317	$	24,035

(1)

The amortized cost represents the original cost adjusted for the amortization of discounts or premiums, as applicable, on debt investments using the effective interest method.

The industry composition of investments at fair value at March 31, 2026 and December 31, 2025 is as follows:


	March 31, 2026			December 31, 2025
Business Services		11.2	%		13.4	%
Chemicals		1.2	%		1.2	%
Communications		1.2	%		1.5	%
Education		3.2	%		3.1	%
Electronics		0.8	%		0.8	%
Financial Services		3.6	%		3.5	%
Healthcare		8.8	%		9.0	%
Hotel, Gaming and Leisure		8.9	%		8.0	%
Human Resource Support Services		7.9	%		9.0	%
Internet Services		18.3	%		18.3	%
Manufacturing		2.7	%		1.2	%
Marketing Services		0.3	%		0.3	%
Office Products		0.3	%		0.3	%
Oil, Gas and Consumable Fuels		2.9	%		2.8	%
Other (1)		5.8	%		5.3	%
Pharmaceuticals		3.5	%		2.7	%
Real Estate (2)		0.0	%		0.0	%
Retail and Consumer Products		11.5	%		11.6	%
Transportation		7.9	%		8.0	%
Total		100.0	%		100.0	%

(1)

Includes structured credit and joint venture investments.

(2)

Value sums to less than 0.1%.

The geographic composition of investments at fair value at March 31, 2026 and December 31, 2025 is as follows:


	March 31, 2026			December 31, 2025
United States
Midwest		12.5	%		12.5	%
Northeast		18.0	%		18.6	%
South		22.9	%		23.2	%
West		28.5	%		29.8	%
Australia		0.1	%		0.2	%
Canada		3.1	%		1.5	%
Finland (1)		0.0	%		0.0	%
France		1.6	%		1.6	%
Germany		3.5	%		3.5	%
Italy		0.6	%		0.6	%
Netherlands		0.4	%		0.4	%
Norway		3.3	%		3.3	%
Sweden		0.8	%		0.8	%
United Kingdom		4.7	%		4.0	%
Total		100.0	%		100.0	%

(1)

Value sums to less than 0.1%.