The composition of the Company’s investment portfolio at amortized cost and fair value as of March 31, 2026 and December 31, 2025 was as follows:


	March 31, 2026				December 31, 2025
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
First Lien debt investments	$	443,380	$	441,766	$	307,857	$	309,054
Second Lien debt investments		87,826		81,330		87,746		88,220
Unsecured and Subordinated debt investments		75,579		75,549		—		—
Preferred equity investments		56,742		56,801		55,194		55,168
Total Investments	$	663,527	$	655,446	$	450,797	$	452,442

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


	March 31, 2026							December 31, 2025
	Amortized Cost		Fair Value		% of Total Investments at Fair Value			Amortized Cost		Fair Value		% of Total Investments at Fair Value
Aerospace and Defense	$	22,215	$	22,276		3.4	%	$	21,038	$	21,190		4.7	%
Construction and Engineering		29,717		29,835		4.5	%		29,766		29,867		6.6	%
Distributors		39,468		39,280		6.0	%		39,437		39,520		8.7	%
Diversified Consumer Services		88,950		88,890		13.6	%		43,813		43,793		9.7	%
Health Care Providers and Services		141,732		141,829		21.6	%		89,033		89,426		19.8	%
Health Care Technology		20,393		20,655		3.2	%		20,389		20,518		4.5	%
Insurance		84,599		84,338		12.8	%		46,427		46,478		10.3	%
Professional Services		101,365		101,353		15.5	%		25,834		26,340		5.8	%
Software		135,088		126,990		19.4	%		135,060		135,310		29.9	%
Total	$	663,527	$	655,446		100.0	%	$	450,797	$	452,442		100.0	%