| Investments |
Note 4. Investments The composition of the Company’s investment portfolio at amortized cost and fair value was as follows:
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March 31, 2026 |
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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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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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$ |
2,604,904 |
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$ |
2,608,259 |
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91.66 |
% |
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$ |
2,554,997 |
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$ |
2,568,302 |
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92.27 |
% |
Second lien debt |
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18,205 |
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18,211 |
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0.64 |
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15,437 |
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15,437 |
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0.55 |
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Other equity |
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68,267 |
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76,242 |
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2.68 |
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57,178 |
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58,038 |
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2.09 |
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Preferred equity |
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142,028 |
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142,910 |
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5.02 |
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140,266 |
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141,699 |
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5.09 |
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Total |
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$ |
2,833,404 |
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$ |
2,845,622 |
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100.00 |
% |
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$ |
2,767,878 |
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$ |
2,783,476 |
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100.00 |
% |
The industry composition of investments at fair value was as follows:
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March 31, 2026 |
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December 31, 2025 |
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Aerospace & Defense |
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0.69 |
% |
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0.44 |
% |
Air Freight & Logistics |
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1.08 |
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1.00 |
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Automobile Components |
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5.18 |
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5.33 |
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Automobiles |
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1.05 |
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1.09 |
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Capital Markets |
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0.75 |
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0.75 |
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Chemicals |
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1.41 |
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1.35 |
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Commercial Services & Supplies |
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10.93 |
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9.80 |
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Construction & Engineering |
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2.71 |
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2.74 |
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Diversified Consumer Services |
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5.76 |
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4.20 |
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Diversified Telecommunication Services |
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2.73 |
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2.65 |
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Electrical Equipment |
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1.15 |
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0.89 |
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Electronic Equipment, Instruments & Components |
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1.37 |
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1.40 |
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Financial Services |
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5.14 |
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6.28 |
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Health Care Equipment & Supplies |
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4.24 |
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4.25 |
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Health Care Providers & Services |
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11.00 |
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10.52 |
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Hotels, Restaurants & Leisure |
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7.44 |
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6.78 |
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Insurance |
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5.69 |
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5.89 |
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Interactive Media & Services |
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2.28 |
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5.74 |
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Machinery |
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0.79 |
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— |
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Media |
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1.32 |
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1.34 |
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Personal Care Products |
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1.87 |
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1.95 |
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Professional Services |
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16.64 |
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14.79 |
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Software |
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4.66 |
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7.11 |
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Trading Companies & Distributors |
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1.63 |
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1.25 |
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Wireless Telecommunication Services |
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2.49 |
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2.46 |
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Total |
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100.00 |
% |
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100.00 |
% |
The geographic composition of investments at amortized cost and fair value was as follows:
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March 31, 2026 |
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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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Canada |
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$ |
20,862 |
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$ |
21,287 |
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0.75 |
% |
France |
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52,331 |
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52,565 |
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1.84 |
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Germany |
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42,117 |
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42,851 |
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1.51 |
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Italy |
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81,844 |
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80,469 |
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2.83 |
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Sweden |
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45,664 |
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45,845 |
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1.61 |
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United States |
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2,590,586 |
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2,602,605 |
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91.46 |
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Total |
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$ |
2,833,404 |
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$ |
2,845,622 |
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100.00 |
% |
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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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Canada |
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$ |
20,395 |
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$ |
20,797 |
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0.75 |
% |
France |
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52,265 |
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53,325 |
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1.92 |
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Germany |
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42,191 |
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43,947 |
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1.58 |
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Italy |
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81,781 |
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82,397 |
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2.96 |
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Sweden |
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76,495 |
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76,368 |
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2.74 |
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United States |
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2,494,751 |
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2,506,642 |
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90.05 |
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Total |
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$ |
2,767,878 |
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$ |
2,783,476 |
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100.00 |
% |
As of March 31, 2026 and December 31, 2025, no loans in the portfolio were on non-accrual status. As of March 31, 2026 and December 31, 2025, on a fair value basis, 94.7% and 95.2%, respectively, of our performing debt investments bore interest at a floating rate and 5.3% and 4.8%, respectively, of our performing debt investments bore interest at a fixed rate.
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