| Summary of the Composition of Investment |
The composition of the Company’s investment portfolio at amortized cost and fair value 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 |
|
First lien debt |
|
$ |
2,604,904 |
|
|
$ |
2,608,259 |
|
|
|
91.66 |
% |
|
$ |
2,554,997 |
|
|
$ |
2,568,302 |
|
|
|
92.27 |
% |
Second lien debt |
|
|
18,205 |
|
|
|
18,211 |
|
|
|
0.64 |
|
|
|
15,437 |
|
|
|
15,437 |
|
|
|
0.55 |
|
Other equity |
|
|
68,267 |
|
|
|
76,242 |
|
|
|
2.68 |
|
|
|
57,178 |
|
|
|
58,038 |
|
|
|
2.09 |
|
Preferred equity |
|
|
142,028 |
|
|
|
142,910 |
|
|
|
5.02 |
|
|
|
140,266 |
|
|
|
141,699 |
|
|
|
5.09 |
|
Total |
|
$ |
2,833,404 |
|
|
$ |
2,845,622 |
|
|
|
100.00 |
% |
|
$ |
2,767,878 |
|
|
$ |
2,783,476 |
|
|
|
100.00 |
% |
The industry composition of investments at fair value was as follows:
|
|
|
|
|
|
|
|
|
|
March 31, 2026 |
|
December 31, 2025 |
|
Aerospace & Defense |
|
|
0.69 |
% |
|
0.44 |
% |
Air Freight & Logistics |
|
|
1.08 |
|
|
1.00 |
|
Automobile Components |
|
|
5.18 |
|
|
5.33 |
|
Automobiles |
|
|
1.05 |
|
|
1.09 |
|
Capital Markets |
|
|
0.75 |
|
|
0.75 |
|
Chemicals |
|
|
1.41 |
|
|
1.35 |
|
Commercial Services & Supplies |
|
|
10.93 |
|
|
9.80 |
|
Construction & Engineering |
|
|
2.71 |
|
|
2.74 |
|
Diversified Consumer Services |
|
|
5.76 |
|
|
4.20 |
|
Diversified Telecommunication Services |
|
|
2.73 |
|
|
2.65 |
|
Electrical Equipment |
|
|
1.15 |
|
|
0.89 |
|
Electronic Equipment, Instruments & Components |
|
|
1.37 |
|
|
1.40 |
|
Financial Services |
|
|
5.14 |
|
|
6.28 |
|
Health Care Equipment & Supplies |
|
|
4.24 |
|
|
4.25 |
|
Health Care Providers & Services |
|
|
11.00 |
|
|
10.52 |
|
Hotels, Restaurants & Leisure |
|
|
7.44 |
|
|
6.78 |
|
Insurance |
|
|
5.69 |
|
|
5.89 |
|
Interactive Media & Services |
|
|
2.28 |
|
|
5.74 |
|
Machinery |
|
|
0.79 |
|
|
— |
|
Media |
|
|
1.32 |
|
|
1.34 |
|
Personal Care Products |
|
|
1.87 |
|
|
1.95 |
|
Professional Services |
|
|
16.64 |
|
|
14.79 |
|
Software |
|
|
4.66 |
|
|
7.11 |
|
Trading Companies & Distributors |
|
|
1.63 |
|
|
1.25 |
|
Wireless Telecommunication Services |
|
|
2.49 |
|
|
2.46 |
|
Total |
|
|
100.00 |
% |
|
100.00 |
% |
The geographic composition of investments at amortized cost and fair value was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2026 |
|
|
|
Amortized Cost |
|
|
Fair Value |
|
|
% of Total
Investments at
Fair Value |
|
Canada |
|
$ |
20,862 |
|
|
$ |
21,287 |
|
|
|
0.75 |
% |
France |
|
|
52,331 |
|
|
|
52,565 |
|
|
|
1.84 |
|
Germany |
|
|
42,117 |
|
|
|
42,851 |
|
|
|
1.51 |
|
Italy |
|
|
81,844 |
|
|
|
80,469 |
|
|
|
2.83 |
|
Sweden |
|
|
45,664 |
|
|
|
45,845 |
|
|
|
1.61 |
|
United States |
|
|
2,590,586 |
|
|
|
2,602,605 |
|
|
|
91.46 |
|
Total |
|
$ |
2,833,404 |
|
|
$ |
2,845,622 |
|
|
|
100.00 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
|
Amortized Cost |
|
|
Fair Value |
|
|
% of Total
Investments at
Fair Value |
|
Canada |
|
$ |
20,395 |
|
|
$ |
20,797 |
|
|
|
0.75 |
% |
France |
|
|
52,265 |
|
|
|
53,325 |
|
|
|
1.92 |
|
Germany |
|
|
42,191 |
|
|
|
43,947 |
|
|
|
1.58 |
|
Italy |
|
|
81,781 |
|
|
|
82,397 |
|
|
|
2.96 |
|
Sweden |
|
|
76,495 |
|
|
|
76,368 |
|
|
|
2.74 |
|
United States |
|
|
2,494,751 |
|
|
|
2,506,642 |
|
|
|
90.05 |
|
Total |
|
$ |
2,767,878 |
|
|
$ |
2,783,476 |
|
|
|
100.00 |
% |
|