v3.26.1
PORTFOLIO INVESTMENTS AND FAIR VALUE (Tables)
3 Months Ended
Mar. 31, 2026
PORTFOLIO INVESTMENTS AND FAIR VALUE  
Schedule of total fair value and cost of investments

At March 31, 2026, the Company had investments in 116 portfolio companies. The composition of its investments as of March 31, 2026 was as follows:

Cost

Fair Value

Senior Secured – First Lien(1)

$

940,012,590

$

891,688,561

Senior Secured – Second Lien

 

12,115,000

12,025,000

Unsecured Debt

 

311,853

80,670

Equity

 

62,878,875

86,200,333

Total Investments

$

1,015,318,318

$

989,994,564

(1)Includes unitranche investments, which accounted for 4.3% of the Company’s portfolio at fair value. Unitranche structures may combine characteristics of first lien senior secured, as well as second lien and/or subordinated loans. The Company’s unitranche loans will expose it to certain risk associated with second lien and subordinated loans to the extent it invests in the “last-out” tranche.

At December 31, 2025, the Company had investments in 115 portfolio companies. The composition of its investments as of December 31, 2025 was as follows:

  ​ ​ ​

Cost

  ​ ​ ​

Fair Value

Senior Secured – First Lien(1)

$

951,615,061

$

908,669,800

Senior Secured – Second Lien

 

12,111,653

12,025,000

Unsecured Debt

 

318,425

123,789

Equity

 

62,094,547

86,804,806

Total Investments

$

1,026,139,686

$

1,007,623,395

(1)Includes unitranche investments, which accounted for 4.0% of the Company’s portfolio at fair value. Unitranche structures may combine characteristics of first lien senior secured, as well as second lien and/or subordinated loans. The Company’s unitranche loans will expose it to certain risk associated with second lien and subordinated loans to the extent it invests in the “last-out” tranche.
Schedule of aggregate gross unrealized appreciation and depreciation and aggregate cost and fair value of portfolio company securities

The aggregate gross unrealized appreciation and depreciation and the aggregate cost and fair value of the Company’s portfolio company securities as of March 31, 2026 and December 31, 2025 were as follows:

  ​ ​ ​

March 31, 2026

  ​ ​ ​

December 31, 2025

Aggregate cost of portfolio company securities

$

1,015,318,318

$

1,026,139,686

Gross unrealized appreciation of portfolio company securities

 

57,996,806

 

59,298,870

Gross unrealized depreciation of portfolio company securities

 

(82,964,383)

 

(77,718,103)

Gross unrealized (depreciation) appreciation on foreign currency translations of portfolio company securities

(17,731)

26,900

Gross unrealized depreciation on foreign currency translations of portfolio company securities

(338,446)

(123,958)

Aggregate fair value of portfolio company securities

$

989,994,564

$

1,007,623,395

Schedule of fair values of investments disaggregated into three levels of fair value hierarchy

The fair values of the Company’s investments disaggregated into the three levels of the fair value hierarchy based upon the lowest level of significant input used in the valuation as of March 31, 2026 were as follows:

  ​ ​ ​

Quoted Prices

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

in Active

Markets

Significant Other

Significant

for Identical

Observable

Unobservable

Securities

Inputs

Inputs

(Level 1)

(Level 2)

(Level 3)

Total

Senior Secured – First Lien

$

$

$

891,688,561

$

891,688,561

Senior Secured – Second Lien

 

 

 

12,025,000

 

12,025,000

Unsecured Debt

 

 

 

80,670

 

80,670

Equity

 

 

 

86,200,333

 

86,200,333

Total Investments

$

$

$

989,994,564

$

989,994,564

The fair values of the Company’s investments disaggregated into the three levels of the fair value hierarchy based upon the lowest level of significant input used in the valuation as of December 31, 2025 were as follows:

Quoted Prices

  ​ ​ ​

in Active

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

Markets

Significant Other

Significant

for Identical

Observable

Unobservable

Securities

Inputs

Inputs

(Level 1)

(Level 2)

(Level 3)

Total

Senior Secured – First Lien

$

$

$

908,669,800

$

908,669,800

Senior Secured – Second Lien

 

 

 

12,025,000

 

12,025,000

Unsecured Debt

 

 

 

123,789

 

123,789

Equity

 

 

 

86,804,806

 

86,804,806

Total Investments

$

$

$

1,007,623,395

$

1,007,623,395

Schedule of change in aggregate values of Level 3 portfolio investments

The aggregate values of Level 3 portfolio investments changed during the three months ended March 31, 2026 as follows:

  ​ ​ ​

Senior Secured

  ​ ​ ​

Senior Secured

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

Loans-First

Loans-Second

Unsecured

 

Lien

Lien

Debt

Equity

Total

Fair value at beginning of period

$

908,669,800

$

12,025,000

$

123,789

$

86,804,806

$

1,007,623,395

Purchases of investments

 

26,571,073

 

 

 

1,104,429

 

27,675,502

PIK interest

 

1,670,654

 

 

3,733

 

 

1,674,387

Sales and redemptions

 

(40,554,410)

 

 

(10,305)

 

(1,039,222)

 

(41,603,937)

Realized gains

 

 

 

 

719,121

 

719,121

Change in unrealized depreciation included in earnings(1)

 

(5,125,399)

 

(3,347)

 

(35,479)

 

(1,384,121)

 

(6,548,346)

Change in unrealized depreciation on foreign currency included in earnings

(253,371)

 

(1,068)

 

(4,680)

 

(259,119)

Amortization of premium and accretion of discount, net

 

710,214

 

3,347

 

 

 

713,561

Fair value at end of period

$

891,688,561

$

12,025,000

$

80,670

$

86,200,333

$

989,994,564

(1)Includes reversal of positions during the three months ended March 31, 2026.

The aggregate values of Level 3 portfolio investments changed during the year ended December 31, 2025 as follows:

  ​ ​ ​

Senior Secured

  ​ ​ ​

Senior Secured

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

Loans-First

Loans-Second

Unsecured

Lien

Lien

Debt

Equity

Total

Fair value at beginning of period

$

856,096,255

$

11,948,850

$

6,612,493

$

78,840,090

$

953,497,688

Purchases of investments

 

186,821,022

 

 

9,454

 

8,904,074

 

195,734,550

PIK interest

 

5,188,864

 

 

561,606

 

5,802

 

5,756,272

Sales and redemptions

 

(121,906,047)

 

 

(7,021,819)

 

(12,566,138)

 

(141,494,004)

Realized (losses) gains

 

(5,651,690)

 

 

 

7,114,167

 

1,462,477

Change in unrealized (depreciation) appreciation included in earnings(1)

 

(15,593,776)

 

38,229

 

(53,944)

 

4,502,560

 

(11,106,931)

Change in unrealized appreciation on foreign currency included in earnings

874,729

 

2,680

 

4,251

 

881,660

Amortization of premium and accretion of discount, net

 

2,840,443

 

37,921

 

13,319

 

 

2,891,683

Fair value at end of period

$

908,669,800

$

12,025,000

$

123,789

$

86,804,806

$

1,007,623,395

(1)Includes reversal of positions during the year ended December 31, 2025.
Summary of geographical concentration of investment portfolio

The following is a summary of geographical concentration in the Company’s investment portfolio as of March 31, 2026:

% of Total

 

Investments at

Cost

Fair Value

Fair Value

California

 

$

189,529,089

 

$

181,459,980

 

18.33

%

Texas

 

149,271,130

 

146,181,261

 

14.77

%

Florida

 

101,785,470

 

95,795,089

 

9.67

%

New York

 

59,269,009

 

59,775,558

 

6.04

%

Illinois

 

70,439,146

 

51,373,377

 

5.19

%

Pennsylvania

 

47,675,965

 

49,385,387

 

4.99

%

Colorado

 

41,648,469

 

40,498,263

 

4.09

%

Arizona

 

34,115,701

 

37,580,504

 

3.80

%

Ohio

 

25,964,453

 

27,444,553

 

2.77

%

Canada

 

35,005,849

 

35,005,230

 

3.54

%

North Carolina

 

31,311,773

 

32,106,220

 

3.24

%

Massachusetts

 

12,020,071

 

12,085,740

 

1.22

%

Iowa

 

22,424,245

 

22,504,749

 

2.27

%

New Jersey

 

19,808,993

 

19,644,077

 

1.98

%

Tennessee

 

28,392,241

 

26,319,065

 

2.66

%

Virginia

 

19,491,436

 

19,755,351

 

2.00

%

Georgia

 

5,648,249

 

16,863,235

 

1.70

%

District of Columbia

 

16,710,796

 

20,865,467

 

2.11

%

Michigan

 

16,160,287

 

16,350,670

 

1.65

%

Minnesota

 

11,749,250

 

12,309,055

 

1.24

%

Missouri

 

12,076,156

 

12,321,099

 

1.24

%

Idaho

 

9,266,572

 

9,300,380

 

0.94

%

Louisiana

 

9,137,351

 

9,521,865

 

0.96

%

Oregon

 

8,846,137

 

9,112,640

 

0.92

%

Maryland

 

7,445,883

 

7,423,950

 

0.75

%

Wisconsin

 

21,474,694

 

9,491,204

 

0.96

%

South Carolina

 

5,226,209

 

5,340,805

 

0.54

%

Washington

 

1,273,384

 

2,145,280

 

0.22

%

United Kingdom

 

2,150,310

 

2,034,510

 

0.21

%

Total Investments

$

1,015,318,318

$

989,994,564

 

100.00

%

The following is a summary of geographical concentration in the Company’s investment portfolio as of December 31, 2025:

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

% of Total

 

Investments

 

Cost

Fair Value

at Fair Value

 

California

 

$

199,175,312

 

$

192,583,333

 

19.12

%

Texas

 

149,955,251

 

147,396,649

 

14.63

%

Florida

 

102,086,659

 

96,730,609

 

9.60

%

New York

 

59,320,592

 

59,952,294

 

5.95

%

Illinois

 

69,282,731

 

55,796,619

 

5.54

%

Pennsylvania

 

47,721,299

 

49,296,019

 

4.89

%

Colorado

 

41,413,399

 

39,386,741

 

3.91

%

Arizona

 

34,208,744

 

37,526,211

 

3.72

%

Ohio

 

35,249,934

 

36,769,186

 

3.65

%

Canada

 

36,116,171

 

36,140,789

 

3.59

%

North Carolina

 

31,163,913

 

32,456,489

 

3.22

%

Massachusetts

 

24,283,990

 

25,043,277

 

2.49

%

Iowa

 

22,351,338

 

22,467,248

 

2.23

%

New Jersey

 

19,768,069

 

19,924,612

 

1.98

%

Tennessee

 

20,495,678

 

18,827,946

 

1.87

%

Virginia

 

17,506,416

 

17,764,137

 

1.76

%

Georgia

 

5,876,197

 

17,168,351

 

1.70

%

District of Columbia

 

10,685,508

 

14,469,710

 

1.44

%

Michigan

 

12,060,200

 

12,255,578

 

1.22

%

Minnesota

 

11,769,582

 

11,916,373

 

1.18

%

Missouri

 

10,898,062

 

11,109,063

 

1.10

%

Idaho

 

9,479,007

 

9,517,417

 

0.94

%

Louisiana

 

9,153,384

 

9,297,784

 

0.92

%

Oregon

 

8,860,277

 

9,202,699

 

0.91

%

Maryland

 

7,530,655

 

7,549,733

 

0.75

%

Wisconsin

 

21,458,139

 

7,360,720

 

0.73

%

South Carolina

 

4,847,580

 

4,966,273

 

0.49

%

Washington

 

1,273,384

 

2,605,719

 

0.26

%

United Kingdom

 

2,148,215

 

2,141,816

 

0.21

%

Total Investments

$

1,026,139,686

$

1,007,623,395

 

100.00

%

Summary of industry concentration of investment portfolio

The following is a summary of industry concentration in the Company’s investment portfolio as of March 31, 2026:

% of Total

 

Investments at

Cost

Fair Value

Fair Value

 

Services: Business

$

279,930,309

$

279,261,336

 

28.21

%

Healthcare & Pharmaceuticals

 

97,090,678

97,046,413

 

9.80

%

High Tech Industries

 

83,330,629

86,899,397

 

8.78

%

Capital Equipment

 

61,564,601

65,891,385

 

6.66

%

Media: Advertising, Printing & Publishing

 

66,726,987

65,691,326

 

6.64

%

Beverage & Food

 

55,445,308

56,582,066

 

5.72

%

Consumer Goods: Non-Durable

 

61,572,096

52,712,306

 

5.32

%

Services: Consumer

 

42,752,415

40,715,215

 

4.11

%

Construction & Building

 

36,423,448

36,602,096

 

3.70

%

Consumer Goods: Durable

 

35,878,938

31,267,997

 

3.16

%

Aerospace & Defense

 

28,847,730

26,526,734

 

2.68

%

Environmental Industries

 

20,510,466

24,397,581

 

2.46

%

Chemicals, Plastics, & Rubber

 

19,723,334

19,622,459

 

1.98

%

Transportation & Logistics

 

16,690,858

16,769,097

 

1.69

%

Media: Broadcasting & Subscription

 

12,029,788

14,864,681

 

1.50

%

Retail

 

14,645,681

14,677,856

 

1.48

%

Energy: Oil & Gas

 

11,793,290

11,237,570

 

1.14

%

Hotel, Gaming, & Leisure

 

9,172,112

9,307,731

 

0.94

%

Wholesale

 

8,877,153

8,893,339

 

0.90

%

Containers, Packaging, & Glass

 

20,730,924

8,403,531

 

0.85

%

Media: Diversified & Production

 

7,523,041

7,472,354

 

0.75

%

FIRE: Real Estate

 

19,179,572

6,069,487

 

0.61

%

Finance

 

-

5,704,257

 

0.58

%

Education

 

4,878,960

3,378,350

 

0.34

%

Total Investments

$

1,015,318,318

$

989,994,564

 

100.00

%

The following is a summary of industry concentration in the Company’s investment portfolio as of December 31, 2025:

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

% of Total

 

Investments

 

Cost

Fair Value

at Fair Value

 

Services: Business

$

265,116,204

$

266,803,107

 

26.48

%

High Tech Industries

 

103,212,518

106,937,496

 

10.61

%

Healthcare & Pharmaceuticals

 

92,736,458

92,182,392

 

9.15

%

Media: Advertising, Printing & Publishing

 

78,965,841

79,030,004

 

7.84

%

Capital Equipment

 

61,644,736

65,191,527

 

6.47

%

Beverage & Food

 

54,323,129

58,129,551

 

5.77

%

Consumer Goods: Non-Durable

 

61,701,885

53,502,252

 

5.31

%

Services: Consumer

 

42,793,668

40,569,003

 

4.03

%

Construction & Building

 

36,950,838

37,219,214

 

3.69

%

Consumer Goods: Durable

 

35,569,885

31,655,077

 

3.14

Aerospace & Defense

 

28,192,548

25,968,951

 

2.58

%

Environmental Industries

 

20,190,193

22,323,773

 

2.22

%

Chemicals, Plastics, & Rubber

 

20,054,202

19,792,281

 

1.96

%

Transportation & Logistics

 

16,593,938

16,791,026

 

1.67

%

Media: Broadcasting & Subscription

 

12,057,869

15,196,592

 

1.51

%

Retail

 

14,715,878

14,756,518

 

1.46

%

Energy: Oil & Gas

 

11,802,297

11,077,160

 

1.10

%

Hotel, Gaming, & Leisure

 

9,181,622

9,331,063

 

0.93

%

Wholesale

 

8,900,149

8,921,351

 

0.89

%

FIRE: Real Estate

 

18,419,200

8,379,604

 

0.83

%

Media: Diversified & Production

 

7,495,599

7,566,694

 

0.75

%

Containers, Packaging, & Glass

 

20,714,369

6,360,684

 

0.63

%

Finance

 

6,187,401

 

0.61

%

Education

 

4,806,660

3,750,674

 

0.37

%

Total Investments

$

1,026,139,686

$

1,007,623,395

 

100.00

%

Schedule of quantitative information about Level 3 fair value measurements

The following provides quantitative information about the Company’s Level 3 fair value measurements as of March 31, 2026. During the three months ended March 31, 2026, investments valued at $38,546,162 changed valuation methods from transaction value to the income and market approaches due to the transaction price no longer being reflective of current market conditions.

Description:

  ​ ​ ​

Fair Value

  ​ ​ ​

Valuation Technique

  ​ ​ ​

Unobservable Inputs

  ​ ​ ​

Range (Weighted Average)

First lien debt

$

771,026,046

 

Income approach(1)(2)

 

HY credit spreads

-1.65% to 14.75% (0.47%)

 

 

Risk free rates

-0.85% to 1.46% (-0.05%)

$

103,607,493

Market approach(1)

 

EBITDA multiple

5.0x to 10.6x (7.8x)(3)

$

17,055,022

Transaction value

Transaction price

N/A

Second lien debt

$

7,615,000

Income approach(1)(2)

 

HY credit spreads

0.51% to 0.51% (0.51%)

 

 

Risk free rates

0.15% to 0.15% (0.15%)

$

4,410,000

 

Market approach(1)

 

EBITDA multiple

6.5x to 6.5x (6.5x)(3)

Unsecured debt

$

80,670

Market approach(1)

 

EBITDA multiple

6.9x to 9.5x (8.3x)(3)

Equity investments

$

71,024,059

 

Market approach(4)

 

EBITDA multiple

3.6x to 17.9x (10.1x)

Revenue multiple

6.5x to 8.7x (7.4x)

$

15,176,274

Transaction value

Transaction price

N/A

Total Long Term Level 3 Investments

$

989,994,564

 

  ​

 

  ​

  ​

(1)Included but not limited to (a) the market approach, which is used to determine sufficient enterprise value, and (b) the income approach, which is based on discounting future cash flows using an appropriate market yield.
(2)The Company calculates the price of the loan by discounting future cash flows, which include forecasted future BSBY, SOFR, or SONIA rates based on the published forward curve at the valuation date, using an appropriate yield calculated as of the valuation date. This yield is calculated based on the loan’s yield at the original investment and is adjusted as of the valuation date based on: changes in comparable credit spreads, changes in risk free interest rates (per swap rates), and changes in credit quality (via an estimated shadow rating). Significant movements in any of these factors could result in a significantly lower or higher fair value measurement. As an example, the “Range (Weighted Average)” for first lien debt investments in the table above indicates that the change in the HY credit spreads between the date a loan closed and the valuation date ranged from (1.65)% ( (165) basis points) to 14.75% (1,475 basis points). The average of all changes was 0.47% ( 47 basis points).
(3)Median of LTM (last twelve months) EBITDA multiples of comparable companies.
(4)The significant unobservable input used in the fair value measurement of the Company’s equity investments is the Multiple. Significant increases (decreases) in the Multiple in isolation would result in a significantly higher (lower) fair value measurement. To determine the Multiple for the market approach, the Company considers current market trading and/or transaction multiple, portfolio company performance (financial ratios) relative to public and private peer companies and leverage levels, among other factors. Changes in one or more of these factors can have a similar directional change on other factors in determining the appropriate Multiple to use in the market approach.

The following provides quantitative information about Level 3 fair value measurements as of December 31, 2025.

Description:

  ​ ​ ​

Fair Value

  ​ ​ ​

Valuation Technique

  ​ ​ ​

Unobservable Inputs

  ​ ​ ​

Range (Weighted Average)

First lien debt

$

788,539,535

 

Income approach(1)(2)

 

HY credit spreads

-1.89% to 11.20% (-0.14%)

 

 

Risk free rates

-2.03% to 1.73% (-0.33%)

$

87821690

Market approach(1)

 

EBITDA multiple

4.4x to 10.1x (6.8x)(3)

$

32,308,575

Transaction value

Transaction price

N/A

Second lien debt

$

12,025,000

Income approach(1)(2)

 

HY credit spreads

-0.17% to 2.35% (0.75%)

 

 

Risk free rates

-0.16% to -0.10% (-0.14%)

Unsecured debt

$

10,380

Income approach(1)(2)

 

HY credit spreads

-0.59% to -0.59% (-0.59%)

 

 

Risk free rates

-0.31% to -0.31% (-0.31%)

$

113,409

Market approach(1)

 

EBITDA multiple

4.4x to 8.7x (8.5x)(3)

Equity investments

$

$66,907,041

 

Market approach(4)

 

EBITDA multiple

3.2x to 18.2x (10.2x)

Revenue multiple

7.0x to 9.0x (7.7x)

$

19,897,765

Transaction value

Transaction price

N/A

Total Long Term Level 3 Investments

$

1,007,623,395

 

  ​

 

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(1)Inclusive of but not limited to (a) the market approach, which is used to determine sufficient enterprise value, and (b) the income approach, which is based on discounting future cash flows using an appropriate market yield.
(2)The Company calculates the price of the loan by discounting future cash flows, which include forecasted future BSBY, SOFR, or SONIA rates based on the published forward curve at the valuation date, using an appropriate yield calculated as of the valuation date. This yield is calculated based on the loan’s yield at the original investment and is adjusted as of the valuation date based on: changes in comparable credit spreads, changes in risk free interest rates (per swap rates), and changes in credit quality (via an estimated shadow rating). Significant movements in any of these factors would result in a significantly lower or higher fair value measurement. As an example, the “Range (Average)” for a first lien debt instruments in the table above indicates that the change in the HY spreads between the date a loan closed and the valuation date ranged from (1.89)% (189) basis points) to 11.20% (1,120 basis points). The average of all changes was (0.14)% ( (14) basis points).
(3)Median of LTM (last twelve months) EBITDA multiples of comparable companies.
(4)The primary significant unobservable input used in the fair value measurement of the Company’s equity investments is the Multiple. Significant increases (decreases) in the Multiple in isolation would result in a significantly higher (lower) fair value measurement. To determine the Multiple for the market approach, the Company considers current market trading and/or transaction multiple, portfolio company performance (financial ratios) relative to public and private peer companies and leverage levels, among other factors. Changes in one or more of these factors can have a similar directional change on other factors in determining the appropriate Multiple to use in the market approach.