The Company’s investments (excluding investments in money market funds, if any) consisted of the following:


	As of
	March 31, 2026				December 31, 2025
Investment Type	Cost		Fair Value		Cost		Fair Value
1st Lien/Senior Secured Debt	$	481,568	$	478,080	$	432,148	$	431,488
2nd Lien/Senior Secured Debt		—		—		—		—
Total	$	481,568	$	478,080	$	432,148	$	431,488

The Company uses the Global Industry Classification Standard (“GICS”) for classifying the industry groupings of its investments. The industry composition of the Company’s investments as a percentage of fair value and net assets was as follows:


	As of
	March 31, 2026						December 31, 2025
Industry	Fair Value			Net Assets			Fair Value			Net Assets
Software		29.3	%		55.3	%		19.5	%		41.1	%
Commercial Services & Supplies		10.9			20.6			17.2			36.3
Financial Services		10.7			20.1			11.9			24.9
Health Care Technology		7.3			13.7			8.2			17.2
Diversified Consumer Services		6.8			12.8			7.4			15.6
IT Services		5.7			10.7			5.6			11.8
Health Care Providers & Services		5.3			10.0			5.9			12.4
Food Products		4.7			8.9			4.6			9.7
Machinery		4.0			7.6			4.5			9.5
Professional Services		3.3			6.2			3.6			7.7
Air Freight & Logistics		3.3			6.2			3.7			7.7
Trading Companies & Distributors		2.6			4.8			1.2			2.5
Textiles, Apparel & Luxury Goods		2.5			4.7			2.8			5.8
Wireless Telecommunication Services		1.3			2.4			1.4			2.9
Aerospace & Defense		1.2			2.3			1.3			2.7
Household Products		1.1			2.1			1.2			2.6
Insurance	— (1)			— (1)				—			—
Chemicals	— (1)			— (1)				—			—
Total		100.0	%		188.4	%		100.0	%		210.4	%

(1) Amount rounds to less than 0.1%.