4. INVESTMENTS The Company’s investments (excluding investments in money market funds, if any) consisted of the following:
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March 31, 2026 |
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December 31, 2025 |
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Investment Type |
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Cost |
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Fair Value |
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Cost |
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Fair Value |
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1st Lien/Senior Secured Debt |
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$ |
881,103 |
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$ |
875,997 |
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$ |
846,642 |
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$ |
844,813 |
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1st Lien/Last-Out Unitranche |
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49,387 |
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49,254 |
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55,309 |
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55,311 |
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Preferred Stock |
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101 |
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101 |
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— |
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— |
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Common Stock |
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2,249 |
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1,623 |
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2,249 |
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1,397 |
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Total investments |
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$ |
932,840 |
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$ |
926,975 |
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$ |
904,200 |
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$ |
901,521 |
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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:
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March 31, 2026 |
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December 31, 2025 |
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Industry |
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Fair Value |
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Net Assets |
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Fair Value |
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Net Assets |
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Software |
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16.8 |
% |
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28.4 |
% |
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15.0 |
% |
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28.2 |
% |
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Commercial Services & Supplies |
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9.9 |
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16.7 |
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11.8 |
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22.3 |
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Diversified Consumer Services |
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8.1 |
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13.6 |
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8.0 |
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15.1 |
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IT Services |
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7.3 |
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12.4 |
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7.2 |
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13.6 |
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Wireless Telecommunication Services |
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5.3 |
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9.0 |
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6.1 |
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11.6 |
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Financial Services |
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5.1 |
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8.7 |
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5.3 |
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10.0 |
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Construction & Engineering |
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5.1 |
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8.5 |
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5.2 |
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9.9 |
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Trading Companies & Distributors |
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4.5 |
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7.6 |
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3.9 |
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7.4 |
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Food Products |
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3.9 |
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6.6 |
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3.8 |
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7.2 |
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Hotels, Restaurants & Leisure |
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3.5 |
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6.0 |
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3.6 |
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6.9 |
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Machinery |
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3.5 |
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5.9 |
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3.6 |
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6.8 |
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Health Care Technology |
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3.5 |
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5.8 |
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3.6 |
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6.8 |
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Health Care Providers & Services |
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3.0 |
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5.3 |
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3.2 |
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6.0 |
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Insurance |
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3.1 |
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5.2 |
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2.9 |
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5.6 |
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Health Care Equipment & Supplies |
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2.3 |
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3.9 |
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2.4 |
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4.5 |
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Containers & Packaging |
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2.1 |
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3.5 |
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2.2 |
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4.1 |
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Professional Services |
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2.1 |
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3.6 |
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1.9 |
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3.5 |
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Energy Equipment & Services |
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1.7 |
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2.8 |
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1.7 |
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3.2 |
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Air Freight & Logistics |
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1.4 |
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2.3 |
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1.4 |
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2.7 |
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Specialty Retail |
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1.4 |
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2.3 |
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1.4 |
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2.6 |
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Textiles, Apparel & Luxury Goods |
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1.1 |
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1.8 |
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1.1 |
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2.1 |
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Aerospace & Defense |
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0.9 |
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1.5 |
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0.9 |
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1.7 |
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Leisure Products |
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0.8 |
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1.3 |
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0.8 |
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1.5 |
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Electrical Equipment |
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1.0 |
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1.7 |
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0.8 |
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1.5 |
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Media |
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1.1 |
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1.8 |
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0.7 |
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1.3 |
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Distributors |
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0.5 |
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0.9 |
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0.5 |
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1.0 |
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Household Products |
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0.5 |
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0.9 |
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0.5 |
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1.0 |
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Consumer Staples Distribution & Retail |
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0.5 |
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0.8 |
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0.5 |
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0.9 |
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Total |
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100.0 |
% |
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168.8 |
% |
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100.0 |
% |
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189.0 |
% |
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The geographic composition of the Company’s investments at fair value was as follows:
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Geographic |
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March 31, 2026 |
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December 31, 2025 |
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United States |
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100.0 |
% |
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100.0 |
% |
Total |
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100.0 |
% |
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100.0 |
% |
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