| INVESTMENTS |
The information in the tables below is presented on an aggregate portfolio basis, without regard to whether the investments are non-controlled, non-affiliated; non-controlled, affiliated; or controlled, affiliated investments. Detailed information with respect to the Company’s non-controlled, non-affiliated; non-controlled, affiliated; and controlled, affiliated investments is contained in the accompanying consolidated financial statements, including the Consolidated Schedules of Investments. The composition of the Company’s investment portfolio was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2026 |
|
|
December 31, 2025 |
|
|
|
Cost |
|
|
Fair Value |
|
|
% of Total
Investments
at Fair
Value |
|
|
Cost |
|
|
Fair Value |
|
|
% of Total
Investments
at Fair
Value |
|
First Lien Debt |
|
$ |
599,773 |
|
|
$ |
594,601 |
|
|
|
99.7 |
% |
|
$ |
571,796 |
|
|
$ |
571,774 |
|
|
|
99.7 |
% |
Other Debt Investments |
|
|
739 |
|
|
|
667 |
|
|
|
0.1 |
|
|
|
715 |
|
|
|
689 |
|
|
|
0.1 |
|
Equity |
|
|
1,093 |
|
|
|
1,121 |
|
|
|
0.2 |
|
|
|
1,075 |
|
|
|
1,095 |
|
|
|
0.2 |
|
Total |
|
$ |
601,605 |
|
|
$ |
596,389 |
|
|
|
100.0 |
% |
|
$ |
573,586 |
|
|
$ |
573,558 |
|
|
|
100.0 |
% |
The industry composition of investments at fair value was as follows:
|
|
|
|
|
|
|
|
|
|
|
March 31, 2026 |
|
|
December 31, 2025 |
|
Aerospace & Defense |
|
|
2.5 |
% |
|
|
2.1 |
% |
Automobile Components |
|
|
0.4 |
|
|
|
0.6 |
|
Automobiles |
|
|
2.6 |
|
|
|
3.1 |
|
Banks |
|
|
0.4 |
|
|
|
0.4 |
|
Beverages |
|
|
0.4 |
|
|
|
0.5 |
|
Building Products |
|
|
1.2 |
|
|
|
1.3 |
|
Chemicals |
|
|
0.4 |
|
|
|
0.5 |
|
Commercial Services & Supplies |
|
|
9.5 |
|
|
|
9.2 |
|
Construction & Engineering |
|
|
2.1 |
|
|
|
1.9 |
|
Consumer Staples Distribution & Retail |
|
|
1.0 |
|
|
|
1.0 |
|
Containers & Packaging |
|
|
0.7 |
|
|
|
1.0 |
|
Diversified Consumer Services |
|
|
4.6 |
|
|
|
4.8 |
|
Electrical Equipment |
|
|
1.0 |
|
|
|
1.0 |
|
Electronic Equipment, Instruments & Components |
|
|
2.6 |
|
|
|
2.9 |
|
Entertainment |
|
|
0.3 |
|
|
|
0.3 |
|
Financial Services |
|
|
4.4 |
|
|
|
4.0 |
|
Food Products |
|
|
0.2 |
|
|
|
0.3 |
|
Ground Transportation |
|
|
1.7 |
|
|
|
1.8 |
|
Health Care Equipment & Supplies |
|
|
1.6 |
|
|
|
1.7 |
|
Health Care Providers & Services |
|
|
5.9 |
|
|
|
5.7 |
|
Health Care Technology |
|
|
0.9 |
|
|
|
0.9 |
|
Household Durables |
|
|
0.2 |
|
|
|
0.2 |
|
Household Products |
|
|
0.1 |
|
|
|
0.1 |
|
Industrial Conglomerates |
|
|
2.5 |
|
|
|
1.5 |
|
Insurance Services |
|
|
9.1 |
|
|
|
8.2 |
|
Interactive Media & Services |
|
|
0.8 |
|
|
|
0.8 |
|
IT Services |
|
|
6.1 |
|
|
|
6.1 |
|
Leisure Products |
|
|
0.2 |
|
|
|
0.2 |
|
Life Sciences Tools & Services |
|
|
1.1 |
|
|
|
1.2 |
|
Machinery |
|
|
0.9 |
|
|
|
1.0 |
|
Multi-Utilities |
|
|
0.2 |
|
|
|
0.7 |
|
Pharmaceuticals |
|
|
1.1 |
|
|
|
1.1 |
|
Professional Services |
|
|
8.5 |
|
|
|
9.0 |
|
Real Estate Management & Development |
|
|
2.4 |
|
|
|
2.4 |
|
Software |
|
|
19.6 |
|
|
|
19.6 |
|
Specialty Retail |
|
|
0.1 |
|
|
|
0.1 |
|
Textiles, Apparel & Luxury Goods |
|
|
0.3 |
|
|
|
0.3 |
|
Transportation Infrastructure |
|
|
1.4 |
|
|
|
1.4 |
|
Wireless Telecommunication Services |
|
|
1.0 |
|
|
|
1.1 |
|
Total |
|
|
100.0 |
% |
|
|
100.0 |
% |
The geographic composition of investments at cost and fair value was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2026 |
|
|
|
|
December 31, 2025 |
|
|
|
|
|
Cost |
|
|
Fair Value |
|
|
% of Total
Investments
at Fair
Value |
|
|
% of Total
Net Assets
at Fair
Value |
|
Cost |
|
|
Fair Value |
|
|
% of Total
Investments
at Fair
Value |
|
|
% of Total
Net Assets
at Fair
Value |
|
Canada |
$ |
11,935 |
|
|
$ |
11,946 |
|
|
|
2.0 |
% |
|
|
3.9 |
% |
$ |
12,036 |
|
|
$ |
12,088 |
|
|
|
2.1 |
% |
|
|
4.0 |
% |
United States |
|
589,670 |
|
|
|
584,443 |
|
|
|
98.0 |
|
|
|
190.6 |
|
|
561,550 |
|
|
|
561,470 |
|
|
|
97.9 |
|
|
|
186.5 |
|
Total |
$ |
601,605 |
|
|
$ |
596,389 |
|
|
|
100.0 |
% |
|
|
194.5 |
% |
$ |
573,586 |
|
|
$ |
573,558 |
|
|
|
100.0 |
% |
|
|
190.5 |
% |
|