| Investments |
Note 4. Investments The composition of the Company’s investment portfolio at amortized cost and fair value was as follows:
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March 31, 2026 |
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December 31, 2025 |
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Amortized Cost |
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Fair Value |
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% of Total Investments at Fair Value |
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Amortized Cost |
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Fair Value |
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% of Total Investments at Fair Value |
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Secured Debt |
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$ |
4,381,508 |
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$ |
4,334,014 |
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96.44 |
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% |
$ |
4,067,531 |
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$ |
4,062,930 |
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95.69 |
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% |
Unsecured Debt |
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19,007 |
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18,738 |
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0.42 |
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18,854 |
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18,809 |
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0.44 |
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Equity Investments |
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86,880 |
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91,148 |
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2.03 |
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83,670 |
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92,652 |
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2.18 |
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Short-Term Investments |
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49,874 |
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49,874 |
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1.11 |
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71,644 |
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71,644 |
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1.69 |
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Total Investments |
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$ |
4,537,269 |
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$ |
4,493,774 |
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100.00 |
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% |
$ |
4,241,699 |
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$ |
4,246,035 |
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100.00 |
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% |
As of March 31, 2026 and December 31, 2025 there were 2 and 1 portfolio companies, respectively, with loans on non-accrual status (fair value of $6,096 and $2,591, respectively). The industry composition of the Company's non-controlled, non-affiliated investments (at fair value) was as follows:
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March 31, 2026 |
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December 31, 2025 |
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Software |
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17.59 |
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% |
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15.82 |
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% |
Financial Services |
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8.94 |
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7.96 |
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Insurance |
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7.93 |
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7.61 |
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Healthcare Providers and Services |
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7.47 |
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7.45 |
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Commercial Services and Supplies |
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7.24 |
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7.44 |
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Diversified Consumer Services |
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6.40 |
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6.52 |
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Health Care Technology |
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6.08 |
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6.27 |
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Professional Services |
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4.69 |
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5.68 |
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Chemicals |
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3.24 |
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3.45 |
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Pharmaceuticals |
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2.85 |
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1.40 |
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Containers and Packaging |
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2.67 |
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2.31 |
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Healthcare Equipment and Supplies |
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2.67 |
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2.87 |
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Distributors |
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2.38 |
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2.07 |
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IT Services |
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2.20 |
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3.55 |
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Energy Equipment and Services |
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1.53 |
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1.15 |
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Capital Markets |
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1.34 |
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1.79 |
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Construction & Engineering |
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1.10 |
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1.16 |
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Hotels, Restaurants and Leisure |
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1.07 |
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1.14 |
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Life Sciences Tools & Services |
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1.06 |
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0.57 |
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Electronic Equipment, Instruments and Components |
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0.94 |
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1.01 |
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Industrial Conglomerates |
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0.93 |
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1.32 |
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Wireless Telecommunication Services |
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0.80 |
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0.85 |
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Building Products |
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0.79 |
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0.86 |
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Machinery |
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0.77 |
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0.81 |
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Air Freight and Logistics |
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0.67 |
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0.61 |
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Gas Utilities |
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0.64 |
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0.59 |
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Construction Materials |
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0.62 |
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0.63 |
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Specialty Retail |
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0.55 |
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0.59 |
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Household Products |
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0.55 |
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0.58 |
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Technology Hardware, Storage and Peripherals |
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0.53 |
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0.51 |
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Food Products |
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0.53 |
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0.59 |
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Automobile Components |
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0.52 |
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0.83 |
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Media |
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0.49 |
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0.57 |
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Diversified Telecommunication Services |
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0.45 |
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0.49 |
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Aerospace and Defense |
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0.31 |
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0.37 |
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Oil, Gas and Consumable Fuels |
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0.30 |
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0.33 |
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Real Estate Management and Development |
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0.29 |
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0.32 |
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Trading Companies and Distributors |
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0.24 |
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0.26 |
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Beverages |
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0.17 |
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0.15 |
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Textiles, Apparel and Luxury Goods |
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0.12 |
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0.31 |
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Broadline Retail |
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0.12 |
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0.13 |
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Transportation Infrastructure |
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0.08 |
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0.27 |
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Personal Care Products |
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0.08 |
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0.08 |
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Independent Power and Renewable Electricity Producers |
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0.04 |
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0.05 |
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Electrical Equipment |
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0.01 |
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0.67 |
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Ground Transportation |
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0.01 |
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0.01 |
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Total |
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100.00 |
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% |
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100.00 |
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% |
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The geographic composition of the Company's non-controlled, non-affiliated investments (at amortized cost and fair value) was as follows:
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March 31, 2026 |
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Amortized Cost |
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Fair Value |
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% of Total Investments at Fair Value |
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Fair Value as % of Net Assets |
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United States |
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$ |
4,418,866 |
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$ |
4,375,877 |
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98.46 |
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% |
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202.80 |
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% |
Canada |
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44,319 |
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44,246 |
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1.00 |
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2.05 |
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Australia |
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18,886 |
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18,540 |
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0.42 |
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0.86 |
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Netherlands |
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5,324 |
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5,237 |
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0.12 |
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0.24 |
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Total |
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$ |
4,487,395 |
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$ |
4,443,900 |
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100.00 |
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% |
|
205.95 |
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% |
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December 31, 2025 |
|
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|
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Amortized Cost |
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Fair Value |
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% of Total Investments at Fair Value |
|
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Fair Value as % of Net Assets |
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United States |
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$ |
4,108,332 |
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$ |
4,112,590 |
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|
98.52 |
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% |
|
203.83 |
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% |
Canada |
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42,794 |
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42,905 |
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1.03 |
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2.13 |
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Australia |
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18,929 |
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18,896 |
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0.45 |
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0.94 |
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Total |
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$ |
4,170,055 |
|
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$ |
4,174,391 |
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|
|
100.00 |
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% |
|
206.90 |
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% |
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