Under the 1940 Act, the Company is required to separately identify non-controlled investments where it owns 5% or more of a portfolio company’s outstanding voting securities as investments in “affiliated” companies. In addition, under the 1940 Act, the Company is required to separately identify investments where it owns more than 25% of a portfolio company’s outstanding voting securities and/or had the power to exercise control over the management or policies of such portfolio company as investments in “controlled” companies. 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 information in the tables below is presented on an aggregate portfolio basis, without regard to whether they are non-controlled, non-affiliated; non-controlled, affiliated; or controlled, affiliated investments.

Investments at fair value consisted of the following at June 30, 2026 and December 31, 2025:


	June 30, 2026
	Amortized Cost (1)		Fair Value		Net Unrealized Gain (Loss)
First-lien debt investments	$	8,161,814	$	8,182,766	$	20,952
Second-lien debt investments		38,342		38,581		239
Mezzanine debt investments		228,106		230,594		2,488
Equity investments		158,509		174,484		15,975
Joint venture investments		25,704		26,925		1,221
Total Investments	$	8,612,475	$	8,653,350	$	40,875


	December 31, 2025
	Amortized Cost (1)		Fair Value		Net Unrealized Gain (Loss)
First-lien debt investments	$	7,483,884	$	7,659,912	$	176,028
Second-lien debt investments		35,279		37,383		2,104
Mezzanine debt investments		215,194		222,366		7,172
Equity investments		158,509		188,993		30,484
Total Investments	$	7,892,866	$	8,108,654	$	215,788

(1)

The amortized cost represents the original cost adjusted for the amortization of discounts or premiums, as applicable, on debt investments using the effective interest method.

The industry composition of investments at fair value at June 30, 2026 and December 31, 2025 is as follows:


	June 30, 2026			December 31, 2025
Automotive		3.5	%		3.8	%
Business Services		16.6	%		19.7	%
Chemicals		0.5	%		1.6	%
Communications		4.3	%		5.6	%
Education		4.0	%		4.3	%
Electronics		2.5	%		2.8	%
Financial Services		0.3	%		0.4	%
Healthcare		11.8	%		7.6	%
Hotel, Gaming and Leisure		8.0	%		6.4	%
Human Resource Support Services		4.7	%		5.2	%
Internet Services		8.9	%		7.8	%
Manufacturing		2.7	%		2.4	%
Oil, Gas and Consumable Fuels		1.1	%		1.2	%
Other (2)		7.0	%		7.4	%
Pharmaceuticals		5.7	%		7.5	%
Real Estate (1)		0.0	%		0.0	%
Retail and Consumer Products		12.3	%		10.1	%
Transportation		6.1	%		6.2	%
Total		100.0	%		100.0	%

(1)

Value rounds to less than 0.1%.

(2)

Includes joint venture investments.

The geographic composition of investments at fair value at June 30, 2026 and December 31, 2025 is as follows:


	June 30, 2026			December 31, 2025
United States
Midwest		17.6	%		21.0	%
Northeast		12.1	%		10.5	%
South		18.6	%		19.1	%
West		27.2	%		24.2	%
Canada (1)		2.4	%		0.0	%
Finland (1)		0.0	%		0.0	%
France		4.2	%		4.5	%
Germany		1.1	%		1.3	%
Italy		2.6	%		2.8	%
Netherlands		0.1	%		0.2	%
Norway		6.6	%		7.2	%
Sweden		0.4	%		0.3	%
United Kingdom		7.1	%		8.9	%
Total		100.0	%		100.0	%

(1)

Value rounds to less than 0.1%.