| Summary of Investments at Fair Value |
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.
|
| Summary of Industry Composition of Investments at Fair Value |
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.
|
| Summary of Geographic Composition of Investments at Fair Value |
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%.
|