| INVESTMENTS |
INVESTMENTS As of June 30, 2026 and December 31, 2025, the Company's investments consisted of the following (amounts in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | December 31, 2025 | | Cost | | Fair Value | | % of Fair Value | | Cost | | Fair Value | | % of Fair Value | First-Lien Debt | $ | 1,757,979 | | | $ | 1,719,505 | | | 89.61 | % | | $ | 1,773,647 | | | $ | 1,756,620 | | | 89.51 | % | Subordinated Debt1 | 150,727 | | | 139,607 | | | 7.28 | % | | 179,656 | | | 161,374 | | | 8.22 | % | | Equity Investments | 62,828 | | | 59,805 | | | 3.11 | % | | 47,904 | | | 44,455 | | | 2.27 | % | | Total | $ | 1,971,534 | | | $ | 1,918,917 | | | 100.00 | % | | $ | 2,001,207 | | | $ | 1,962,449 | | | 100.00 | % | | | | | | | | | | | | | | | | | | | | | | | | |
____________________1As of June 30, 2026, Subordinated Debt at fair value was comprised of second lien term loans and/or second lien notes of $61,041, mezzanine debt of $77,229 and structured debt of $1,337; Subordinated Debt at cost was comprised of second lien term loans and/or second lien notes of $62,705, mezzanine debt of $84,740 and structured debt of $3,282. As of December 31, 2025, Subordinated Debt at fair value was comprised of second lien term loans and/or second lien notes of $74,262, mezzanine debt of $84,633 and structured debt of $2,479; Subordinated Debt at cost was comprised of second lien term loans and/or second lien notes of $78,960, mezzanine debt of $96,113 and structured debt of $4,583. The industry composition of the Company's portfolio as a percentage of fair value as of June 30, 2026 and December 31, 2025 was as follows: | | | | | | | | | | | | | Industry | June 30, 2026 | | December 31, 2025 | | Aerospace & Defense | 0.77 | % | | 1.71 | % | | Automotive | 2.61 | % | | 3.28 | % | | Banking, Finance, Insurance & Real Estate | 4.10 | % | | 4.01 | % | | Beverage, Food & Tobacco | 8.14 | % | | 7.62 | % | | Capital Equipment | 6.04 | % | | 5.75 | % | | Chemicals, Plastics & Rubber | 1.04 | % | | 1.10 | % | | Construction & Building | 7.21 | % | | 6.90 | % | | Consumer Goods: Durable | 1.27 | % | | 1.25 | % | | Consumer Goods: Non-durable | 1.71 | % | | 1.61 | % | | Containers, Packaging & Glass | 4.09 | % | | 4.02 | % | | Energy: Electricity | 1.62 | % | | 1.56 | % | | Environmental Industries | 4.83 | % | | 4.52 | % | | Healthcare & Pharmaceuticals | 18.82 | % | | 18.19 | % | | High Tech Industries | 4.34 | % | | 4.03 | % | | Hotel, Gaming & Leisure | 0.18 | % | | 0.17 | % | | Media: Advertising, Printing & Publishing | 0.96 | % | | 0.93 | % | | Media: Diversified & Production | 0.75 | % | | 0.83 | % | | Services: Business | 15.97 | % | | 17.24 | % | | Services: Consumer | 4.87 | % | | 4.33 | % | | Sovereign & Public Finance | 0.71 | % | | 0.69 | % | | Telecommunications | 3.60 | % | | 3.55 | % | | Transportation: Cargo | 2.52 | % | | 3.05 | % | | Transportation: Consumer | 0.53 | % | | 0.53 | % | | Utilities: Electric | 1.56 | % | | 1.41 | % | | Utilities: Water | 0.56 | % | | 0.54 | % | | Wholesale | 1.20 | % | | 1.18 | % | | Total | 100.00 | % | | 100.00 | % |
The geographic composition of investments at cost and fair value was as follows: | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | Cost | | Fair Value | | % of Total Investments at Fair Value | | Fair Value as % of Net Assets | | United States | $ | 1,887,942 | | | $ | 1,835,532 | | | 95.65 | % | | 216.21 | % | | Canada | 43,034 | | | 43,149 | | | 2.25 | % | | 5.08 | % | | Germany | 27,683 | | | 27,843 | | | 1.45 | % | | 3.28 | % | | United Kingdom | 12,875 | | | 12,393 | | | 0.65 | % | | 1.46 | % | | Total | $ | 1,971,534 | | | $ | 1,918,917 | | | 100.00 | % | | 226.03 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Cost | | Fair Value | | % of Total Investments at Fair Value | | Fair Value as % of Net Assets | United States | $ | 1,917,138 | | | $ | 1,878,290 | | | 95.71 | % | | 214.62 | % | | Canada | 43,215 | | | 43,408 | | | 2.21 | % | | 4.96 | % | Germany | 27,806 | | | 28,064 | | | 1.43 | % | | 3.21 | % | | United Kingdom | 13,048 | | | 12,687 | | | 0.65 | % | | 1.45 | % | | Total | $ | 2,001,207 | | | $ | 1,962,449 | | | 100.00 | % | | 224.24 | % |
As of June 30, 2026 and December 31, 2025, on a fair value basis, 94.21% and 94.07%, respectively, of the Company’s debt investments earn interest at a floating rate, and 5.79% and 5.93%, respectively, of the Company’s debt investments earn interest at a fixed rate.
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