v3.26.1
INVESTMENTS (Tables)
 6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Schedule of Investments, Portfolio Composition by Industry at Fair Value and Portfolio Composition by Geographic Composition of Investments at Cost and Fair Value
As of June 30, 2026 and December 31, 2025, the Company's investments consisted of the following (amounts in thousands):
June 30, 2026December 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 Investments62,828 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 %
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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, 2026December 31, 2025
Aerospace & Defense0.77 %1.71 %
Automotive2.61 %3.28 %
Banking, Finance, Insurance & Real Estate4.10 %4.01 %
Beverage, Food & Tobacco8.14 %7.62 %
Capital Equipment6.04 %5.75 %
Chemicals, Plastics & Rubber1.04 %1.10 %
Construction & Building7.21 %6.90 %
Consumer Goods: Durable1.27 %1.25 %
Consumer Goods: Non-durable1.71 %1.61 %
Containers, Packaging & Glass4.09 %4.02 %
Energy: Electricity1.62 %1.56 %
Environmental Industries4.83 %4.52 %
Healthcare & Pharmaceuticals18.82 %18.19 %
High Tech Industries4.34 %4.03 %
Hotel, Gaming & Leisure0.18 %0.17 %
Media: Advertising, Printing & Publishing0.96 %0.93 %
Media: Diversified & Production0.75 %0.83 %
Services: Business15.97 %17.24 %
Services: Consumer4.87 %4.33 %
Sovereign & Public Finance0.71 %0.69 %
Telecommunications3.60 %3.55 %
Transportation: Cargo2.52 %3.05 %
Transportation: Consumer0.53 %0.53 %
Utilities: Electric1.56 %1.41 %
Utilities: Water0.56 %0.54 %
Wholesale1.20 %1.18 %
Total100.00 %100.00 %

The geographic composition of investments at cost and fair value was as follows:
June 30, 2026
CostFair Value% of Total Investments at Fair ValueFair Value as % of Net Assets
United States$1,887,942 $1,835,532 95.65 %216.21 %
Canada43,034 43,149 2.25 %5.08 %
Germany27,683 27,843 1.45 %3.28 %
United Kingdom12,875 12,393 0.65 %1.46 %
Total$1,971,534 $1,918,917 100.00 %226.03 %
December 31, 2025
CostFair Value% of Total Investments at Fair ValueFair Value as % of Net Assets
United States
$1,917,138 $1,878,290 95.71 %214.62 %
Canada43,215 43,408 2.21 %4.96 %
Germany
27,806 28,064 1.43 %3.21 %
United Kingdom13,048 12,687 0.65 %1.45 %
Total$2,001,207 $1,962,449 100.00 %224.24 %