| Investments |
Note 4. Investments The information in the following tables 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 (in thousands):
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As of June 30, 2026 |
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As of December 31, 2025 |
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Investment Type |
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Cost |
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Fair Value |
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Unrealized Appreciation/ (Depreciation) |
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Cost |
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Fair Value |
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Unrealized Appreciation/ (Depreciation) |
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Senior Secured First Lien |
|
$ |
388,464 |
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$ |
373,862 |
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$ |
(14,602 |
) |
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$ |
370,529 |
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$ |
350,795 |
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$ |
(19,734 |
) |
Unitranche First Lien |
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1,069,697 |
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|
1,039,165 |
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(30,532 |
) |
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1,068,444 |
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1,047,747 |
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(20,697 |
) |
Unitranche First Lien - Last Out |
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18,438 |
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18,733 |
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295 |
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25,382 |
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26,290 |
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908 |
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Senior Secured Second Lien |
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14,355 |
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14,666 |
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311 |
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15,234 |
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12,180 |
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(3,054 |
) |
Unsecured Debt |
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25,639 |
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25,180 |
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(459 |
) |
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18,144 |
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19,003 |
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859 |
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Equity & Other |
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64,568 |
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69,162 |
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4,594 |
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61,139 |
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77,225 |
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16,086 |
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LLC/LP Equity Interests |
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43,900 |
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29,900 |
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(14,000 |
) |
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44,597 |
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36,178 |
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(8,419 |
) |
Total investments |
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$ |
1,625,061 |
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$ |
1,570,668 |
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$ |
(54,393 |
) |
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$ |
1,603,469 |
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$ |
1,569,418 |
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$ |
(34,051 |
) |
The industry composition of investments at fair value is as follows (in thousands):
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Industry |
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Fair Value as of
June 30, 2026 |
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Percentage of Fair Value |
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Fair Value as of
December 31, 2025 |
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Percentage of Fair Value |
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Health Care Equipment & Services |
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$ |
393,039 |
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25.0 |
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% |
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$ |
427,641 |
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27.3 |
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% |
Software & Services |
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316,129 |
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20.1 |
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319,087 |
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20.3 |
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Commercial & Professional Services |
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298,354 |
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19.0 |
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241,265 |
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15.4 |
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Consumer Services |
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144,171 |
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9.2 |
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138,499 |
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8.8 |
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Diversified Financials |
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95,776 |
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6.1 |
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93,081 |
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5.9 |
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Insurance |
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91,066 |
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5.8 |
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89,672 |
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5.7 |
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Pharmaceuticals, Biotechnology & Life Sciences |
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68,746 |
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4.4 |
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72,836 |
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4.6 |
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Retailing |
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47,392 |
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3.0 |
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64,344 |
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4.1 |
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Automobiles & Components |
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34,157 |
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2.2 |
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33,775 |
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2.2 |
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Food, Beverage & Tobacco |
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16,378 |
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1.0 |
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14,754 |
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0.9 |
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Technology, Hardware & Equipment |
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15,487 |
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1.0 |
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11,352 |
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0.7 |
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Consumer Durables & Apparel |
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13,160 |
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0.8 |
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12,004 |
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0.8 |
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Capital Goods |
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12,215 |
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0.8 |
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28,989 |
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1.8 |
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Household & Personal Products |
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7,445 |
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0.5 |
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7,268 |
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0.5 |
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Transportation |
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6,919 |
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0.4 |
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4,246 |
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0.3 |
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Materials |
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5,713 |
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0.4 |
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5,812 |
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0.4 |
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Energy |
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3,375 |
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0.2 |
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3,438 |
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0.2 |
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Food & Staples Retailing |
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1,146 |
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0.1 |
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1,355 |
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0.1 |
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Total investments |
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$ |
1,570,668 |
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100.0 |
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% |
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$ |
1,569,418 |
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100.0 |
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% |
The geographic composition of investments at fair value is as follows (in thousands):
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Geographic Region |
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Fair Value as of
June 30, 2026 |
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Percentage of Fair Value |
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Fair Value as of
December 31, 2025 |
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Percentage of Fair Value |
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United States |
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$ |
1,379,059 |
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87.9 |
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% |
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$ |
1,371,016 |
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87.3 |
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% |
United Kingdom |
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72,515 |
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4.7 |
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81,059 |
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5.2 |
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Australia |
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33,600 |
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2.1 |
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31,367 |
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2.0 |
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Switzerland |
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24,273 |
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1.5 |
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24,766 |
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1.6 |
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Canada |
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24,108 |
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1.5 |
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20,479 |
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1.3 |
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Netherlands |
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12,963 |
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0.8 |
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13,430 |
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0.9 |
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Germany |
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10,698 |
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0.7 |
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- |
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- |
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Jersey |
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6,632 |
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0.4 |
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6,741 |
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0.4 |
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Sweden |
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4,584 |
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0.3 |
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18,262 |
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1.2 |
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Finland |
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2,132 |
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0.1 |
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2,192 |
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0.1 |
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Belgium |
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|
104 |
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0.0 |
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|
106 |
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0.0 |
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Total investments |
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$ |
1,570,668 |
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|
100.0 |
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% |
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$ |
1,569,418 |
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100.0 |
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% |
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