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