| Investments |
4. Investments Investment Type The table below presents the Company's investments at amortized cost and fair value as of June 30, 2026, expressed in thousands:
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Type |
|
Fair Value |
|
|
% Fair Value |
|
|
Amortized
Cost |
|
|
% Amortized
Cost |
|
First lien debt investments |
|
$ |
1,884,252 |
|
|
|
98.2 |
% |
|
$ |
1,893,034 |
|
|
|
98.2 |
% |
Mezzanine debt investments |
|
|
1,416 |
|
|
|
0.1 |
% |
|
|
1,416 |
|
|
|
0.1 |
% |
Equity investments |
|
|
33,406 |
|
|
|
1.7 |
% |
|
|
32,071 |
|
|
|
1.7 |
% |
Total as of June 30, 2026 |
|
$ |
1,919,074 |
|
|
|
100.0 |
% |
|
$ |
1,926,521 |
|
|
|
100.0 |
% |
The table below presents the Company's investments at amortized cost and fair value as of December 31, 2025, expressed in thousands:
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|
|
|
|
|
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|
|
|
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|
|
|
|
Investment Type |
|
Fair Value |
|
|
% Fair Value |
|
|
Amortized
Cost |
|
|
% Amortized
Cost |
|
First lien debt investments |
|
$ |
1,472,716 |
|
|
|
98.9 |
% |
|
$ |
1,486,855 |
|
|
|
98.9 |
% |
Equity investments |
|
|
16,140 |
|
|
|
1.1 |
% |
|
|
15,959 |
|
|
|
1.1 |
% |
Total as of December 31, 2025 |
|
$ |
1,488,856 |
|
|
|
100.0 |
% |
|
$ |
1,502,814 |
|
|
|
100.0 |
% |
Industry Classification The Company uses Global Industry Classification Standards for classifying the industry groupings of its portfolio companies. The tables below present investments by industry composition based on fair value as of June 30, 2026 and December 31, 2025 expressed in thousands:
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|
Industry |
|
Fair Value |
|
|
% Fair Value |
|
|
Health Care Equipment & Services |
|
$ |
285,231 |
|
|
|
14.9 |
|
% |
Capital Goods |
|
|
271,999 |
|
|
|
14.2 |
|
|
Energy |
|
|
232,217 |
|
|
|
12.1 |
|
|
Consumer Services |
|
|
204,469 |
|
|
|
10.7 |
|
|
Commercial & Professional Services |
|
|
172,622 |
|
|
|
9.0 |
|
|
Consumer Durables & Apparel |
|
|
169,188 |
|
|
|
8.8 |
|
|
Software & Services |
|
|
113,965 |
|
|
|
5.9 |
|
|
Financial Services |
|
|
96,149 |
|
|
|
5.0 |
|
|
Materials |
|
|
91,253 |
|
|
|
4.8 |
|
|
Household & Personal Products |
|
|
52,118 |
|
|
|
2.7 |
|
|
Pharmaceuticals, Biotechnology & Life Sciences |
|
|
43,831 |
|
|
|
2.2 |
|
|
Consumer Discretionary Distribution & Retail |
|
|
42,692 |
|
|
|
2.2 |
|
|
Food, Beverage & Tobacco |
|
|
34,766 |
|
|
|
1.8 |
|
|
Transportation |
|
|
25,524 |
|
|
|
1.3 |
|
|
Insurance |
|
|
21,455 |
|
|
|
1.1 |
|
|
Telecommunication Services |
|
|
15,402 |
|
|
|
0.8 |
|
|
Equity Real Estate Investment Trusts (REITs) |
|
|
12,618 |
|
|
|
0.7 |
|
|
Automobiles & Components |
|
|
10,599 |
|
|
|
0.6 |
|
|
Media & Entertainment |
|
|
8,826 |
|
|
|
0.5 |
|
|
Utilities |
|
|
8,609 |
|
|
|
0.4 |
|
|
Real Estate Management & Development |
|
|
5,541 |
|
|
|
0.3 |
|
|
Total as of June 30, 2026 |
|
$ |
1,919,074 |
|
|
|
100.0 |
|
% |
|
|
|
|
|
|
|
|
|
|
Industry |
|
Fair Value |
|
|
% Fair Value |
|
|
Consumer Services |
|
$ |
184,163 |
|
|
|
12.4 |
|
% |
Commercial & Professional Services |
|
|
178,984 |
|
|
|
12.0 |
|
|
Software & Services |
|
|
141,719 |
|
|
|
9.5 |
|
|
Health Care Equipment & Services |
|
|
139,258 |
|
|
|
9.4 |
|
|
Energy |
|
|
137,492 |
|
|
|
9.2 |
|
|
Capital Goods |
|
|
123,412 |
|
|
|
8.3 |
|
|
Consumer Durables & Apparel |
|
|
117,398 |
|
|
|
7.9 |
|
|
Materials |
|
|
105,023 |
|
|
|
7.1 |
|
|
Financial Services |
|
|
91,525 |
|
|
|
6.0 |
|
|
Insurance |
|
|
52,757 |
|
|
|
3.5 |
|
|
Pharmaceuticals, Biotechnology & Life Sciences |
|
|
44,473 |
|
|
|
3.0 |
|
|
Household & Personal Products |
|
|
43,168 |
|
|
|
2.9 |
|
|
Telecommunication Services |
|
|
27,667 |
|
|
|
1.9 |
|
|
Transportation |
|
|
26,064 |
|
|
|
1.8 |
|
|
Food, Beverage & Tobacco |
|
|
19,637 |
|
|
|
1.3 |
|
|
Equity Real Estate Investment Trusts (REITs) |
|
|
12,632 |
|
|
|
0.9 |
|
|
Automobiles & Components |
|
|
10,825 |
|
|
|
0.7 |
|
|
Real Estate Management & Development |
|
|
8,973 |
|
|
|
0.6 |
|
|
Utilities |
|
|
8,885 |
|
|
|
0.6 |
|
|
Consumer Discretionary Distribution & Retail |
|
|
8,106 |
|
|
|
0.5 |
|
|
Technology Hardware & Equipment |
|
|
6,695 |
|
|
|
0.5 |
|
|
Total as of December 31, 2025 |
|
$ |
1,488,856 |
|
|
|
100.0 |
|
% |
Geographic Composition The table below presents investments by geographic composition based on fair value as of June 30, 2026 expressed in thousands:
|
|
|
|
|
|
|
|
|
|
Geographic Risk |
|
Fair Value |
|
|
% Fair Value |
|
|
United States |
|
$ |
1,787,450 |
|
|
|
93.1 |
|
% |
United Kingdom |
|
|
80,025 |
|
|
|
4.2 |
|
|
Canada |
|
|
25,524 |
|
|
|
1.3 |
|
|
Netherlands |
|
|
8,956 |
|
|
|
0.5 |
|
|
Australia |
|
|
8,955 |
|
|
|
0.5 |
|
|
Panama |
|
|
8,164 |
|
|
|
0.4 |
|
|
Total as of June 30, 2026 |
|
$ |
1,919,074 |
|
|
|
100.0 |
|
% |
The table below presents investments by geographic composition based on fair value as of December 31, 2025 expressed in thousands:
|
|
|
|
|
|
|
|
|
|
Geographic Risk |
|
Fair Value |
|
|
% Fair Value |
|
|
United States |
|
$ |
1,362,534 |
|
|
|
91.5 |
|
% |
United Kingdom |
|
|
73,509 |
|
|
|
4.9 |
|
|
Canada |
|
|
26,064 |
|
|
|
1.8 |
|
|
Panama |
|
|
9,975 |
|
|
|
0.7 |
|
|
Australia |
|
|
8,933 |
|
|
|
0.6 |
|
|
Netherlands |
|
|
7,841 |
|
|
|
0.5 |
|
|
Total as of December 31, 2025 |
|
$ |
1,488,856 |
|
|
|
100.0 |
|
% |
|