v3.26.1
Investment Portfolio
 6 Months Ended
Jun. 30, 2026
Investment Company [Abstract]  
Investment Portfolio Investment Portfolio
The following table summarizes the composition of the Company’s investment portfolio at cost and fair value as of June 30, 2026 and December 31, 2025:
June 30, 2026
(Unaudited)
December 31, 2025
Amortized Cost(1)
Fair ValuePercentage of Portfolio
Amortized Cost(1)
Fair ValuePercentage of Portfolio
Senior Secured Loans—First Lien$2,014,547 $1,985,852 75.0 %$1,954,430 $1,964,215 74.8 %
Subordinated Debt2,286 2,366 0.1 %1,938 2,015 0.1 %
Asset Based Finance641,869 660,467 24.9 %640,556 658,865 25.1 %
Equity/Other479 479 0.0 %— — — 
Total$2,659,181 $2,649,164 100.0 %$2,596,924 $2,625,095 100.0 %
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(1)Amortized cost represents the original cost adjusted for the amortization of premiums and/or accretion of discounts, as applicable, on investments.
In general, under the 1940 Act, the Company would be presumed to “control” a portfolio company if it owned more than 25% of its voting securities or had the power to exercise control over the management or policies of such portfolio company, and would be an “affiliated person” of a portfolio company if it owned 5% or more of its voting securities.
As of June 30, 2026, the Company held investments in two portfolio companies of which it may be deemed to be an “affiliated person” but is not deemed to “control.” As of June 30, 2026, the Company held investments in nine portfolio companies of which it may be deemed to “control.” For additional information with respect to such portfolio companies, see footnotes (o) and (p) to the unaudited consolidated schedule of investments as of June 30, 2026.
As of December 31, 2025, the Company held investments in two portfolio companies of which it may be deemed to be an “affiliated person” but was not deemed to “control.” As of December 31, 2025, the Company held investments in seven portfolio companies of which it may be deemed to “control.” For additional information with respect to such portfolio companies, see footnotes (m) and (n) to the consolidated schedule of investments as of December 31, 2025.
The Company’s investment portfolio may contain loans and other unfunded arrangements that are in the form of lines of credit, revolving credit facilities, delayed draw credit facilities or other investments, which require the Company to provide funding when requested by portfolio companies in accordance with the terms of the underlying agreements. As of June 30, 2026, the Company had unfunded debt investments with aggregate unfunded commitments of $510,744 and unfunded equity/other commitments of $15,095. As of December 31, 2025, the Company had unfunded debt investments with aggregate unfunded commitments of $548,706 and unfunded equity/other commitments of $9,616. The Company maintains sufficient cash on hand and available capital in connection with undrawn commitments to fund such unfunded commitments should the need arise. For additional details regarding the Company’s unfunded debt investments, see the Company’s unaudited consolidated schedule of investments as of June 30, 2026 and the Company’s audited consolidated schedule of investments as of December 31, 2025.
The table below describes investments by industry classification and enumerates the percentage, by fair value, of the total portfolio assets in such industries as of June 30, 2026 and December 31, 2025:
June 30, 2026
(Unaudited)
December 31, 2025
Industry ClassificationFair ValuePercentage of PortfolioFair ValuePercentage of Portfolio
Automobiles & Components$8,872 0.3 %$8,367 0.3 %
Banks56,894 2.2 %62,483 2.4 %
Capital Goods403,634 15.2 %387,085 14.7 %
Commercial & Professional Services276,084 10.4 %291,011 11.1 %
Consumer Durables & Apparel9,973 0.4 %11,078 0.4 %
Consumer Services129,408 4.9 %122,173 4.7 %
Consumer Staples Distribution & Retail36,362 1.4 %15,981 0.6 %
Equity Real Estate Investment Trusts (REITs)— — 17,253 0.7 %
Financial Services342,405 12.9 %327,038 12.5 %
Food, Beverage & Tobacco13,906 0.5 %32,615 1.2 %
Health Care Equipment & Services251,277 9.5 %247,745 9.4 %
Household & Personal Products— — 6,237 0.2 %
Insurance175,759 6.6 %177,799 6.8 %
Materials42,474 1.6 %62,474 2.4 %
Media & Entertainment48,076 1.8 %50,557 1.9 %
Pharmaceuticals, Biotechnology & Life Sciences17,193 0.7 %25,530 1.0 %
Real Estate Management & Development124,036 4.7 %121,281 4.6 %
Software & Services568,540 21.5 %533,769 20.3 %
Technology Hardware & Equipment212 0.0 %264 0.0 %
Telecommunication Services27,354 1.0 %10,801 0.4 %
Transportation115,467 4.4 %112,139 4.3 %
Utilities1,238 0.0 %1,415 0.1 %
Total$2,649,164 100.0 %$2,625,095 100.0 %