| Summary of Investments at Fair Value |
Investments at fair value consisted of the following at September 30, 2026 and December 31, 2025:
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September 30, 2026 |
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Amortized Cost (1) |
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|
Fair Value |
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Net Unrealized
Gain (Loss) |
|
First-lien debt investments |
|
$ |
2,976,755 |
|
|
$ |
2,950,384 |
|
|
$ |
(26,371 |
) |
Second-lien debt investments |
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|
25,552 |
|
|
|
24,898 |
|
|
|
(654 |
) |
Mezzanine debt investments |
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|
63,582 |
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|
|
63,966 |
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|
|
384 |
|
Equity investments |
|
|
181,220 |
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|
|
192,200 |
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|
|
10,980 |
|
Structured credit investments |
|
|
84,890 |
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|
81,597 |
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|
(3,293 |
) |
Joint venture investments |
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|
75,641 |
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|
79,990 |
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|
4,349 |
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Total Investments |
|
$ |
3,407,640 |
|
|
$ |
3,393,035 |
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|
$ |
(14,605 |
) |
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December 31, 2025 |
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|
Amortized Cost (1) |
|
|
Fair Value |
|
|
Net Unrealized
Gain (Loss) |
|
First-lien debt investments |
|
$ |
2,934,162 |
|
|
$ |
2,984,501 |
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|
$ |
50,339 |
|
Second-lien debt investments |
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|
69,631 |
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|
|
30,678 |
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|
|
(38,953 |
) |
Mezzanine debt investments |
|
|
61,150 |
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|
|
61,684 |
|
|
|
534 |
|
Equity investments |
|
|
159,782 |
|
|
|
172,582 |
|
|
|
12,800 |
|
Structured credit investments |
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|
98,557 |
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|
97,872 |
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|
|
(685 |
) |
Total Investments |
|
$ |
3,323,282 |
|
|
$ |
3,347,317 |
|
|
$ |
24,035 |
|
(1)The amortized cost represents the original cost adjusted for the amortization of discounts or premiums, as applicable, on debt investments using the effective interest method.
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| Summary of Industry Composition of Investments at Fair Value |
The industry composition of investments at fair value at September 30, 2026 and December 31, 2025 is as follows:
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September 30, 2026 |
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December 31, 2025 |
|
Business Services |
|
|
13.4 |
% |
|
|
13.4 |
% |
Chemicals |
|
|
1.1 |
% |
|
|
1.2 |
% |
Communications |
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|
1.1 |
% |
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|
1.5 |
% |
Education |
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3.0 |
% |
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3.1 |
% |
Electronics |
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0.8 |
% |
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|
0.8 |
% |
Financial Services |
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1.9 |
% |
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3.5 |
% |
Healthcare |
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|
10.8 |
% |
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|
9.0 |
% |
Hotel, Gaming and Leisure |
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|
8.6 |
% |
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8.0 |
% |
Human Resource Support Services |
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7.8 |
% |
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|
9.0 |
% |
Internet Services |
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|
17.9 |
% |
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18.3 |
% |
Manufacturing |
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|
0.7 |
% |
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1.2 |
% |
Marketing Services |
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|
0.2 |
% |
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0.3 |
% |
Office Products |
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|
0.2 |
% |
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|
0.3 |
% |
Oil, Gas and Consumable Fuels |
|
|
3.2 |
% |
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|
2.8 |
% |
Other (1) |
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|
7.7 |
% |
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|
5.3 |
% |
Pharmaceuticals |
|
|
2.8 |
% |
|
|
2.7 |
% |
Real Estate (2) |
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|
0.0 |
% |
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0.0 |
% |
Retail and Consumer Products |
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|
11.1 |
% |
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11.6 |
% |
Transportation |
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|
7.7 |
% |
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|
8.0 |
% |
Total |
|
|
100.0 |
% |
|
|
100.0 |
% |
(1)Includes structured credit and joint venture investments. (2)Value sums to less than 0.1%.
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| Summary of Geographic Composition of Investments at Fair Value |
The geographic composition of investments at fair value at September 30, 2026 and December 31, 2025 is as follows:
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September 30, 2026 |
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December 31, 2025 |
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United States |
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Midwest |
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11.9 |
% |
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|
12.5 |
% |
Northeast |
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15.8 |
% |
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18.6 |
% |
South |
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|
25.9 |
% |
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|
23.2 |
% |
West |
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28.2 |
% |
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|
29.8 |
% |
Australia |
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|
0.1 |
% |
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|
0.2 |
% |
Canada |
|
|
1.4 |
% |
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1.5 |
% |
Finland (1) |
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0.0 |
% |
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|
0.0 |
% |
France |
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1.7 |
% |
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|
1.6 |
% |
Germany |
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3.4 |
% |
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3.5 |
% |
Italy |
|
|
0.6 |
% |
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|
0.6 |
% |
Netherlands |
|
|
0.8 |
% |
|
|
0.4 |
% |
Norway |
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|
3.1 |
% |
|
|
3.3 |
% |
Sweden |
|
|
1.3 |
% |
|
|
0.8 |
% |
Switzerland |
|
|
1.3 |
% |
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|
— |
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United Kingdom |
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4.5 |
% |
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4.0 |
% |
Total |
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100.0 |
% |
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|
100.0 |
% |
(1)Value sums to less than 0.1%.
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