| Investments |
Note 4. Investments The following table presents the composition of the Company’s investment portfolio (excluding short-term investments in money market funds) at amortized cost and fair value as of September 30, 2026 and December 31, 2025.
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2026 |
|
|
December 31, 2025 |
|
|
|
Amortized |
|
|
Fair |
|
|
Amortized |
|
|
Fair |
|
|
|
Cost |
|
|
Value |
|
|
Cost |
|
|
Value |
|
First-lien senior secured debt investments |
|
$ |
2,201,726 |
|
|
$ |
2,176,450 |
|
|
$ |
2,163,739 |
|
|
$ |
2,157,399 |
|
Equity investments |
|
|
42,117 |
|
|
|
46,218 |
|
|
|
33,761 |
|
|
|
41,022 |
|
Total portfolio company investments |
|
$ |
2,243,843 |
|
|
$ |
2,222,668 |
|
|
$ |
2,197,500 |
|
|
$ |
2,198,421 |
|
As of September 30, 2026 and December 31, 2025, $55,748 and $49,949, respectively, of the Company’s total assets were non-qualifying assets, as defined by Section 55(a) of the 1940 Act. The Company uses Global Industry Classification Standards (GICS), Level 3 – Industry, for classifying the industry groupings of its portfolio companies. The industry composition of long-term investments based on fair value as of September 30, 2026 and December 31, 2025 was as follows:
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|
|
|
|
|
|
|
|
|
September 30, 2026 |
|
|
December 31, 2025 |
|
Health care providers & services |
|
|
13.5 |
% |
|
|
10.8 |
% |
Commercial services & supplies |
|
|
11.4 |
% |
|
|
11.9 |
% |
Distributors (Trading companies & distributors) |
|
|
11.0 |
% |
|
|
11.9 |
% |
Food products |
|
|
10.3 |
% |
|
|
10.5 |
% |
Containers & packaging |
|
|
9.5 |
% |
|
|
9.1 |
% |
Professional services |
|
|
6.3 |
% |
|
|
6.6 |
% |
Machinery |
|
|
5.7 |
% |
|
|
6.9 |
% |
Financial services(1) |
|
|
5.3 |
% |
|
|
4.8 |
% |
Chemicals |
|
|
4.0 |
% |
|
|
3.7 |
% |
Leisure products |
|
|
2.8 |
% |
|
|
2.6 |
% |
Building products |
|
|
2.5 |
% |
|
|
1.6 |
% |
Household products |
|
|
2.4 |
% |
|
|
2.4 |
% |
Personal care products |
|
|
2.3 |
% |
|
|
1.1 |
% |
IT services |
|
|
1.6 |
% |
|
|
1.6 |
% |
Automobile components |
|
|
1.4 |
% |
|
|
1.7 |
% |
Aerospace & defense |
|
|
1.4 |
% |
|
|
3.8 |
% |
Wireless telecommunication services |
|
|
1.3 |
% |
|
|
1.5 |
% |
Electrical equipment |
|
|
1.1 |
% |
|
|
- |
% |
Health care equipment & supplies |
|
|
1.1 |
% |
|
|
1.1 |
% |
Textiles, apparel & luxury goods |
|
|
1.0 |
% |
|
|
1.8 |
% |
Insurance |
|
|
1.0 |
% |
|
|
1.0 |
% |
Biotechnology |
|
|
0.9 |
% |
|
|
0.6 |
% |
Household durables |
|
|
0.9 |
% |
|
|
0.9 |
% |
Diversified consumer services |
|
|
0.8 |
% |
|
|
0.8 |
% |
Consumer staples distribution & retail |
|
|
0.5 |
% |
|
|
- |
% |
Diversified telecommunication services |
|
|
- |
% |
|
|
0.2 |
% |
Pharmaceuticals |
|
|
- |
% |
|
|
0.3 |
% |
Specialty retail |
|
|
- |
% |
|
|
0.8 |
% |
|
|
|
100.0 |
% |
|
|
100.0 |
% |
(1)Includes the Company’s debt and equity investment in SGCP Partners, Inc. (SG Credit), through investments in SGCP Intermediate, Inc. and SGCP Holdings, LLC, an asset based lending platform company, where the Company has a minority investment. |