4. INVESTMENTS The Company’s investments (excluding investments in money market funds, if any) consisted of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2026 |
|
|
December 31, 2025 |
|
Investment Type |
|
Cost |
|
|
Fair Value |
|
|
Cost |
|
|
Fair Value |
|
1st Lien/Senior Secured Debt |
|
$ |
935,206 |
|
|
$ |
926,692 |
|
|
$ |
846,642 |
|
|
$ |
844,813 |
|
1st Lien/Last-Out Unitranche |
|
|
64,734 |
|
|
|
64,557 |
|
|
|
55,309 |
|
|
|
55,311 |
|
Preferred Stock |
|
|
101 |
|
|
|
105 |
|
|
|
— |
|
|
|
— |
|
Common Stock |
|
|
2,249 |
|
|
|
2,198 |
|
|
|
2,249 |
|
|
|
1,397 |
|
Total investments |
|
$ |
1,002,290 |
|
|
$ |
993,552 |
|
|
$ |
904,200 |
|
|
$ |
901,521 |
|
The Company uses the Global Industry Classification Standard (“GICS”) for classifying the industry groupings of its investments. The industry composition of the Company’s investments as a percentage of fair value and net assets was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2026 |
|
|
December 31, 2025 |
|
|
Industry |
|
Fair Value |
|
|
Net Assets |
|
|
Fair Value |
|
|
Net Assets |
|
|
Software |
|
|
17.3 |
% |
|
|
30.0 |
% |
|
|
15.0 |
% |
|
|
28.2 |
% |
|
Diversified Consumer Services |
|
|
9.5 |
|
|
|
16.5 |
|
|
|
8.0 |
|
|
|
15.1 |
|
|
Commercial Services & Supplies |
|
|
9.3 |
|
|
|
16.1 |
|
|
|
11.8 |
|
|
|
22.3 |
|
|
IT Services |
|
|
7.0 |
|
|
|
12.2 |
|
|
|
7.2 |
|
|
|
13.6 |
|
|
Wireless Telecommunication Services |
|
|
6.5 |
|
|
|
11.3 |
|
|
|
6.1 |
|
|
|
11.6 |
|
|
Construction & Engineering |
|
|
4.8 |
|
|
|
8.3 |
|
|
|
5.2 |
|
|
|
9.9 |
|
|
Financial Services |
|
|
4.3 |
|
|
|
7.4 |
|
|
|
5.3 |
|
|
|
10.0 |
|
|
Trading Companies & Distributors |
|
|
3.8 |
|
|
|
6.7 |
|
|
|
3.9 |
|
|
|
7.4 |
|
|
Food Products |
|
|
3.6 |
|
|
|
6.3 |
|
|
|
3.8 |
|
|
|
7.2 |
|
|
Health Care Technology |
|
|
3.6 |
|
|
|
6.2 |
|
|
|
3.6 |
|
|
|
6.8 |
|
|
Hotels, Restaurants & Leisure |
|
|
3.6 |
|
|
|
6.2 |
|
|
|
3.6 |
|
|
|
6.9 |
|
|
Machinery |
|
|
3.3 |
|
|
|
5.7 |
|
|
|
3.6 |
|
|
|
6.8 |
|
|
Health Care Providers & Services |
|
|
2.9 |
|
|
|
5.0 |
|
|
|
3.2 |
|
|
|
6.0 |
|
|
Insurance |
|
|
2.5 |
|
|
|
4.3 |
|
|
|
2.9 |
|
|
|
5.6 |
|
|
Aerospace & Defense |
|
|
2.4 |
|
|
|
4.2 |
|
|
|
0.9 |
|
|
|
1.7 |
|
|
Health Care Equipment & Supplies |
|
|
2.2 |
|
|
|
3.8 |
|
|
|
2.4 |
|
|
|
4.5 |
|
|
Containers & Packaging |
|
|
1.9 |
|
|
|
3.4 |
|
|
|
2.2 |
|
|
|
4.1 |
|
|
Professional Services |
|
|
1.9 |
|
|
|
3.3 |
|
|
|
1.9 |
|
|
|
3.5 |
|
|
Chemicals |
|
|
1.9 |
|
|
|
3.3 |
|
|
|
— |
|
|
|
— |
|
|
Energy Equipment & Services |
|
|
1.7 |
|
|
|
2.9 |
|
|
|
1.7 |
|
|
|
3.2 |
|
|
Air Freight & Logistics |
|
|
1.3 |
|
|
|
2.3 |
|
|
|
1.4 |
|
|
|
2.7 |
|
|
Media |
|
|
1.1 |
|
|
|
2.0 |
|
|
|
0.7 |
|
|
|
1.3 |
|
|
Electrical Equipment |
|
|
0.9 |
|
|
|
1.5 |
|
|
|
0.8 |
|
|
|
1.5 |
|
|
Textiles, Apparel & Luxury Goods |
|
|
0.7 |
|
|
|
1.3 |
|
|
|
1.1 |
|
|
|
2.1 |
|
|
Leisure Products |
|
|
0.7 |
|
|
|
1.2 |
|
|
|
0.8 |
|
|
|
1.5 |
|
|
Distributors |
|
|
0.5 |
|
|
|
0.8 |
|
|
|
0.5 |
|
|
|
1.0 |
|
|
Household Products |
|
|
0.4 |
|
|
|
0.8 |
|
|
|
0.5 |
|
|
|
1.0 |
|
|
Consumer Staples Distribution & Retail |
|
|
0.4 |
|
|
|
0.7 |
|
|
|
0.5 |
|
|
|
0.9 |
|
|
Specialty Retail |
|
|
— |
|
|
|
— |
|
|
|
1.4 |
|
|
|
2.6 |
|
|
Total |
|
|
100.0 |
% |
|
|
173.7 |
% |
|
|
100.0 |
% |
|
|
189.0 |
% |
|
The geographic composition of the Company’s investments at fair value was as follows:
|
|
|
|
|
|
|
|
|
Geographic |
|
September 30, 2026 |
|
|
December 31, 2025 |
|
United States |
|
|
100.0 |
% |
|
|
100.0 |
% |
Total |
|
|
100.0 |
% |
|
|
100.0 |
% |
|