| Investments at Fair Value and Amortized Cost |
Investments at fair value and amortized cost consisted of the below as of the following periods:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2026 |
|
|
December 31, 2025 |
|
($ in thousands) |
|
Amortized Cost |
|
Fair Value |
|
|
Amortized Cost |
|
|
Fair Value |
|
First lien senior secured debt investments |
|
$ |
1,576,296 |
|
|
$ |
1,568,106 |
|
|
$ |
1,205,695 |
|
|
$ |
1,205,232 |
|
Second lien senior secured debt investments |
|
|
46,310 |
|
|
|
46,075 |
|
|
|
48,640 |
|
|
|
48,987 |
|
Unsecured debt investments |
|
|
82,664 |
|
|
|
83,067 |
|
|
|
79,872 |
|
|
|
79,786 |
|
Equity investments |
|
|
2,000 |
|
|
|
2,000 |
|
|
|
— |
|
|
|
— |
|
U.S. treasury bills |
|
|
64,985 |
|
|
|
64,978 |
|
|
|
172,875 |
|
|
|
172,864 |
|
Total Investments |
|
$ |
1,772,255 |
|
|
$ |
1,764,226 |
|
|
$ |
1,507,082 |
|
|
$ |
1,506,869 |
|
|
| Industry Composition of Investments Based on Fair Value |
The industry composition of investments based on fair value consisted of the below as of the following periods (excluding the Company’s investment in U.S. Treasury Bills):
|
|
|
|
|
|
|
|
|
September 30, 2026 |
|
December 31, 2025 |
Commercial Services & Supplies |
|
21.4 |
% |
|
17.1 |
% |
Health Care Providers & Services |
|
18.4 |
|
|
18.5 |
|
Hotels, Restaurants & Leisure |
|
9.7 |
|
|
12.3 |
|
Software |
|
8.1 |
|
|
6.0 |
|
Consumer Staples Distribution & Retail |
|
7.9 |
|
|
10.3 |
|
Construction & Engineering |
|
4.9 |
|
|
6.3 |
|
Financial Services |
|
4.7 |
|
|
— |
|
Specialty Retail |
|
4.5 |
|
|
— |
|
Household Products |
|
4.3 |
|
|
0.2 |
|
Energy Equipment & Services |
|
4.2 |
|
|
5.9 |
|
Building Products |
|
3.7 |
|
|
4.8 |
|
Machinery |
|
3.4 |
|
|
4.3 |
|
Consumer Finance |
|
2.7 |
|
|
3.7 |
|
Trading Companies & Distributors |
|
2.1 |
|
|
2.5 |
|
Water Utilities |
|
— |
|
|
5.9 |
|
IT Services |
|
— |
|
|
0.2 |
|
Diversified Financial Services |
|
— |
|
|
0.5 |
|
Electrical Equipment |
|
— |
|
|
0.4 |
|
Textiles, Apparel & Luxury Goods |
|
— |
|
|
0.4 |
|
Health Care Equipment & Supplies |
|
— |
|
|
0.4 |
|
Health Care Technology |
|
— |
|
|
0.3 |
|
|
| Geographic Composition of Investments at Amortized Cost And on Fair Value |
The geographic composition of investments at amortized cost and on fair value consisted of the below as of the following periods (excluding the Company’s investment in U.S. Treasury Bills):
|
|
|
|
|
|
|
|
|
|
|
September 30, 2026 |
|
($ in thousands) |
|
Amortized Cost |
|
Fair Value |
|
% of Total Investments at Fair Value |
|
|
Fair Value as % of Net Assets |
|
North America |
|
$1,707,270 |
|
$1,699,248 |
|
100 |
% |
|
216 |
% |
Total |
|
$1,707,270 |
|
$1,699,248 |
|
100 |
% |
|
216 |
% |
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
($ in thousands) |
|
Amortized Cost |
|
Fair Value |
|
% of Total Investments at Fair Value |
|
|
Fair Value as % of Net Assets |
|
North America |
|
$1,334,207 |
|
$1,334,005 |
|
100 |
% |
|
182 |
% |
Total |
|
$1,334,207 |
|
$1,334,005 |
|
100 |
% |
|
182 |
% |
|