| Schedule of Composition of Investment Portfolio |
The composition of the Company’s investment portfolio at cost and fair value as of September 30, 2026 was as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortized Cost |
|
|
% of Total
Investments at
Amortized Cost |
|
|
Fair Value |
|
|
% of Total
Investments at
Fair Value |
|
First Lien Debt (1) |
|
$ |
2,054,396 |
|
|
|
99.4 |
% |
|
$ |
2,052,225 |
|
|
|
99.7 |
% |
Common Stock |
|
|
8,435 |
|
|
|
0.4 |
% |
|
|
881 |
|
|
|
0.1 |
% |
Preferred Stock |
|
|
601 |
|
|
|
0.1 |
% |
|
|
598 |
|
|
|
0.1 |
% |
L.P. Interest |
|
|
434 |
|
|
|
0.1 |
% |
|
|
614 |
|
|
|
0.1 |
% |
Total |
|
$ |
2,063,866 |
|
|
|
100.0 |
% |
|
$ |
2,054,318 |
|
|
|
100.0 |
% |
(1)First lien debt consists of first lien term loans, first lien, last-out term loans, second-out term loans, first lien delayed draw term loans and first lien revolvers. The composition of the Company’s investment portfolio at cost and fair value as of December 31, 2025 was as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortized Cost |
|
|
% of Total
Investments at
Amortized Cost |
|
|
Fair Value |
|
|
% of Total
Investments at
Fair Value |
|
First Lien Debt (1) |
|
$ |
1,566,577 |
|
|
|
99.3 |
% |
|
$ |
1,571,924 |
|
|
|
99.7 |
% |
Common Stock |
|
|
8,435 |
|
|
|
0.5 |
% |
|
|
1,598 |
|
|
|
0.1 |
% |
Preferred Stock |
|
|
831 |
|
|
|
0.1 |
% |
|
|
846 |
|
|
|
0.1 |
% |
L.P. Interest |
|
|
434 |
|
|
|
0.1 |
% |
|
|
533 |
|
|
|
0.1 |
% |
Total |
|
$ |
1,576,277 |
|
|
|
100.0 |
% |
|
$ |
1,574,901 |
|
|
|
100.0 |
% |
(1)First lien debt consists of first lien term loans, first lien, last-out term loans, second-out term loans, first lien delayed draw term loans and first lien revolvers.
|
| Schedule of Composition of Investment Portfolio |
The industry composition of investments as of September 30, 2026 at amortized cost and fair value was as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2026 |
|
|
|
Investments at
Amortized Cost |
|
|
% of Investments at
Amortized Cost |
|
|
Investments at
Fair Value |
|
|
% of Investments at
Fair Value |
|
Software |
|
$ |
367,752 |
|
|
|
17.8 |
% |
|
$ |
364,948 |
|
|
|
17.7 |
% |
Professional Services |
|
|
217,933 |
|
|
|
10.5 |
% |
|
|
219,890 |
|
|
|
10.7 |
% |
Commercial Services & Supplies |
|
|
179,386 |
|
|
|
8.6 |
% |
|
|
180,453 |
|
|
|
8.8 |
% |
Diversified Consumer Services |
|
|
158,255 |
|
|
|
7.7 |
% |
|
|
154,941 |
|
|
|
7.5 |
% |
IT Services |
|
|
131,107 |
|
|
|
6.4 |
% |
|
|
130,320 |
|
|
|
6.3 |
% |
Health Care Providers & Services |
|
|
122,831 |
|
|
|
6.0 |
% |
|
|
120,808 |
|
|
|
5.9 |
% |
Insurance |
|
|
120,475 |
|
|
|
5.8 |
% |
|
|
120,958 |
|
|
|
5.9 |
% |
Media |
|
|
94,523 |
|
|
|
4.6 |
% |
|
|
94,793 |
|
|
|
4.6 |
% |
Life Sciences Tools & Services |
|
|
92,670 |
|
|
|
4.5 |
% |
|
|
93,216 |
|
|
|
4.5 |
% |
Health Care Technology |
|
|
89,259 |
|
|
|
4.3 |
% |
|
|
89,374 |
|
|
|
4.4 |
% |
Aerospace & Defense |
|
|
79,195 |
|
|
|
3.8 |
% |
|
|
79,653 |
|
|
|
3.9 |
% |
Financial Services |
|
|
73,306 |
|
|
|
3.6 |
% |
|
|
73,488 |
|
|
|
3.6 |
% |
Trading Companies & Distributors |
|
|
71,984 |
|
|
|
3.5 |
% |
|
|
72,570 |
|
|
|
3.5 |
% |
Electrical Equipment |
|
|
61,835 |
|
|
|
3.0 |
% |
|
|
62,226 |
|
|
|
3.0 |
% |
Health Care Equipment & Supplies |
|
|
56,344 |
|
|
|
2.7 |
% |
|
|
56,879 |
|
|
|
2.8 |
% |
Real Estate Management & Development |
|
|
52,198 |
|
|
|
2.5 |
% |
|
|
51,457 |
|
|
|
2.5 |
% |
Air Freight & Logistics |
|
|
40,387 |
|
|
|
2.0 |
% |
|
|
33,223 |
|
|
|
1.6 |
% |
Hotels, Restaurants & Leisure |
|
|
17,661 |
|
|
|
0.9 |
% |
|
|
17,899 |
|
|
|
0.9 |
% |
Chemicals |
|
|
15,098 |
|
|
|
0.7 |
% |
|
|
15,490 |
|
|
|
0.8 |
% |
Machinery |
|
|
14,097 |
|
|
|
0.7 |
% |
|
|
14,122 |
|
|
|
0.7 |
% |
Food Products |
|
|
3,799 |
|
|
|
0.2 |
% |
|
|
3,828 |
|
|
|
0.2 |
% |
Pharmaceuticals, Biotechnology & Life Sciences |
|
|
3,771 |
|
|
|
0.2 |
% |
|
|
3,782 |
|
|
|
0.2 |
% |
Total |
|
$ |
2,063,866 |
|
|
|
100.0 |
% |
|
$ |
2,054,318 |
|
|
|
100.0 |
% |
The industry composition of investments as of December 31, 2025 at amortized cost and fair value was as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
|
Investments at
Amortized Cost |
|
|
% of Investments at
Amortized Cost |
|
|
Investments at
Fair Value |
|
|
% of Investments at
Fair Value |
|
Software |
|
$ |
266,337 |
|
|
|
16.9 |
% |
|
$ |
265,973 |
|
|
|
16.9 |
% |
Professional Services |
|
|
159,511 |
|
|
|
10.1 |
% |
|
|
160,861 |
|
|
|
10.2 |
% |
Commercial Services & Supplies |
|
|
144,511 |
|
|
|
9.2 |
% |
|
|
145,022 |
|
|
|
9.2 |
% |
Health Care Providers & Services |
|
|
119,642 |
|
|
|
7.6 |
% |
|
|
118,766 |
|
|
|
7.5 |
% |
Insurance |
|
|
106,021 |
|
|
|
6.7 |
% |
|
|
106,639 |
|
|
|
6.8 |
% |
Diversified Consumer Services |
|
|
99,457 |
|
|
|
6.3 |
% |
|
|
99,540 |
|
|
|
6.3 |
% |
Life Sciences Tools & Services |
|
|
89,762 |
|
|
|
5.7 |
% |
|
|
89,771 |
|
|
|
5.7 |
% |
IT Services |
|
|
80,427 |
|
|
|
5.1 |
% |
|
|
81,104 |
|
|
|
5.1 |
% |
Health Care Technology |
|
|
79,119 |
|
|
|
5.0 |
% |
|
|
79,473 |
|
|
|
5.1 |
% |
Aerospace & Defense |
|
|
75,039 |
|
|
|
4.8 |
% |
|
|
75,321 |
|
|
|
4.8 |
% |
Trading Companies & Distributors |
|
|
68,500 |
|
|
|
4.3 |
% |
|
|
69,011 |
|
|
|
4.4 |
% |
Media |
|
|
51,495 |
|
|
|
3.3 |
% |
|
|
51,648 |
|
|
|
3.3 |
% |
Health Care Equipment & Supplies |
|
|
44,725 |
|
|
|
2.8 |
% |
|
|
45,322 |
|
|
|
2.9 |
% |
Air Freight & Logistics |
|
|
34,115 |
|
|
|
2.2 |
% |
|
|
27,615 |
|
|
|
1.8 |
% |
Electrical Equipment |
|
|
32,517 |
|
|
|
2.1 |
% |
|
|
32,712 |
|
|
|
2.1 |
% |
Financial Services |
|
|
31,007 |
|
|
|
2.0 |
% |
|
|
31,093 |
|
|
|
2.0 |
% |
Electronic Equipment, Instruments & Components |
|
|
23,904 |
|
|
|
1.5 |
% |
|
|
24,182 |
|
|
|
1.5 |
% |
Hotels, Restaurants & Leisure |
|
|
16,779 |
|
|
|
1.1 |
% |
|
|
16,892 |
|
|
|
1.1 |
% |
Real Estate Management & Development |
|
|
15,927 |
|
|
|
1.0 |
% |
|
|
15,960 |
|
|
|
1.0 |
% |
Chemicals |
|
|
15,917 |
|
|
|
1.0 |
% |
|
|
16,325 |
|
|
|
1.0 |
% |
Machinery |
|
|
14,088 |
|
|
|
0.9 |
% |
|
|
14,122 |
|
|
|
0.9 |
% |
Food Products |
|
|
3,761 |
|
|
|
0.2 |
% |
|
|
3,817 |
|
|
|
0.2 |
% |
Pharmaceuticals, Biotechnology & Life Sciences |
|
|
3,716 |
|
|
|
0.2 |
% |
|
|
3,732 |
|
|
|
0.2 |
% |
Total |
|
$ |
1,576,277 |
|
|
|
100.0 |
% |
|
$ |
1,574,901 |
|
|
|
100.0 |
% |
|
| Schedule of Composition of Investment Portfolio |
The geographic composition of investments as of September 30, 2026 at cost and fair value was as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2026 |
|
|
|
Amortized Cost |
|
|
Fair Value |
|
|
% of Total
Investments at
Fair Value |
|
|
Fair Value
as % of Net
Assets |
|
United States |
|
$ |
2,045,103 |
|
|
$ |
2,035,471 |
|
|
|
99.0 |
% |
|
|
210.9 |
% |
United Kingdom |
|
|
18,526 |
|
|
|
18,608 |
|
|
|
0.9 |
% |
|
|
1.9 |
% |
Canada |
|
|
237 |
|
|
|
239 |
|
|
|
0.1 |
% |
|
|
0.1 |
% |
Total |
|
$ |
2,063,866 |
|
|
$ |
2,054,318 |
|
|
|
100.0 |
% |
|
|
212.9 |
% |
The geographic composition of investments as of December 31, 2025 at cost and fair value was as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
|
Amortized Cost |
|
|
Fair Value |
|
|
% of Total
Investments at
Fair Value |
|
|
Fair Value
as % of Net
Assets |
|
United States |
|
$ |
1,564,242 |
|
|
$ |
1,562,865 |
|
|
|
99.2 |
% |
|
|
230.8 |
% |
United Kingdom |
|
|
11,796 |
|
|
|
11,794 |
|
|
|
0.7 |
% |
|
|
1.7 |
% |
Canada |
|
|
239 |
|
|
|
242 |
|
|
|
0.1 |
% |
|
|
0.1 |
% |
Total |
|
$ |
1,576,277 |
|
|
$ |
1,574,901 |
|
|
|
100.0 |
% |
|
|
232.6 |
% |
|