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Investments (Tables)
6 Months Ended
Jun. 30, 2026
Investments, All Other Investments [Abstract]  
Schedule of Investments Excluding Investments in Money Market Funds

The Company’s investments (excluding investments in money market funds, if any) consisted of the following:

 

 

June 30, 2026

 

December 31, 2025

 

Investment Type

 

Cost

 

 

Fair Value

 

Cost

 

 

Fair Value

 

1st Lien/Senior Secured Debt

 

$

3,076,034

 

 

$

2,963,331

 

$

3,088,308

 

 

$

3,028,788

 

1st Lien/Last-Out Unitranche

 

 

140,199

 

 

 

132,155

 

 

138,148

 

 

 

135,156

 

2nd Lien/Senior Secured Debt

 

 

75,910

 

 

 

55,118

 

 

50,613

 

 

 

47,914

 

Unsecured Debt

 

 

30,231

 

 

 

8,569

 

 

29,603

 

 

 

8,476

 

Preferred Stock

 

 

33,209

 

 

 

20,231

 

 

33,101

 

 

 

26,426

 

Common Stock

 

 

53,544

 

 

 

15,437

 

 

53,544

 

 

 

14,714

 

Warrants

 

 

1,849

 

 

 

407

 

 

1,849

 

 

 

247

 

Total

 

$

3,410,976

 

 

$

3,195,248

 

$

3,395,166

 

 

$

3,261,721

 

 

Schedule of Investments as a Percentage of Fair Value and Net Assets The industry composition of the Company’s investments as a percentage of fair value and net assets was as follows:

 

 

June 30, 2026

 

 

December 31, 2025

 

 

Industry

 

Fair Value

 

 

Net Assets

 

 

Fair Value

 

 

Net Assets

 

 

Software

 

 

19.6

%

 

 

46.0

%

 

 

17.6

%

 

 

40.2

%

 

Health Care Technology

 

 

8.6

 

 

 

20.3

 

 

 

8.4

 

 

 

19.3

 

 

Financial Services

 

 

7.8

 

 

 

18.2

 

 

 

7.7

 

 

 

17.6

 

 

Health Care Providers & Services

 

 

7.7

 

 

 

18.1

 

 

 

8.8

 

 

 

20.2

 

 

Commercial Services & Supplies

 

 

7.6

 

 

 

17.7

 

 

 

7.4

 

 

 

16.9

 

 

Diversified Consumer Services

 

 

7.1

 

 

 

16.7

 

 

 

6.1

 

 

 

14.0

 

 

Professional Services

 

 

6.4

 

 

 

14.9

 

 

 

6.8

 

 

 

15.6

 

 

Real Estate Mgmt. & Development

 

 

5.4

 

 

 

12.8

 

 

 

5.3

 

 

 

12.0

 

 

IT Services

 

 

4.5

 

 

 

10.5

 

 

 

4.4

 

 

 

10.2

 

 

Trading Companies & Distributors

 

 

3.4

 

 

 

8.0

 

 

 

3.2

 

 

 

7.3

 

 

Wireless Telecommunication Services

 

 

3.3

 

 

 

7.8

 

 

 

3.1

 

 

 

7.2

 

 

Health Care Equipment & Supplies

 

 

2.9

 

 

 

6.9

 

 

 

2.9

 

 

 

6.7

 

 

Machinery

 

 

1.8

 

 

 

4.1

 

 

 

1.6

 

 

 

3.7

 

 

Entertainment

 

 

1.7

 

 

 

4.0

 

 

 

1.9

 

 

 

4.3

 

 

Containers & Packaging

 

 

1.7

 

 

 

4.0

 

 

 

1.7

 

 

 

3.8

 

 

Food Products

 

 

1.2

 

 

 

2.8

 

 

 

1.0

 

 

 

2.4

 

 

Oil, Gas & Consumable Fuels

 

 

1.2

 

 

 

2.7

 

 

 

1.1

 

 

 

2.6

 

 

Construction & Engineering

 

 

1.0

 

 

 

2.4

 

 

 

1.0

 

 

 

2.3

 

 

Building Products

 

 

0.9

 

 

 

2.2

 

 

 

0.5

 

 

 

1.0

 

 

Chemicals

 

 

0.8

 

 

 

2.0

 

 

 

1.0

 

 

 

2.3

 

 

Interactive Media & Services

 

 

0.7

 

 

 

1.7

 

 

 

0.8

 

 

 

1.9

 

 

Aerospace & Defense

 

 

0.7

 

 

 

1.6

 

 

 

0.7

 

 

 

1.5

 

 

Textiles, Apparel & Luxury Goods

 

 

0.6

 

 

 

1.4

 

 

 

0.7

 

 

 

1.7

 

 

Air Freight & Logistics

 

 

0.6

 

 

 

1.4

 

 

 

0.4

 

 

 

0.9

 

 

Hotels, Restaurants & Leisure

 

 

0.5

 

 

 

1.2

 

 

 

0.5

 

 

 

1.2

 

 

Pharmaceuticals

 

 

0.5

 

 

 

1.1

 

 

 

0.5

 

 

 

1.2

 

 

Media

 

 

0.4

 

 

 

1.0

 

 

 

0.3

 

 

 

0.7

 

 

Beverages

 

 

0.4

 

 

 

0.9

 

 

 

0.6

 

 

 

1.5

 

 

Automobile Components

 

 

0.2

 

 

 

0.5

 

 

 

0.3

 

 

 

0.6

 

 

Energy Equipment & Services

 

 

0.2

 

 

 

0.4

 

 

 

0.2

 

 

 

0.4

 

 

Capital Markets

 

 

0.2

 

 

 

0.4

 

 

 

0.2

 

 

 

0.4

 

 

Leisure Products

 

 

0.1

 

 

 

0.3

 

 

 

0.1

 

 

 

0.3

 

 

Consumer Staples Distribution & Retail

 

 

0.1

 

 

 

0.3

 

 

 

0.1

 

 

 

0.3

 

 

Broadline Retail

 

 

0.1

 

 

 

0.3

 

 

 

0.6

 

 

 

1.3

 

 

Insurance

 

 

0.1

 

 

 

0.3

 

 

 

 

(1)

 

0.1

 

 

Electrical Equipment

 

 

 

(1)

 

0.1

 

 

 

 

(1)

 

 

(1)

Communications Equipment

 

 

 

(1)

 

0.1

 

 

 

0.1

 

 

 

0.1

 

 

Independent Power and Renewable Electricity Producers

 

 

 

(1)

 

0.1

 

 

 

1.6

 

 

 

3.7

 

 

Household Products

 

 

 

(1)

 

0.1

 

 

 

 

(1)

 

0.1

 

 

Specialty Retail

 

 

 

 

 

 

 

 

0.8

 

 

 

1.7

 

 

Total

 

 

100.0

%

 

 

235.3

%

 

 

100.0

%

 

 

229.2

%

 

 

(1)
Amount rounds to less than 0.1%.
Schedule of Geographic Composition of Investments at Fair Value

The geographic composition of the Company’s investments at fair value was as follows:

Geographic

 

June 30, 2026

 

 

December 31, 2025

 

 

United States

 

 

94.6

%

 

 

94.8

%

 

Canada

 

 

3.3

 

 

 

3.2

 

 

United Kingdom

 

 

1.5

 

 

 

1.5

 

 

India

 

 

0.6

 

 

 

0.5

 

 

Total

 

 

100.0

%

 

 

100.0

%