| Investments |
The Company’s investments (excluding investments in money market funds, if any) consisted of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2025 |
|
December 31, 2024 |
|
Investment Type |
|
Cost |
|
|
Fair Value |
|
Cost |
|
|
Fair Value |
|
1st Lien/Senior Secured Debt |
|
$ |
3,050,865 |
|
|
$ |
2,998,388 |
|
$ |
3,301,746 |
|
|
$ |
3,179,820 |
|
1st Lien/Last-Out Unitranche |
|
|
96,632 |
|
|
|
93,805 |
|
|
168,709 |
|
|
|
165,905 |
|
2nd Lien/Senior Secured Debt |
|
|
50,237 |
|
|
|
47,963 |
|
|
57,161 |
|
|
|
46,786 |
|
Unsecured Debt |
|
|
29,271 |
|
|
|
8,391 |
|
|
39,124 |
|
|
|
16,790 |
|
Preferred Stock |
|
|
33,101 |
|
|
|
26,147 |
|
|
35,513 |
|
|
|
31,246 |
|
Common Stock |
|
|
53,544 |
|
|
|
22,028 |
|
|
69,480 |
|
|
|
34,290 |
|
Warrants |
|
|
1,849 |
|
|
|
211 |
|
|
1,849 |
|
|
|
421 |
|
Total |
|
$ |
3,315,499 |
|
|
$ |
3,196,933 |
|
$ |
3,673,582 |
|
|
$ |
3,475,258 |
|
The industry composition of the Company’s investments as a percentage of fair value and net assets was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2025 |
|
|
December 31, 2024 |
|
|
Industry |
|
Fair Value |
|
|
Net Assets |
|
|
Fair Value |
|
|
Net Assets |
|
|
Software |
|
|
18.9 |
% |
|
|
41.6 |
% |
|
|
19.5 |
% |
|
|
43.0 |
% |
|
Health Care Technology |
|
|
9.9 |
|
|
|
21.7 |
|
|
|
7.3 |
|
|
|
16.1 |
|
|
Health Care Providers & Services |
|
|
9.0 |
|
|
|
19.8 |
|
|
|
10.5 |
|
|
|
23.2 |
|
|
Professional Services |
|
|
8.3 |
|
|
|
18.2 |
|
|
|
9.1 |
|
|
|
20.0 |
|
|
Financial Services |
|
|
7.1 |
|
|
|
15.5 |
|
|
|
9.4 |
|
|
|
20.8 |
|
|
Commercial Services & Supplies |
|
|
6.3 |
|
|
|
13.7 |
|
|
|
4.9 |
|
|
|
10.7 |
|
|
Diversified Consumer Services |
|
|
6.0 |
|
|
|
13.2 |
|
|
|
6.4 |
|
|
|
13.9 |
|
|
IT Services |
|
|
4.5 |
|
|
|
9.8 |
|
|
|
4.9 |
|
|
|
10.9 |
|
|
Real Estate Mgmt. & Development |
|
|
4.4 |
|
|
|
9.7 |
|
|
|
4.0 |
|
|
|
8.9 |
|
|
Trading Companies & Distributors |
|
|
3.2 |
|
|
|
7.0 |
|
|
|
2.8 |
|
|
|
6.3 |
|
|
Health Care Equipment & Supplies |
|
|
3.1 |
|
|
|
6.7 |
|
|
|
2.7 |
|
|
|
6.0 |
|
|
Wireless Telecommunication Services |
|
|
1.9 |
|
|
|
4.2 |
|
|
|
1.2 |
|
|
|
2.8 |
|
|
Entertainment |
|
|
1.9 |
|
|
|
4.2 |
|
|
|
1.9 |
|
|
|
4.2 |
|
|
Machinery |
|
|
1.6 |
|
|
|
3.6 |
|
|
|
1.0 |
|
|
|
2.3 |
|
|
Independent Power and Renewable Electricity Producers |
|
|
1.6 |
|
|
|
3.5 |
|
|
|
1.4 |
|
|
|
3.2 |
|
|
Containers & Packaging |
|
|
1.5 |
|
|
|
3.4 |
|
|
|
1.3 |
|
|
|
2.8 |
|
|
Oil, Gas & Consumable Fuels |
|
|
1.2 |
|
|
|
2.5 |
|
|
|
— |
|
(1) |
|
— |
|
(1) |
Food Products |
|
|
1.1 |
|
|
|
2.3 |
|
|
|
0.3 |
|
|
|
0.7 |
|
|
Chemicals |
|
|
1.0 |
|
|
|
2.2 |
|
|
|
2.5 |
|
|
|
5.6 |
|
|
Construction & Engineering |
|
|
1.0 |
|
|
|
2.2 |
|
|
|
0.6 |
|
|
|
1.3 |
|
|
Interactive Media & Services |
|
|
0.8 |
|
|
|
1.9 |
|
|
|
2.0 |
|
|
|
4.5 |
|
|
Specialty Retail |
|
|
0.7 |
|
|
|
1.6 |
|
|
|
0.6 |
|
|
|
1.3 |
|
|
Aerospace & Defense |
|
|
0.7 |
|
|
|
1.5 |
|
|
|
0.3 |
|
|
|
0.7 |
|
|
Beverages |
|
|
0.6 |
|
|
|
1.4 |
|
|
|
0.5 |
|
|
|
1.1 |
|
|
Pharmaceuticals |
|
|
0.5 |
|
|
|
1.1 |
|
|
|
0.5 |
|
|
|
1.1 |
|
|
Broadline Retail |
|
|
0.5 |
|
|
|
1.0 |
|
|
|
0.5 |
|
|
|
1.1 |
|
|
Air Freight & Logistics |
|
|
0.4 |
|
|
|
0.9 |
|
|
|
— |
|
|
|
— |
|
|
Automobile Components |
|
|
0.4 |
|
|
|
0.9 |
|
|
|
0.6 |
|
|
|
1.3 |
|
|
Building Products |
|
|
0.4 |
|
|
|
0.8 |
|
|
|
0.2 |
|
|
|
0.3 |
|
|
Hotels, Restaurants & Leisure |
|
|
0.3 |
|
|
|
0.8 |
|
|
|
1.9 |
|
|
|
4.2 |
|
|
Media |
|
|
0.3 |
|
|
|
0.8 |
|
|
|
0.3 |
|
|
|
0.7 |
|
|
Textiles, Apparel & Luxury Goods |
|
|
0.2 |
|
|
|
0.4 |
|
|
|
0.2 |
|
|
|
0.4 |
|
|
Capital Markets |
|
|
0.2 |
|
|
|
0.4 |
|
|
|
0.2 |
|
|
|
0.4 |
|
|
Leisure Products |
|
|
0.2 |
|
|
|
0.3 |
|
|
|
0.1 |
|
|
|
0.3 |
|
|
Consumer Staples Distribution & Retail |
|
|
0.1 |
|
|
|
0.3 |
|
|
|
0.1 |
|
|
|
0.3 |
|
|
Energy Equipment & Services |
|
|
0.1 |
|
|
|
0.3 |
|
|
|
0.2 |
|
|
|
0.4 |
|
|
Communications Equipment |
|
|
0.1 |
|
|
|
0.1 |
|
|
|
0.1 |
|
|
|
0.2 |
|
|
Insurance |
|
|
— |
|
(1) |
|
0.1 |
|
|
|
— |
|
(1) |
|
— |
|
(1) |
Household Products |
|
|
— |
|
(1) |
|
0.1 |
|
|
|
— |
|
|
|
— |
|
|
Electrical Equipment(1) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Distributors |
|
|
— |
|
|
|
— |
|
|
|
— |
|
(1) |
|
— |
|
(1) |
Total |
|
|
100.0 |
% |
|
|
219.7 |
% |
|
|
100.0 |
% |
|
|
221.0 |
% |
|
(1)Amount rounds to less than 0.1%. The geographic composition of the Company’s investments at fair value was as follows:
|
|
|
|
|
|
|
|
|
|
Geographic |
|
September 30, 2025 |
|
|
December 31, 2024 |
|
|
United States |
|
|
95.1 |
% |
|
|
97.1 |
% |
|
Canada |
|
|
3.3 |
|
|
|
2.0 |
|
|
United Kingdom |
|
|
1.1 |
|
|
|
0.9 |
|
|
India |
|
|
0.5 |
|
|
|
— |
|
|
Germany |
|
|
— |
|
|
|
— |
|
(1) |
Singapore |
|
|
— |
|
|
|
— |
|
(1) |
Total |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
(1)Amount rounds to less than 0.1%. |