INVESTMENTS (Tables)

6 Months Ended

Jun. 30, 2025

The composition of the Company’s investment portfolio at cost and fair value was as follows:


	June 30, 2025						December 31, 2024
	Cost		Fair Value		% of Total Investments at Fair Value		Cost		Fair Value		% of Total Investments at Fair Value
First Lien Debt	$	3,682,846	$	3,650,847	96.4	%	$	3,669,886	$	3,654,538	96.5	%
Second Lien Debt	82,435		71,721		1.9		78,803		69,367		1.8
Other Debt Investments	11,280		9,773		0.3		9,755		9,198		0.2
Equity	54,646		53,155		1.4		54,683		58,391		1.5
Total	$	3,831,207	$	3,785,496	100.0	%	$	3,813,127	$	3,791,494	100.0	%

The industry composition of investments at fair value was as follows:


	June 30, 2025		December 31, 2024
Aerospace & Defense	2.2	%	2.2	%
Air Freight & Logistics	0.4		0.3
Automobile Components	3.1		3.0
Automobiles	3.7		3.6
Beverages	0.1		—
Biotechnology	0.7		0.7
Building Products	0.4		0.4
Chemicals	0.5		0.5
Commercial Services & Supplies	9.2		9.1
Construction & Engineering	2.1		2.0
Consumer Staples Distribution & Retail	0.7		0.7
Containers & Packaging	1.2		1.2
Distributors	2.0		2.3
Diversified Consumer Services	4.8		4.7
Electrical Equipment	0.3		0.1
Electronic Equipment, Instruments & Components	2.2		2.1

Financial Services	2.9		2.5
Food Products	1.4		2.0
Ground Transportation	0.7		0.6
Health Care Equipment & Supplies	0.3		0.6
Health Care Providers & Services	4.9		5.0
Health Care Technology	1.6		1.6
Industrial Conglomerates	1.5		1.2
Insurance Services	11.4		12.0
Interactive Media & Services	2.5		2.6
IT Services	8.3		8.9

Life Sciences Tools & Services	0.3		0.3
Machinery	1.1		0.9
Multi-Utilities	0.6		0.6
Pharmaceuticals	0.6		0.3
Professional Services	4.4		5.4
Real Estate Management & Development	4.1		3.6
Software	19.4		18.9
Wireless Telecommunication Services	0.4		0.1
Total	100.0	%	100.0	%

The geographic composition of investments at cost and fair value was as follows:


	June 30, 2025						December 31, 2024
	Cost		Fair Value		% of Total Investments at Fair Value		Cost		Fair Value		% of Total Investments at Fair Value
Australia	$	13,000	$	13,153	0.3	%	$	8,798	$	8,970	0.2	%
Canada	118,220		119,453		3.2		153,734		154,953		4.1
United Kingdom	12,507		12,640		0.3		12,411		12,196		0.3
United States	3,687,480		3,640,250		96.2		3,638,184		3,615,375		95.4
Total	$	3,831,207	$	3,785,496	100.0	%	$	3,813,127	$	3,791,494	100.0	%