Company description

Our investment objective is to generate current income by targeting investments with favorable “risk-adjusted returns,” which are expected returns that are adjusted based on the levels of risk associated with the investments. Since we began our investment activities in July 2011, through December 31, 2025, we have originated approximately $53.3 billion aggregate principal amount of investments and retained approximately $11.8 billion aggregate principal amount of these investments on our balance sheet prior to any subsequent exits and repayments. We seek to generate current income primarily in U.S.-domiciled middle-market companies through direct originations of senior secured loans and, to a lesser extent, originations of mezzanine and unsecured loans and investments in corporate bonds and equity securities. By “middle-market companies,” we mean companies that have annual earnings before interest, income taxes, depreciation and amortization, or EBITDA, which we believe is a useful proxy for cash flow, of $10 million to $250 million, although we may invest in larger or smaller companies on occasion. As of December 31, 2025, our core portfolio companies, which exclude certain investments that fall outside of our typical borrower profile and represent 87.9% of our total investments based on fair value, had weighted average annual revenue of $449.2 million and weighted average annual EBITDA of $127.3 million. As of December 31, 2025, our core portfolio companies had a median annual revenue of $159.4 million and a median annual EBITDA of $48.0 million.

Read the full filing description · filed 12 Feb 2026

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DE