Investments

6 Months Ended

Jun. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Investments at fair value and amortized cost consisted of the below as of the following periods:


	June 30, 2025					December 31, 2024
($ in thousands)	Amortized Cost		Fair Value			Amortized Cost		Fair Value
First lien senior secured debt investments	$	1,042,748		$	1,039,530	$	763,201	$	763,520
Second lien senior secured debt investments		48,840			48,765		49,004		49,000
Unsecured debt investments		62,698			62,666		—		—
U.S. treasury bills		215,167			215,151		135,140		135,117
Total Investments	$	1,369,453		$	1,366,112	$	947,345	$	947,637

The industry composition of investments based on fair value consisted of the below as of the following periods (excluding the Company’s investment in U.S. Treasury Bills):


	June 30, 2025		December 31, 2024
Health Care Providers & Services	19.2	%	33.3	%
Commercial Services & Supplies	16.9		9.3
Hotels, Restaurants & Leisure	10.5		15.0
Consumer Staples Distribution & Retail	9.9		—
Energy Equipment & Services	9.8		—
Water Utilities	6.9		—
Consumer Finance	4.2		6.0
Trading Companies & Distributors	2.7		—
Software	2.6		7.7
Specialty Retail	2.0		2.8
Health Care Technology	1.7		3.0
Professional Services	1.2		1.7
Automobile Components	1.2		1.8
Oil, Gas & Consumable Fuels	1.1		1.6
Diversified Consumer Services	1.1		1.6
Building Products	0.9		2.1
Electrical Equipment	0.9		1.2
Construction & Engineering	0.7		1.1
Distributors	0.7		1.0
Communications Equipment	0.7		1.0
Household Products	0.7		1.0
Household Durables	0.7		1.0
Machinery	0.6		0.9
Electric Utilities	0.6		0.9
Diversified Financial Services	0.5		0.8
Textiles, Apparel & Luxury Goods	0.5		0.7
Construction Materials	0.5		1.2
Health Care Equipment & Supplies	0.4		0.6
Semiconductors & Semiconductor Equipment	0.3		0.5
IT Services	0.3		0.4
Chemicals	—		0.9
Transportation Infrastructure	—		0.7
Pharmaceuticals	—		0.2
Total	100	%	100	%

The geographic composition of investments at amortized cost and on fair value consisted of the below as of the following periods (excluding the Company’s investment in U.S. Treasury Bills):


June 30, 2025
($ in thousands)	Amortized Cost	Fair Value	% of Total Investments at Fair Value		Fair Value as % of Net Assets
North America	$1,154,286	$1,150,961	100	%	177	%
Total	$1,154,286	$1,150,961	100	%	177	%


December 31, 2024
($ in thousands)	Amortized Cost	Fair Value	% of Total Investments at Fair Value		Fair Value as % of Net Assets
North America	$812,205	$812,520	100	%	189	%
Total	$812,205	$812,520	100	%	189	%

- Definition

The entire disclosure for investments owned by investment company.

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