Investments at Fair Value (Tables)

9 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Investments at fair value consisted of the following at September 30, 2025 and December 31, 2024:


	September 30, 2025
	Amortized Cost (1)		Fair Value		Net Unrealized Gain (Loss)
First-lien debt investments	$	2,960,044	$	3,011,396	$	51,352
Second-lien debt investments		68,427		29,779		(38,648	)
Mezzanine debt investments		59,520		60,082		562
Equity and other investments		156,384		175,712		19,328
Structured credit investments		99,597		99,342		(255	)
Total Investments	$	3,343,972	$	3,376,311	$	32,339


	December 31, 2024
	Amortized Cost (1)		Fair Value		Net Unrealized Gain (Loss)
First-lien debt investments	$	3,298,006	$	3,302,504	$	4,498
Second-lien debt investments		53,151		19,844		(33,307	)
Mezzanine debt investments		37,087		39,091		2,004
Equity and other investments		149,409		155,501		6,092
Structured credit investments		1,500		1,472		(28	)
Total Investments	$	3,539,153	$	3,518,412	$	(20,741	)

(1)

The amortized cost represents the original cost adjusted for the amortization of discounts or premiums, as applicable, on debt investments using the effective interest method.

Summary of Industry Composition of Investments at Fair Value

The industry composition of investments at fair value at September 30, 2025 and December 31, 2024 is as follows:


	September 30, 2025			December 31, 2024
Automotive		—			1.2	%
Business Services		13.4	%		13.3	%
Chemicals		1.2	%		0.9	%
Communications		1.5	%		3.5	%
Education		3.2	%		5.0	%
Electronics		0.8	%		0.8	%
Financial Services		3.4	%		8.6	%
Healthcare		8.7	%		7.5	%
Hotel, Gaming and Leisure		8.1	%		7.4	%
Human Resource Support Services		9.7	%		10.2	%
Insurance		—			0.2	%
Internet Services		18.0	%		16.4	%
Manufacturing		2.8	%		3.5	%
Marketing Services		0.3	%		0.3	%
Office Products		0.3	%		0.4	%
Oil, Gas and Consumable Fuels		2.7	%		2.7	%
Other		6.0	%		1.9	%
Pharmaceuticals		2.8	%		2.9	%
Real Estate (1)		0.0	%		0.0	%
Retail and Consumer Products		11.5	%		9.7	%
Transportation		5.6	%		3.6	%
Total		100.0	%		100.0	%

(1)

Value sums to less than 0.1%

Summary of Geographic Composition of Investments at Fair Value

The geographic composition of investments at fair value at September 30, 2025 and December 31, 2024 is as follows:


	September 30, 2025			December 31, 2024
United States
Midwest		14.5	%		14.3	%
Northeast		17.8	%		21.7	%
South		20.9	%		20.6	%
West		28.4	%		28.8	%
Australia		1.3	%		1.1	%
Canada		1.5	%		3.1	%
Finland (1)		0.0	%		0.0	%
France		1.6	%		0.1	%
Germany		3.3	%		1.7	%
Italy		0.6	%		0.6	%
Netherlands		0.4	%		0.3	%
Norway		3.3	%		2.8	%
Sweden		0.8	%		0.3	%
United Kingdom		5.6	%		4.6	%
Total		100.0	%		100.0	%

(1)

Value sums to less than 0.1%

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

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