Investments

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

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


	March 31, 2026					December 31, 2025
($ in thousands)	Amortized Cost		Fair Value			Amortized Cost		Fair Value
First lien senior secured debt investments	$	1,394,011		$	1,389,917	$	1,205,695	$	1,205,232
Second lien senior secured debt investments		48,573			48,831		48,640		48,987
Unsecured debt investments		81,139			81,200		79,872		79,786
U.S. treasury bills		—			—		172,875		172,864
Total Investments	$	1,523,723		$	1,519,948	$	1,507,082	$	1,506,869

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):


	March 31, 2026		December 31, 2025
Health Care Providers & Services	21.3	%	18.5	%
Commercial Services & Supplies	15.1		17.1
Hotels, Restaurants & Leisure	11.2		12.3
Financial Services	9.1		—
Consumer Staples Distribution & Retail	8.9		10.3
Construction & Engineering	5.5		6.3
Water Utilities	5.2		5.9
Energy Equipment & Services	5.0		5.9
Software	4.9		6.0
Building Products	4.2		4.8
Machinery	3.8		4.3
Consumer Finance	3.2		3.7
Trading Companies & Distributors	2.3		2.5
IT Services	0.2		0.2
Household Products	0.1		0.2
Diversified Financial Services	—		0.5
Electrical Equipment	—		0.4
Textiles, Apparel & Luxury Goods	—		0.4
Health Care Equipment & Supplies	—		0.4
Health Care Technology	—		0.3
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):


March 31, 2026
($ in thousands)	Amortized Cost	Fair Value	% of Total Investments at Fair Value		Fair Value as % of Net Assets
North America	$1,523,723	$1,519,948	100	%	206	%
Total	$1,523,723	$1,519,948	100	%	206	%


December 31, 2025
($ in thousands)	Amortized Cost	Fair Value	% of Total Investments at Fair Value		Fair Value as % of Net Assets
North America	$1,334,207	$1,334,005	100	%	182	%
Total	$1,334,207	$1,334,005	100	%	182	%

- Definition

The entire disclosure for investments owned by investment company.

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