XML 42 R31.htm IDEA: XBRL DOCUMENT v3.25.3
INVESTMENTS - Schedule of Composition of Investment Portfolio at Cost And Fair Value (Details) - USD ($)
$ in Thousands
 9 Months Ended 12 Months Ended
Sep. 30, 2025
Dec. 31, 2024
Schedule of Investments [Line Items]    
Cost $ 2,564,002 [1] $ 2,522,696 [2]
Fair Value $ 2,536,315 [1] $ 2,449,272 [2]
Percentage of Total Net Assets 217.40% [3] 205.80% [4]
Jocassee Partners LLC    
Schedule of Investments [Line Items]    
Cost $ 1,235,077 $ 1,158,999
Fair Value 1,194,961 1,095,308
Thompson Rivers LLC    
Schedule of Investments [Line Items]    
Cost 132,127 207,570
Fair Value 124,689 193,351
Sierra JV    
Schedule of Investments [Line Items]    
Cost 15,165 36,083
Fair Value $ 13,768 $ 33,422
Percentage of Total Portfolio, at Cost | Investment Type Concentration Risk    
Schedule of Investments [Line Items]    
Percentage of Total Portfolio 100.00% 100.00%
Percentage of Total Portfolio, at Cost | Investment Type Concentration Risk | Jocassee Partners LLC    
Schedule of Investments [Line Items]    
Percentage of Total Portfolio 100.00% 100.00%
Percentage of Total Portfolio, at Cost | Investment Type Concentration Risk | Thompson Rivers LLC    
Schedule of Investments [Line Items]    
Percentage of Total Portfolio 100.00% 100.00%
Percentage of Total Portfolio, at Cost | Investment Type Concentration Risk | Sierra JV    
Schedule of Investments [Line Items]    
Percentage of Total Portfolio 100.00% 100.00%
Percentage of Total Portfolio, at Fair Value | Investment Type Concentration Risk    
Schedule of Investments [Line Items]    
Percentage of Total Portfolio 100.00% 100.00%
Percentage of Total Portfolio, at Fair Value | Investment Type Concentration Risk | Jocassee Partners LLC    
Schedule of Investments [Line Items]    
Percentage of Total Portfolio 100.00% 100.00%
Percentage of Total Portfolio, at Fair Value | Investment Type Concentration Risk | Thompson Rivers LLC    
Schedule of Investments [Line Items]    
Percentage of Total Portfolio 100.00% 100.00%
Percentage of Total Portfolio, at Fair Value | Investment Type Concentration Risk | Sierra JV    
Schedule of Investments [Line Items]    
Percentage of Total Portfolio 100.00% 100.00%
Senior debt and 1st lien notes    
Schedule of Investments [Line Items]    
Cost $ 1,813,919 $ 1,747,841
Fair Value $ 1,785,626 $ 1,686,411
Percentage of Total Net Assets 153.00% 142.00%
Senior debt and 1st lien notes | Jocassee Partners LLC    
Schedule of Investments [Line Items]    
Cost $ 1,175,738 $ 1,092,038
Fair Value 1,160,662 1,052,366
Senior debt and 1st lien notes | Sierra JV    
Schedule of Investments [Line Items]    
Cost 15,165 36,083
Fair Value $ 13,746 $ 33,389
Senior debt and 1st lien notes | Percentage of Total Portfolio, at Cost | Investment Type Concentration Risk    
Schedule of Investments [Line Items]    
Percentage of Total Portfolio 70.00% 69.00%
Senior debt and 1st lien notes | Percentage of Total Portfolio, at Cost | Investment Type Concentration Risk | Jocassee Partners LLC    
Schedule of Investments [Line Items]    
Percentage of Total Portfolio 95.00% 94.00%
Senior debt and 1st lien notes | Percentage of Total Portfolio, at Cost | Investment Type Concentration Risk | Sierra JV    
Schedule of Investments [Line Items]    
Percentage of Total Portfolio 100.00% 100.00%
Senior debt and 1st lien notes | Percentage of Total Portfolio, at Fair Value | Investment Type Concentration Risk    
Schedule of Investments [Line Items]    
Percentage of Total Portfolio 70.00% 69.00%
Senior debt and 1st lien notes | Percentage of Total Portfolio, at Fair Value | Investment Type Concentration Risk | Jocassee Partners LLC    
Schedule of Investments [Line Items]    
Percentage of Total Portfolio 97.00% 96.00%
Senior debt and 1st lien notes | Percentage of Total Portfolio, at Fair Value | Investment Type Concentration Risk | Sierra JV    
Schedule of Investments [Line Items]    
Percentage of Total Portfolio 100.00% 100.00%
Subordinated debt and 2nd lien notes    
Schedule of Investments [Line Items]    
Cost $ 209,181 $ 184,043
Fair Value $ 201,371 $ 165,455
Percentage of Total Net Assets 17.00% 14.00%
Subordinated debt and 2nd lien notes | Jocassee Partners LLC    
Schedule of Investments [Line Items]    
Cost $ 10,526 $ 11,388
Fair Value $ 10,405 $ 11,141
Subordinated debt and 2nd lien notes | Percentage of Total Portfolio, at Cost | Investment Type Concentration Risk    
Schedule of Investments [Line Items]    
Percentage of Total Portfolio 8.00% 7.00%
Subordinated debt and 2nd lien notes | Percentage of Total Portfolio, at Cost | Investment Type Concentration Risk | Jocassee Partners LLC    
Schedule of Investments [Line Items]    
Percentage of Total Portfolio 1.00% 1.00%
Subordinated debt and 2nd lien notes | Percentage of Total Portfolio, at Fair Value | Investment Type Concentration Risk    
Schedule of Investments [Line Items]    
Percentage of Total Portfolio 8.00% 7.00%
Subordinated debt and 2nd lien notes | Percentage of Total Portfolio, at Fair Value | Investment Type Concentration Risk | Jocassee Partners LLC    
Schedule of Investments [Line Items]    
Percentage of Total Portfolio 1.00% 1.00%
Structured products    
Schedule of Investments [Line Items]    
Cost $ 43,554 $ 89,543
Fair Value $ 33,602 $ 79,548
Percentage of Total Net Assets 3.00% 7.00%
Structured products | Percentage of Total Portfolio, at Cost | Investment Type Concentration Risk    
Schedule of Investments [Line Items]    
Percentage of Total Portfolio 2.00% 4.00%
Structured products | Percentage of Total Portfolio, at Fair Value | Investment Type Concentration Risk    
Schedule of Investments [Line Items]    
Percentage of Total Portfolio 1.00% 3.00%
Equity shares    
Schedule of Investments [Line Items]    
Cost $ 373,866 $ 360,691
Fair Value $ 425,580 $ 409,129
Percentage of Total Net Assets 36.00% 34.00%
Equity shares | Jocassee Partners LLC    
Schedule of Investments [Line Items]    
Cost $ 874 $ 874
Fair Value 337 636
Equity shares | Sierra JV    
Schedule of Investments [Line Items]    
Cost 0 0
Fair Value $ 22 $ 33
Equity shares | Percentage of Total Portfolio, at Cost | Investment Type Concentration Risk    
Schedule of Investments [Line Items]    
Percentage of Total Portfolio 15.00% 14.00%
Equity shares | Percentage of Total Portfolio, at Cost | Investment Type Concentration Risk | Jocassee Partners LLC    
Schedule of Investments [Line Items]    
Percentage of Total Portfolio 0.00% 0.00%
Equity shares | Percentage of Total Portfolio, at Cost | Investment Type Concentration Risk | Sierra JV    
Schedule of Investments [Line Items]    
Percentage of Total Portfolio 0.00% 0.00%
Equity shares | Percentage of Total Portfolio, at Fair Value | Investment Type Concentration Risk    
Schedule of Investments [Line Items]    
Percentage of Total Portfolio 17.00% 17.00%
Equity shares | Percentage of Total Portfolio, at Fair Value | Investment Type Concentration Risk | Jocassee Partners LLC    
Schedule of Investments [Line Items]    
Percentage of Total Portfolio 0.00% 0.00%
Equity shares | Percentage of Total Portfolio, at Fair Value | Investment Type Concentration Risk | Sierra JV    
Schedule of Investments [Line Items]    
Percentage of Total Portfolio 0.00% 0.00%
Equity warrants    
Schedule of Investments [Line Items]    
Cost $ 76 $ 76
Fair Value $ 1,068 $ 2,732
Percentage of Total Net Assets 0.00% 0.00%
Equity warrants | Jocassee Partners LLC    
Schedule of Investments [Line Items]    
Cost   $ 0
Fair Value   $ 455
Equity warrants | Percentage of Total Portfolio, at Cost | Investment Type Concentration Risk    
Schedule of Investments [Line Items]    
Percentage of Total Portfolio 0.00% 0.00%
Equity warrants | Percentage of Total Portfolio, at Cost | Investment Type Concentration Risk | Jocassee Partners LLC    
Schedule of Investments [Line Items]    
Percentage of Total Portfolio   0.00%
Equity warrants | Percentage of Total Portfolio, at Fair Value | Investment Type Concentration Risk    
Schedule of Investments [Line Items]    
Percentage of Total Portfolio 0.00% 0.00%
Equity warrants | Percentage of Total Portfolio, at Fair Value | Investment Type Concentration Risk | Jocassee Partners LLC    
Schedule of Investments [Line Items]    
Percentage of Total Portfolio   0.00%
Royalty rights    
Schedule of Investments [Line Items]    
Cost $ 1,318 $ 3,627
Fair Value $ 1,581 $ 5,833
Percentage of Total Net Assets 0.00% 1.00%
Royalty rights | Percentage of Total Portfolio, at Cost | Investment Type Concentration Risk    
Schedule of Investments [Line Items]    
Percentage of Total Portfolio 0.00% 0.00%
Royalty rights | Percentage of Total Portfolio, at Fair Value | Investment Type Concentration Risk    
Schedule of Investments [Line Items]    
Percentage of Total Portfolio 0.00% 0.00%
Investment in joint ventures    
Schedule of Investments [Line Items]    
Cost $ 122,088  
Fair Value $ 87,487  
Percentage of Total Net Assets 8.00%  
Investment in joint ventures | Jocassee Partners LLC    
Schedule of Investments [Line Items]    
Cost $ 36,268 $ 44,416
Fair Value $ 11,886 $ 20,427
Investment in joint ventures | Percentage of Total Portfolio, at Cost | Investment Type Concentration Risk    
Schedule of Investments [Line Items]    
Percentage of Total Portfolio 5.00%  
Investment in joint ventures | Percentage of Total Portfolio, at Cost | Investment Type Concentration Risk | Jocassee Partners LLC    
Schedule of Investments [Line Items]    
Percentage of Total Portfolio 3.00% 4.00%
Investment in joint ventures | Percentage of Total Portfolio, at Fair Value | Investment Type Concentration Risk    
Schedule of Investments [Line Items]    
Percentage of Total Portfolio 4.00%  
Investment in joint ventures | Percentage of Total Portfolio, at Fair Value | Investment Type Concentration Risk | Jocassee Partners LLC    
Schedule of Investments [Line Items]    
Percentage of Total Portfolio 1.00% 2.00%
Investment in joint ventures / PE fund    
Schedule of Investments [Line Items]    
Cost   $ 136,875
Fair Value   $ 100,164
Percentage of Total Net Assets   8.00%
Investment in joint ventures / PE fund | Percentage of Total Portfolio, at Cost | Investment Type Concentration Risk    
Schedule of Investments [Line Items]    
Percentage of Total Portfolio   6.00%
Investment in joint ventures / PE fund | Percentage of Total Portfolio, at Fair Value | Investment Type Concentration Risk    
Schedule of Investments [Line Items]    
Percentage of Total Portfolio   4.00%
Short-term investments | Jocassee Partners LLC    
Schedule of Investments [Line Items]    
Cost $ 11,671 $ 10,283
Fair Value $ 11,671 $ 10,283
Short-term investments | Percentage of Total Portfolio, at Cost | Investment Type Concentration Risk | Jocassee Partners LLC    
Schedule of Investments [Line Items]    
Percentage of Total Portfolio 1.00% 1.00%
Short-term investments | Percentage of Total Portfolio, at Fair Value | Investment Type Concentration Risk | Jocassee Partners LLC    
Schedule of Investments [Line Items]    
Percentage of Total Portfolio 1.00% 1.00%
Federal Housing Administration (“FHA”) loans | Thompson Rivers LLC    
Schedule of Investments [Line Items]    
Cost $ 124,090 $ 193,265
Fair Value $ 117,042 $ 179,963
Federal Housing Administration (“FHA”) loans | Percentage of Total Portfolio, at Cost | Investment Type Concentration Risk | Thompson Rivers LLC    
Schedule of Investments [Line Items]    
Percentage of Total Portfolio 94.00% 93.00%
Federal Housing Administration (“FHA”) loans | Percentage of Total Portfolio, at Fair Value | Investment Type Concentration Risk | Thompson Rivers LLC    
Schedule of Investments [Line Items]    
Percentage of Total Portfolio 94.00% 93.00%
Veterans Affairs (“VA”) loans | Thompson Rivers LLC    
Schedule of Investments [Line Items]    
Cost $ 8,037 $ 14,305
Fair Value $ 7,647 $ 13,388
Veterans Affairs (“VA”) loans | Percentage of Total Portfolio, at Cost | Investment Type Concentration Risk | Thompson Rivers LLC    
Schedule of Investments [Line Items]    
Percentage of Total Portfolio 6.00% 7.00%
Veterans Affairs (“VA”) loans | Percentage of Total Portfolio, at Fair Value | Investment Type Concentration Risk | Thompson Rivers LLC    
Schedule of Investments [Line Items]    
Percentage of Total Portfolio 6.00% 7.00%
[1] All of the investment is or will be encumbered as security for the Company’s $0.7 billion senior secured credit facility with ING Capital LLC (“ING”) initially entered into in February 2019 (as amended, restated and otherwise modified from time to time, the “February 2019 Credit Facility”).
[2] All of the investment is or will be encumbered as security for the Company’s $0.8 billion February 2019 Credit Facility with ING.
[3] Fair value as a percentage of net assets.
[4] Fair value as a percentage of net assets.