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v3.25.3

Investments | 9 Months Ended
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Sep. 30, 2025
Schedule of Investments [Abstract] |
Investments | Note 4. Investments The information in the following tables is presented on an aggregate portfolio basis, without regard to whether they are non-controlled, non-affiliated; non-controlled, affiliated; or controlled affiliated, investments. Investments at fair value consisted of the following (in thousands):
|  | As of September 30, 2025 |  |  | As of December 31, 2024 |
Investment Type |  | Cost |  |  | Fair Value |  |  | Unrealized Appreciation/ (Depreciation) |  |  | Cost |  |  | Fair Value |  |  | Unrealized Appreciation/ (Depreciation) |
Senior Secured First Lien |  | $ | 366,096 |  |  | $ | 352,812 |  |  | $ | (13,284 | ) |  | $ | 395,736 |  |  | $ | 379,627 |  |  | $ | (16,109 | )
Unitranche First Lien |  |  | 1,061,079 |  |  |  | 1,039,804 |  |  |  | (21,275 | ) |  |  | 1,055,506 |  |  |  | 1,044,141 |  |  |  | (11,365 | )
Unitranche First Lien - Last Out |  |  | 25,398 |  |  |  | 26,170 |  |  |  | 772 |  |  |  | 14,888 |  |  |  | 14,741 |  |  |  | (147 | )
Senior Secured Second Lien |  |  | 22,644 |  |  |  | 18,647 |  |  |  | (3,997 | ) |  |  | 44,571 |  |  |  | 38,537 |  |  |  | (6,034 | )
Unsecured Debt |  |  | 18,707 |  |  |  | 19,531 |  |  |  | 824 |  |  |  | 16,690 |  |  |  | 17,525 |  |  |  | 835 |
Equity & Other |  |  | 63,830 |  |  |  | 84,734 |  |  |  | 20,904 |  |  |  | 48,421 |  |  |  | 64,860 |  |  |  | 16,439 |
LLC/LP Equity Interests |  |  | 45,345 |  |  |  | 38,980 |  |  |  | (6,365 | ) |  |  | 48,094 |  |  |  | 39,426 |  |  |  | (8,668 | )
Total investments |  | $ | 1,603,099 |  |  | $ | 1,580,678 |  |  | $ | (22,421 | ) |  | $ | 1,623,906 |  |  | $ | 1,598,857 |  |  | $ | (25,049 | )
The industry composition of investments at fair value is as follows (in thousands):
Industry |  | Fair Value as of September 30, 2025 |  |  | Percentage of Fair Value |  |  |  | Fair Value as of December 31, 2024 |  |  | Percentage of Fair Value |  |
Health Care Equipment & Services |  | $ | 426,354 |  |  |  | 26.9 |  | % |  | $ | 436,183 |  |  |  | 27.3 |  | %
Software & Services |  |  | 323,733 |  |  |  | 20.5 |  |  |  |  | 348,979 |  |  |  | 21.8 |  |
Commercial & Professional Services |  |  | 265,086 |  |  |  | 16.7 |  |  |  |  | 231,599 |  |  |  | 14.6 |  |
Consumer Services |  |  | 135,844 |  |  |  | 8.6 |  |  |  |  | 144,671 |  |  |  | 9.0 |  |
Diversified Financials |  |  | 90,952 |  |  |  | 5.8 |  |  |  |  | 95,988 |  |  |  | 6.0 |  |
Insurance |  |  | 83,915 |  |  |  | 5.3 |  |  |  |  | 83,670 |  |  |  | 5.2 |  |
Pharmaceuticals, Biotechnology & Life Sciences |  |  | 70,699 |  |  |  | 4.5 |  |  |  |  | 53,230 |  |  |  | 3.3 |  |
Retailing |  |  | 63,790 |  |  |  | 4.0 |  |  |  |  | 56,219 |  |  |  | 3.5 |  |
Automobiles & Components |  |  | 33,354 |  |  |  | 2.1 |  |  |  |  | 35,988 |  |  |  | 2.3 |  |
Capital Goods |  |  | 28,874 |  |  |  | 1.8 |  |  |  |  | 30,005 |  |  |  | 1.9 |  |
Consumer Durables & Apparel |  |  | 12,815 |  |  |  | 0.8 |  |  |  |  | 19,244 |  |  |  | 1.2 |  |
Materials |  |  | 5,745 |  |  |  | 0.4 |  |  |  |  | 16,444 |  |  |  | 1.0 |  |
Food, Beverage & Tobacco |  |  | 14,706 |  |  |  | 0.9 |  |  |  |  | 14,801 |  |  |  | 0.9 |  |
Technology, Hardware & Equipment |  |  | 7,433 |  |  |  | 0.5 |  |  |  |  | 7,928 |  |  |  | 0.5 |  |
Household & Personal Products |  |  | 7,457 |  |  |  | 0.5 |  |  |  |  | 7,403 |  |  |  | 0.5 |  |
Transportation |  |  | 4,257 |  |  |  | 0.3 |  |  |  |  | 8,245 |  |  |  | 0.5 |  |
Energy |  |  | 4,125 |  |  |  | 0.3 |  |  |  |  | 3,476 |  |  |  | 0.2 |  |
Food & Staples Retailing |  |  | 1,539 |  |  |  | 0.1 |  |  |  |  | 2,005 |  |  |  | 0.1 |  |
Semiconductor and Semiconductor Equipment |  |  | - |  |  |  | - |  |  |  |  | 2,779 |  |  |  | 0.2 |  |
Total investments |  | $ | 1,580,678 |  |  |  | 100.0 |  | % |  | $ | 1,598,857 |  |  |  | 100.0 |  | %
The geographic composition of investments at fair value is as follows (in thousands):
Geographic Region |  | Fair Value as of September 30, 2025 |  |  | Percentage of Fair Value |  |  |  | Fair Value as of December 31, 2024 |  |  | Percentage of Fair Value |  |
United States |  | $ | 1,396,887 |  |  |  | 88.4 |  | % |  | $ | 1,452,243 |  |  |  | 90.8 |  | %
United Kingdom |  |  | 81,720 |  |  |  | 5.2 |  |  |  |  | 82,556 |  |  |  | 5.2 |  |
Australia |  |  | 31,089 |  |  |  | 2.0 |  |  |  |  | 28,698 |  |  |  | 1.8 |  |
Switzerland |  |  | 25,130 |  |  |  | 1.6 |  |  |  |  | - |  |  |  | - |  |
Sweden |  |  | 17,844 |  |  |  | 1.1 |  |  |  |  | 15,113 |  |  |  | 0.9 |  |
Netherlands |  |  | 13,070 |  |  |  | 0.8 |  |  |  |  | 10,022 |  |  |  | 0.6 |  |
Jersey |  |  | 6,724 |  |  |  | 0.4 |  |  |  |  | 6,088 |  |  |  | 0.4 |  |
France |  |  | 5,906 |  |  |  | 0.4 |  |  |  |  | 4,015 |  |  |  | 0.3 |  |
Finland |  |  | 2,190 |  |  |  | 0.1 |  |  |  |  | - |  |  |  | - |  |
Belgium |  |  | 118 |  |  |  | 0.0 |  |  |  |  | 122 |  |  |  | 0.0 |  |
Total investments |  | $ | 1,580,678 |  |  |  | 100.0 |  | % |  | $ | 1,598,857 |  |  |  | 100.0 |  | %

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