XML 37 R31.htm IDEA: XBRL DOCUMENT

Investments (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Investments [Abstract]

Schedule of 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		%