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Investments
 9 Months Ended
Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
The composition of the Company’s investment portfolio as of September 30, 2025 and December 31, 2024 at amortized cost and fair value was as follows:
September 30, 2025December 31, 2024
Cost(1)Fair
Value		Percentage of
Investment
Portfolio		Cost(1)Fair
Value		Percentage of
Investment
Portfolio
Senior secured first lien debt$1,487,265 $1,389,814 80.0 %$1,610,540 $1,563,256 86.0 %
Senior secured second lien debt2,218 — — 5,187 2,680 0.1 %
Collateralized securities and structured products - equity3,967 4,009 0.2 %2,980 2,682 0.1 %
Unsecured debt25,516 7,398 0.4 %29,487 11,814 0.6 %
Equity288,789 336,963 19.4 %226,681 239,438 13.2 %
Subtotal/total percentage1,807,755 1,738,184 100.0 %1,874,875 1,819,870 100.0 %
Short term investments(2)102,400 102,400 68,818 68,818 
Total investments$1,910,155 $1,840,584 $1,943,693 $1,888,688 
(1)Cost represents the original cost adjusted for the amortization of premiums and/or accretion of discounts, as applicable, for debt investments and cost for equity investments.
(2)Short term investments represent an investment in a fund that invests in highly liquid investments with average original maturity dates of three months or less.
The following tables show the composition of the Company’s investment portfolio by industry classification and geographic dispersion, and the percentage, by fair value, of the total investment portfolio assets in such industries and geographies as of September 30, 2025 and December 31, 2024:
September 30, 2025December 31, 2024
Industry ClassificationInvestments at
Fair Value		Percentage of
Investment Portfolio		Investments at
Fair Value		Percentage of
Investment Portfolio
Services: Business$288,127 16.6 %$285,960 15.7 %
Retail179,162 10.3 %160,093 8.8 %
Healthcare & Pharmaceuticals174,664 10.1 %199,733 11.0 %
Energy: Oil & Gas141,373 8.1 %116,393 6.4 %
Media: Diversified & Production125,601 7.2 %129,210 7.1 %
Services: Consumer113,503 6.5 %111,832 6.2 %
Beverage, Food & Tobacco112,175 6.5 %100,612 5.5 %
Consumer Goods: Durable92,473 5.3 %95,968 5.3 %
Banking, Finance, Insurance & Real Estate70,425 4.1 %64,422 3.5 %
Construction & Building66,259 3.8 %99,383 5.5 %
Diversified Financials58,147 3.3 %56,822 3.1 %
Media: Advertising, Printing & Publishing49,288 2.8 %104,622 5.7 %
Hotel, Gaming & Leisure45,838 2.6 %49,823 2.7 %
High Tech Industries40,190 2.3 %37,665 2.1 %
Capital Equipment31,612 1.8 %52,349 2.9 %
Automotive30,063 1.7 %31,104 1.7 %
Consumer Goods: Non-Durable29,490 1.7 %35,210 1.9 %
Environmental Industries28,000 1.6 %27,344 1.5 %
Containers, Packaging & Glass18,632 1.1 %18,687 1.0 %
Metals & Mining16,444 1.0 %13,094 0.7 %
Aerospace & Defense15,275 0.9 %13,825 0.8 %
Transportation: Cargo11,370 0.7 %10,465 0.6 %
Chemicals, Plastics & Rubber73 — 32 — 
Telecommunications— — 5,222 0.3 %
Subtotal/total percentage1,738,184 100.0 %1,819,870 100.0 %
Short term investments102,400 68,818 
Total investments$1,840,584 $1,888,688 
September 30, 2025December 31, 2024
Geographic Dispersion(1)Investments at
Fair Value		Percentage of
Investment Portfolio		Investments at
Fair Value		Percentage of
Investment Portfolio
United States$1,696,176 97.6 %$1,782,659 98.0 %
Canada36,316 2.1 %33,541 1.8 %
Cayman Islands4,009 0.2 %2,682 0.1 %
Bermuda1,683 0.1 %988 0.1 %
Subtotal/total percentage1,738,184 100.0 %1,819,870 100.0 %
Short term investments102,400 68,818 
Total investments$1,840,584 $1,888,688 
(1)The geographic dispersion is determined by the portfolio company's country of domicile.
As of September 30, 2025 and December 31, 2024, investments on non-accrual status represented 1.8% and 1.4%, respectively, of the Company's investment portfolio on a fair value basis.

The Company’s investment portfolio may contain senior secured investments that are in the form of lines of credit, delayed draw term loans, revolving credit facilities, or unfunded commitments, which may require the Company to provide funding when requested in accordance with the terms of the underlying agreements. As of September 30, 2025 and December 31, 2024, the Company’s unfunded commitments amounted to $48,689 and $70,681, respectively. As of October 29, 2025, the Company’s unfunded commitments amounted to $47,816. Since these commitments may expire without being drawn upon, unfunded commitments do not necessarily represent future cash requirements or future earning assets for the Company.  Refer to Note 11 for further details on the Company’s unfunded commitments.