Investments

9 Months Ended

Sep. 30, 2025

Schedule of Investments [Abstract]

Investments

Investments

The composition of the Company’s investment portfolio at cost and fair value was as follows:

	September 30, 2025						December 31, 2024
	Cost		Fair Value		% of Total Investments at Fair Value		Cost		Fair Value		% of Total Investments at Fair Value
First lien debt	$	13,614,961	$	13,469,751	97.5	%	$	12,959,332	$	12,830,389	98.0	%
Second lien debt	227,625		226,249		1.7		122,634		119,184		0.9
Unsecured debt	14,507		13,991		0.1		33,644		33,521		0.3
Equity	75,604		99,645		0.7		77,609		109,424		0.8
Total	$	13,932,697	$	13,809,636	100.0	%	$	13,193,219	$	13,092,518	100.0	%

The industry composition of investments at fair value was as follows:

	September 30, 2025		December 31, 2024
Aerospace & Defense	4.3	%	4.4	%
Air Freight & Logistics	2.0		3.0
Auto Components (1)(2)	0.0		0.0
Biotechnology	0.2		—
Building Products	2.2		2.4
Chemicals	0.3		0.3
Commercial Services & Supplies	8.0		7.7
Construction & Engineering	0.9		0.8
Consumer Staples Distribution & Retail (1)	0.0		—
Containers & Packaging	0.1		0.2
Distributors	2.9		3.1
Diversified Consumer Services	4.6		4.6
Diversified Telecommunication Services	0.1		1.0
Electric Utilities	1.3		1.1
Electrical Equipment	1.0		0.8
Electronic Equipment, Instruments & Components	2.2		1.9
Energy Equipment & Services	0.1		0.2
Financial Services	0.5		0.3

	September 30, 2025		December 31, 2024
Ground Transportation	0.1	%	0.2	%
Health Care Equipment & Supplies	0.4		0.7
Health Care Providers & Services	9.6		9.2
Health Care Technology	5.4		5.0
Insurance	8.1		7.4
Interactive Media & Services	0.4		0.5
Internet & Direct Marketing Retail	—		2.4
IT Services	5.2		4.4
Life Sciences Tools & Services	0.9		0.6
Machinery	0.2		0.2
Marine	0.5		0.4
Media	0.5		0.4
Oil, Gas & Consumable Fuels	0.6		0.6
Paper & Forest Products	0.1		0.1
Pharmaceuticals	0.4		0.2
Professional Services	9.5		8.4
Real Estate Management & Development	1.4		1.1
Software	20.2		20.1
Specialty Retail	1.3		1.3
Technology Hardware, Storage & Peripherals	0.6		0.6
Trading Companies & Distributors	0.9		1.0
Transportation Infrastructure	2.8		3.4
Wireless Telecommunication Services	0.2		—
Total	100.0	%	100.0	%

(1)Amount rounds to less than 0.1% as of September 30, 2025.

(2)Amount rounds to less than 0.1% as of December 31, 2024.

The geographic composition of investments at cost and fair value was as follows:

	September 30, 2025
	Cost		Fair Value		% of Total Investments at Fair Value		Fair Value as % of Net Assets
United States	$	12,342,319	$	12,172,029	88.1	%	194.1	%
Europe	1,310,737		1,355,429		9.8		21.6
Bermuda/Cayman Islands	148,564		149,373		1.1		2.4
Canada	119,169		120,688		0.9		2.0
Asia	11,908		12,117		0.1		0.2
Total	$	13,932,697	$	13,809,636	100.0	%	220.3	%

	December 31, 2024
	Cost		Fair Value		% of Total Investments at Fair Value		Fair Value as % of Net Assets
United States	$	11,663,322	$	11,595,231	88.6	%	190.8	%
Europe	1,138,542		1,104,837		8.4		18.2
Canada	241,124		242,103		1.8		4.0
Bermuda/Cayman Islands	149,595		149,735		1.2		2.5
Asia	636		612		0.0		0.0
Total	$	13,193,219	$	13,092,518	100.0	%	215.5	%

As of September 30, 2025 and December 31, 2024, three borrowers (across four loans) and four borrowers (five loans) in the portfolio were on non-accrual status, respectively.

As of September 30, 2025 and December 31, 2024, on a fair value basis, 99.4% and 99.8%, respectively, of performing debt investments bore interest at a floating rate and 0.6% and 0.2%, respectively, of performing debt investments bore interest at a fixed rate.