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Investments
 3 Months Ended
Mar. 31, 2025
Investments [Abstract]  
Investments Investments
The following tables show the composition of the Company’s investment portfolio, at amortized cost and fair value (with corresponding percentage of total portfolio investments) as of March 31, 2025 and December 31, 2024:
March 31, 2025December 31, 2024
Amortized Cost:
Senior secured loans$3,909,791 86.5 %$3,469,869 86.7 %
Unitranche secured loans104,362 2.3 148,567 3.7 
Junior secured loans277,904 6.2 200,802 5.0 
Equity investments225,426 5.0 183,547 4.6 
Total$4,517,483 100.0 %$4,002,785 100.0 %
March 31, 2025December 31, 2024
Fair Value:
Senior secured loans$3,925,239 86.8 %$3,491,117 87.1 %
Unitranche secured loans103,073 2.3 148,531 3.7 
Junior secured loans254,222 5.6 177,677 4.4 
Equity investments238,093 5.3 191,648 4.8 
Total$4,520,627 100.0 %$4,008,973 100.0 %
The following tables show the composition of the Company’s investment portfolio by geographic region, at amortized cost and fair value (with corresponding percentage of total portfolio investments) as of March 31, 2025 and December 31, 2024. The geographic composition is determined by the location of the corporate headquarters of the portfolio company, which may not be indicative of the primary source of the portfolio company’s business:
March 31, 2025December 31, 2024
Amortized Cost:
United States:
Midwest$861,293 19.1 %$697,246 17.4 %
Northeast1,048,279 23.2 919,569 23.0 
Northwest122,524 2.7 81,085 2.0 
Southeast1,101,354 24.4 985,353 24.6 
Southwest493,941 11.0 489,467 12.2 
West691,255 15.3 643,709 16.1 
International198,837 4.3 186,356 4.7 
Total$4,517,483 100.0 %$4,002,785 100.0 %
March 31, 2025December 31, 2024
Fair Value:
United States:
Midwest$853,893 18.9 %$689,362 17.2 %
Northeast1,049,859 23.2 920,544 23.0 
Northwest124,943 2.8 83,285 2.1 
Southeast1,125,949 24.9 1,006,155 25.1 
Southwest493,257 10.9 494,694 12.3 
West683,208 15.1 636,530 15.9 
International189,518 4.2 178,403 4.4 
Total$4,520,627 100.0 %$4,008,973 100.0 %
The following tables show the composition of the Company’s investment portfolio by industry, at amortized cost and fair value (with corresponding percentage of total portfolio investments) as of March 31, 2025 and December 31, 2024:
March 31, 2025December 31, 2024
Amortized Cost:
Aerospace & Defense$1,974 
0.0% *
$24,110 0.6 %
Automotive129,304 2.9 76,264 1.9 
Banking47,459 1.0 48,045 1.2 
Beverage, Food & Tobacco22,345 0.5 27,123 0.7 
Capital Equipment201,534 4.5 191,064 4.8 
Construction & Building192,178 4.3 217,997 5.4 
Consumer Goods: Durable97,848 2.2 74,112 1.8 
Consumer Goods: Non-Durable65,708 1.5 51,050 1.3 
Containers, Packaging & Glass40,610 0.9 40,180 1.0 
Energy: Oil & Gas132 
0.0 *
132 
0.0 *
Environmental Industries84,227 1.9 66,543 1.7 
FIRE: Finance262,718 5.8 234,481 5.9 
FIRE: Real Estate159,267 3.5 77,846 1.9 
Healthcare & Pharmaceuticals666,059 14.7 590,748 14.7 
High Tech Industries720,377 15.9 499,624 12.5 
Hotels, Gaming & Leisure95 
0.0 *
95 
0.0 *
Media: Advertising, Printing & Publishing182,488 4.0 195,966 4.9 
Media: Broadcasting & Subscription3,430 0.1 3,430 0.1 
Media: Diversified & Production94,793 2.1 112,124 2.8 
Retail14,544 0.3 14,570 0.4 
Services: Business898,224 19.9 888,565 22.2 
Services: Consumer303,470 6.7 240,050 6.0 
Telecommunications99,619 2.2 103,312 2.6 
Transportation: Cargo176,295 3.9 173,308 4.3 
Utilities: Electric4,505 0.1 4,505 0.1 
Wholesale48,280 1.1 47,541 1.2 
Total$4,517,483 100.0 %$4,002,785 100.0 %
March 31, 2025December 31, 2024
Fair Value:
Aerospace & Defense$1,638 
0.0% *
$23,854 0.6 %
Automotive119,335 2.6 66,253 1.7 
Banking42,102 0.9 43,672 1.1 
Beverage, Food & Tobacco22,606 0.5 27,414 0.7 
Capital Equipment196,356 4.4 187,727 4.7 
Construction & Building197,125 4.4 222,008 5.5 
Consumer Goods: Durable91,369 2.0 71,293 1.8 
Consumer Goods: Non-Durable63,050 1.4 48,784 1.2 
Containers, Packaging & Glass40,397 0.9 40,136 1.0 
Energy: Oil & Gas118 
0.0 *
118 
0.0 *
Environmental Industries85,078 1.9 68,253 1.7 
FIRE: Finance261,689 5.8 233,307 5.8 
FIRE: Real Estate163,570 3.6 81,966 2.1 
Healthcare & Pharmaceuticals664,385 14.7 594,527 14.8 
High Tech Industries720,984 15.9 497,616 12.4 
Hotels, Gaming & Leisure113 
0.0 *
123 
0.0 *
Media: Advertising, Printing & Publishing183,828 4.1 197,904 4.9 
Media: Broadcasting & Subscription853 
0.0 *
867 
0.0 *
Media: Diversified & Production93,683 2.1 111,259 2.8 
Retail14,743 0.3 14,566 0.4 
Services: Business913,742 20.2 901,082 22.5 
Services: Consumer304,529 6.7 240,488 6.0 
Telecommunications95,602 2.2 101,469 2.5 
Transportation: Cargo175,588 3.9 172,550 4.3 
Utilities: Electric20,073 0.4 13,764 0.3 
Wholesale48,071 1.1 47,973 1.2 
Total$4,520,627 100.0 %$4,008,973 100.0 %
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*Represents an amount less than 0.1%.