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Investments
 6 Months Ended
Jun. 30, 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 June 30, 2025 and December 31, 2024:
June 30, 2025December 31, 2024
Amortized Cost:
Senior secured loans$4,377,507 86.0 %$3,469,869 86.7 %
Unitranche secured loans104,168 2.0 148,567 3.7 
Junior secured loans288,993 5.7 200,802 5.0 
Equity investments321,356 6.3 183,547 4.6 
Total$5,092,024 100.0 %$4,002,785 100.0 %
June 30, 2025December 31, 2024
Fair Value:
Senior secured loans$4,397,867 86.5 %$3,491,117 87.1 %
Unitranche secured loans99,179 1.9 148,531 3.7 
Junior secured loans256,158 5.0 177,677 4.4 
Equity investments334,448 6.6 191,648 4.8 
Total$5,087,652 100.0 %$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 June 30, 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:
June 30, 2025December 31, 2024
Amortized Cost:
United States:
Midwest$953,438 18.7 %$697,246 17.4 %
Northeast1,275,028 25.0 919,569 23.0 
Northwest124,960 2.5 81,085 2.0 
Southeast1,193,584 23.4 985,353 24.6 
Southwest535,376 10.5 489,467 12.2 
West823,295 16.2 643,709 16.1 
International186,343 3.7 186,356 4.7 
Total$5,092,024 100.0 %$4,002,785 100.0 %
June 30, 2025December 31, 2024
Fair Value:
United States:
Midwest$938,455 18.5 %$689,362 17.2 %
Northeast1,277,404 25.1 920,544 23.0 
Northwest126,749 2.5 83,285 2.1 
Southeast1,218,279 23.9 1,006,155 25.1 
Southwest531,975 10.5 494,694 12.3 
West815,236 16.0 636,530 15.9 
International179,554 3.5 178,403 4.4 
Total$5,087,652 100.0 %$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 June 30, 2025 and December 31, 2024:
June 30, 2025December 31, 2024
Amortized Cost:
Aerospace & Defense$15,908 0.3 %$24,110 0.6 %
Automotive115,724 2.3 76,264 1.9 
Banking47,501 0.9 48,045 1.2 
Beverage, Food & Tobacco87,329 1.7 27,123 0.7 
Capital Equipment217,170 4.3 191,064 4.8 
Construction & Building226,995 4.5 217,997 5.4 
Consumer Goods: Durable88,386 1.7 74,112 1.8 
Consumer Goods: Non-Durable64,831 1.3 51,050 1.3 
Containers, Packaging & Glass69,637 1.4 40,180 1.0 
Energy: Oil & Gas132 
0.0 *
132 
0.0 *
Environmental Industries101,445 2.0 66,543 1.7 
FIRE: Finance311,585 6.1 234,481 5.9 
FIRE: Real Estate164,648 3.2 77,846 1.9 
Healthcare & Pharmaceuticals689,285 13.5 590,748 14.7 
High Tech Industries778,613 15.3 499,624 12.5 
Hotels, Gaming & Leisure95 
0.0 *
95 
0.0 *
Media: Advertising, Printing & Publishing274,749 5.4 195,966 4.9 
Media: Broadcasting & Subscription3,430 0.1 3,430 0.1 
Media: Diversified & Production128,569 2.5 112,124 2.8 
Retail14,513 0.3 14,570 0.4 
Services: Business988,450 19.4 888,565 22.2 
Services: Consumer313,756 6.2 240,050 6.0 
Telecommunications139,969 2.7 103,312 2.6 
Transportation: Cargo206,771 4.1 173,308 4.3 
Utilities: Electric4,505 0.1 4,505 0.1 
Wholesale38,028 0.7 47,541 1.2 
Total$5,092,024 100.0 %$4,002,785 100.0 %
June 30, 2025December 31, 2024
Fair Value:
Aerospace & Defense$15,634 0.3 %$23,854 0.6 %
Automotive105,121 2.1 66,253 1.7 
Banking41,857 0.8 43,672 1.1 
Beverage, Food & Tobacco87,579 1.7 27,414 0.7 
Capital Equipment212,053 4.2 187,727 4.7 
Construction & Building233,182 4.6 222,008 5.5 
Consumer Goods: Durable78,678 1.5 71,293 1.8 
Consumer Goods: Non-Durable60,751 1.2 48,784 1.2 
Containers, Packaging & Glass69,355 1.4 40,136 1.0 
Energy: Oil & Gas103 
0.0 *
118 
0.0 *
Environmental Industries101,407 2.0 68,253 1.7 
FIRE: Finance313,792 6.2 233,307 5.8 
FIRE: Real Estate169,660 3.3 81,966 2.1 
Healthcare & Pharmaceuticals678,770 13.4 594,527 14.8 
High Tech Industries781,110 15.4 497,616 12.4 
Hotels, Gaming & Leisure130 
0.0 *
123 
0.0 *
Media: Advertising, Printing & Publishing275,825 5.4 197,904 4.9 
Media: Broadcasting & Subscription670 
0.0 *
867 
0.0 *
Media: Diversified & Production127,170 2.5 111,259 2.8 
Retail14,669 0.3 14,566 0.4 
Services: Business1,008,830 19.8 901,082 22.5 
Services: Consumer315,657 6.2 240,488 6.0 
Telecommunications133,694 2.6 101,469 2.5 
Transportation: Cargo203,125 4.0 172,550 4.3 
Utilities: Electric21,823 0.4 13,764 0.3 
Wholesale37,007 0.7 47,973 1.2 
Total$5,087,652 100.0 %$4,008,973 100.0 %
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*Represents an amount less than 0.1%.