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Investments
 9 Months Ended
Sep. 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 September 30, 2025 and December 31, 2024:
September 30, 2025December 31, 2024
Amortized Cost:
Senior secured loans$4,693,623 86.1 %$3,469,869 86.7 %
Unitranche secured loans79,440 1.4 148,567 3.7 
Junior secured loans320,374 5.9 200,802 5.0 
Equity investments359,950 6.6 183,547 4.6 
Total$5,453,387 100.0 %$4,002,785 100.0 %
September 30, 2025December 31, 2024
Fair Value:
Senior secured loans$4,682,717 86.7 %$3,491,117 87.1 %
Unitranche secured loans80,136 1.5 148,531 3.7 
Junior secured loans265,294 4.9 177,677 4.4 
Equity investments370,176 6.9 191,648 4.8 
Total$5,398,323 100.0 %$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 September 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:
September 30, 2025December 31, 2024
Amortized Cost:
United States:
Midwest$969,681 17.8 %$697,246 17.4 %
Northeast1,385,328 25.4 919,569 23.0 
Northwest123,488 2.3 81,085 2.0 
Southeast1,304,808 23.9 985,353 24.6 
Southwest563,456 10.3 489,467 12.2 
West888,358 16.3 643,709 16.1 
International218,268 4.0 186,356 4.7 
Total$5,453,387 100.0 %$4,002,785 100.0 %
September 30, 2025December 31, 2024
Fair Value:
United States:
Midwest$915,725 17.0 %$689,362 17.2 %
Northeast1,391,835 25.8 920,544 23.0 
Northwest125,572 2.3 83,285 2.1 
Southeast1,333,599 24.7 1,006,155 25.1 
Southwest548,436 10.2 494,694 12.3 
West871,565 16.1 636,530 15.9 
International211,591 3.9 178,403 4.4 
Total$5,398,323 100.0 %$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 September 30, 2025 and December 31, 2024:
September 30, 2025December 31, 2024
Amortized Cost:
Aerospace & Defense$33,083 0.6 %$24,110 0.6 %
Automotive128,106 2.3 76,264 1.9 
Banking47,111 0.9 48,045 1.2 
Beverage, Food & Tobacco105,689 1.9 27,123 0.7 
Capital Equipment245,418 4.5 191,064 4.8 
Chemicals, Plastics & Rubber10,891 0.2 — — 
Construction & Building249,094 4.6 217,997 5.4 
Consumer Goods: Durable85,701 1.6 74,112 1.8 
Consumer Goods: Non-Durable73,798 1.3 51,050 1.3 
Containers, Packaging & Glass57,046 1.0 40,180 1.0 
Energy: Oil & Gas132 
0.0 *
132 
0.0 *
Environmental Industries101,547 1.9 66,543 1.7 
FIRE: Finance383,970 7.0 234,481 5.9 
FIRE: Real Estate166,459 3.1 77,846 1.9 
Healthcare & Pharmaceuticals756,177 13.9 590,748 14.7 
High Tech Industries724,771 13.3 499,624 12.5 
Hotels, Gaming & Leisure95 
0.0 *
95 
0.0 *
Media: Advertising, Printing & Publishing311,451 5.7 195,966 4.9 
Media: Broadcasting & Subscription3,430 0.1 3,430 0.1 
Media: Diversified & Production138,748 2.5 112,124 2.8 
Retail14,480 0.2 14,570 0.4 
Services: Business1,067,182 19.6 888,565 22.2 
Services: Consumer353,232 6.5 240,050 6.0 
Telecommunications136,338 2.5 103,312 2.6 
Transportation: Cargo219,393 4.0 173,308 4.3 
Utilities: Electric4,504 0.1 4,505 0.1 
Wholesale35,541 0.7 47,541 1.2 
Total$5,453,387 100.0 %$4,002,785 100.0 %
September 30, 2025December 31, 2024
Fair Value:
Aerospace & Defense$32,875 0.6 %$23,854 0.6 %
Automotive82,995 1.5 66,253 1.7 
Banking41,048 0.8 43,672 1.1 
Beverage, Food & Tobacco106,786 2.0 27,414 0.7 
Capital Equipment240,931 4.5 187,727 4.7 
Chemicals, Plastics & Rubber10,890 0.2 — — 
Construction & Building256,369 4.7 222,008 5.5 
Consumer Goods: Durable68,673 1.3 71,293 1.8 
Consumer Goods: Non-Durable68,954 1.3 48,784 1.2 
Containers, Packaging & Glass56,876 1.1 40,136 1.0 
Energy: Oil & Gas116 
0.0 *
118 
0.0 *
Environmental Industries101,047 1.9 68,253 1.7 
FIRE: Finance389,215 7.2 233,307 5.8 
FIRE: Real Estate171,130 3.2 81,966 2.1 
Healthcare & Pharmaceuticals744,893 13.8 594,527 14.8 
High Tech Industries725,086 13.4 497,616 12.4 
Hotels, Gaming & Leisure142 
0.0 *
123 
0.0 *
Media: Advertising, Printing & Publishing313,807 5.8 197,904 4.9 
Media: Broadcasting & Subscription584 
0.0 *
867 
0.0 *
Media: Diversified & Production136,354 2.5 111,259 2.8 
Retail14,676 0.3 14,566 0.4 
Services: Business1,085,357 20.1 901,082 22.5 
Services: Consumer351,525 6.5 240,488 6.0 
Telecommunications128,805 2.4 101,469 2.5 
Transportation: Cargo212,480 3.9 172,550 4.3 
Utilities: Electric22,229 0.4 13,764 0.3 
Wholesale34,480 0.6 47,973 1.2 
Total$5,398,323 100.0 %$4,008,973 100.0 %
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*Represents an amount less than 0.1%.