Investments at Fair Value

12 Months Ended

Dec. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Investments at Fair Value

4. Investments at Fair Value

Under the 1940 Act, the Company is required to separately identify non-controlled investments where it owns 5% or more of a portfolio company’s outstanding voting securities as investments in “affiliated” companies. In addition, under the 1940 Act, the Company is required to separately identify investments where it owns more than 25% of a portfolio company’s outstanding voting securities and/or had the power to exercise control over the management or policies of such portfolio company as investments in “controlled” companies. Detailed information with respect to the Company’s non-controlled, non-affiliated; non-controlled, affiliated; and controlled, affiliated investments is contained in the accompanying Consolidated Financial Statements, including the Consolidated schedules of investments. The information in the tables below is presented on an aggregate portfolio basis, without regard to whether they are non-controlled, non-affiliated; non-controlled, affiliated; or controlled, affiliated investments.

Investments at fair value consisted of the following at December 31, 2024 and December 31, 2023:

	December 31, 2024
	Amortized Cost (1)		Fair Value		Net Unrealized Gain (Loss)
First-lien debt investments	$	6,732,065	$	6,871,809	$	139,744
Second-lien debt investments		89,461		94,778		5,317
Mezzanine debt investments		118,441		123,184		4,743
Equity and other investments		140,027		154,511		14,484
Total Investments	$	7,079,994	$	7,244,282	$	164,288

	December 31, 2023
	Amortized Cost (1)		Fair Value		Net Unrealized Gain (Loss)
First-lien debt investments	$	2,792,928	$	2,850,885	$	57,957
Second-lien debt investments		77,895		79,091		1,196
Mezzanine debt investments		104,352		106,524		2,172
Equity and other investments		62,651		62,651		—
Total Investments	$	3,037,826	$	3,099,151	$	61,325

(1)The amortized cost represents the original cost adjusted for the amortization of discounts or premiums, as applicable, on debt investments using the effective interest method.

The industry composition of investments at fair value at December 31, 2024 and December 31, 2023, is as follows:

	December 31, 2024			December 31, 2023
Automotive		4.0	%		1.9	%
Business Services		18.7	%		25.4	%
Chemicals		0.5	%		0.7	%
Communications		6.4	%		1.9	%
Education		5.2	%		4.6	%
Electronics		3.1	%		—
Financial Services		6.5	%		18.3	%
Healthcare		2.5	%		3.8	%
Hotel, Gaming and Leisure		7.4	%		—
Human Resource Support Services		3.9	%		8.5	%
Insurance		0.9	%		1.9	%
Internet Services		7.2	%		8.3	%
Manufacturing		8.0	%		9.9	%
Oil, Gas and Consumable Fuels		2.9	%		7.4	%
Other		3.4	%		—
Pharmaceuticals		8.7	%		—
Real Estate (1)		0.0	%		—
Retail and Consumer Products		9.5	%		7.4	%
Transportation		1.2	%		—
Total		100.0	%		100.0	%

(1)Value rounds to less than 0.1%

The geographic composition of investments at fair value at December 31, 2024 and December 31, 2023 is as follows:

	December 31, 2024			December 31, 2023
United States
Midwest		18.0	%		16.0	%
Northeast		17.3	%		23.1	%
South		14.2	%		7.4	%
West		26.8	%		40.3	%
Canada		2.3	%		1.9	%
Finland (1)		0.0	%		0.0	%
France		1.8	%		—
Germany		0.6	%		0.3	%
Italy		2.4	%		—
Luxembourg		—			0.1	%
Netherlands		0.2	%		0.1	%
Norway		5.5	%		5.4	%
Sweden		0.1	%		—
United Kingdom		10.8	%		5.4	%
Total		100.0	%		100.0	%

(1)Value rounds to less than 0.1%.