v3.25.1
Investments
 3 Months Ended
Mar. 31, 2025
Schedule of Investments [Abstract]  
Investments Investments
At March 31, 2025, the Company's investments consisted of the following:
Investment Cost and Fair Value by Type
 CostFair Value
First lien$1,321,974 $1,304,600 
Second lien127,470 119,089 
Subordinated44,689 44,773 
Equity and other94,857 93,197 
Total investments$1,588,990 $1,561,659 
Investment Cost and Fair Value by Industry
 CostFair Value
Software$592,700 $585,696 
Healthcare389,088 374,792 
Business Services264,537 264,579 
Consumer Services97,375 97,448 
Financial Services70,640 70,944 
Distribution & Logistics58,264 58,794 
Consumer Products45,847 38,583 
Packaging31,472 31,657 
Education29,524 29,579 
Specialty Chemicals & Materials9,543 9,587 
Total investments$1,588,990 $1,561,659 
At December 31, 2024, the Company's investments consisted of the following:
Investment Cost and Fair Value by Type
 CostFair Value
First lien$1,270,528 $1,250,834 
Second lien127,455 119,089 
Subordinated37,346 37,360 
Equity and other89,216 88,281 
Total investments$1,524,545 $1,495,564 
Investment Cost and Fair Value by Industry
 CostFair Value
Software$590,073 $582,562 
Healthcare356,321 344,740 
Business Services252,205 244,350 
Consumer Services92,079 92,297 
Financial Services70,789 71,109 
Distribution & Logistics58,186 59,108 
Consumer Products44,696 40,953 
Packaging31,146 31,342 
Education19,652 19,705 
Specialty Chemicals & Materials9,398 9,398 
Total investments$1,524,545 $1,495,564 
For a discussion of the Company's unfunded commitments, see Note 8. Commitments and Contingencies.
Investment Risk Factors—First and second lien debt that the Company invests in is almost entirely rated below investment grade or may be unrated. Debt investments rated below investment grade are often referred to as "leveraged loans", "high yield" or "junk" debt investments, and may be considered "high risk" compared to debt investments that are rated investment grade. These debt investments are considered speculative because of the credit risk of the issuers. Such issuers are considered more likely than investment grade issuers to default on their payments of interest and principal, and such risk of default could reduce the net assets and income distributions of the Company. In addition, some of the Company's debt investments will not fully amortize during their lifetime, which could result in a loss or a substantial amount of unpaid principal and interest due upon maturity. First and second lien debt may also lose significant market value before a default occurs. Furthermore, an active trading market may not exist for these first and second lien debt investments. This illiquidity may make it more difficult to value the debt.
Subordinated debt is generally subject to similar risks as those associated with first and second lien debt, except that such debt is subordinated in payment and/or lower in lien priority. Subordinated debt is subject to the additional risk that the cash flow of the borrower and the property securing the debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured and unsecured obligations of the borrower.
The Company may directly invest in the equity of private companies or, in some cases, equity investments could be made in connection with a debt investment. Equity investments may or may not fluctuate in value, resulting in recognized realized gains or losses upon disposition.