v3.25.2
FAIR VALUE HIERARCHY FOR INVESTMENTS—PORTFOLIO COMPOSITION - Narrative (Details)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
USD ($)
investment
company
entity
investmentManager
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
investment
company
entity
investmentManager
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
investment
company
entity
investmentManager
Dec. 31, 2024
USD ($)
investmentManager
investment
company
entity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Expenses allocated $ 5,892 $ 5,887 $ 11,228 $ 11,446    
Annualized total return on investments (as a percent) 0.164 0.157 0.162 0.162    
Achieved total return on investments (as a percent)           0.179
Fair value $ 5,093,070 [1]   $ 5,093,070 [1]   $ 5,093,070 [1] $ 4,932,669 [2],[3],[4]
Cost 4,352,705 [5]   $ 4,352,705 [5]   $ 4,352,705 [5] $ 4,237,312 [2],[4],[6]
Investment Owned, At Fair Value | Investment Type Concentration Risk            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Concentration risk (as a percent)     100.00%     100.00%
Investment Owned, At Cost | Investment Type Concentration Risk            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Concentration risk (as a percent)     100.00%     100.00%
External Investment Manager | Affiliated Entity            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Expenses allocated $ 5,900 $ 5,900 $ 11,200 $ 11,400    
Short-term portfolio investments            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Number of portfolio investments | investment 0   0   0 0
Short-term portfolio investments | Maximum | Debt            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Investment term (in years)     1 year      
LMM portfolio investments            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Number of portfolio companies | company 88   88   88 84
Fair value $ 2,668,800   $ 2,668,800   $ 2,668,800 $ 2,502,900
Cost $ 2,105,000   $ 2,105,000   $ 2,105,000 $ 1,937,800
LMM portfolio investments | Investment Owned, At Fair Value | Investment Type Concentration Risk            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Concentration risk (as a percent) 23.00% 21.00%     92.00%  
LMM portfolio investments | Debt | Investment Owned, At Cost | Investment Type Concentration Risk            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Concentration risk (as a percent)     70.10%     70.80%
LMM portfolio investments | Minimum            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Annual revenues     $ 10,000      
Investments $ 5,000   $ 5,000   $ 5,000  
LMM portfolio investments | Minimum | Debt            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Investment term (in years)     5 years      
LMM portfolio investments | Maximum            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Annual revenues     $ 150,000      
Investments $ 125,000   $ 125,000   $ 125,000  
LMM portfolio investments | Maximum | Debt            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Investment term (in years)     7 years      
Private Loan portfolio investments            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Number of portfolio companies | company 87   87   87 91
Fair value $ 1,920,300   $ 1,920,300   $ 1,920,300 $ 1,904,300
Cost $ 1,958,000   $ 1,958,000   $ 1,958,000 $ 1,952,500
Private Loan portfolio investments | Investment Owned, At Fair Value | Investment Type Concentration Risk            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Concentration risk (as a percent) 26.00% 22.00%     91.00%  
Private Loan portfolio investments | Debt | Investment Owned, At Cost | Investment Type Concentration Risk            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Concentration risk (as a percent)     94.70%     95.40%
Private Loan portfolio investments | Minimum            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Annual revenues     $ 25,000      
Investments $ 10,000   $ 10,000   $ 10,000  
Private Loan portfolio investments | Minimum | Debt            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Investment term (in years)     3 years      
Private Loan portfolio investments | Maximum            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Annual revenues     $ 500,000      
Investments $ 100,000   $ 100,000   $ 100,000  
Private Loan portfolio investments | Maximum | Debt            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Investment term (in years)     7 years      
Middle Market portfolio investments            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Number of portfolio companies | company 12   12   12 15
Fair value $ 108,700   $ 108,700   $ 108,700 $ 155,300
Cost 134,200   $ 134,200   134,200 $ 195,000
Middle Market portfolio investments | Investment Owned, At Fair Value | Investment Type Concentration Risk            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Concentration risk (as a percent)     2.10%     3.10%
Middle Market portfolio investments | Investment Owned, At Cost | Investment Type Concentration Risk            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Concentration risk (as a percent)     3.10%     4.60%
Middle Market portfolio investments | Minimum            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Investments 3,000   $ 3,000   3,000  
Middle Market portfolio investments | Minimum | Debt            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Investment term (in years)     3 years      
Middle Market portfolio investments | Maximum            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Investments 25,000   $ 25,000   25,000  
Middle Market portfolio investments | Maximum | Debt            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Investment term (in years)     7 years      
Other Portfolio investments            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Fair value 122,700   $ 122,700   122,700 $ 124,100
Cost $ 126,000   $ 126,000   $ 126,000 $ 122,500
Number of portfolio investments in entities | entity 32   32   32 31
Number of investment managers | investmentManager 12   12   12 12
Other Portfolio investments | Investment Owned, At Fair Value | Investment Type Concentration Risk            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Concentration risk (as a percent)     2.40%     2.50%
Other Portfolio investments | Investment Owned, At Cost | Investment Type Concentration Risk            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Concentration risk (as a percent)     2.90%     2.90%
Other Portfolio investments | Minimum | Debt            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Investment term (in years)     5 years      
Other Portfolio investments | Maximum | Debt            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Investment term (in years)     10 years      
External Investment Manager            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Fair value $ 272,600   $ 272,600   $ 272,600 $ 246,000
Cost $ 29,500   $ 29,500   $ 29,500 $ 29,500
External Investment Manager | Investment Owned, At Fair Value | Investment Type Concentration Risk            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Concentration risk (as a percent)     5.40%     5.00%
External Investment Manager | Investment Owned, At Cost | Investment Type Concentration Risk            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Concentration risk (as a percent)     0.70%     0.70%
[1] Investment Fair Value was determined using significant unobservable inputs, unless otherwise noted. See Note C — Fair Value Hierarchy for Investments —Portfolio Composition for further discussion. Negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par.
[2] All portfolio company headquarters are based in the United States, unless otherwise noted.
[3] Investment Fair Value was determined using significant unobservable inputs, unless otherwise noted. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for further discussion. Negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par.
[4] All investments are LMM portfolio investments, unless otherwise noted. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for a description of LMM portfolio investments. All of the Company’s investments, unless otherwise noted, are encumbered either as security for the Corporate Facility or SPV Facility or in support of the debentures guaranteed by the SBA and issued by the Funds.
[5] Principal is net of repayments. Cost is net of repayments and accumulated unearned income. Negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan.
[6] Principal is net of repayments. Cost is net of repayments and accumulated unearned income. Negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan.