v3.25.4
Investments
 12 Months Ended
Dec. 31, 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 December 31, 2025 and December 31, 2024:
December 31, 2025December 31, 2024
Amortized Cost:
Senior secured loans$5,109,431 86.4 %$3,469,869 86.7 %
Unitranche secured loans35,221 0.6 148,567 3.7 
Junior secured loans361,428 6.1 200,802 5.0 
Equity investments407,283 6.9 183,547 4.6 
Total$5,913,363 100.0 %$4,002,785 100.0 %
December 31, 2025December 31, 2024
Fair Value:
Senior secured loans$5,090,861 87.4 %$3,491,117 87.1 %
Unitranche secured loans35,414 0.6 148,531 3.7 
Junior secured loans277,025 4.8 177,677 4.4 
Equity investments416,455 7.2 191,648 4.8 
Total$5,819,755 100.0 %$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 December 31, 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:
December 31, 2025December 31, 2024
Amortized Cost:
United States:
Midwest$1,093,220 18.5 %$697,246 17.4 %
Northeast1,337,031 22.6 919,569 23.0 
Northwest106,019 1.8 81,085 2.0 
Southeast1,431,430 24.2 985,353 24.6 
Southwest602,184 10.2 489,467 12.2 
West1,075,499 18.3 643,709 16.1 
International267,980 4.4 186,356 4.7 
Total$5,913,363 100.0 %$4,002,785 100.0 %
December 31, 2025December 31, 2024
Fair Value:
United States:
Midwest$1,007,605 17.3 %$689,362 17.2 %
Northeast1,345,901 23.1 920,544 23.0 
Northwest108,809 1.9 83,285 2.1 
Southeast1,471,723 25.3 1,006,155 25.1 
Southwest578,702 9.9 494,694 12.3 
West1,044,597 18.0 636,530 15.9 
International262,418 4.5 178,403 4.4 
Total$5,819,755 100.0 %$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 December 31, 2025 and December 31, 2024:
December 31, 2025December 31, 2024
Amortized Cost:
Aerospace & Defense$41,610 0.7 %$24,110 0.6 %
Automotive132,579 2.2 76,264 1.9 
Banking46,932 0.8 48,045 1.2 
Beverage, Food & Tobacco146,450 2.5 27,123 0.7 
Capital Equipment278,579 4.7 191,064 4.8 
Chemicals, Plastics & Rubber53,586 0.9 — — 
Construction & Building275,448 4.7 217,997 5.4 
Consumer Goods: Durable87,104 1.5 74,112 1.8 
Consumer Goods: Non-Durable87,121 1.5 51,050 1.3 
Containers, Packaging & Glass57,824 1.0 40,180 1.0 
Energy: Oil & Gas132 
0.0 *
132 
0.0 *
Environmental Industries101,103 1.7 66,543 1.7 
FIRE: Finance395,159 6.7 234,481 5.9 
FIRE: Real Estate170,649 2.9 77,846 1.9 
Healthcare & Pharmaceuticals831,390 14.1 590,748 14.7 
High Tech Industries765,255 12.9 499,624 12.5 
Hotels, Gaming & Leisure95 
0.0 *
95 
0.0 *
Media: Advertising, Printing & Publishing327,320 5.4 195,966 4.9 
Media: Broadcasting & Subscription3,448 0.1 3,430 0.1 
Media: Diversified & Production92,892 1.5 112,124 2.8 
Retail14,448 0.2 14,570 0.4 
Services: Business1,276,711 21.6 888,565 22.2 
Services: Consumer341,755 5.8 240,050 6.0 
Telecommunications129,104 2.2 103,312 2.6 
Transportation: Cargo211,690 3.6 173,308 4.3 
Utilities: Electric4,504 0.1 4,505 0.1 
Wholesale40,475 0.7 47,541 1.2 
Total$5,913,363 100.0 %$4,002,785 100.0 %
December 31, 2025December 31, 2024
Fair Value:
Aerospace & Defense$40,434 0.7 %$23,854 0.6 %
Automotive61,039 1.0 66,253 1.7 
Banking40,681 0.7 43,672 1.1 
Beverage, Food & Tobacco145,549 2.5 27,414 0.7 
Capital Equipment272,138 4.7 187,727 4.7 
Chemicals, Plastics & Rubber53,692 0.9 — — 
Construction & Building282,687 4.9 222,008 5.5 
Consumer Goods: Durable54,861 0.9 71,293 1.8 
Consumer Goods: Non-Durable80,235 1.4 48,784 1.2 
Containers, Packaging & Glass57,516 1.0 40,136 1.0 
Energy: Oil & Gas133 
0.0 *
118 
0.0 *
Environmental Industries100,594 1.7 68,253 1.7 
FIRE: Finance401,245 6.9 233,307 5.8 
FIRE: Real Estate173,367 3.0 81,966 2.1 
Healthcare & Pharmaceuticals822,082 14.1 594,527 14.8 
High Tech Industries768,219 13.2 497,616 12.4 
Hotels, Gaming & Leisure122 
0.0 *
123 
0.0 *
Media: Advertising, Printing & Publishing324,332 5.6 197,904 4.9 
Media: Broadcasting & Subscription523 
0.0 *
867 
0.0 *
Media: Diversified & Production88,577 1.5 111,259 2.8 
Retail14,624 0.3 14,566 0.4 
Services: Business1,299,308 22.3 901,082 22.5 
Services: Consumer338,841 5.8 240,488 6.0 
Telecommunications122,038 2.1 101,469 2.5 
Transportation: Cargo201,888 3.5 172,550 4.3 
Utilities: Electric36,030 0.6 13,764 0.3 
Wholesale39,000 0.7 47,973 1.2 
Total$5,819,755 100.0 %$4,008,973 100.0 %
_______________________________________________________
*Represents an amount less than 0.1%.