v3.26.1
INVESTMENTS - Schedule of Changes in Fair Value (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
INVESTMENTS [Abstract]      
Fair value, beginning of period $ 1,309,928    
Net change in unrealized gains (losses) on Level 3 investments still held as of March 31 (8,653) $ 343  
Net realized gains (losses) on investments 64 12  
Net change in unrealized gains (losses) on investments (8,589) 355  
Fair value, end of period 1,413,006   $ 1,309,928
Investment, Identifier [Axis]: Equity [Member]      
INVESTMENTS [Abstract]      
Fair value, beginning of period 890    
Net change in unrealized gains (losses) on Level 3 investments still held as of March 31 0    
Purchases 0    
Payment-in-kind interest income capitalized 0    
Sales and repayments 0    
Net (amortization) accretion on investments 0    
Net realized gains (losses) on investments 0    
Net change in unrealized gains (losses) on investments 0    
Transfers out of Level 3 [1] 0    
Transfers into Level 3 [1] 0    
Fair value, end of period 890   890
Investment, Identifier [Axis]: First Lien Secured Debt [Member]      
INVESTMENTS [Abstract]      
Fair value, beginning of period 1,203,429 439,367 439,367
Net change in unrealized gains (losses) on Level 3 investments still held as of March 31 (2,749) 798  
Purchases 269,622 151,409  
Payment-in-kind interest income capitalized 252    
Sales and repayments (163,038) (33,754)  
Net (amortization) accretion on investments 1,664 676  
Net realized gains (losses) on investments 58 12  
Net change in unrealized gains (losses) on investments (3,722) 256  
Transfers out of Level 3 0 [1] 0 [2]  
Transfers into Level 3 0 [1] 0 [2]  
Fair value, end of period 1,308,265 $ 557,966 1,203,429
Investment, Identifier [Axis]: Second Lien Secured Debt      
INVESTMENTS [Abstract]      
Fair value, beginning of period [3],[4],[5] 30,070    
Fair value, end of period [3],[4],[5] 26,389   30,070
Investment, Identifier [Axis]: Second Lien Secured Debt [Member]      
INVESTMENTS [Abstract]      
Fair value, beginning of period 30,070    
Net change in unrealized gains (losses) on Level 3 investments still held as of March 31 (3,706)    
Purchases 0    
Payment-in-kind interest income capitalized 0    
Sales and repayments 0    
Net (amortization) accretion on investments 25    
Net realized gains (losses) on investments 0    
Net change in unrealized gains (losses) on investments (3,706)    
Transfers out of Level 3 [1] 0    
Transfers into Level 3 [1] 0    
Fair value, end of period 26,389   30,070
Investment, Identifier [Axis]: Total Equity      
INVESTMENTS [Abstract]      
Fair value, beginning of period [3],[4] 890    
Fair value, end of period [3],[4] 890   890
Investment, Identifier [Axis]: Total First Lien Secured Debt-non-controlled/non-affiliated      
INVESTMENTS [Abstract]      
Fair value, beginning of period [3],[4],[5] 1,217,362    
Fair value, end of period [3],[4],[5] 1,321,518   1,217,362
Investment, Identifier [Axis]: Total Investments at Fair Value      
INVESTMENTS [Abstract]      
Fair value, beginning of period [4],[6] 1,309,928    
Fair value, end of period [4],[6] 1,413,006   1,309,928
Investment, Identifier [Axis]: Total Investments in Joint Venture      
INVESTMENTS [Abstract]      
Fair value, beginning of period [3],[4],[5],[7] 61,606    
Fair value, end of period [4] $ 64,209   $ 61,606 [3],[5],[7]
[1] For the three months ended March 31, 2026 there were no transfers out of/into Level 3.
[2] For the three months ended March 31, 2025 there were no transfers out of/into Level 3.
[3] All investments are valued using unobservable inputs (Level 3), unless otherwise noted (see “Note 2 - Summary of Significant Accounting Policies” and “Note 4 - Investments”).
[4] Unless otherwise indicated, investments held by the Company are denominated in USD dollars. All investments are income producing unless otherwise indicated.
[5] Unless otherwise indicated, issuers of investments held by the Company are domiciled in the United States.
[6] Unless otherwise indicated, all securities are pledged as collateral to our SMBC Revolving Credit Facility (“SMBC Revolving Credit Facility”), our ABL Credit Facility with Bank of America (“BofA ABL Credit Facility) or ABL Credit Facility with RBC (“RBC ABL Credit Facility”) as defined in “Note 5 - Debt”. As such, these securities are not available as collateral to our general creditors.
[7] Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”), the Company is deemed to “control” a portfolio company if the Company owns more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. Under the 1940 Act, the Company is deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of December 31, 2025, the Company’s controlled/affiliated investments, and their related transactions for the period ended, were as follows: