v3.26.1
FAIR VALUE MEASUREMENTS - Schedule of Fair Value Measurements of Investments, by Major Class, and Cash Equivalents (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total investments and cash equivalents $ 1,918,917 [1],[2],[3],[4] $ 1,962,449 [5]
Total investments and cash equivalents 1,959,676 [1],[2],[3],[4] 2,016,376 [5],[6],[7]
Derivative asset 8,534 14,965
Total 1,968,210 2,031,341
First-Lien Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total investments and cash equivalents 1,719,505 1,756,620
Subordinated Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total investments and cash equivalents 139,607 161,374
Equity Investments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total investments and cash equivalents 59,805 44,455
Cash Equivalents    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash Equivalents 40,759 53,927
Subordinated Debt, Second Lien    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total investments and cash equivalents 61,041 74,262
Subordinated Debt, Mezzanine Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total investments and cash equivalents 77,229 84,633
Structured Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total investments and cash equivalents 1,337 2,479
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total investments and cash equivalents 40,759 53,927
Derivative asset 0 0
Total 40,759 53,927
Level 1 | First-Lien Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total investments and cash equivalents 0 0
Level 1 | Subordinated Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total investments and cash equivalents 0 0
Level 1 | Equity Investments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total investments and cash equivalents 0 0
Level 1 | Cash Equivalents    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash Equivalents 40,759 53,927
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total investments and cash equivalents 16,625 14,291
Derivative asset 8,534 14,965
Total 25,159 29,256
Level 2 | First-Lien Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total investments and cash equivalents 10,423 8,115
Level 2 | Subordinated Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total investments and cash equivalents 6,202 6,176
Level 2 | Equity Investments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total investments and cash equivalents 0 0
Level 2 | Cash Equivalents    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash Equivalents 0 0
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total investments and cash equivalents 1,885,317 1,935,882
Derivative asset 0 0
Total 1,885,317 1,935,882
Level 3 | First-Lien Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total investments and cash equivalents 1,709,082 1,748,505
Level 3 | Subordinated Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total investments and cash equivalents 133,405 155,198
Level 3 | Equity Investments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total investments and cash equivalents 42,830 32,179
Level 3 | Cash Equivalents    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash Equivalents 0 0
Measured at NAV    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total investments and cash equivalents 16,975 12,276
Derivative asset 0 0
Total 16,975 12,276
Measured at NAV | First-Lien Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total investments and cash equivalents 0 0
Measured at NAV | Subordinated Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total investments and cash equivalents 0 0
Measured at NAV | Equity Investments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total investments and cash equivalents 16,975 12,276
Measured at NAV | Cash Equivalents    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash Equivalents $ 0 $ 0
[1] As of June 30, 2026, there were no portfolio investments that represented greater than 5% of our total assets.
[2] Investment valued using unobservable inputs (Level 3), unless noted otherwise. See Note 2 “Significant Accounting Policies – Valuation of Portfolio Investments” and Note 5 "Fair Value Measurements" for more information.
[3] Refer to Note 3 “Investments” for the geographic composition of investments at cost and fair value.
[4] Unless otherwise indicated, all investments are non-controlled/non-affiliated investments as defined by the Investment Company Act of 1940, as amended (the “1940 Act”). The 1940 Act classifies investments based on the level of control that the Company maintains in a particular portfolio company. As defined in the 1940 Act, a portfolio company is generally presumed to be “non-controlled” when the Company owns 25% or less of the portfolio company’s voting securities and “controlled” when the Company owns more than 25% of the portfolio company’s voting securities. The 1940 Act also classifies investments further based on the level of ownership that the Company maintains in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as “non-affiliated” when the Company owns less than 5% of a portfolio company’s voting securities and “affiliated” when the Company owns 5% or more of a portfolio company’s voting securities.
[5] Investment valued using unobservable inputs (Level 3). See Note 2 “Significant Accounting Policies – Valuation of Portfolio Investments” and Note 5 "Fair Value Measurements" for more information.
[6] Refer to Note 3 "Investments" for the geographic composition of investments at cost and fair value.
[7] Unless otherwise indicated, all investments are non-controlled/non-affiliated investments as defined by the Investment Company Act of 1940, as amended (the "1940 Act"). The 1940 Act classifies investments based on the level of control that the Company maintains in a particular portfolio company. As defined in the 1940 Act, a portfolio company is generally presumed to be “non-controlled” when the Company owns 25% or less of the portfolio company’s voting securities and “controlled” when the Company owns more than 25% of the portfolio company’s voting securities. The 1940 Act also classifies investments further based on the level of ownership that the Company maintains in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as “non-affiliated” when the Company owns less than 5% of a portfolio company’s voting securities and “affiliated” when the Company owns 5% or more of a portfolio company’s voting securities.