v3.26.1
Investments
 6 Months Ended
Jun. 30, 2026
Schedule of Investments [Abstract]  
Investments Investments
Under the 1940 Act, the Company is required to separately identify non-controlled investments where it owns 5% or more of a portfolio company’s outstanding voting securities and/or had the power to exercise control over the management or policies of such portfolio company as investments in “affiliated” companies. In addition, under the 1940 Act, the Company is required to separately identify investments where it owns more than 25% of a portfolio company’s outstanding voting securities and/or had the power to exercise control over the management or policies of such portfolio company as investments in “controlled” companies. Under the 1940 Act, "non-affiliated investments" are defined as investments that are neither controlled investments nor affiliated investments. Detailed information with respect to the Company’s non-controlled, non-affiliated; non-controlled, affiliated; and controlled affiliated investments is contained in the consolidated financial statements, including the consolidated schedules of investments. The information in the tables below is presented on an aggregate portfolio basis, without regard to whether they are non-controlled, non-affiliated; non-controlled, affiliated; or controlled affiliated investments.
Investments at fair value and amortized cost consisted of the following as of June 30, 2026 and December 31, 2025:
June 30, 2026December 31, 2025
(Amounts in thousands)Amortized CostFair ValueAmortized CostFair Value
First lien senior secured debt$4,698,541 $4,685,584 $4,189,885 $4,173,995 
Sponsor subordinated note415 65 413 59 
Investment in affiliated funds88,338 103,083 87,345 103,670 
Joint ventures32,550 32,615 — — 
Total investments$4,819,844 $4,821,347 $4,277,643 $4,277,724 
The industry composition of investments based on fair value as of June 30, 2026 and December 31, 2025 was as follows:
June 30, 2026(1)
December 31, 2025(1)
Aerospace and defense1.8 %2.0 %
Air freight and logistics0.5 %0.5 %
Auto components2.3 %2.7 %
Building products0.5 %0.5 %
Chemicals2.1 %2.3 %
Commercial services and supplies3.3 %3.3 %
Construction and engineering3.9 %4.3 %
Containers and packaging2.5 %2.5 %
Distributors— %— %
Diversified consumer services6.4 %6.8 %
Diversified financial services0.3 %— %
Electrical equipment2.0 %1.6 %
Electronic equipment, instruments and components0.9 %1.0 %
Electric utilities0.2 %— %
Food and staples retailing1.8 %2.1 %
Food products2.1 %2.3 %
Gas utilities— %— %
Health care equipment and supplies3.0 %2.7 %
Health care providers and services26.2 %25.2 %
Health care technology2.8 %1.1 %
Household durables3.0 %3.5 %
Industrial Conglomerates0.3 %0.4 %
Insurance0.8 %0.5 %
Interactive Media & Services0.5 %0.5 %
June 30, 2026(1)
December 31, 2025(1)
Internet and direct marketing retail0.4 %0.5 %
IT services3.0 %2.9 %
Leisure equipment and products0.4 %0.2 %
Leisure products— %— %
Life sciences tools and services1.6 %1.5 %
Machinery3.2 %3.3 %
Media7.5 %7.8 %
Multiline Retail1.1 %1.3 %
Multisector holdings2.8 %2.4 %
Pharmaceuticals— %— %
Personal products— %— %
Professional services1.0 %0.9 %
Real estate management and development0.1 %0.1 %
Road and rail— %— %
Semiconductors and semiconductor equipment— %— %
Software2.0 %2.3 %
Specialty retail1.3 %0.6 %
Textiles, apparel and luxury goods0.6 %0.8 %
Trading companies and distributors7.5 %9.5 %
Water utilities0.1 %0.1 %
Total100.0 %100.0 %
(1)Certain industries round to less than 0.1% as of June 30, 2026 and December 31, 2025.
As of June 30, 2026, approximately 100.0% of investments held were based in the United States and approximately 0.0% were based in Canada. As of December 31, 2025, approximately 100.0% of investments held were based in the United States and approximately 0.0% were based in Canada.