v3.26.1
Investments
 6 Months Ended
Jun. 30, 2026
Schedule of Investments [Abstract]  
Investments Investments
At June 30, 2026, the Company's investments consisted of the following:
Investment Cost and Fair Value by Type
CostFair Value
First lien$1,372,295 $1,344,659 
Second lien20,690 18,638 
Subordinated13,770 13,778 
Equity and other24,054 19,521 
Total investments$1,430,809 $1,396,596 
CostFair Value
Business Services$450,473 $446,921 
Software346,070 334,468 
Financial Services & Technology210,345 209,211 
Healthcare200,454 189,351 
Consumer Services83,777 82,546 
Distribution & Logistics32,930 32,495 
Education34,768 32,440 
Packaging30,616 29,548 
Business Products14,967 15,019 
Consumer Products16,744 14,865 
Food & Beverage9,665 9,732 
Total investments$1,430,809 $1,396,596 
At December 31, 2025, the Company's investments consisted of the following:    
Investment Cost and Fair Value by Type
CostFair Value
First lien$1,473,620 $1,462,772 
Second lien20,653 19,288 
Subordinated11,423 11,549 
Equity and other19,445 18,489 
Total investments$1,525,141 $1,512,098 
Investment Cost and Fair Value by Industry
CostFair Value
Business Services$483,935 $484,215 
Software356,465 356,217 
Financial Services & Technology238,890 239,885 
Healthcare221,363 210,328 
Consumer Services79,607 79,612 
Education34,808 33,269 
Distribution & Logistics31,396 31,065 
Packaging25,052 23,653 
Business Products21,408 21,626 
Consumer Products16,243 16,243 
Food & Beverage9,707 9,698 
Specialty Chemicals & Materials6,267 6,287 
Total investments$1,525,141 $1,512,098 
During the first quarter of 2026, the Company placed its first lien position in Convey Health Solutions, Inc. ("Convey") on non-accrual status. As of June 30, 2026, the Company's first lien position in Convey had total unearned interest income of $73 and $145, respectively, for the three and six months then ended.
For a discussion of the Company's unfunded commitments, see Note 8. Commitments and Contingencies.
Investment Risk Factors—First and second lien debt that the Company invests in is almost entirely rated below investment grade or may be unrated. Debt investments rated below investment grade are often referred to as "leveraged loans", "high yield" or "junk" debt investments, and may be considered "high risk" compared to debt investments that are rated investment grade. These debt investments are considered speculative because of the credit risk of the issuers. Such issuers are considered more likely than investment grade issuers to default on their payments of interest and principal, and such risk of default could reduce the net asset value and income distributions of the Company. In addition, some of the Company's debt investments will not fully amortize during their lifetime, which could result in a loss or a substantial amount of unpaid principal and interest due upon maturity. First and second lien debt may also lose significant value before a default occurs. Furthermore, an active trading market may not exist for these securities. This illiquidity may make it more difficult to value the investments.
Subordinated debt is generally subject to similar risks as those associated with first and second lien debt, except that such debt is subordinated in payment and/or lower in lien priority. Subordinated debt is subject to the additional risk that the cash flow of the borrower and the property securing the debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured and unsecured obligations of the borrower.
The Company invests a significant portion of its portfolio in unitranche loans, which combine both senior and subordinated debt, generally in a first-lien position. Such loans have risks similar to the risks associated with secured debt and subordinated debt according to the combination of loan characteristics of the unitranche loan. Unitranche loans typically allow a borrower to make a lump sum payment of the principal at the end of the loan term. If the borrower is unable to pay the lump sum, or refinance the amount owed at maturity, the Company may lose the value of its investment. The Company will be subject to heightened risk similar to the risks of subordinated or second lien loans described above to the extent the Company invests in the "last out" tranche of a unitranche loan. The Company generally does not hold any last-out positions.
The Company may directly invest in the equity of private companies or, in some cases, equity investments could be made in connection with a debt investment. Equity investments may or may not fluctuate in value, resulting in recognized realized gains or losses upon disposition.