v3.26.3
Investments
 9 Months Ended
Sep. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
The composition of the Company’s investment portfolio as of September 30, 2026 and December 31, 2025 at amortized cost and fair value was as follows:
September 30, 2026December 31, 2025
Cost(1)Fair
Value		Percentage of
Investment
Portfolio		Cost(1)Fair
Value		Percentage of
Investment
Portfolio
Senior secured first lien debt$1,199,073 $1,053,970 71.6 %$1,494,155 $1,370,525 80.8 %
Senior secured second lien debt2,218 — — 2,218 — — 
Collateralized securities and structured products - equity— — — 4,969 5,028 0.3 %
Unsecured debt25,710 7,668 0.5 %25,563 6,639 0.4 %
Equity381,426 409,617 27.9 %299,181 314,788 18.5 %
Subtotal/total percentage1,608,427 1,471,255 100.0 %1,826,086 1,696,980 100.0 %
Short term investments(2)30,397 30,397 116,010 116,010 
Total investments$1,638,824 $1,501,652 $1,942,096 $1,812,990 
(1)Cost represents the original cost adjusted for the amortization of premiums and/or accretion of discounts, as applicable, for debt investments and cost for equity investments.
(2)Short term investments represent an investment in a fund that invests in highly liquid investments with average original maturity dates of three months or less.
The following tables show the composition of the Company’s investment portfolio by industry classification and geographic dispersion, and the percentage, by fair value, of the total investment portfolio assets in such industries and geographies as of September 30, 2026 and December 31, 2025:
September 30, 2026December 31, 2025
Industry ClassificationInvestments at
Fair Value		Percentage of
Investment Portfolio		Investments at
Fair Value		Percentage of
Investment Portfolio
Retail$214,167 14.6 %$187,490 11.0 %
Services: Business202,103 13.7 %250,178 14.7 %
Healthcare & Pharmaceuticals147,334 10.0 %191,483 11.3 %
Energy: Electricity138,735 9.4 %140,223 8.2 %
Media: Diversified & Production119,537 8.1 %122,806 7.2 %
Diversified Financials94,420 6.4 %54,744 3.2 %
Beverage, Food & Tobacco92,543 6.3 %101,153 6.0 %
Services: Consumer88,949 6.1 %113,150 6.8 %
Consumer Goods: Durable81,939 5.6 %90,696 5.3 %
Banking, Finance, Insurance & Real Estate63,849 4.4 %69,066 4.1 %
Media: Advertising, Printing & Publishing46,641 3.2 %47,644 2.8 %
Construction & Building44,393 3.0 %65,493 3.9 %
High Tech Industries30,961 2.1 %55,956 3.3 %
Metals & Mining25,048 1.7 %16,637 1.0 %
Capital Equipment23,279 1.6 %31,599 1.9 %
Consumer Goods: Non-Durable16,716 1.1 %28,876 1.7 %
Transportation: Cargo10,591 0.7 %11,986 0.7 %
Environmental Industries9,769 0.7 %27,928 1.6 %
Containers, Packaging & Glass7,902 0.5 %18,652 1.1 %
Energy: Oil & Gas5,551 0.4 %6,267 0.4 %
Hotel, Gaming & Leisure4,809 0.3 %22,733 1.3 %
Aerospace & Defense1,795 0.1 %15,075 0.9 %
Automotive224 — 27,145 1.6 %
Subtotal/total percentage1,471,255 100.0 %1,696,980 100.0 %
Short term investments30,397 116,010 
Total investments$1,501,652 $1,812,990 
September 30, 2026December 31, 2025
Geographic Dispersion(1)Investments at
Fair Value		Percentage of
Investment Portfolio		Investments at
Fair Value		Percentage of
Investment Portfolio
United States$1,438,379 97.7 %$1,655,740 97.6 %
Canada30,623 2.1 %34,704 2.0 %
Bermuda2,253 0.2 %1,508 0.1 %
Cayman Islands— — 5,028 0.3 %
Subtotal/total percentage1,471,255 100.0 %1,696,980 100.0 %
Short term investments30,397 116,010 
Total investments$1,501,652 $1,812,990 
(1)The geographic dispersion is determined by the portfolio company's country of domicile.
As of September 30, 2026 and December 31, 2025, investments on non-accrual status represented 1.6% and 1.8%, respectively, of the Company's investment portfolio on a fair value basis.

The Company’s investment portfolio may contain senior secured investments that are in the form of lines of credit, delayed draw term loans, revolving credit facilities, or unfunded commitments, which may require the Company to provide funding when requested in accordance with the terms of the underlying agreements. As of September 30, 2026 and December 31, 2025, the Company’s unfunded commitments amounted to $46,786 and $47,779, respectively. As of October 28, 2026, the Company’s unfunded commitments amounted to $42,235. Since these commitments may expire without being drawn upon, unfunded commitments do not necessarily represent future cash requirements or future earning assets for the Company. Refer to Note 11 for further details on the Company’s unfunded commitments.