v3.26.3
Investments (Tables)
9 Months Ended
Sep. 30, 2026
Investments  
Schedule of composition of Company's investment portfolio at amortized cost and fair value

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(In thousands)

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September 30, 2026

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December 31, 2025

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Net Unrealized

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Net Unrealized

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Amortized Cost (1)

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Fair Value

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Gain (Loss)

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Amortized Cost (1)

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Fair Value

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Gain (Loss)

Debt Investments

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$

535,310

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$

532,789

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$

(2,521)

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$

316,665

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$

316,015

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$

(650)

Equity Investment

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41,173

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$

41,723

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550

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—

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—

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—

Total

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$

576,483

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$

574,512

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$

(1,971)

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$

316,665

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$

316,015

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$

(650)

(1)

The amortized cost represents the original cost adjusted for the amortization of discounts or premiums, as applicable, on debt investments using the effective interest method.

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September 30, 2026

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December 31, 2025

 

United States

 

98.3

%

99.8

%

Canada

​

1.7

%

0.2

%

Total

 

100.0

%

100.0

%

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September 30, 2026

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December 31, 2025

 

Services: Business

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23.8

%

4.1

%

Healthcare & Pharmaceuticals

​

13.0

%

19.8

%

High Tech Industries

​

7.4

%

11.5

%

Transportation: Cargo

​

6.7

%

7.1

%

Media: Diversified & Production

​

6.7

%

10.8

%

Hotel, Gaming & Leisure

​

5.8

%

8.8

%

Capital Equipment

​

5.0

%

5.7

%

Services: Consumer

​

4.6

%

—

%

Consumer Goods: Non-Durable

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4.3

%

10.0

%

Construction & Building

​

3.5

%

—

%

Commercial Products

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3.3

%

—

%

Beverage, Food & Tobacco

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2.8

%

1.7

%

Environmental Industries

​

2.3

%

3.7

%

FIRE: Finance

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2.2

%

3.5

%

FIRE: Insurance

​

2.2

%

5.6

%

Retail

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2.1

%

3.9

%

Utilities: Water

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1.8

%

—

%

Containers, Packaging & Glass

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1.4

%

—

%

Chemicals, Plastics, & Rubber

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1.1

%

1.8

%

Automotive

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—

%

2.0

%

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100.0

%

100.0

%

(1)The industry composition of investments table excludes the Company’s investment in the Rated JV.

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September 30, 2026

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December 31, 2025

 

Floating

 

100.0

%

​

100.0

%

Fixed

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—

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—

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Total

 

100.0

%

​

100.0

%

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Schedule of joint venture portfolio at fair value

Below is a summary of the Rated JV’s portfolio at fair value as of September 30, 2026:

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September 30, 2026

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Total First Lien Senior Secured

$

112,569

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Weighted Average Interest Rate(1)

​

9.7

%

Largest Exposure

$

8,394

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Top 5 Largest Exposure

$

39,898

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(1)Computed using the weighted average interest rate on accruing loans at fair value
Schedule of investments in joint venture

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Fair Value at December 31, 2025

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Additions(1)

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Disposals

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Net Realized Gain (Loss)

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Net Change in Unrealized Appreciation (Depreciation)

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Fair Value at September 30, 2026

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Interest, Fees and Other Income

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Dividend Income

$

—

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$

41,173

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$

—

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$

—

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$

550

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$

41,723

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$

—

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$

12

(1) The additions are comprised of the following: $30.4 million of investments exchanged in-kind and $10.8 million in cash transfers.

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