Quarterly report [Sections 13 or 15(d)]

Consolidated Schedule of Investments In and Advances to Affiliates - Footnotes (Details)

v3.25.1
Consolidated Schedule of Investments In and Advances to Affiliates - Footnotes (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Schedule of Investments [Line Items]        
Fair value $ 5,054,139 [1],[2],[3] $ 4,932,669 [4],[5]    
Control investments        
Schedule of Investments [Line Items]        
Fair value 2,172,956 [2],[6] 2,087,890 [7],[8] $ 2,051,212 $ 2,006,698
Control investments | Midwest        
Schedule of Investments [Line Items]        
Fair value $ 538,021   $ 526,552  
Net assets, percentage (as a percent) 18.90%   20.90%  
Control investments | Northeast Region and Canada        
Schedule of Investments [Line Items]        
Fair value $ 162,980      
Net assets, percentage (as a percent) 5.70%      
Control investments | Northeast        
Schedule of Investments [Line Items]        
Fair value     $ 278,708  
Net assets, percentage (as a percent)     11.10%  
Control investments | Southeast        
Schedule of Investments [Line Items]        
Fair value $ 68,443   $ 51,001  
Net assets, percentage (as a percent) 2.40%   2.00%  
Control investments | Southwest        
Schedule of Investments [Line Items]        
Fair value $ 1,002,909   $ 792,668  
Net assets, percentage (as a percent) 35.30%   31.50%  
Control investments | West        
Schedule of Investments [Line Items]        
Fair value $ 400,603   $ 402,283  
Net assets, percentage (as a percent) 14.10%   16.00%  
Affiliate investments        
Schedule of Investments [Line Items]        
Fair value $ 899,326 [2],[9] $ 846,798 [7],[10] $ 665,949 $ 615,002
Affiliate investments | Midwest        
Schedule of Investments [Line Items]        
Fair value $ 280,456   $ 87,195  
Net assets, percentage (as a percent) 9.90%   3.50%  
Affiliate investments | Northeast Region and Canada        
Schedule of Investments [Line Items]        
Fair value $ 129,230      
Net assets, percentage (as a percent) 4.60%      
Affiliate investments | Northeast        
Schedule of Investments [Line Items]        
Fair value     $ 118,933  
Net assets, percentage (as a percent)     4.70%  
Affiliate investments | Southeast        
Schedule of Investments [Line Items]        
Fair value $ 154,613   $ 175,963  
Net assets, percentage (as a percent) 5.40%   7.00%  
Affiliate investments | Southwest        
Schedule of Investments [Line Items]        
Fair value $ 169,813   $ 146,767  
Net assets, percentage (as a percent) 6.00%   5.80%  
Affiliate investments | West        
Schedule of Investments [Line Items]        
Fair value $ 165,214   $ 137,091  
Net assets, percentage (as a percent) 5.80%   5.40%  
[1] All portfolio company headquarters are based in the United States, unless otherwise noted.
[2] Investment fair value was determined using significant unobservable inputs, unless otherwise noted. See Note C — Fair Value Hierarchy for Investments —Portfolio Composition for further discussion. Negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par.
[3] All investments are Lower Middle Market portfolio investments, unless otherwise noted. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for a description of Lower Middle Market portfolio investments. All of the Company’s investments, unless otherwise noted, are encumbered either as security for the Company’s Corporate Facility or SPV Facility (each as defined in Note B.5. — Summary of Significant Accounting Policies —Deferred Financing Costs, and together the “Credit Facilities”) or in support of the SBA-guaranteed debentures issued by the Funds.
[4] All portfolio company headquarters are based in the United States, unless otherwise noted.
[5] All investments are Lower Middle Market portfolio investments, unless otherwise noted. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for a description of Lower Middle Market portfolio investments. All of the Company’s investments, unless otherwise noted, are encumbered either as security for the Company’s Corporate Facility or SPV Facility (each as defined in Note B.5. — Summary of Significant Accounting Policies —Deferred Financing Costs, and together the “Credit Facilities”) or in support of the SBA-guaranteed debentures issued by the Funds.
[6] Control investments are defined by the 1940 Act as investments in which more than 25% of the voting securities are owned or where the ability to nominate greater than 50% of the board representation is maintained.
[7] Investment fair value was determined using significant unobservable inputs, unless otherwise noted. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for further discussion. Negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par.
[8] Control investments are defined by the 1940 Act as investments in which more than 25% of the voting securities are owned or where the ability to nominate greater than 50% of the board representation is maintained.
[9] Affiliate investments are defined by the 1940 Act as investments in which between 5% and 25% (inclusive) of the voting securities are owned and the investments are not classified as Control investments.
[10] Affiliate investments are defined by the 1940 Act as investments in which between 5% and 25% (inclusive) of the voting securities are owned and the investments are not classified as Control investments.