Quarterly report [Sections 13 or 15(d)]

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

v3.25.3
Consolidated Schedule of Investments in and Advances to Affiliates - Footnotes (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
 [5]
Sep. 30, 2024
Dec. 31, 2023
Schedule of Investments [Line Items]        
Fair value $ 5,147,773 [1],[2],[3] $ 4,932,669 [4],[6]    
Control investments        
Schedule of Investments [Line Items]        
Fair value 2,416,174 [2],[7] 2,087,890 [8] $ 2,104,576 $ 2,006,698
Control investments | Midwest        
Schedule of Investments [Line Items]        
Fair value $ 589,459   $ 518,932  
Net assets, percentage (as a percent) 20.10%   19.30%  
Control investments | Northeast Region and Canada        
Schedule of Investments [Line Items]        
Fair value $ 158,589   $ 287,130  
Net assets, percentage (as a percent) 5.40%   10.70%  
Control investments | Southeast        
Schedule of Investments [Line Items]        
Fair value $ 72,101   $ 50,636  
Net assets, percentage (as a percent) 2.50%   1.90%  
Control investments | Southwest        
Schedule of Investments [Line Items]        
Fair value $ 1,043,897   $ 851,838  
Net assets, percentage (as a percent) 35.60%   31.60%  
Control investments | West        
Schedule of Investments [Line Items]        
Fair value $ 552,128   $ 396,040  
Net assets, percentage (as a percent) 18.80%   14.70%  
Affiliate investments        
Schedule of Investments [Line Items]        
Fair value $ 892,914 [2],[9] $ 846,798 [10] $ 784,092 $ 615,002
Affiliate investments | Midwest        
Schedule of Investments [Line Items]        
Fair value $ 181,094   $ 203,627  
Net assets, percentage (as a percent) 6.20%   7.60%  
Affiliate investments | Northeast Region and Canada        
Schedule of Investments [Line Items]        
Fair value $ 125,926   $ 84,630  
Net assets, percentage (as a percent) 4.30%   3.10%  
Affiliate investments | Southeast        
Schedule of Investments [Line Items]        
Fair value $ 270,957   $ 170,755  
Net assets, percentage (as a percent) 9.20%   6.30%  
Affiliate investments | Southwest        
Schedule of Investments [Line Items]        
Fair value $ 187,380   $ 163,808  
Net assets, percentage (as a percent) 6.40%   6.10%  
Affiliate investments | West        
Schedule of Investments [Line Items]        
Fair value $ 127,557   $ 161,272  
Net assets, percentage (as a percent) 4.30%   6.00%  
[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 LMM (as defined below) portfolio investments, unless otherwise noted. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for a description of LMM portfolio investments. All of the Company’s investments, unless otherwise noted, are encumbered either as security for
the Corporate Facility or SPV Facility (each as defined below) or in support of the debentures guaranteed by the SBA (as defined below) and issued by the Funds (as defined below).
[4] All portfolio company headquarters are based in the United States, unless otherwise noted.
[5] 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.
[6] All investments are LMM portfolio investments, unless otherwise noted. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for a description of LMM portfolio investments. All of the Company’s investments, unless otherwise noted, are encumbered either as security for the Corporate Facility or SPV Facility or in support of the debentures guaranteed by the SBA and issued by the Funds.
[7] “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.
[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.