INVESTMENTS

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS

INVESTMENTS

As of June 30, 2024 and December 31, 2023, our investments consisted of the following (dollar amounts in thousands):

	June 30, 2024						December 31, 2023
	Amortized Cost		Fair Value		% of Fair Value		Amortized Cost		Fair Value		% of Fair Value
First-Lien Term Loans	$	1,818,109	$	1,803,988	90.61	%	$	1,450,120	$	1,427,492	86.95	%
Subordinated Debt1	176,765		154,692		7.77	%	190,454		183,387		11.17	%
Equity Investments	28,510		32,176		1.62	%	25,595		30,807		1.88	%
Total	$	2,023,384	$	1,990,856	100.00	%	$	1,666,169	$	1,641,686	100.00	%

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1As of June 30, 2024, Subordinated Debt is comprised of second lien term loans and/or second lien notes of $64,121, mezzanine debt of $89,329 and $1,242 of structured debt at fair value and second lien term loans and/or second lien notes of $77,227, mezzanine debt of $95,284 and $4,254 of structured debt at amortized cost.

As of December 31, 2023, Subordinated Debt is comprised of second lien term loans and/or second lien notes of $97,203, mezzanine debt of $83,528 and $2,656 of structured debt at fair value and second lien term loans and/or second lien notes of $100,711, mezzanine debt of $86,495 and $3,247 of structured debt at amortized cost.

The industry composition of our portfolio as a percentage of fair value as of June 30, 2024 and December 31, 2023 was as follows:

Industry	June 30, 2024		December 31, 2023
Aerospace & Defense	3.15	%	3.13	%
Automotive	3.38	%	4.95	%
Banking, Finance, Insurance, Real Estate	3.29	%	3.95	%
Beverage, Food & Tobacco	8.40	%	7.76	%
Capital Equipment	5.06	%	4.21	%
Chemicals, Plastics, & Rubber	1.40	%	2.29	%
Construction & Building	4.19	%	3.90	%
Consumer Goods: Durable	1.00	%	1.51	%
Consumer Goods: Non-durable	3.01	%	3.31	%
Containers, Packaging & Glass	4.33	%	3.97	%
Energy: Electricity	2.88	%	1.75	%
Environmental Industries	3.01	%	2.73	%
Healthcare & Pharmaceuticals	12.71	%	12.72	%
High Tech Industries	9.97	%	8.97	%
Media: Advertising, Printing & Publishing	0.93	%	1.12	%
Media: Diversified & Production	0.99	%	0.96	%
Retail	0.29	%	0.35	%
Services: Business	17.46	%	18.43	%
Services: Consumer	4.60	%	4.86	%
Sovereign & Public Finance	0.67	%	0.65	%
Telecommunications	3.26	%	3.17	%
Transportation: Cargo	3.10	%	3.20	%
Transportation: Consumer	0.64	%	0.13	%
Utilities: Electric	0.65	%	0.89	%
Utilities: Water	0.42	%	—	%
Wholesale	1.21	%	1.09	%
Total	100.00	%	100.00	%

The geographic composition of investments at cost and fair value was as follows:

	June 30, 2024
	Amortized Cost		Fair Value		% of Total Investments at Fair Value		Fair Value as % of Net Assets
United States	$	1,943,985	$	1,911,471	96.01	%	193.79	%
Canada	43,625		43,729		2.20	%	4.43	%
United Kingdom	35,774		35,656		1.79	%	3.61	%
	$	2,023,384	$	1,990,856	100.00	%	201.83	%

	December 31, 2023
	Amortized Cost		Fair Value		% of Total Investments at Fair Value		Fair Value as % of Net Assets
United States	$	1,613,815	$	1,589,384	96.82	%	212.52	%
Canada	38,462		38,292		2.33	%	5.12	%
United Kingdom	13,892		14,010		0.85	%	1.87	%
	$	1,666,169	$	1,641,686	100.00	%	219.51	%

As of June 30, 2024 and December 31, 2023, on a fair value basis, 94.76% and 94.61%, respectively, of the Fund’s debt investments bore interest at a floating rate and 5.24% and 5.39%, respectively, of the Fund’s debt investments bore interest at a fixed rate.