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INVESTMENTS (Tables)
 6 Months Ended
Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]  
Schedules of Investments, Portfolio Composition by Industry at Fair Value and Portfolio Composition by Geographic Composition of Investments at Cost and Fair Value
As of June 30, 2024 and December 31, 2023, our investments consisted of the following (dollar amounts in thousands):
June 30, 2024December 31, 2023
Amortized CostFair Value% of Fair ValueAmortized CostFair 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 Investments28,510 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, 2024December 31, 2023
Aerospace & Defense3.15 %3.13 %
Automotive3.38 %4.95 %
Banking, Finance, Insurance, Real Estate3.29 %3.95 %
Beverage, Food & Tobacco8.40 %7.76 %
Capital Equipment5.06 %4.21 %
Chemicals, Plastics, & Rubber1.40 %2.29 %
Construction & Building4.19 %3.90 %
Consumer Goods: Durable1.00 %1.51 %
Consumer Goods: Non-durable3.01 %3.31 %
Containers, Packaging & Glass4.33 %3.97 %
Energy: Electricity2.88 %1.75 %
Environmental Industries3.01 %2.73 %
Healthcare & Pharmaceuticals12.71 %12.72 %
High Tech Industries9.97 %8.97 %
Media: Advertising, Printing & Publishing0.93 %1.12 %
Media: Diversified & Production0.99 %0.96 %
Retail0.29 %0.35 %
Services: Business17.46 %18.43 %
Services: Consumer4.60 %4.86 %
Sovereign & Public Finance0.67 %0.65 %
Telecommunications3.26 %3.17 %
Transportation: Cargo3.10 %3.20 %
Transportation: Consumer0.64 %0.13 %
Utilities: Electric0.65 %0.89 %
Utilities: Water0.42 %— %
Wholesale1.21 %1.09 %
Total100.00 %100.00 %


The geographic composition of investments at cost and fair value was as follows:
June 30, 2024
Amortized CostFair Value% of Total Investments at Fair ValueFair Value as % of Net Assets
United States
$1,943,985 $1,911,471 96.01 %193.79 %
Canada43,625 43,729 2.20 %4.43 %
United Kingdom35,774 35,656 1.79 %3.61 %
$2,023,384 $1,990,856 100.00 %201.83 %
December 31, 2023
Amortized CostFair Value% of Total Investments at Fair ValueFair Value as % of Net Assets
United States
$1,613,815 $1,589,384 96.82 %212.52 %
Canada38,462 38,292 2.33 %5.12 %
United Kingdom13,892 14,010 0.85 %1.87 %
$1,666,169 $1,641,686 100.00 %219.51 %