INVESTMENTS

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS

INVESTMENTS

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

	September 30, 2024						December 31, 2023
	Amortized Cost		Fair Value		% of Fair Value		Amortized Cost		Fair Value		% of Fair Value
First-Lien Debt	$	1,855,467	$	1,843,607	90.07	%	$	1,450,120	$	1,427,492	86.95	%
Subordinated Debt1	190,016		169,455		8.28	%	190,454		183,387		11.17	%
Equity Investments	29,882		33,825		1.65	%	25,595		30,807		1.88	%
Total	$	2,075,365	$	2,046,887	100.00	%	$	1,666,169	$	1,641,686	100.00	%

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1As of September 30, 2024, Subordinated Debt is comprised of second lien term loans and/or second lien notes of $67,947, mezzanine debt of $99,925 and $1,583 of structured debt at fair value and second lien term loans and/or second lien notes of $80,348, mezzanine debt of $105,364 and $4,304 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 September 30, 2024 and December 31, 2023 was as follows:

Industry	September 30, 2024		December 31, 2023
Aerospace & Defense	3.32	%	3.13	%
Automotive	3.42	%	4.95	%
Banking, Finance, Insurance & Real Estate	2.33	%	3.95	%
Beverage, Food & Tobacco	8.25	%	7.76	%
Capital Equipment	5.62	%	4.21	%
Chemicals, Plastics & Rubber	1.36	%	2.29	%
Construction & Building	4.90	%	3.90	%
Consumer Goods: Durable	0.98	%	1.51	%
Consumer Goods: Non-durable	3.02	%	3.31	%
Containers, Packaging & Glass	4.01	%	3.97	%
Energy: Electricity	2.80	%	1.75	%
Environmental Industries	3.71	%	2.73	%
Healthcare & Pharmaceuticals	14.18	%	12.72	%
High Tech Industries	8.68	%	8.97	%
Media: Advertising, Printing & Publishing	0.91	%	1.12	%
Media: Diversified & Production	0.95	%	0.96	%
Retail	0.28	%	0.35	%
Services: Business	16.47	%	18.43	%
Services: Consumer	4.45	%	4.86	%
Sovereign & Public Finance	0.66	%	0.65	%
Telecommunications	3.22	%	3.17	%
Transportation: Cargo	3.03	%	3.20	%
Transportation: Consumer	0.62	%	0.13	%
Utilities: Electric	1.18	%	0.89	%
Utilities: Water	0.43	%	—	%
Wholesale	1.22	%	1.09	%
Total	100.00	%	100.00	%

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

	September 30, 2024
	Amortized Cost		Fair Value		% of Total Investments at Fair Value		Fair Value as % of Net Assets
United States	$	1,996,273	$	1,967,950	96.14	%	198.66	%
Canada	43,552		43,604		2.13	%	4.40	%
Germany	22,192		22,139		1.08	%	2.23	%
United Kingdom	13,348		13,194		0.65	%	1.33	%
	$	2,075,365	$	2,046,887	100.00	%	206.62	%

	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 September 30, 2024 and December 31, 2023, on a fair value basis, 94.25% and 94.61%, respectively, of the Fund’s debt investments bore interest at a floating rate, and 5.75% and 5.39%, respectively, of the Fund’s debt investments bore interest at a fixed rate.