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INVESTMENTS (Tables)
 9 Months Ended
Sep. 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 September 30, 2024 and December 31, 2023, our investments consisted of the following (dollar amounts in thousands):
September 30, 2024December 31, 2023
Amortized CostFair Value% of Fair ValueAmortized CostFair 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 Investments29,882 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, 2024December 31, 2023
Aerospace & Defense3.32 %3.13 %
Automotive3.42 %4.95 %
Banking, Finance, Insurance & Real Estate2.33 %3.95 %
Beverage, Food & Tobacco8.25 %7.76 %
Capital Equipment5.62 %4.21 %
Chemicals, Plastics & Rubber1.36 %2.29 %
Construction & Building4.90 %3.90 %
Consumer Goods: Durable0.98 %1.51 %
Consumer Goods: Non-durable3.02 %3.31 %
Containers, Packaging & Glass4.01 %3.97 %
Energy: Electricity2.80 %1.75 %
Environmental Industries3.71 %2.73 %
Healthcare & Pharmaceuticals14.18 %12.72 %
High Tech Industries8.68 %8.97 %
Media: Advertising, Printing & Publishing0.91 %1.12 %
Media: Diversified & Production0.95 %0.96 %
Retail0.28 %0.35 %
Services: Business16.47 %18.43 %
Services: Consumer4.45 %4.86 %
Sovereign & Public Finance0.66 %0.65 %
Telecommunications3.22 %3.17 %
Transportation: Cargo3.03 %3.20 %
Transportation: Consumer0.62 %0.13 %
Utilities: Electric1.18 %0.89 %
Utilities: Water0.43 %— %
Wholesale1.22 %1.09 %
Total100.00 %100.00 %
The geographic composition of investments at cost and fair value was as follows:
September 30, 2024
Amortized CostFair Value% of Total Investments at Fair ValueFair Value as % of Net Assets
United States
$1,996,273 $1,967,950 96.14 %198.66 %
Canada43,552 43,604 2.13 %4.40 %
Germany
22,192 22,139 1.08 %2.23 %
United Kingdom13,348 13,194 0.65 %1.33 %
$2,075,365 $2,046,887 100.00 %206.62 %
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 %