INVESTMENTS

9 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS

INVESTMENTS

As of September 30, 2025 and December 31, 2024, the Company's investments consisted of the following (dollar amounts in thousands):

	September 30, 2025						December 31, 2024
	Cost		Fair Value		% of Fair Value		Cost		Fair Value		% of Fair Value
First-Lien Debt	$	1,780,984	$	1,768,014	89.84	%	$	1,893,409	$	1,885,643	90.59	%
Subordinated Debt1	175,427		158,927		8.08	%	170,957		159,138		7.65	%
Equity Investments	42,715		40,941		2.08	%	34,209		36,598		1.76	%
Total	$	1,999,126	$	1,967,882	100.00	%	$	2,098,575	$	2,081,379	100.00	%

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1As of September 30, 2025, Subordinated Debt at fair value was comprised of second lien term loans and/or second lien notes of $72,488, mezzanine debt of $83,950 and structured debt of $2,489; Subordinated Debt at cost was comprised of second lien term loans and/or second lien notes of $76,695, mezzanine debt of $94,207 and structured debt of $4,525.

As of December 31, 2024, Subordinated Debt at fair value was comprised of second lien term loans and/or second lien notes of $67,780, mezzanine debt of $89,740 and structured debt of $1,618; Subordinated Debt at cost was comprised of second lien term loans and/or second lien notes of $71,622, mezzanine debt of $94,978 and structured debt of $4,357.

The industry composition of the Company's portfolio as a percentage of fair value as of September 30, 2025 and December 31, 2024 was as follows:

Industry	September 30, 2025		December 31, 2024
Aerospace & Defense	1.68	%	3.36	%
Automotive	3.31	%	3.33	%
Banking, Finance, Insurance & Real Estate	3.62	%	3.28	%
Beverage, Food & Tobacco	7.58	%	6.95	%
Capital Equipment	5.43	%	5.46	%
Chemicals, Plastics & Rubber	1.16	%	1.36	%
Construction & Building	6.87	%	5.54	%
Consumer Goods: Durable	1.22	%	0.97	%
Consumer Goods: Non-durable	2.26	%	2.34	%
Containers, Packaging & Glass	4.03	%	3.87	%
Energy: Electricity	2.90	%	2.50	%
Environmental Industries	4.19	%	3.85	%
Healthcare & Pharmaceuticals	17.57	%	14.47	%
High Tech Industries	3.86	%	8.65	%
Hotel, Gaming & Leisure	0.16	%	0.15	%
Media: Advertising, Printing & Publishing	0.93	%	0.90	%
Media: Diversified & Production	0.89	%	0.91	%
Retail	—	%	0.28	%
Services: Business	16.49	%	16.48	%
Services: Consumer	4.40	%	5.18	%
Sovereign & Public Finance	0.69	%	0.64	%
Telecommunications	3.54	%	3.19	%
Transportation: Cargo	3.09	%	2.95	%
Transportation: Consumer	0.53	%	0.62	%
Utilities: Electric	1.66	%	1.16	%
Utilities: Water	0.53	%	0.42	%
Wholesale	1.41	%	1.19	%
Total	100.00	%	100.00	%

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

	September 30, 2025
	Cost		Fair Value		% of Total Investments at Fair Value		Fair Value as % of Net Assets
United States	$	1,915,109	$	1,884,073	95.74	%	213.74	%
Canada	43,288		43,264		2.20	%	4.91	%
Germany	27,590		27,669		1.41	%	3.14	%
United Kingdom	13,139		12,876		0.65	%	1.46	%
Total	$	1,999,126	$	1,967,882	100.00	%	223.25	%

	December 31, 2024
	Cost		Fair Value		% of Total Investments at Fair Value		Fair Value as % of Net Assets
United States	$	2,019,779	$	2,002,726	96.22	%	206.40	%
Canada	43,489		43,526		2.09	%	4.49	%
Germany	22,142		22,102		1.06	%	2.28	%
United Kingdom	13,165		13,025		0.63	%	1.34	%
Total	$	2,098,575	$	2,081,379	100.00	%	214.51	%

As of September 30, 2025 and December 31, 2024, on a fair value basis, 94.17% and 94.68%, respectively, of the Company’s debt investments earn interest at a floating rate, and 5.83% and 5.32%, respectively, of the Company’s debt investments earn interest at a fixed rate.