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INVESTMENTS (Tables)
 9 Months Ended
Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule 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, 2025 and December 31, 2024, the Company's investments consisted of the following (dollar amounts in thousands):
September 30, 2025December 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 Investments42,715 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, 2025December 31, 2024
Aerospace & Defense1.68 %3.36 %
Automotive3.31 %3.33 %
Banking, Finance, Insurance & Real Estate3.62 %3.28 %
Beverage, Food & Tobacco7.58 %6.95 %
Capital Equipment5.43 %5.46 %
Chemicals, Plastics & Rubber1.16 %1.36 %
Construction & Building6.87 %5.54 %
Consumer Goods: Durable1.22 %0.97 %
Consumer Goods: Non-durable2.26 %2.34 %
Containers, Packaging & Glass4.03 %3.87 %
Energy: Electricity2.90 %2.50 %
Environmental Industries4.19 %3.85 %
Healthcare & Pharmaceuticals17.57 %14.47 %
High Tech Industries3.86 %8.65 %
Hotel, Gaming & Leisure0.16 %0.15 %
Media: Advertising, Printing & Publishing0.93 %0.90 %
Media: Diversified & Production0.89 %0.91 %
Retail— %0.28 %
Services: Business16.49 %16.48 %
Services: Consumer4.40 %5.18 %
Sovereign & Public Finance0.69 %0.64 %
Telecommunications3.54 %3.19 %
Transportation: Cargo3.09 %2.95 %
Transportation: Consumer0.53 %0.62 %
Utilities: Electric1.66 %1.16 %
Utilities: Water0.53 %0.42 %
Wholesale1.41 %1.19 %
Total100.00 %100.00 %

The geographic composition of investments at cost and fair value was as follows:
September 30, 2025
CostFair Value% of Total Investments at Fair ValueFair Value as % of Net Assets
United States$1,915,109 $1,884,073 95.74 %213.74 %
Canada43,288 43,264 2.20 %4.91 %
Germany27,590 27,669 1.41 %3.14 %
United Kingdom13,139 12,876 0.65 %1.46 %
Total$1,999,126 $1,967,882 100.00 %223.25 %
December 31, 2024
CostFair Value% of Total Investments at Fair ValueFair Value as % of Net Assets
United States
$2,019,779 $2,002,726 96.22 %206.40 %
Canada43,489 43,526 2.09 %4.49 %
Germany
22,142 22,102 1.06 %2.28 %
United Kingdom13,165 13,025 0.63 %1.34 %
Total$2,098,575 $2,081,379 100.00 %214.51 %