INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2024

The composition of the Company’s investment portfolio at cost and fair value was as follows:


	December 31, 2024						December 31, 2023(1)
	Cost		Fair Value		% of Total Investments at Fair Value		Cost		Fair Value		% of Total Investments at Fair Value
First Lien Debt	$	3,669,886	$	3,654,538	96.5	%	$	3,027,413	$	3,004,544	94.1	%
Second Lien Debt	78,803		69,367		1.8		146,014		132,415		4.1
Other Debt Investments	9,755		9,198		0.2		3,410		2,064		0.1
Equity	54,683		58,391		1.5		49,939		54,538		1.7
Total	$	3,813,127	$	3,791,494	100.0	%	$	3,226,776	$	3,193,561	100.0	%

(1) The Company reclassified certain investment composition groupings by breaking out Other Securities into Other Debt Investments and Equity. These reclassifications had no impact on the Consolidated Statements of Assets and Liabilities as of December 31, 2023.

The industry composition of investments at fair value was as follows:


	December 31, 2024		December 31, 2023
Aerospace & Defense	2.2	%	2.2	%
Air Freight & Logistics	0.3		1.1
Automobile Components	3.0		3.5
Automobiles	3.6		4.7
Biotechnology	0.7		0.5
Building Products	0.4		—
Chemicals	0.5		0.6
Commercial Services & Supplies	9.1		9.6
Construction & Engineering	2.0		1.5
Consumer Staples Distribution & Retail	0.7		—
Containers & Packaging	1.2		1.4
Distributors	2.3		2.9
Diversified Consumer Services	4.7		2.5
Electrical Equipment	0.1		—
Electronic Equipment, Instruments & Components	2.1		2.1
Energy Equipment & Services	—		0.5
Financial Services	2.5		1.9
Food Products	2.0		2.3
Ground Transportation	0.6		—
Health Care Equipment & Supplies	0.6		0.7
Health Care Providers & Services	5.0		4.6
Health Care Technology	1.6		1.9
Industrial Conglomerates	1.2		1.3
Insurance Services	12.0		14.9
Interactive Media & Services	2.6		3.2
IT Services	8.9		8.7
Leisure Products	—		0.7
Life Sciences Tools & Services	0.3		—
Machinery	0.9		2.1
Multi-Utilities	0.6		0.7
Pharmaceuticals	0.3		0.4
Professional Services	5.4		3.8
Real Estate Management & Development	3.6		5.3
Software	18.9		14.2
Wireless Telecommunication Services	0.1		0.2
Total	100.0	%	100.0	%

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


	December 31, 2024						December 31, 2023
	Cost		Fair Value		% of Total Investments at Fair Value		Cost		Fair Value		% of Total Investments at Fair Value
Australia	$	8,798	$	8,970	0.2	%	$	16,985	$	17,048	0.5	%
Canada	153,734		154,953		4.1		98,674		98,387		3.1
United Kingdom	12,411		12,196		0.3		12,398		12,629		0.4
United States	3,638,184		3,615,375		95.4		3,098,719		3,065,497		96.0
Total	$	3,813,127	$	3,791,494	100.0	%	$	3,226,776	$	3,193,561	100.0	%