INVESTMENTS

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS

INVESTMENTS

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

	March 31, 2024						December 31, 2023
	Amortized Cost		Fair Value		% of Fair Value		Amortized Cost		Fair Value		% of Fair Value
First-Lien Term Loans	$	518,713	$	513,737	81.96	%	$	402,858	$	399,882	78.10	%
Subordinated Debt (1)	102,393		100,189		15.99	%	103,888		101,930		19.90	%
Equity Investments	12,163		12,873		2.05	%	9,422		10,224		2.00	%
Total	$	633,269	$	626,799	100.00	%	$	516,168	$	512,036	100.00	%
Largest portfolio company investment	$	10,411	$	10,411	1.66	%	$	10,731	$	10,986	2.15	%
Average portfolio company investment	$	3,298	$	3,265	0.52	%	$	3,246	$	3,220	0.63	%

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(1)As of March 31, 2024, Subordinated Debt is comprised of second lien term loans and/or second lien notes of $49,835 and mezzanine debt of $50,354 at fair value, and second lien term loans and/or second lien notes of $51,136 and mezzanine debt of $51,257 at amortized cost. As of December 31, 2023, Subordinated Debt is comprised of second lien term loans and/or second lien notes of $52,170 and mezzanine debt of $49,760 at fair value, and second lien term loans and/or second lien notes of $53,365 and mezzanine debt of $50,523 at amortized cost.

The industry composition of our portfolio as a percentage of fair value as of March 31, 2024 and December 31, 2023 was as follows:

Industry	March 31, 2024		December 31, 2023
Aerospace & Defense	1.89	%	2.07	%
Automotive	1.20	%	1.10	%
Banking, Finance, Insurance, Real Estate	1.83	%	1.49	%
Beverage, Food & Tobacco	8.49	%	10.39	%
Capital Equipment	4.11	%	4.28	%
Chemicals, Plastics & Rubber	3.79	%	3.80	%
Construction & Building	6.28	%	4.78	%
Consumer Goods: Durable	3.16	%	3.76	%
Consumer Goods: Non-durable	6.07	%	5.97	%
Containers, Packaging & Glass	3.49	%	3.49	%
Energy: Electricity	0.35	%	0.43	%
Energy: Oil & Gas	1.50	%	3.08	%
Environmental Industries	3.87	%	3.04	%
Healthcare & Pharmaceuticals	9.38	%	10.08	%
High Tech Industries	7.22	%	4.81	%
Hotel, Gaming & Leisure	0.52	%	0.44	%
Media: Advertising, Printing & Publishing	1.04	%	1.33	%
Media: Broadcasting & Subscription	0.66	%	0.80	%
Media: Diversified & Production	0.08	%	—	%
Metals and Mining	0.16	%	0.10	%
Retail	0.05	%	—	%
Services: Business	16.71	%	16.82	%
Services: Consumer	6.07	%	5.73	%
Sovereign & Public Finance	1.04	%	0.77	%
Telecommunications	2.08	%	2.33	%
Transportation: Cargo	1.88	%	2.32	%
Transportation: Consumer	1.79	%	0.78	%
Utilities: Electric	0.51	%	0.51	%
Utilities: Water	1.17	%	—	%
Wholesale	3.61	%	5.50	%
Total	100.00	%	100.00	%

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

	March 31, 2024
	Cost		Fair Value		% of Total Investments at Fair Value		Fair Value as % of Net Assets
USA	$	604,891	$	598,331	95.45	%	125.71	%
Canada	11,794		11,818		1.89	%	2.48	%
United Kingdom	7,614		7,665		1.22	%	1.61	%
Ireland	1,743		1,741		0.28	%	0.37	%
Luxembourg	5,665		5,683		0.91	%	1.19	%
Netherlands	1,562		1,561		0.25	%	0.33	%
	$	633,269	$	626,799	100.00	%	131.69	%

	December 31, 2023
	Cost		Fair Value		% of Total Investments at Fair Value		Fair Value as % of Net Assets
USA	$	496,774	$	492,518	96.19	%	138.80	%
Canada	6,374		6,376		1.25	%	1.80	%
United Kingdom	9,045		9,139		1.78	%	2.58	%
Ireland	1,741		1,750		0.34	%	0.49	%
Luxembourg	1,255		1,255		0.25	%	0.35	%
Netherlands	979		998		0.19	%	0.28	%
	$	516,168	$	512,036	100.00	%	144.30	%

As of March 31, 2024 and December 31, 2023, on a fair value basis, 86.40% and 84.74%, respectively, of the Fund’s debt investments bore interest at a floating rate and 13.60% and 15.26%, respectively, of the Fund’s debt investments bore interest at a fixed rate.