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INVESTMENTS (Tables)
 3 Months Ended
Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Schedule of Composition of the Fund, Industry and Geographic Investment Portfolio at Cost and Fair Value
The composition of the Fund’s investment portfolio at cost and fair value was as follows:
March 31, 2024December 31, 2023
Amortized CostFair Value% of Fair ValueAmortized CostFair 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 Investments12,163 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:
IndustryMarch 31, 2024December 31, 2023
Aerospace & Defense1.89 %2.07 %
Automotive1.20 %1.10 %
Banking, Finance, Insurance, Real Estate1.83 %1.49 %
Beverage, Food & Tobacco8.49 %10.39 %
Capital Equipment4.11 %4.28 %
Chemicals, Plastics & Rubber3.79 %3.80 %
Construction & Building6.28 %4.78 %
Consumer Goods: Durable3.16 %3.76 %
Consumer Goods: Non-durable6.07 %5.97 %
Containers, Packaging & Glass3.49 %3.49 %
Energy: Electricity0.35 %0.43 %
Energy: Oil & Gas1.50 %3.08 %
Environmental Industries3.87 %3.04 %
Healthcare & Pharmaceuticals9.38 %10.08 %
High Tech Industries7.22 %4.81 %
Hotel, Gaming & Leisure0.52 %0.44 %
Media: Advertising, Printing & Publishing1.04 %1.33 %
Media: Broadcasting & Subscription0.66 %0.80 %
Media: Diversified & Production0.08 %— %
Metals and Mining0.16 %0.10 %
Retail0.05 %— %
Services: Business16.71 %16.82 %
Services: Consumer6.07 %5.73 %
Sovereign & Public Finance1.04 %0.77 %
Telecommunications2.08 %2.33 %
Transportation: Cargo1.88 %2.32 %
Transportation: Consumer1.79 %0.78 %
Utilities: Electric0.51 %0.51 %
Utilities: Water1.17 %— %
Wholesale3.61 %5.50 %
Total100.00 %100.00 %

The geographic composition of investments at cost and fair value was as follows:
March 31, 2024
CostFair Value% of Total Investments at Fair ValueFair Value as % of Net Assets
USA$604,891 $598,331 95.45 %125.71 %
Canada11,794 11,818 1.89 %2.48 %
United Kingdom7,614 7,665 1.22 %1.61 %
Ireland1,743 1,741 0.28 %0.37 %
Luxembourg5,665 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
CostFair Value% of Total Investments at Fair ValueFair Value as % of Net Assets
USA$496,774 $492,518 96.19 %138.80 %
Canada6,374 6,376 1.25 %1.80 %
United Kingdom9,045 9,139 1.78 %2.58 %
Ireland1,741 1,750 0.34 %0.49 %
Luxembourg1,255 1,255 0.25 %0.35 %
Netherlands
979 998 0.19 %0.28 %
$516,168 $512,036 100.00 %144.30 %