INVESTMENTS

12 Months Ended

Dec. 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:

	December 31, 2024						December 31, 2023
	Amortized Cost		Fair Value		% of Fair Value		Amortized Cost		Fair Value		% of Fair Value
First-Lien Debt	$	1,563,049	$	1,558,902	92.71	%	$	402,858	$	399,882	78.10	%
Subordinated Debt (1)	105,214		102,993		6.12	%	103,888		101,930		19.90	%
Equity Investments	19,418		19,714		1.17	%	9,422		10,224		2.00	%
Total	$	1,687,681	$	1,681,609	100.00	%	$	516,168	$	512,036	100.00	%
Largest portfolio company investment	$	20,992	$	21,429	1.27	%	$	10,731	$	10,986	2.15	%
Average portfolio company investment	$	6,137	$	6,115	0.36	%	$	3,246	$	3,220	0.63	%

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(1)As of December 31, 2024, Subordinated Debt is comprised of second lien term loans and/or second lien notes of $49,896, mezzanine debt of $52,014 and structured debt of $1,083 at fair value, and second lien term loans and/or second lien notes of $51,588, mezzanine debt of $52,535 and structured debt of $1,091 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 December 31, 2024 and December 31, 2023 was as follows:

Industry	December 31, 2024		December 31, 2023
Aerospace & Defense	1.93	%	2.07	%
Automotive	1.72	%	1.10	%
Banking, Finance, Insurance & Real Estate	3.90	%	1.49	%
Beverage, Food & Tobacco	5.40	%	10.39	%
Capital Equipment	7.45	%	4.28	%
Chemicals, Plastics & Rubber	2.64	%	3.80	%
Construction & Building	7.12	%	4.78	%
Consumer Goods: Durable	1.27	%	3.76	%
Consumer Goods: Non-durable	3.56	%	5.97	%
Containers, Packaging & Glass	1.14	%	3.49	%
Energy: Electricity	1.60	%	0.43	%
Energy: Oil & Gas	0.57	%	3.08	%
Environmental Industries	4.38	%	3.04	%
Healthcare & Pharmaceuticals	12.13	%	10.08	%
High Tech Industries	8.49	%	4.81	%
Hotel, Gaming & Leisure	0.38	%	0.44	%
Media: Advertising, Printing & Publishing	1.03	%	1.33	%
Media: Broadcasting & Subscription	0.33	%	0.80	%
Media: Diversified & Production	0.31	%	—	%
Metals & Mining	0.16	%	0.10	%
Retail	0.16	%	—	%
Services: Business	16.22	%	16.82	%
Services: Consumer	5.88	%	5.73	%
Sovereign & Public Finance	0.55	%	0.77	%
Telecommunications	2.50	%	2.33	%
Transportation: Cargo	2.02	%	2.32	%

Transportation: Consumer	1.13	%	0.78	%
Utilities: Electric	2.80	%	0.51	%
Utilities: Water	0.59	%	—	%
Wholesale	2.64	%	5.50	%
Total	100.00	%	100.00	%

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

	December 31, 2024
	Cost		Fair Value		% of Total Investments at Fair Value		Fair Value as % of Net Assets
United States	$	1,607,181	$	1,600,998	95.21	%	193.79	%
Canada	26,895		26,913		1.60	%	3.26	%
United Kingdom	20,146		20,205		1.20	%	2.45	%
Germany	19,571		19,535		1.16	%	2.36	%
Luxembourg	8,224		8,243		0.49	%	1.00	%
Netherlands	2,766		2,784		0.17	%	0.34	%
Cayman Islands	1,482		1,508		0.09	%	0.18	%
Ireland	1,416		1,423		0.08	%	0.17	%
	$	1,687,681	$	1,681,609	100.00	%	203.55	%

	December 31, 2023
	Cost		Fair Value		% of Total Investments at Fair Value		Fair Value as % of Net Assets
United States	$	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 December 31, 2024 and December 31, 2023, on a fair value basis, 94.53% and 84.74%, respectively, of the Fund’s debt investments bore interest at a floating rate and 5.47% and 15.26%, respectively, of the Fund’s debt investments bore interest at a fixed rate.