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INVESTMENTS (Tables)
 12 Months Ended
Dec. 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:
December 31, 2024December 31, 2023
Amortized CostFair Value% of Fair ValueAmortized CostFair 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 Investments19,418 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:
IndustryDecember 31, 2024December 31, 2023
Aerospace & Defense1.93 %2.07 %
Automotive1.72 %1.10 %
Banking, Finance, Insurance & Real Estate3.90 %1.49 %
Beverage, Food & Tobacco5.40 %10.39 %
Capital Equipment7.45 %4.28 %
Chemicals, Plastics & Rubber2.64 %3.80 %
Construction & Building7.12 %4.78 %
Consumer Goods: Durable1.27 %3.76 %
Consumer Goods: Non-durable3.56 %5.97 %
Containers, Packaging & Glass1.14 %3.49 %
Energy: Electricity1.60 %0.43 %
Energy: Oil & Gas0.57 %3.08 %
Environmental Industries4.38 %3.04 %
Healthcare & Pharmaceuticals12.13 %10.08 %
High Tech Industries8.49 %4.81 %
Hotel, Gaming & Leisure0.38 %0.44 %
Media: Advertising, Printing & Publishing1.03 %1.33 %
Media: Broadcasting & Subscription0.33 %0.80 %
Media: Diversified & Production0.31 %— %
Metals & Mining0.16 %0.10 %
Retail0.16 %— %
Services: Business16.22 %16.82 %
Services: Consumer5.88 %5.73 %
Sovereign & Public Finance0.55 %0.77 %
Telecommunications2.50 %2.33 %
Transportation: Cargo2.02 %2.32 %
Transportation: Consumer1.13 %0.78 %
Utilities: Electric2.80 %0.51 %
Utilities: Water0.59 %— %
Wholesale2.64 %5.50 %
Total100.00 %100.00 %

The geographic composition of investments at cost and fair value was as follows:
December 31, 2024
CostFair Value% of Total Investments at Fair ValueFair Value as % of Net Assets
United States$1,607,181 $1,600,998 95.21 %193.79 %
Canada26,895 26,913 1.60 %3.26 %
United Kingdom20,146 20,205 1.20 %2.45 %
Germany19,571 19,535 1.16 %2.36 %
Luxembourg8,224 8,243 0.49 %1.00 %
Netherlands2,766 2,784 0.17 %0.34 %
Cayman Islands1,482 1,508 0.09 %0.18 %
Ireland1,416 1,423 0.08 %0.17 %
$1,687,681 $1,681,609 100.00 %203.55 %
December 31, 2023
CostFair Value% of Total Investments at Fair ValueFair Value as % of Net Assets
United States$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 %