Investments (Tables)

12 Months Ended

Dec. 31, 2024

Investments at fair value and amortized cost consisted of the following as of December 31, 2024 and December 31, 2023:


	December 31, 2024				December 31, 2023
(Amounts in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
First lien senior secured debt	$	3,084,605	$	3,080,554	$	1,344,371	$	1,343,692
Sponsor subordinated note	14		15		13		13
Investment in affiliated funds	74,552		80,654		50,235		54,714
Total investments	$	3,159,171	$	3,161,223	$	1,394,619	$	1,398,419

The industry composition of investments based on fair value as of December 31, 2024 and December 31, 2023 was as follows:


	December 31, 2024		December 31, 2023
Aerospace and defense	2.1	%	0.1	%
Air freight and logistics	0.7	%	1.5	%
Auto components	3.6	%	1.6	%
Building products	0.5	%	—	%
Chemicals	1.3	%	0.9	%
Commercial services and supplies	3.7	%	3.0	%
Construction and engineering	3.4	%	4.5	%
Containers and packaging	2.6	%	5.0	%
Distributors	0.1	%	0.2	%
Diversified consumer services	6.0	%	7.7	%
Diversified telecommunication services	0.2	%	—	%
Electrical equipment	1.6	%	0.8	%
Electronic equipment, instruments and components	0.1	%	1.1	%
Food and staples retailing	1.5	%	2.8	%
Food products	2.1	%	3.8	%
Gas utilities	—	%	0.1	%
Health care equipment and supplies	2.9	%	3.5	%
Health care providers and services	24.9	%	28.9	%
Health care technology	1.2	%	2.2	%
Household durables	4.3	%	5.6	%
Industrial Conglomerates	0.5	%	1.1	%
Insurance	0.3	%	—	%
Interactive Media & Services	0.7	%	—	%
Internet and direct marketing retail	0.7	%	0.8	%
IT services	1.8	%	1.5	%
Leisure equipment and products	0.2	%	0.2	%
Leisure products	—	%	0.1	%
Life sciences tools and services	1.4	%	0.1	%
Machinery	4.1	%	2.5	%
Media	9.2	%	8.7	%
Metals and mining	0.1	%	0.2	%
Multiline Retail	1.6	%	—	%
Multisector holdings	2.6	%	3.9	%
Pharmaceuticals	—	%	0.1	%
Personal products	—	%	0.2	%
Professional services	1.1	%	1.1	%
Real estate management and development	0.1	%	0.2	%
Semiconductors and semiconductor equipment	—	%	0.1	%
Software	2.8	%	1.2	%
Specialty retail	0.5	%	1.0	%
Textiles, apparel and luxury goods	1.1	%	—	%
Trading companies and distributors	8.3	%	3.5	%
Water utilities	0.1	%	0.1	%
Total	100.0	%	99.9	%