Investments (Tables)

3 Months Ended

Mar. 31, 2025

Investments at fair value and amortized cost consisted of the following as of March 31, 2025 and December 31, 2024:


	March 31, 2025				December 31, 2024
(Amounts in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
First lien senior secured debt	$	3,304,409	$	3,298,945	$	3,084,605	$	3,080,554
Sponsor subordinated note	15		16		14		15
Investment in affiliated funds	77,857		85,558		74,552		80,654
Total investments	$	3,382,281	$	3,384,519	$	3,159,171	$	3,161,223

The industry composition of investments based on fair value as of March 31, 2025 and December 31, 2024 was as follows:


	March 31, 2025		December 31, 2024
Aerospace and defense	1.7	%	2.1	%
Air freight and logistics	0.7	%	0.7	%
Auto components	3.3	%	3.6	%
Building products	0.5	%	0.5	%
Chemicals	1.5	%	1.3	%
Commercial services and supplies	3.7	%	3.7	%
Construction and engineering	4.2	%	3.4	%
Containers and packaging	2.5	%	2.6	%
Distributors	0.1	%	0.1	%
Diversified consumer services	6.2	%	6.0	%
Diversified telecommunication services	0.2	%	0.2	%
Electrical equipment	1.7	%	1.6	%
Electronic equipment, instruments and components	0.3	%	0.1	%
Food and staples retailing	1.8	%	1.5	%
Food products	2.2	%	2.1	%
Gas utilities	—	%	—	%
Health care equipment and supplies	3.4	%	2.9	%
Health care providers and services	24.2	%	24.9	%
Health care technology	1.2	%	1.2	%
Household durables	4.0	%	4.3	%
Industrial Conglomerates	0.4	%	0.5	%
Insurance	0.4	%	0.3	%
Interactive Media & Services	0.6	%	0.7	%
Internet and direct marketing retail	0.7	%	0.7	%
IT services	2.0	%	1.8	%
Leisure equipment and products	0.2	%	0.2	%
Leisure products	—	%	—	%
Life sciences tools and services	1.9	%	1.4	%
Machinery	3.9	%	4.1	%
Media	8.5	%	9.2	%
Metals and mining	0.1	%	0.1	%
Multiline Retail	1.5	%	1.6	%
Multisector holdings	2.5	%	2.6	%
Pharmaceuticals	—	%	—	%
Personal products	—	%	—	%
Professional services	1.1	%	1.1	%
Real estate management and development	0.1	%	0.1	%
Semiconductors and semiconductor equipment	—	%	—	%
Software	2.6	%	2.8	%
Specialty retail	0.5	%	0.5	%
Textiles, apparel and luxury goods	1.0	%	1.1	%
Trading companies and distributors	8.5	%	8.3	%
Water utilities	0.1	%	0.1	%
Total	100.0	%	100.0	%