Investments (Tables)

6 Months Ended

Jun. 30, 2025

Investments at fair value and amortized cost consisted of the following as of June 30, 2025 and December 31, 2024:


	June 30, 2025				December 31, 2024
(Amounts in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
First lien senior secured debt	$	3,518,638	$	3,512,520	$	3,084,605	$	3,080,554
Sponsor subordinated note	16		16		14		15
Investment in affiliated funds	80,957		91,868		74,552		80,654
Total investments	$	3,599,611	$	3,604,404	$	3,159,171	$	3,161,223

The industry composition of investments based on fair value as of June 30, 2025 and December 31, 2024 was as follows:


	June 30, 2025(1)		December 31, 2024
Aerospace and defense	2.4	%	2.1	%
Air freight and logistics	0.6	%	0.7	%
Auto components	3.1	%	3.6	%
Building products	0.6	%	0.5	%
Chemicals	2.2	%	1.3	%
Commercial services and supplies	4.0	%	3.7	%
Construction and engineering	4.9	%	3.4	%
Containers and packaging	2.9	%	2.6	%
Distributors	0.1	%	0.1	%
Diversified consumer services	6.4	%	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	1.4	%	1.5	%
Food products	2.1	%	2.1	%
Gas utilities	—	%	—	%
Health care equipment and supplies	3.6	%	2.9	%
Health care providers and services	23.8	%	24.9	%
Health care technology	1.1	%	1.2	%
Household durables	3.8	%	4.3	%
Industrial conglomerates	0.4	%	0.5	%
Insurance	0.4	%	0.3	%
Interactive media and services	0.6	%	0.7	%
Internet and direct marketing retail	0.6	%	0.7	%
IT services	1.9	%	1.8	%
Leisure equipment and products	0.2	%	0.2	%
Leisure products	—	%	—	%
Life sciences tools and services	1.8	%	1.4	%
Machinery	3.7	%	4.1	%
Media	7.2	%	9.2	%
Metals and mining	0.1	%	0.1	%
Multiline Retail	1.4	%	1.6	%
Multisector holdings	2.5	%	2.6	%
Pharmaceuticals	—	%	—	%
Personal products	—	%	—	%
Professional services	1.0	%	1.1	%
Real estate management and development	0.1	%	0.1	%
Semiconductors and semiconductor equipment	—	%	—	%
Software	2.5	%	2.8	%
Specialty retail	0.5	%	0.5	%
Textiles, apparel and luxury goods	1.0	%	1.1	%
Trading companies and distributors	8.8	%	8.3	%
Water utilities	0.1	%	0.1	%
Total	100.0	%	100.0	%

(1)Certain industries round to less than 0.1% as of June 30, 2025