Investments at Fair Value

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Investments at Fair Value

4. Investments at Fair Value

Under the 1940 Act, the Company is required to separately identify non-controlled investments where it owns 5% or more of a portfolio company’s outstanding voting securities as investments in “affiliated” companies. In addition, under the 1940 Act, the Company is required to separately identify investments where it owns more than 25% of a portfolio company’s outstanding voting securities and/or had the power to exercise control over the management or policies of such portfolio company as investments in “controlled” companies. Detailed information with respect to the Company’s non-controlled, non-affiliated; non-controlled, affiliated; and controlled, affiliated investments is contained in the accompanying consolidated financial statements, including the consolidated schedules of investments. The information in the tables below is presented on an aggregate portfolio basis, without regard to whether they are non-controlled, non-affiliated; non-controlled, affiliated; or controlled, affiliated investments.

Investments at fair value consisted of the following at September 30, 2023 and December 31, 2022:

	September 30, 2023
	Amortized Cost (1)		Fair Value		Net Unrealized Gain (Loss)
First-lien debt investments	$	2,806,313	$	2,832,772	$	26,459
Second-lien debt investments		48,062		39,940		(8,122	)
Mezzanine debt investments		35,994		36,390		396
Equity and other investments		142,292		150,179		7,887
Structured credit investments		52,717		53,996		1,279
Total Investments	$	3,085,378	$	3,113,277	$	27,899

	December 31, 2022
	Amortized Cost (1)		Fair Value		Net Unrealized Gain (Loss)
First-lien debt investments	$	2,529,317	$	2,517,894	$	(11,423	)
Second-lien debt investments		42,743		40,762		(1,981	)
Mezzanine debt investments		7,497		10,158		2,661
Equity and other investments		142,103		167,685		25,582
Structured credit investments		53,066		51,426		(1,640	)
Total Investments	$	2,774,726	$	2,787,925	$	13,199

(1)The amortized cost represents the original cost adjusted for the amortization of discounts or premiums, as applicable, on debt investments using the effective interest method.

The industry composition of investments at fair value at September 30, 2023 and December 31, 2022 is as follows:

	September 30, 2023			December 31, 2022
Automotive		2.1	%		1.2	%
Business Services		14.9	%		14.4	%
Chemicals		0.8	%		0.7	%
Communications		3.1	%		2.7	%
Education		5.0	%		5.8	%
Financial Services		10.0	%		12.8	%
Healthcare		9.3	%		9.9	%
Hotel, Gaming and Leisure		3.9	%		4.5	%
Human Resource Support Services		10.6	%		11.9	%
Insurance		0.1	%		—
Internet Services		15.7	%		13.9	%
Manufacturing		2.6	%		1.3	%
Marketing Services		0.4	%		0.4	%
Office Products		0.6	%		0.7	%
Oil, Gas and Consumable Fuels		4.8	%		3.9	%
Other		3.0	%		3.3	%
Retail and Consumer Products		10.9	%		11.4	%
Transportation		2.2	%		1.2	%
Total		100.0	%		100.0	%

The geographic composition of investments at fair value at September 30, 2023 and December 31, 2022 is as follows:

	September 30, 2023			December 31, 2022
United States
Midwest		11.1	%		11.6	%
Northeast		25.9	%		25.4	%
South		21.5	%		24.3	%
West		31.0	%		30.7	%
Australia		1.9	%		2.2	%
Canada		4.4	%		4.3	%
Finland (1)		0.0	%		—
Germany		0.3	%		0.1	%
Luxembourg		0.1	%		0.1	%
Netherlands		0.1	%		—
Norway		0.7	%		0.7	%
United Kingdom		3.0	%		0.6	%
Total		100.0	%		100.0	%

(1)Value sums to less than 0.1%.