The information in the following tables 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 (in thousands):


	As of December 31, 2023							As of December 31, 2022
Investment Type	Cost		Fair Value		Unrealized Appreciation/ (Depreciation)			Cost		Fair Value		Unrealized Appreciation/ (Depreciation)
Senior Secured First Lien	$	436,249	$	429,210	$	(7,039	)	$	312,345	$	301,001	$	(11,344	)
Unitranche First Lien		976,366		973,864		(2,502	)		842,867		824,107		(18,760	)
Unitranche First Lien - Last Out		15,627		13,544		(2,083	)		14,879		13,827		(1,052	)
Senior Secured Second Lien		62,659		58,212		(4,447	)		67,001		60,877		(6,124	)
Unsecured Debt		3,915		4,061		146			4,984		4,533		(451	)
Equity & Other		40,165		50,050		9,885			35,993		44,851		8,858
LLC/LP Equity Interests		57,707		53,134		(4,573	)		13,387		13,760		373
Total investments	$	1,592,688	$	1,582,075	$	(10,613	)	$	1,291,456	$	1,262,956	$	(28,500	)

The industry composition of investments at fair value is as follows (in thousands):


Industry	Fair Value as of December 31, 2023		Percentage of Fair Value			Fair Value as of December 31, 2022		Percentage of Fair Value
Health Care Equipment & Services	$	409,925		25.9	%	$	361,940		28.7	%
Software & Services		335,803		21.2			268,305		21.3
Commercial & Professional Services		219,937		14.0			201,213		15.9
Consumer Services		150,719		9.5			118,898		9.4
Diversified Financials		88,169		5.6			28,975		2.3
Insurance		74,421		4.7			58,032		4.6
Pharmaceuticals, Biotechnology & Life Sciences		60,866		3.8			55,020		4.4
Retailing		56,340		3.6			54,832		4.3
Capital Goods		41,441		2.6			40,838		3.2
Automobiles & Components		38,076		2.4			38,004		3.0
Materials		25,706		1.6			-		-
Consumer Durables & Apparel		19,244		1.2			19,244		1.5
Food, Beverage & Tobacco		15,562		1.0			8,491		0.7
Energy		11,264		0.7			2,185		0.2
Technology, Hardware & Equipment		9,349		0.6			-		-
Semiconductor and Semiconductor Equipment		8,253		0.5			-		-
Household & Personal Products		7,186		0.5			-		-
Transportation		3,938		0.2			1,254		0.1
Telecommunication Services		3,330		0.2			4,061		0.3
Food & Staples Retailing		2,546		0.2			1,664		0.1
Total investments	$	1,582,075		100.0	%	$	1,262,956		100.0	%

The geographic composition of investments at fair value is as follows (in thousands):


Geographic Region	Fair Value as of December 31, 2023		Percentage of Fair Value			Fair Value as of December 31, 2022		Percentage of Fair Value
United States	$	1,410,306		89.0	%	$	1,111,350		88.1	%
United Kingdom		70,797		4.5			58,591		4.6
Australia		20,079		1.3			19,490		1.5
New Zealand		19,081		1.2			-		-
Netherlands		18,340		1.2			15,352		1.2
Belgium		14,759		0.9			14,166		1.1
Sweden		14,152		0.9			12,117		1.0
Canada		10,378		0.7			31,890		2.5
France		4,183		0.3			-		-
Total investments	$	1,582,075		100.0	%	$	1,262,956		100.0	%