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Investments
3 Months Ended
Mar. 31, 2023
Investments  
Investments

Note 3. Investments

The following tables show the composition of the Company’s investment portfolio, at amortized cost and fair value (with corresponding percentage of total portfolio investments):

March 31, 2023

December 31, 2022

 

Amortized Cost:

Senior secured loans

    

$

1,317,582

    

85.8

%  

$

1,251,960

    

85.4

%

Unitranche secured loans

 

129,051

 

8.4

 

128,313

 

8.8

Junior secured loans

 

44,053

 

2.9

 

43,973

 

3.0

Equity securities

 

44,974

 

2.9

 

41,106

 

2.8

Total

$

1,535,660

 

100.0

%  

$

1,465,352

 

100.0

%

March 31, 2023

December 31, 2022

 

Fair Value:

    

  

    

  

    

  

    

  

Senior secured loans

$

1,320,148

 

85.5

%  

$

1,250,788

 

85.1

%

Unitranche secured loans

 

128,380

 

8.3

 

127,378

 

8.7

Junior secured loans

 

44,633

 

2.9

 

44,469

 

3.0

Equity securities

 

50,749

 

3.3

 

46,361

 

3.2

Total

$

1,543,910

 

100.0

%  

$

1,468,996

 

100.0

%

The following tables show the composition of the Company’s investment portfolio by geographic region, at amortized cost and fair value (with corresponding percentage of total portfolio investments). The geographic composition is determined by the location of the corporate headquarters of the portfolio company, which may not be indicative of the primary source of the portfolio company’s business:

March 31, 2023

December 31, 2022

 

Amortized Cost:

    

  

    

  

    

  

    

  

International

$

62,975

 

4.1

%  

$

62,244

 

4.3

%

Midwest

 

330,223

 

21.5

 

312,637

 

21.3

Northeast

 

274,847

 

17.9

 

245,445

 

16.7

Northwest

66,851

4.4

66,839

4.6

Southeast

 

374,990

 

24.4

 

353,079

 

24.1

Southwest

 

186,280

 

12.1

 

183,722

 

12.5

West

 

239,494

 

15.6

 

241,386

 

16.5

Total

$

1,535,660

 

100.0

%  

$

1,465,352

 

100.0

%

March 31, 2023

December 31, 2022

 

Fair Value:

    

  

    

  

    

  

    

  

International

$

60,203

 

3.9

%  

$

59,706

 

4.1

%

Midwest

 

331,176

 

21.4

 

313,240

 

21.3

Northeast

 

275,666

 

17.9

 

244,305

 

16.6

Northwest

67,934

4.4

67,226

4.6

Southeast

 

383,322

 

24.8

 

360,465

 

24.5

Southwest

 

185,255

 

12.0

 

181,981

 

12.4

West

 

240,354

 

15.6

 

242,073

 

16.5

Total

$

1,543,910

 

100.0

%  

$

1,468,996

 

100.0

%

The following tables show the composition of the Company’s investment portfolio by industry, at amortized cost and fair value (with corresponding percentage of total portfolio investments):

March 31, 2023

    

December 31, 2022

 

Amortized Cost:

Aerospace & Defense

    

$

21,446

    

1.4

%  

$

21,418

    

1.5

%

Automotive

 

39,434

 

2.6

 

39,131

 

2.7

Banking

 

35,594

 

2.3

 

35,534

 

2.4

Beverage, Food & Tobacco

 

16,584

 

1.1

 

16,807

 

1.1

Capital Equipment

 

54,893

 

3.6

 

55,062

 

3.7

Construction & Building

 

35,102

 

2.3

 

34,932

 

2.4

Consumer Goods: Durable

 

41,730

 

2.7

 

42,278

 

2.9

Consumer Goods: Non-Durable

 

35,617

 

2.3

 

32,697

 

2.2

Containers, Packaging & Glass

11,663

0.7

11,674

0.8

Energy: Oil & Gas

3,092

0.2

3,970

0.3

Environmental Industries

 

34,900

 

2.3

 

30,612

 

2.1

FIRE: Finance

 

69,875

 

4.5

 

67,608

 

4.6

FIRE: Insurance

16,318

1.1

9,709

0.7

FIRE: Real Estate

 

80,090

 

5.2

 

69,695

 

4.7

Healthcare & Pharmaceuticals

 

227,471

 

14.8

 

209,460

 

14.3

High Tech Industries

 

185,309

 

12.1

 

180,078

 

12.3

Hotels, Gaming & Leisure

 

2,491

 

0.2

 

2,316

 

0.1

Media: Advertising, Printing & Publishing

 

135,724

 

8.8

 

128,704

 

8.8

Media: Broadcasting & Subscription

 

2,415

 

0.1

 

2,059

 

0.1

Media: Diversified & Production

 

45,061

 

2.9

 

46,881

 

3.2

Retail

 

930

 

0.1

 

 

Services: Business

 

192,177

 

12.5

 

184,567

 

12.6

Services: Consumer

 

84,194

 

5.5

 

77,065

 

5.3

Telecommunications

 

36,274

 

2.4

 

36,508

 

2.5

Transportation: Cargo

98,134

6.4

97,803

6.7

Wholesale

 

29,142

 

1.9

 

28,784

 

2.0

Total

$

1,535,660

 

100.0

%

$

1,465,352

 

100.0

%

March 31, 2023

December 31, 2022

 

Fair Value:

Aerospace & Defense

    

$

20,974

    

1.3

%  

$

21,049

    

1.4

%

Automotive

 

38,482

 

2.5

 

38,843

 

2.7

Banking

 

37,064

 

2.4

 

37,979

 

2.6

Beverage, Food & Tobacco

 

16,212

 

1.0

 

16,439

 

1.1

Capital Equipment

 

55,272

 

3.6

 

56,074

 

3.8

Construction & Building

 

35,122

 

2.3

 

34,877

 

2.4

Consumer Goods: Durable

 

39,552

 

2.5

 

40,357

 

2.7

Consumer Goods: Non-Durable

 

35,671

 

2.3

 

32,843

 

2.2

Containers, Packaging & Glass

 

11,885

 

0.8

 

11,675

 

0.8

Energy: Oil & Gas

 

2,778

 

0.2

 

3,597

 

0.2

Environmental Industries

 

35,801

 

2.3

 

31,457

 

2.1

FIRE: Finance

 

68,987

 

4.5

 

66,639

 

4.5

FIRE: Insurance

 

16,019

 

1.0

 

9,641

 

0.7

FIRE: Real Estate

 

82,196

 

5.3

 

71,154

 

4.8

Healthcare & Pharmaceuticals

 

229,611

 

14.9

 

210,831

 

14.4

High Tech Industries

 

186,220

 

12.1

 

180,823

 

12.3

Hotels, Gaming & Leisure

 

2,484

 

0.2

 

2,331

 

0.2

Media: Advertising, Printing & Publishing

 

137,498

 

8.9

 

129,362

 

8.8

Media: Broadcasting & Subscription

 

2,376

 

0.1

 

2,019

 

0.1

Media: Diversified & Production

 

44,527

 

2.9

 

46,348

 

3.2

Retail

930

0.1

Services: Business

194,301

12.6

184,535

12.6

Services: Consumer

85,021

5.5

77,998

5.3

Telecommunications

36,473

2.4

36,415

2.5

Transportation: Cargo

 

98,663

 

6.4

 

97,153

 

6.6

Wholesale

 

29,791

 

1.9

 

28,557

 

2.0

Total

$

1,543,910

 

100.0

%  

$

1,468,996

 

100.0

%