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	%