Investments

6 Months Ended

Jun. 30, 2023

Investments [Abstract]

Investments

Note 4. Investments

The following table presents the composition of the Company’s investment portfolio at amortized cost and fair value as of June 30, 2023 and December 31, 2022:

	June 30, 2023				December 31, 2022
	Amortized		Fair		Amortized		Fair
	Cost		Value		Cost		Value
First-lien senior secured debt	$	934,889,654	$	878,564,709	$	951,753,250	$	870,880,344
Second-lien senior secured debt		66,564,947		54,225,052		71,513,263		58,118,340
Corporate Bonds		1,886,241		1,263,500		1,884,529		1,332,888
CLO Mezzanine		14,835,643		12,652,097		17,589,330		14,732,721
CLO Equity		26,122,495		19,261,618		27,012,348		21,800,224
Short-term investments		96,877,231		96,877,231		50,347,215		50,347,215
Total Investments	$	1,141,176,211	$	1,062,844,207	$	1,120,099,935	$	1,017,211,732

As of June 30, 2023, approximately 13.8% of the long-term investment portfolio at amortized cost and 13.8% of the long-term investment portfolio measured at fair value, respectively, were invested in non-qualifying assets. As of December 31, 2022, approximately 16.0% of the long-term investment portfolio at amortized cost and 16.3% of the long-term investment portfolio measured at fair value, respectively, were invested in non-qualifying assets. With respect to the Company’s total assets, 12.3% and 14.9% of the Company’s total assets were in non-qualifying assets as defined by Section 55(a) of the 1940 Act as of June 30, 2023 and December 31, 2022, respectively.

The industry composition of investments based on fair value, as a percentage of total investments at fair value, as of June 30, 2023 and December 31, 2022 was as follows:

	June 30, 2023			December 31, 2022
Software		12.9	%		12.9	%
Healthcare Providers and Services		9.3	%		9.9	%
Cash and Cash Equivalents		9.1	%		4.9	%
IT Services		7.9	%		8.4	%
Insurance		5.7	%		5.8	%
Professional Services		5.5	%		5.9	%
Hotels, Restaurants and Leisure		4.3	%		3.9	%
Building Products		3.7	%		3.7	%
Media		3.6	%		3.2	%
Chemicals		3.1	%		3.3	%
Diversified Financial Services		3.0	%		2.6	%
Independent Power and Renewable Electricity Producers		2.9	%		2.8	%
Construction and Engineering		2.6	%		2.5	%
Aerospace and Defense		2.0	%		2.5	%
Auto Components		1.9	%		1.9	%
Structured Subordinated Note		1.8	%		2.1	%
Electronic Equipment, Instruments and Components		1.5	%		1.2	%
Containers and Packaging		1.4	%		1.5	%
Food Products		1.3	%		1.3	%
Internet Software and Services		1.3	%		1.1	%
Specialty Retail		1.3	%		1.3	%
Commercial Services and Supplies		1.2	%		1.3	%
Metals and Mining		1.2	%		2.0	%
Structured Note		1.2	%		1.4	%
Diversified Consumer Services		1.1	%		1.6	%
Energy Equipment and Services		1.1	%		0.6	%
Healthcare Technology		1.0	%		2.1	%
Healthcare Equipment and Supplies		0.9	%		0.9	%
Machinery		0.7	%		0.6	%
Oil, Gas and Consumable Fuels		0.7	%		1.7	%
Real Estate Management and Development		0.6	%		0.6	%
Wireless Telecommunication Services		0.6	%		0.6	%
Pharmaceuticals		0.6	%		0.6	%
Electrical Equipment		0.5	%		0.5	%
Road and Rail		0.5	%		0.5	%
Diversified Telecommunication Services		0.4	%		0.3	%
Industrial Conglomerates		0.4	%		0.4	%
Technology Hardware, Storage and Peripherals		0.4	%		0.4	%
Household Durables		0.4	%		0.3	%
Transportation		0.3	%		-	%
Textiles, Apparel and Luxury Goods		0.1	%		0.1	%
Airlines		-	%		0.8	%
Total		100.0	%		100.0	%