Investments (Tables)

9 Months Ended

Sep. 30, 2023

The composition of the Company’s investment portfolio at cost and fair value was as follows:


	September 30, 2023						December 31, 2022
	Cost		Fair Value		% of Total Investments at Fair Value		Cost		Fair Value		% of Total Investments at Fair Value
First lien debt	$	43,712,868	$	43,280,219	89.40	%	$	44,461,300	$	43,710,812	89.37	%
Second lien debt	1,891,517		1,779,485		3.68		2,074,849		1,872,806		3.83
Unsecured debt	—		—		—		17,583		13,948		0.03
Structured finance investments	409,268		395,026		0.81		409,633		365,269		0.75
Investments in joint ventures	2,120,206		2,151,389		4.44		2,232,706		2,188,394		4.47
Equity investments(1)	741,646		807,077		1.67		739,225		757,379		1.55
Total	$	48,875,505	$	48,413,196	100.00	%	$	49,935,296	$	48,908,608	100.00	%

(1)Includes equity investment in SLC.

The industry composition of investments at fair value was as follows:


	September 30, 2023		December 31, 2022
Aerospace & Defense	1.31	%	1.25	%
Air Freight & Logistics	2.74		2.80
Airlines	0.07		0.07
Auto Components	0.06		0.11
Beverages	0.09		0.13
Biotechnology (2)	0.00		—
Building Products	2.19		2.37
Capital Markets	0.22		0.22
Chemicals	0.20		0.38
Commercial Services & Supplies	4.07		3.68


	September 30, 2023		December 31, 2022
Construction Materials	0.04	%	0.07	%
Construction & Engineering	0.78		0.67
Containers & Packaging	0.28		0.46
Distributors	0.69		0.67
Diversified Consumer Services	3.02		2.95
Diversified Financial Services (1)	2.29		2.17
Diversified Telecommunication Services	0.58		0.53
Electrical Equipment	0.51		0.89
Electronic Equipment, Instruments & Components	1.02		1.28
Electric Utilities	0.14		0.10
Energy Equipment & Services	0.07		0.09
Entertainment	0.03		0.04
Food Products	0.05		0.05
Ground Transportation	0.01		—
Health Care Equipment & Supplies	1.63		1.52
Health Care Providers & Services	11.88		11.68
Health Care Technology	3.20		3.21
Hotels, Restaurants & Leisure	0.32		0.55
Household Durables	0.07		0.23
Industrial Conglomerates	0.86		0.95
Insurance	4.85		4.67
Interactive Media & Services	0.03		0.16
Internet & Direct Marketing Retail	2.14		2.22
Investments in Joint Ventures	4.44		4.47
IT Services	4.76		4.54
Leisure Products	0.01		0.17
Life Sciences Tools & Services	0.53		0.37
Machinery	0.06		0.08
Marine	0.47		0.46
Media	0.51		0.61
Metals & Mining	0.05		0.13
Oil, Gas & Consumable Fuels	0.16		0.20
Paper & Forest Products	0.15		0.13
Pharmaceuticals	0.69		0.67
Professional Services	11.99		12.50
Real Estate Management & Development	0.25		0.22
Road & Rail (3)	—		0.00
Software	26.71		25.59
Specialty Retail	0.29		0.30
Technology Hardware, Storage & Peripherals	0.09		0.09
Textiles, Apparel & Luxury Goods	—		0.06
Trading Companies & Distributors	0.64		0.75
Transportation Infrastructure	2.71		2.44
Wireless Telecommunication Services	0.05		0.05
Total	100.00	%	100.00	%

(1)Includes equity investment in SLC.

(2)Amount rounds to less than 0.00% for September 30, 2023.

(3)Amount rounds to less than 0.00% for December 31, 2022.

The geographic composition of investments at cost and fair value was as follows:


	September 30, 2023
	Cost		Fair Value		% of Total Investments at Fair Value		Fair Value as % of Net Assets
United States	$	44,201,063	$	43,848,229	90.57	%	167.68	%
Europe	3,557,527		3,496,679		7.22		13.37
Canada	690,164		656,520		1.36		2.51
Bermuda/Cayman Islands	402,986		388,640		0.80		1.49
Australia/New Zealand	23,765		23,128		0.05		0.09	%
Total	$	48,875,505	$	48,413,196	100.00	%	185.14	%


	December 31, 2022
	Cost		Fair Value		% of Total Investments at Fair Value		Fair Value as % of Net Assets
United States	$	45,326,287	$	44,468,163	90.92	%	196.02	%
Europe	3,385,990		3,308,990		6.77		14.59
Canada	795,999		748,234		1.53		3.30
Bermuda/Cayman Islands	403,356		359,125		0.73		1.58
Australia/New Zealand	23,664		24,096		0.05		0.11
Total	$	49,935,296	$	48,908,608	100.00	%	215.60	%