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Investments
 9 Months Ended
Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]  
Investments

Note 4. Investments

The composition of the Company’s investment portfolio at amortized cost and fair value as of September 30, 2024 and December 31, 2023 was as follows:

 

 

September 30, 2024

 

 

December 31, 2023

 

 

 

Amortized Cost

 

 

Fair Value

 

 

% of Total Investments at Fair Value

 

 

Amortized Cost

 

 

Fair Value

 

 

% of Total Investments at Fair Value

 

First lien debt

 

$

3,770,323

 

 

$

3,773,432

 

 

 

93.84

%

 

$

1,942,665

 

 

$

1,942,843

 

 

 

88.43

%

Second lien debt

 

 

188,782

 

 

 

186,913

 

 

 

4.65

 

 

 

234,306

 

 

 

226,318

 

 

 

10.30

 

Equity and Other Investments

 

 

60,398

 

 

 

60,766

 

 

 

1.51

 

 

 

31,846

 

 

 

27,892

 

 

 

1.27

 

Total investments

 

$

4,019,503

 

 

$

4,021,111

 

 

 

100.00

%

 

$

2,208,817

 

 

$

2,197,053

 

 

 

100.00

%

The industry composition of investments at fair value as of September 30, 2024 and December 31, 2023 was as follows:

 

 

September 30, 2024

 

 

December 31, 2023

 

Aerospace & Defense

 

 

5.36

%

 

 

6.06

%

Automotive

 

 

0.28

 

 

 

0.05

 

Banking, Finance, Insurance & Real Estate

 

 

8.98

 

 

 

4.81

 

Beverage, Food & Tobacco

 

 

0.53

 

 

 

0.97

 

Capital Equipment

 

 

3.06

 

 

 

5.26

 

Chemicals, Plastics & Rubber

 

 

1.28

 

 

 

1.88

 

Construction & Building

 

 

5.37

 

 

 

—

 

Consumer Goods: Durable

 

 

4.93

 

 

 

1.80

 

Consumer Goods: Non-durable

 

 

0.90

 

 

 

2.79

 

Containers, Packaging & Glass

 

 

2.01

 

 

 

—

 

Energy: Oil & Gas

 

 

0.05

 

 

 

3.50

 

Environmental Industries

 

 

0.44

 

 

 

—

 

Healthcare & Pharmaceuticals

 

 

5.80

 

 

 

8.87

 

High Tech Industries

 

 

4.79

 

 

 

3.59

 

Hotel, Gaming & Leisure

 

 

9.67

 

 

 

10.14

 

Media: Advertising, Printing & Publishing

 

 

4.11

 

 

 

3.33

 

Media: Broadcasting & Subscription

 

 

0.53

 

 

 

—

 

Media: Diversified & Production

 

 

1.88

 

 

 

3.48

 

Retail

 

 

2.18

 

 

 

7.60

 

Services: Business

 

 

16.54

 

 

 

12.82

 

Services: Consumer

 

 

11.34

 

 

 

7.16

 

Sovereign & Public Finance

 

 

1.25

 

 

 

—

 

Telecommunications

 

 

4.35

 

 

 

8.33

 

Transportation: Cargo

 

 

1.69

 

 

 

2.94

 

Transportation: Consumer

 

 

2.11

 

 

 

3.56

 

Wholesale

 

 

0.57

 

 

 

1.06

 

Total

 

 

100.00

%

 

 

100.00

%

The geographic composition of investments at cost and fair value as of September 30, 2024 and December 31, 2023 was as follows:

 

 

September 30, 2024

 

 

 

Amortized Cost

 

 

Fair Value

 

 

% of Total Investments at Fair Value

 

 

Fair Value as % of Net Assets

 

United States

 

$

3,665,631

 

 

$

3,670,369

 

 

 

91.28

%

 

 

173.00

%

Luxembourg

 

 

71,861

 

 

 

64,652

 

 

 

1.61

 

 

 

3.05

 

United Kingdom

 

 

282,011

 

 

 

286,090

 

 

 

7.11

 

 

 

13.48

 

Total

 

$

4,019,503

 

 

$

4,021,111

 

 

 

100.00

%

 

 

189.53

%

 

 

 

December 31, 2023

 

 

Amortized Cost

 

 

Fair Value

 

 

% of Total Investments at Fair Value

 

 

Fair Value as % of Net Assets

 

United States

 

$

2,016,083

 

 

$

2,005,820

 

 

 

91.30

%

 

 

213.95

%

Canada

 

 

74,803

 

 

 

74,817

 

 

 

3.40

 

 

 

7.98

 

Luxembourg

 

 

70,104

 

 

 

68,145

 

 

 

3.10

 

 

 

7.27

 

United Kingdom

 

 

47,827

 

 

 

48,271

 

 

 

2.20

 

 

 

5.15

 

Total

 

$

2,208,817

 

 

$

2,197,053

 

 

 

100.00

%

 

 

234.35

%

As of both September 30, 2024 and December 31, 2023, one investment in the portfolio was on non-accrual status.

As of September 30, 2024, on a fair value basis, approximately 97.0% of our performing debt investments bore interest at a floating rate and approximately 3.0% of our performing debt investments bore interest at a fixed rate.

As of December 31, 2023, on a fair value basis, approximately 96.3% of our performing debt investments bore interest at a floating rate and approximately 3.7% of our performing debt investments bore interest at a fixed rate.