Investments (Tables)

9 Months Ended

Sep. 30, 2023

The composition of the Company’s investment portfolio at cost and fair value as of September 30, 2023 and December 31, 2022 was as follows:


	September 30, 2023
	Amortized Cost		Fair value		% of Total Investments at Fair Value

First Lien Debt	$	835,357	$	842,243	90.6%
Second Lien Debt	86,803		87,389		9.4%
Total	$	922,160	$	929,632	100.0%


	December 31, 2022
	Amortized Cost		Fair value		% of Total Investments at Fair Value

First Lien Debt	$	67,454	$	66,971	93.3%
Second Lien Debt	4,792		4,787		6.7%
Total	$	72,246	$	71,758	100.0%

The industry composition of investments based on fair value as of September 30, 2023 and December 31, 2022 was as follows:


			September 30, 2023
High Tech			18.9%
Healthcare, Education and Childcare			13.5%
Services: Consumer			11.8%
Services: Business			9.2%
Aerospace and Defense			7.9%
Insurance			7.8%
Consumer Goods: Durable			3.6%
Media: Diversified & Production			3.6%
Chemicals, Plastics and Rubber			3.6%
Finance			3.4%
Retail Stores			3.4%
Cargo Transport			2.8%
Capital Equipment			2.5%
Automobile			2.3%
Printing and Publishing			1.8%
Banking			1.0%
Broadcasting and Entertainment			0.8%
Buildings and Real Estate			0.7%
Containers, Packaging and Glass			0.6%
Construction & Building			0.6%
Mining, Steel, Iron and Non-Precious Metals			0.2%
Technology & Electronics			—%
Total			100.0%


			December 31, 2022
Healthcare, Education and Childcare			17.8%
High Tech			12.3%
Aerospace and Defense			11.5%
Insurance			10.3%
Services: Consumer			9.9%
Chemicals, Plastics and Rubber			7.7%
Consumer Goods: Durable			7.5%
Services: Business			5.1%
Capital Equipment			4.8%
Finance			4.8%
Media: Diversified & Production			4.6%
Automobile			3.7%
Total			100.0%

The geographic composition of investments at cost and fair value as of September 30, 2023 and December 31, 2022 was as follows:


	September 30, 2023
	Amortized Cost		Fair Value		% of Total Investments at Fair Value	Fair Value as % of Net Assets
United States	$	908,120	$	915,700	98.5%	185.3%
Canada	8,069		7,992		0.9%	1.6%
Switzerland	5,971		5,940		0.6%	1.2%
Total	$	922,160	$	929,632	100.0%	188.1%


	December 31, 2022
	Amortized Cost		Fair Value		% of Total Investments at Fair Value	Fair Value as % of Net Assets
United States	$	72,246	$	71,758	100.0%	144.4%
Total	$	72,246	$	71,758	100.0%	144.4%