Investments at Fair Value

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Investments at Fair Value

4. Investments at Fair Value

Under the 1940 Act, the Company is required to separately identify non-controlled investments where it owns 5% or more of a portfolio company’s outstanding voting securities as investments in “affiliated” companies. In addition, under the 1940 Act, the Company is required to separately identify investments where it owns more than 25% of a portfolio company’s outstanding voting securities and/or had the power to exercise control over the management or policies of such portfolio company as investments in “controlled” companies. Detailed information with respect to the Company’s non-controlled, non-affiliated; non-controlled, affiliated; and controlled, affiliated investments is contained in the accompanying consolidated financial statements, including the consolidated schedules of investments. The information in the tables below is presented on an aggregate portfolio basis, without regard to whether they are non-controlled, non-affiliated; non-controlled, affiliated; or controlled, affiliated investments.

Investments at fair value consisted of the following at September 30, 2023 and December 31, 2022:

	September 30, 2023
	Amortized Cost (1)		Fair Value		Net Unrealized Gain (Loss)
First-lien debt investments	$	1,877,359	$	1,916,510	$	39,151
Mezzanine debt investments		100,330		101,620		1,290
Equity and other investments		30,259		30,259		—
Total Investments	$	2,007,948	$	2,048,389	$	40,441

	December 31, 2022
	Amortized Cost (1)		Fair Value		Net Unrealized Gain (Loss)
First-lien debt investments	$	801,223	$	800,995	$	(228	)
Equity and other investments		7,806		7,806		—
Total Investments	$	809,029	$	808,801	$	(228	)

(1)The amortized cost represents the original cost adjusted for the amortization of discounts or premiums, as applicable, on debt investments using the effective interest method.

The industry composition of investments at fair value at September 30, 2023 and December 31, 2022:

	September 30, 2023			December 31, 2022
Automotive		0.5	%		—
Business Services		18.0	%		0.8	%
Chemicals		1.2	%		2.4	%
Communications		1.9	%		—
Financial Services		14.0	%		32.4	%
Healthcare		5.8	%		—
Human Resource Support Services		12.6	%		18.0	%
Insurance		2.8	%		—
Internet Services		12.4	%		0.7	%
Manufacturing		14.6	%		16.3	%
Oil, Gas and Consumable Fuels		4.7	%		—
Retail and Consumer Products		11.5	%		29.4	%
Total		100.0	%		100.0	%

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

	September 30, 2023			December 31, 2022
United States
Midwest		23.8	%		18.1	%
Northeast		21.7	%		45.5	%
South		0.3	%		0.7	%
West		42.5	%		32.5	%
Canada		1.9	%		—
Finland (1)		0.0	%		—
Germany		0.4	%		0.4	%
Luxembourg		0.2	%		0.4	%
Netherlands		0.2	%		—
Norway		1.1	%		2.4	%
United Kingdom		7.9	%		—
Total		100.0	%		100.0	%

(1)Value rounds to less than 0.1%