Investments at Fair Value

3 Months Ended

Mar. 31, 2024

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 March 31, 2024 and December 31, 2023:

	March 31, 2024
	Amortized Cost (1)		Fair Value		Net Unrealized Gain (Loss)
First-lien debt investments	$	3,910,177	$	3,981,621	$	71,444
Second-lien debt investments		88,117		89,086		969
Mezzanine debt investments		108,501		112,464		3,963
Equity and other investments		90,910		94,393		3,483
Total Investments	$	4,197,705	$	4,277,564	$	79,859

	December 31, 2023
	Amortized Cost (1)		Fair Value		Net Unrealized Gain (Loss)
First-lien debt investments	$	2,792,928	$	2,850,885	$	57,957
Second-lien debt investments		77,895		79,091		1,196
Mezzanine debt investments		104,352		106,524		2,172
Equity and other investments		62,651		62,651		—
Total Investments	$	3,037,826	$	3,099,151	$	61,325

(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 March 31, 2024 and December 31, 2023:

	March 31, 2024			December 31, 2023
Automotive		9.1	%		1.9	%
Business Services		18.9	%		25.4	%
Chemicals		0.6	%		0.7	%
Communications		3.7	%		1.9	%
Education		3.6	%		4.6	%
Financial Services		13.4	%		18.3	%
Healthcare		2.8	%		3.8	%
Hotel, Gaming and Leisure		5.8	%		—
Human Resource Support Services		6.3	%		8.5	%
Insurance		1.4	%		1.9	%
Internet Services		6.4	%		8.3	%
Manufacturing		12.9	%		9.9	%
Oil, Gas and Consumable Fuels		5.4	%		7.4	%
Retail and Consumer Products		8.3	%		7.4	%
Transportation		1.4	%		—
Total		100.0	%		100.0	%

The geographic composition of investments at fair value at March 31, 2024 and December 31, 2023:

	March 31, 2024			December 31, 2023
United States
Midwest		23.2	%		16.0	%
Northeast		21.6	%		23.1	%
South		10.9	%		7.4	%
West		31.0	%		40.3	%
Canada		1.7	%		1.9	%
Finland (1)		0.0	%		0.0	%
Germany		0.1	%		0.3	%
Luxembourg		0.1	%		0.1	%
Netherlands		0.1	%		0.1	%
Norway		4.2	%		5.4	%
Sweden		0.2	%		—
United Kingdom		6.9	%		5.4	%
Total		100.0	%		100.0	%

(1)Value rounds to less than 0.1%