Investments at Fair Value

9 Months Ended

Sep. 30, 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 September 30, 2024 and December 31, 2023:

	September 30, 2024
	Amortized Cost (1)		Fair Value		Net Unrealized Gain (Loss)
First-lien debt investments	$	5,480,669	$	5,611,439	$	130,770
Second-lien debt investments		88,822		94,874		6,052
Mezzanine debt investments		114,525		119,293		4,768
Equity and other investments		90,910		101,222		10,312
Total Investments	$	5,774,926	$	5,926,828	$	151,902

	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 September 30, 2024 and December 31, 2023:

	September 30, 2024			December 31, 2023
Automotive		4.8	%		1.9	%
Business Services		21.3	%		25.4	%
Chemicals		0.5	%		0.7	%
Communications		7.2	%		1.9	%
Education		2.7	%		4.6	%
Electronics		3.7	%		—
Financial Services		10.1	%		18.3	%
Healthcare		2.4	%		3.8	%
Hotel, Gaming and Leisure		3.5	%		—
Human Resource Support Services		4.6	%		8.5	%
Insurance		1.0	%		1.9	%
Internet Services		4.9	%		8.3	%
Manufacturing		9.7	%		9.9	%
Oil, Gas and Consumable Fuels		3.7	%		7.4	%
Other		1.4	%		—
Pharmaceuticals		5.0	%		—
Real Estate (1)		0.0	%		—
Retail and Consumer Products		12.0	%		7.4	%
Transportation		1.5	%		—
Total		100.0	%		100.0	%

(1)Value rounds to less than 0.1%

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

	September 30, 2024			December 31, 2023
United States
Midwest		16.7	%		16.0	%
Northeast		20.1	%		23.1	%
South		16.1	%		7.4	%
West		26.8	%		40.3	%
Canada		1.9	%		1.9	%
Finland (1)		0.0	%		0.0	%
France		2.3	%		—
Germany		0.7	%		0.3	%
Luxembourg		0.1	%		0.1	%
Netherlands		0.2	%		0.1	%
Norway		7.0	%		5.4	%
Sweden		0.2	%		—
United Kingdom		7.9	%		5.4	%
Total		100.0	%		100.0	%

(1)Value rounds to less than 0.1%