Investments

9 Months Ended

Sep. 30, 2024

Schedule of Investments [Abstract]

Investments

Investments

At September 30, 2024, the Company's investments consisted of the following:

Investment Cost and Fair Value by Type

	Cost		Fair Value
First lien	$	1,150,701	$	1,159,577
Second lien	35,952		37,589
Subordinated	28,962		31,222
Equity and other	16,121		16,087
Total investments	$	1,231,736	$	1,244,475

Investment Cost and Fair Value by Industry

	Cost		Fair Value
Software	$	518,914	$	522,416
Business Services	381,300		385,317
Healthcare	95,873		96,490
Financial Services	82,832		83,014
Consumer Services	65,139		65,565
Education	43,074		44,282
Food & Beverage	37,567		40,281
Distribution & Logistics	5,466		5,533
Packaging	1,571		1,577
Total investments	$	1,231,736	$	1,244,475

At December 31, 2023, the Company's investments consisted of the following:

Investment Cost and Fair Value by Type

	Cost		Fair Value
First lien	$	532,881	$	541,000
Second lien	14,115		16,288
Subordinated	20,895		21,812
Equity and other	1,356		1,366
Total investments	$	569,247	$	580,466

Investment Cost and Fair Value by Industry

	Cost		Fair Value
Business Services	$	209,656	$	212,035
Software	197,095		201,391
Healthcare	48,501		48,824
Education	31,499		32,917
Consumer Services	29,992		30,171
Food & Beverage	22,885		25,436
Financial Services	23,573		23,604
Distribution & Logistics	5,499		5,575
Packaging	547		513
Total investments	$	569,247	$	580,466

For discussion of the Company's unfunded commitments, see Note 8. Commitments and Contingencies.

Investment Risk Factors—First and second lien debt that the Company invests in is almost entirely rated below investment grade or may be unrated. Debt investments rated below investment grade are often referred to as "leveraged loans", "high yield" or "junk" debt investments, and may be considered "high risk" compared to debt investments that are rated investment grade. These debt investments are considered speculative because of the credit risk of the issuers. Such issuers are considered more likely than investment grade issuers to default on their payments of interest and principal, and such risk of default could reduce the members' capital and income distributions of the Company. In addition, some of the Company's debt investments will not fully amortize during their lifetime, which could result in a loss or a substantial amount of unpaid principal and interest due upon maturity. First and second lien debt may also lose significant market value before a default occurs. Furthermore, an active trading market may not exist for these first and second lien debt investments. This illiquidity may make it more difficult to value the debt.

Subordinated debt is generally subject to similar risks as those associated with first and second lien debt, except that such debt is subordinated in payment and/or lower in lien priority. Subordinated debt is subject to the additional risk that the cash flow of the borrower and the property securing the debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured and unsecured obligations of the borrower.

The Company may directly invest in the equity of private companies or, in some cases, equity investments could be made in connection with a debt investment. Equity investments may or may not fluctuate in value, resulting in recognized realized gains or losses upon disposition.