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INVESTMENTS (Tables)
 9 Months Ended
Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]  
Schedule of Investments
As of September 30, 2022 and December 31, 2021, investments consisted of the following:

 As of
 September 30, 2022December 31, 2021
Amortized Cost(1)Fair ValueAmortized Cost(1)Fair Value
First lien senior secured loans(2)$9,821 $9,509 $9,583 $9,459 
Second lien senior secured loans4,011 3,797 4,614 4,524 
Subordinated certificates of the SDLP(3)1,121 1,121 987 987 
Senior subordinated loans1,102 1,051 896 890 
Preferred equity2,071 2,052 1,547 1,561 
Ivy Hill Asset Management, L.P.(4)1,809 1,958 781 936 
Other equity1,534 1,851 1,402 1,652 
Total$21,469 $21,339 $19,810 $20,009 
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(1)The amortized cost represents the original cost adjusted for any accretion of discounts, amortization of premiums and PIK interest or dividends.
    
(2)First lien senior secured loans include certain loans that the Company classifies as “unitranche” loans. The total amortized cost and fair value of the loans that the Company classified as “unitranche” loans were $5,127 and $4,998, respectively, as of September 30, 2022, and $5,210 and $5,163, respectively, as of December 31, 2021.

(3)The proceeds from these certificates were applied to co-investments with Varagon and its clients to fund first lien senior secured loans to 21 and 19 different borrowers as of September 30, 2022 and December 31, 2021, respectively.

(4)Includes the Company’s equity and subordinated loan investments in IHAM, as applicable.
  
The Company uses Global Industry Classification Standards for classifying the industry groupings of its portfolio companies. The industrial and geographic compositions of the Company’s portfolio at fair value as of September 30, 2022 and December 31, 2021 were as follows:
 As of
September 30, 2022December 31, 2021
Industry
Software & Services22.5 %21.9 %
Diversified Financials(1)12.3 7.5 
Health Care Services10.1 10.8 
Commercial & Professional Services8.2 9.2 
Investment Funds and Vehicles(2)5.5 5.2 
Insurance Services5.1 5.8 
Power Generation4.7 4.5 
Consumer Services4.0 3.9 
Capital Goods4.0 4.8 
Consumer Durables & Apparel3.9 4.4 
Automobiles & Components3.2 4.6 
Food & Beverage2.4 2.2 
Pharmaceuticals, Biotechnology & Life Sciences2.3 1.9 
Retailing and Distribution2.2 2.8 
Media & Entertainment2.2 2.2 
Other7.4 8.3 
Total100.0 %100.0 %
________________________________________

(1)Includes the Company’s investment in IHAM.

(2)Includes the Company’s investment in the SDLP, which had made first lien senior secured loans to 21 and 19 different borrowers as of September 30, 2022 and December 31, 2021, respectively. The portfolio companies in the SDLP are in industries similar to the companies in the Company’s portfolio.

 As of
September 30, 2022December 31, 2021
Geographic Region
West(1)34.5 %31.2 %
Midwest25.0 27.9 
Southeast17.8 17.2 
Mid-Atlantic13.1 14.5 
Northeast4.6 4.8 
International5.0 4.4 
Total100.0 %100.0 %
________________________________________

(1)Includes the Company’s investment in the SDLP, which represented 5.3% and 4.9% of the total investment portfolio at fair value as of September 30, 2022 and December 31, 2021, respectively.
Below is a summary of the SDLP’s portfolio.
As of
September 30, 2022December 31, 2021
Total first lien senior secured loans(1)(2)$4,798 $4,194 
Largest loan to a single borrower(1)$380 $342 
Total of five largest loans to borrowers(1)$1,616 $1,540 
Number of borrowers in the SDLP21 19 
Commitments to fund delayed draw loans(3)$311 $262 
___________________________________________________________________________

(1)At principal amount.

(2)First lien senior secured loans include certain loans that the SDLP classifies as “unitranche” loans. As of September 30, 2022 and December 31, 2021, the total principal amount of loans in the SDLP portfolio that the SDLP classified as “unitranche” loans was $3,737 and $2,908, respectively.
(3)As discussed above, these commitments have been approved by the investment committee of the SDLP.
Summary of Funded Capital and Unfunded Capital Commitments of the SDLP Below is a summary of the funded capital and unfunded capital commitments of the SDLP.
 As of
September 30, 2022December 31, 2021
Total capital funded to the SDLP(1)$4,772 $4,168 
Total capital funded to the SDLP by the Company(1)$1,121 $987 
Total unfunded capital commitments to the SDLP(2)$311 $262 
Total unfunded capital commitments to the SDLP by the Company(2)$73 $62 
___________________________________________________________________________
(1)At principal amount.

(2)These commitments to fund delayed draw loans have been approved by the investment committee of the SDLP and will be funded if and when conditions to funding such delayed draw loans are met.
As of September 30, 2022 and December 31, 2021, the Company had the following commitments to fund various revolving and delayed draw senior secured and subordinated loans, including commitments to fund which are at (or substantially at) the Company’s discretion:
 As of
 September 30, 2022December 31, 2021
Total revolving and delayed draw loan commitments $3,205 $2,733 
Less: funded commitments(520)(352)
Total unfunded commitments2,685 2,381 
Less: commitments substantially at discretion of the Company— — 
Less: unavailable commitments due to borrowing base or other covenant restrictions— (4)
Total net adjusted unfunded revolving and delayed draw loan commitments$2,685 $2,377 
Summary of Dividend and Interest Income The interest income from the Company’s investment in the SDLP Certificates and capital structuring service and other fees earned for the three and nine months ended September 30, 2022 and 2021 were as follows:
For the Three Months Ended September 30,For the Nine Months Ended September 30,
2022202120222021
Interest income
$37 $33 $105 $106 
Capital structuring service and other fees
$7 $7 $15 $13 
The dividend income received and interest income earned from IHAM for the three and nine months ended September 30, 2022 and 2021 were as follows:
For the Three Months Ended September 30,For the Nine Months Ended September 30,
2022202120222021
Dividend income
$55 $23 $150 $65 
Interest income
$8 $— $11 $2