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Investments | 12 Months Ended
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Dec. 31, 2023
Schedule of Investments [Abstract] |
Investments | Investments The composition of the Company’s investment portfolio at cost and fair value was as follows:
|  | December 31, 2023 |  | December 31, 2022
|  | Cost |  | Fair Value |  | % of Total Investments at Fair Value |  | Cost |  | Fair Value |  | % of Total Investments at Fair Value
First lien debt |  | $ | 9,817,402 |  |  | $ | 9,722,061 |  |  | 98.5 | % |  | $ | 9,497,570 |  |  | $ | 9,419,963 |  |  | 97.9 | %
Second lien debt |  | 43,347 |  |  | 41,515 |  |  | 0.4 |  |  | 48,753 |  |  | 46,336 |  |  | 0.5 |
Unsecured debt |  | 9,930 |  |  | 9,924 |  |  | 0.1 |  |  | — |  |  | — |  |  | — |
Equity |  | 63,480 |  |  | 94,940 |  |  | 1.0 |  |  | 111,549 |  |  | 150,949 |  |  | 1.6 |
Total |  | $ | 9,934,159 |  |  | $ | 9,868,440 |  |  | 100.0 | % |  | $ | 9,657,872 |  |  | $ | 9,617,248 |  |  | 100.0 | %
The industry composition of investments at fair value was as follows:
| December 31, 2023 |  | December 31, 2022
Aerospace & Defense | 5.2 | % |  | 4.9 | %
Air Freight & Logistics | 4.2 |  |  | 4.7 |
Building Products | 3.2 |  |  | 3.5 |
Chemicals | 0.1 |  |  | — |
Commercial Services & Supplies | 7.8 |  |  | 7.7 |
Construction & Engineering | 0.5 |  |  | 0.4 |
Containers & Packaging | 0.2 |  |  | 0.2 |
Distributors | 5.7 |  |  | 5.1 |
Diversified Consumer Services | 3.9 |  |  | 3.5 |
Diversified Financial Services | 1.4 |  |  | 1.4 |
Diversified Telecommunication Services | 1.4 |  |  | 1.1 |
Electrical Equipment | 1.1 |  |  | 1.7 |
Electronic Equipment, Instruments & Components | 1.3 |  |  | 1.1 |
Electric Utilities | 0.6 |  |  | 0.3 |
Energy Equipment & Services | 0.4 |  |  | 0.6 |
Ground Transportation | 0.2 |  |  | — |
Health Care Equipment & Supplies | 0.6 |  |  | 0.6 |
Health Care Providers & Services | 10.7 |  |  | 11.7 |
Health Care Technology | 5.1 |  |  | 3.9 |
Industrial Conglomerates | 0.1 |  |  | 0.1 |
Insurance | 5.4 |  |  | 8.1 |
Internet & Direct Marketing Retail | 3.2 |  |  | 3.3 |
IT Services | 2.9 |  |  | 2.8 |
Machinery (2) | 0.0 |  |  | 0.1 |
Marine | 0.3 |  |  | 0.3 |
Media | 0.1 |  |  | 0.1 |
Oil, Gas & Consumable Fuels | 1.0 |  |  | 1.2 |
Paper & Forest Products | 0.1 |  |  | 0.1 |
Pharmaceuticals (1) | 0.2 |  |  | 0.0 |
Professional Services | 7.8 |  |  | 8.8 |
Real Estate Management & Development | 0.9 |  |  | 0.7 |
Road & Rail | — |  |  | 0.2 |
Software | 17.4 |  |  | 14.7 |
Specialty Retail | 1.7 |  |  | 1.8 |
Technology Hardware, Storage & Peripherals | 0.8 |  |  | 0.7 |
Trading Companies & Distributors | 0.5 |  |  | 1.0 |
Transportation Infrastructure | 4.0 |  |  | 3.6 |
Total | 100.0 | % |  | 100.0 | %
(1)Amount rounds to less than 0.1% as of December 31, 2022. (2)Amount rounds to less than 0.1% as of December 31, 2023. The geographic composition of investments at cost and fair value was as follows:
| December 31, 2023
| Cost |  | Fair Value |  | % of Total Investments at Fair Value |  | Fair Value as % of Net Assets
United States | $ | 9,381,707 |  |  | $ | 9,317,684 |  |  | 94.4 | % |  | 188.2 | %
Canada | 275,579 |  |  | 278,103 |  |  | 2.8 |  |  | 5.6 |
Bermuda/Cayman Islands | 436 |  |  | 473 |  |  | 0.0 |  |  | 0.0 |
Europe | 276,437 |  |  | 272,180 |  |  | 2.8 |  |  | 5.5 |
Total | $ | 9,934,159 |  |  | $ | 9,868,440 |  |  | 100.0 | % |  | 199.3 | %
| December 31, 2022
| Cost |  | Fair Value |  | % of Total Investments at Fair Value |  | Fair Value as % of Net Assets
United States | $ | 8,934,926 |  |  | $ | 8,893,051 |  |  | 92.5 | % |  | 213.8 | %
Canada | 510,599 |  |  | 520,368 |  |  | 5.4 |  |  | 12.5 |
Europe | 212,347 |  |  | 203,829 |  |  | 2.1 |  |  | 4.9 |
Total | $ | 9,657,872 |  |  | $ | 9,617,248 |  |  | 100.0 | % |  | 231.2 | %
As of December 31, 2023 and December 31, 2022, one borrower (one loan) and no borrowers in the portfolio were on non-accrual status, respectively. As of December 31, 2023 and December 31, 2022, on a fair value basis, 99.9% and 99.9%, respectively, of our performing debt investments bore interest at a floating rate and 0.1% and 0.1%, respectively, of our performing debt investments bore interest at a fixed rate.

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