Investments

12 Months Ended

Dec. 31, 2023

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.