XML 26 R14.htm IDEA: XBRL DOCUMENT
v3.23.3

Investments | 9 Months Ended
--- | ---
Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract] |
Investments | Investments The composition of the Company’s investment portfolio as of September 30, 2023 and December 31, 2022 at amortized cost and fair value was as follows:
|  | September 30, 2023 |  | December 31, 2022
|  | Cost(1) |  | Fair Value |  | Percentage of Investment Portfolio |  | Cost(1) |  | Fair Value |  | Percentage of Investment Portfolio
Senior secured first lien debt |  | $ | 1,529,434 |  |  | $ | 1,481,498 |  |  | 85.7 | % |  | $ | 1,638,995 |  |  | $ | 1,579,512 |  |  | 90.3 | %
Senior secured second lien debt |  | 41,196 |  |  | 36,114 |  |  | 2.1 | % |  | 41,036 |  |  | 38,769 |  |  | 2.2 | %
Collateralized securities and structured products - equity |  | 2,424 |  |  | 1,224 |  |  | 0.1 | % |  | 2,687 |  |  | 1,179 |  |  | 0.1 | %
Unsecured debt |  | 34,640 |  |  | 14,631 |  |  | 0.8 | % |  | 30,427 |  |  | 22,643 |  |  | 1.3 | %
Equity |  | 171,194 |  |  | 194,476 |  |  | 11.3 | % |  | 79,595 |  |  | 107,058 |  |  | 6.1 | %
Subtotal/total percentage |  | 1,778,888 |  |  | 1,727,943 |  |  | 100.0 | % |  | 1,792,740 |  |  | 1,749,161 |  |  | 100.0 | %
Short term investments(2) |  | 116,934 |  |  | 116,934 |  |  |  |  | 10,869 |  |  | 10,869 |  |  |
Total investments |  | $ | 1,895,822 |  |  | $ | 1,844,877 |  |  |  |  | $ | 1,803,609 |  |  | $ | 1,760,030 |  |  |
(1)Cost represents the original cost adjusted for the amortization of premiums and/or accretion of discounts, as applicable, for debt investments and cost for equity investments. (2)Short term investments represent an investment in a fund that invests in highly liquid investments with average original maturity dates of three months or less. The following tables show the composition of the Company’s investment portfolio by industry classification and geographic dispersion, and the percentage, by fair value, of the total investment portfolio assets in such industries and geographies as of September 30, 2023 and December 31, 2022:
|  | September 30, 2023 |  | December 31, 2022
Industry Classification |  | Investments at Fair Value |  | Percentage of Investment Portfolio |  | Investments at Fair Value |  | Percentage of Investment Portfolio
Services: Business |  | $ | 292,366 |  |  | 16.8 | % |  | $ | 336,055 |  |  | 19.2 | %
Healthcare & Pharmaceuticals |  | 233,292 |  |  | 13.5 | % |  | 237,082 |  |  | 13.6 | %
Media: Diversified & Production |  | 124,271 |  |  | 7.2 | % |  | 134,927 |  |  | 7.7 | %
Media: Advertising, Printing & Publishing |  | 113,476 |  |  | 6.6 | % |  | 105,375 |  |  | 6.0 | %
Construction & Building |  | 109,283 |  |  | 6.3 | % |  | 46,007 |  |  | 2.6 | %
Services: Consumer |  | 105,805 |  |  | 6.1 | % |  | 115,849 |  |  | 6.6 | %
Retail |  | 101,301 |  |  | 5.9 | % |  | 74,718 |  |  | 4.3 | %
Chemicals, Plastics & Rubber |  | 82,501 |  |  | 4.8 | % |  | 66,753 |  |  | 3.8 | %
Diversified Financials |  | 81,093 |  |  | 4.7 | % |  | 99,819 |  |  | 5.7 | %
Energy: Oil & Gas |  | 73,837 |  |  | 4.3 | % |  | 68,756 |  |  | 3.9 | %
Consumer Goods: Durable |  | 59,890 |  |  | 3.5 | % |  | 60,735 |  |  | 3.5 | %
Beverage, Food & Tobacco |  | 52,414 |  |  | 3.0 | % |  | 45,396 |  |  | 2.6 | %
Capital Equipment |  | 48,142 |  |  | 2.8 | % |  | 41,580 |  |  | 2.4 | %
Consumer Goods: Non-Durable |  | 43,089 |  |  | 2.5 | % |  | 47,886 |  |  | 2.8 | %
Banking, Finance, Insurance & Real Estate |  | 38,125 |  |  | 2.2 | % |  | 43,836 |  |  | 2.5 | %
High Tech Industries |  | 33,762 |  |  | 2.0 | % |  | 56,501 |  |  | 3.2 | %
Hotel, Gaming & Leisure |  | 27,158 |  |  | 1.6 | % |  | 46,739 |  |  | 2.7 | %
Containers, Packaging & Glass |  | 19,404 |  |  | 1.1 | % |  | 19,551 |  |  | 1.1 | %
Telecommunications |  | 18,311 |  |  | 1.1 | % |  | 18,302 |  |  | 1.1 | %
Metals & Mining |  | 15,733 |  |  | 0.9 | % |  | 15,780 |  |  | 0.9 | %
Environmental Industries |  | 15,375 |  |  | 0.9 | % |  | — |  |  | — |
Automotive |  | 14,471 |  |  | 0.8 | % |  | 16,255 |  |  | 0.9 | %
Aerospace & Defense |  | 12,681 |  |  | 0.7 | % |  | 38,842 |  |  | 2.2 | %
Transportation: Cargo |  | 12,163 |  |  | 0.7 | % |  | 12,417 |  |  | 0.7 | %
Subtotal/total percentage |  | 1,727,943 |  |  | 100.0 | % |  | 1,749,161 |  |  | 100.0 | %
Short term investments |  | 116,934 |  |  |  |  | 10,869 |  |  |
Total investments |  | $ | 1,844,877 |  |  |  |  | $ | 1,760,030 |  |  |
|  | September 30, 2023 |  | December 31, 2022
Geographic Dispersion(1) |  | Investments at Fair Value |  | Percentage of Investment Portfolio |  | Investments at Fair Value |  | Percentage of Investment Portfolio
United States |  | $ | 1,711,830 |  |  | 99.1 | % |  | $ | 1,739,866 |  |  | 99.5 | %
Canada |  | 13,950 |  |  | 0.8 | % |  | 7,452 |  |  | 0.4 | %
Cayman Islands |  | 1,224 |  |  | 0.1 | % |  | 1,179 |  |  | 0.1 | %
Bermuda |  | 939 |  |  | — |  |  | 664 |  |  | — |
Subtotal/total percentage |  | 1,727,943 |  |  | 100.0 | % |  | 1,749,161 |  |  | 100.0 | %
Short term investments |  | 116,934 |  |  |  |  | 10,869 |  |  |
Total investments |  | $ | 1,844,877 |  |  |  |  | $ | 1,760,030 |  |  |
(1)The geographic dispersion is determined by the portfolio company's country of domicile. As of September 30, 2023 and December 31, 2022, investments on non-accrual status represented 1.0% and 1.3%, respectively, of the Company's investment portfolio on a fair value basis. The Company’s investment portfolio may contain senior secured investments that are in the form of lines of credit, delayed draw term loans, revolving credit facilities, or unfunded commitments, which may require the Company to provide funding when requested in accordance with the terms of the underlying agreements. As of September 30, 2023 and December 31, 2022, the Company’s unfunded commitments amounted to $59,170 and $71,420, respectively. As of November 3, 2023, the Company’s unfunded commitments amounted to $57,644. Since these commitments may expire without being drawn upon, unfunded commitments do not necessarily represent future cash requirements or future earning assets for the Company. Refer to Note 11 for further details on the Company’s unfunded commitments.

X
- Definition The entire disclosure for investments owned by investment company. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-12(Column A)(Footnote 1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-12(Column C)(Footnote 8)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-12B(Column C)(Footnote 11)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column F)(Footnote 5)(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-12B(Column A)(Footnote 8)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//946-320/tableOfContent + Details
Name: | us-gaap_InvestmentHoldingsScheduleOfInvestmentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration