XML 32 R13.htm IDEA: XBRL DOCUMENT v3.22.2.2
Investments
 12 Months Ended
Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]  
Investments
Note 4. Investments

Investments as of September 30, 2022 and September 30, 2021 consisted of the following:
As of September 30, 2022As of September 30, 2021
  PrincipalAmortized
Cost		Fair
Value		PrincipalAmortized
Cost		Fair
Value
Senior secured$519,188 $518,216 $472,873 $816,316 $803,520 $784,805 
One stop4,801,600 4,786,118 4,668,609 3,936,606 3,913,331 3,882,314 
Second lien25,801 29,337 23,240 42,571 41,946 41,857 
Subordinated debt3,869 3,814 3,815 172 171 172 
EquityN/A232,119 277,819 N/A136,429 185,738 
Total$5,350,458 $5,569,604 $5,446,356 $4,795,665 $4,895,397 $4,894,886 
The following tables show the portfolio composition by geographic region at amortized cost and fair value as a percentage of total investments in portfolio companies. The geographic composition is determined by the location of the corporate headquarters of the portfolio company, which is not always indicative of the primary source of the portfolio company’s business.
As of September 30, 2022As of September 30, 2021
Amortized Cost:        
United States        
Mid-Atlantic$872,311 15.7 %$836,031 17.1 %
Midwest1,043,468 18.7 963,963 19.7 
West985,463 17.7 914,227 18.7 
Southeast1,084,332 19.5 1,054,070 21.5 
Southwest461,627 8.3 319,831 6.5 
Northeast491,675 8.8 387,030 7.9 
Canada212,701 3.8 171,126 3.5 
United Kingdom263,815 4.7 187,664 3.8 
Australia17,177 0.3 3,291 0.1 
Luxembourg25,476 0.5 8,584 0.2 
Netherlands61,319 1.1 49,580 1.0 
Finland30,386 0.5 — — 
Sweden16,213 0.3 — — 
Israel508 0.0 *— — 
Denmark3,133 0.1 — — 
Total$5,569,604 100.0 %$4,895,397 100.0 %
Fair Value:        
United States        
Mid-Atlantic$843,796 15.5 %$824,447 16.8 %
Midwest1,024,529 18.8 964,658 19.7 
West980,751 18.0 922,289 18.8 
Southeast1,082,651 19.9 1,054,839 21.6 
Southwest459,971 8.4 318,892 6.5 
Northeast479,291 8.8 386,780 7.9 
Canada207,537 3.8 175,969 3.6 
United Kingdom225,308 4.2 185,591 3.8 
Australia16,248 0.3 3,333 0.1 
Luxembourg23,978 0.4 8,508 0.2 
Netherlands 53,140 1.0 49,580 1.0 
Finland29,813 0.5 — — 
Sweden15,709 0.3 — — 
Israel508 0.0 *— — 
Denmark3,126 0.1 — — 
Total$5,446,356 100.0 %$4,894,886 100.0 %
* Represents an amount less than 0.1%
The industry compositions of the portfolio at amortized cost and fair value as of September 30, 2022 and September 30, 2021 were as follows:
As of September 30, 2022As of September 30, 2021
Amortized Cost:        
Aerospace and Defense$65,825 1.2 %$114,075 2.3 %
Airlines961 0.0 *967 0.0 *
Auto Components41,487 0.7 32,334 0.7 
Automobiles262,821 4.7 139,501 2.9 
Beverages59,650 1.1 61,557 1.3 
Biotechnology1,769 0.0 *23,968 0.5 
Building Products17,764 0.3 9,395 0.2 
Chemicals87,657 1.6 64,363 1.3 
Commercial Services and Supplies137,435 2.5 98,529 2.0 
Communications Equipment11,414 0.2 11,382 0.2 
Construction & Engineering— — 49,060 1.0 
Consumer Finance— — 2,057 0.0 *
Containers and Packaging44,094 0.8 10,407 0.2 
Distributors5,942 0.1 6,189 0.1 
Diversified Consumer Services241,453 4.3 138,358 2.8 
Diversified Financial Services27,160 0.5 16,345 0.3 
Diversified Telecommunication Services1,609 0.0 *1,616 0.0 *
Electronic Equipment, Instruments and Components137,087 2.5 124,995 2.6 
Energy Equipment and Services4,700 0.1 4,388 0.1 
Food and Staples Retailing83,134 1.5 124,003 2.5 
Food Products135,841 2.4 112,773 2.3 
Healthcare Equipment and Supplies141,925 2.5 162,211 3.3 
Healthcare Providers and Services492,321 8.8 552,202 11.3 
Health Care Technology197,946 3.6 147,269 3.0 
Hotels, Restaurants and Leisure132,351 2.4 174,667 3.6 
Household Durables8,897 0.2 5,338 0.1 
Household Products5,473 0.1 5,199 0.1 
Industrial Conglomerates31,560 0.6 18,403 0.4 
Insurance232,074 4.2 232,137 4.7 
Internet and Catalog Retail61,193 1.1 30,836 0.6 
IT Services264,343 4.8 298,383 6.1 
Leisure Products11,797 0.2 11,869 0.2 
Life Sciences Tools & Services50,125 0.9 56,285 1.1 
Machinery34,594 0.6 32,374 0.7 
Marine18,813 0.3 16,729 0.3 
Media6,396 0.1 5,295 0.1 
Multiline Retail45,090 0.8 46,382 1.0 
Oil, Gas and Consumable Fuels92,234 1.7 92,993 1.9 
Paper and Forest Products10,579 0.2 8,970 0.2 
Personal Products36,654 0.7 37,019 0.8 
Pharmaceuticals154,608 2.8 106,859 2.2 
Professional Services116,650 2.1 104,427 2.1 
Real Estate Management and Development123,697 2.2 97,205 2.0 
Road and Rail35,801 0.6 37,012 0.8 
Software1,410,563 25.3 1,077,321 22.0 
Specialty Retail365,734 6.6 286,417 5.9 
Technology Hardware, Storage and Peripherals23,269 0.4 23,815 0.5 
Textiles, Apparel and Luxury Goods44,882 0.8 45,092 0.9 
Trading Companies and Distributors34,410 0.6 18,936 0.4 
Water Utilities17,822 0.3 17,490 0.4 
Total$5,569,604 100.0 %$4,895,397 100.0 %
* Represents an amount less than 0.1%.
As of September 30, 2022As of September 30, 2021
Fair Value:        
Aerospace and Defense$64,365 1.2 %$112,636 2.3 %
Airlines926 0.0 *936 0.0 *
Auto Components41,026 0.8 32,566 0.7 
Automobiles260,506 4.8 140,499 2.9 
Beverages57,804 1.1 60,868 1.2 
Biotechnology1,536 0.0 *25,439 0.5 
Building Products17,770 0.3 11,243 0.2 
Chemicals79,461 1.5 64,262 1.3 
Commercial Services and Supplies135,584 2.5 99,595 2.0 
Communications Equipment11,162 0.2 11,347 0.2 
Construction & Engineering— — 49,166 1.0 
Consumer Finance— — 2,627 0.1 
Containers and Packaging44,198 0.8 10,545 0.2 
Distributors5,941 0.1 6,089 0.1 
Diversified Consumer Services236,896 4.3 134,232 2.7 
Diversified Financial Services26,928 0.5 16,497 0.3 
Diversified Telecommunications Services1,628 0.0 *1,645 0.0 *
Electronic Equipment, Instruments and Components138,011 2.5 125,481 2.6 
Energy Equipment and Services1,740 0.0 *2,399 0.0 *
Food and Staples Retailing84,744 1.6 128,574 2.6 
Food Products136,802 2.5 119,568 2.4 
Healthcare Equipment and Supplies131,962 2.4 157,959 3.2 
Healthcare Providers and Services444,736 8.2 532,463 10.9 
Health Care Technology200,658 3.7 150,565 3.1 
Hotels, Restaurants and Leisure134,159 2.5 172,285 3.5 
Household Durables9,275 0.2 5,694 0.1 
Household Products5,265 0.1 5,140 0.1 
Industrial Conglomerates30,407 0.6 18,560 0.4 
Insurance226,158 4.2 234,529 4.8 
Internet and Catalog Retail61,299 1.1 31,127 0.6 
IT Services249,240 4.6 302,487 6.2 
Leisure Products13,478 0.2 12,575 0.3 
Life Sciences Tools & Services49,478 0.9 57,004 1.2 
Machinery31,750 0.6 29,377 0.6 
Marine18,399 0.3 16,877 0.3 
Media6,503 0.1 5,397 0.1 
Multiline Retail45,138 0.8 46,470 1.0 
Oil, Gas and Consumable Fuels90,054 1.7 92,720 1.9 
Paper and Forest Products10,640 0.2 8,921 0.2 
Personal Products33,869 0.6 33,727 0.7 
Pharmaceuticals150,263 2.8 108,458 2.2 
Professional Services116,622 2.1 106,898 2.2 
Real Estate Management and Development119,120 2.2 96,066 2.0 
Road and Rail35,742 0.7 36,751 0.8 
Software1,401,424 25.7 1,084,864 22.2 
Specialty Retail367,521 6.7 292,446 6.0 
Technology Hardware, Storage and Peripherals22,852 0.4 23,717 0.5 
Textiles, Apparel and Luxury Goods42,302 0.8 38,627 0.8 
Trading Companies and Distributors33,597 0.6 19,311 0.4 
Water Utilities17,417 0.3 17,657 0.4 
Total$5,446,356 100.0 %$4,894,886 100.0 %
* Represents an amount less than 0.1%.
Senior Loan Fund LLC:
Effective January 1, 2020, the Company purchased the remaining equity interests in SLF from RGA and consolidated SLF's assets and liabilities into the Company's financial statements and notes. Prior to January 1, 2020, the Company co-invested with RGA in senior secured loans through SLF, an unconsolidated Delaware LLC. SLF was capitalized as transactions were completed and all portfolio and investment decisions in respect of SLF were approved by the SLF investment committee consisting of two representatives of each of the Company and RGA (with unanimous approval required from (i) one representative of each of the Company and RGA or (ii) both representatives of each of the Company and RGA). SLF could have ceased making new investments upon notification of either member but operations would have continued until all investments were sold or paid-off in the normal course of business. Investments held by SLF were measured at fair value using the same valuation
methodologies as described in Note 6.

For each of the years ended September 30, 2022, 2021 and 2020, the Company did not receive dividend income from the LLC equity interests in SLF.

See below for certain summarized financial information for SLF for the years ended September 30, 2022, 2021 and 2020:

Year ended September 30,
202220212020
Selected Statement of Operations Information:
Interest income $— $— $2,800 
Fee income ———
Total investment income ——2,800
Interest and other debt financing expense——634
Administrative service fee ——61
Other expenses ——(15)
Total expenses ——680
Net investment income ——2,120
Net realized gain (loss) on investments ———
Net change in unrealized appreciation (depreciation) on investments ——(1,603)
Net increase (decrease) in members' equity$— $— $517 

GCIC Senior Loan Fund LLC:

Effective January 1, 2020, the Company purchased the remaining equity interests in GCIC SLF from Aurora and consolidated GCIC SLF's assets and liabilities into the Company's financial statements and notes. Following the acquisition of GCIC SLF in the Merger, the Company co-invested with Aurora, a wholly-owned subsidiary of RGA Reinsurance Company, in senior secured loans through GCIC SLF, an unconsolidated Delaware LLC. The Company acquired the investment in GCIC SLF through its acquisition of GCIC on September 16, 2019. GCIC SLF was capitalized as transactions were completed and all portfolio and investment decisions in respect of GCIC SLF were approved by the GCIC SLF investment committee consisting of two representatives of each of the Company and Aurora (with unanimous approval required from (i) one representative of each of the Company and Aurora or (ii) both representatives of each of the Company and Aurora). GCIC SLF could have ceased making new investments upon notification of either member but operations would have continued until all investments were sold or paid-off in the normal course of business. Investments held by GCIC SLF were measured at fair value by GCIC SLF using the same valuation methodologies as described in Note 6.
For the years ended September 30, 2022 and 2021, the Company did not receive dividend income from the LLC equity interests in GCIC SLF. For the year ended September 30, 2020, the Company received dividend income of $1,905 from the LLC equity interests in GCIC SLF.

See below for certain summarized financial information for GCIC SLF for the years ended September 30, 2022, 2021 and 2020:

Year ended September 30,
202220212020
Selected Statement of Operations Information:
Interest income$— $— $2,081 
Total investment income——2,081
Interest and other debt financing expense——512
Administrative service fee——45
Other expenses——(24)
Total expenses——533
Net investment income——1,548
Net change in unrealized appreciation (depreciation) on investments——(108)
Net increase (decrease) in members' equity$— $— $1,440