Investments |
InvestmentsThe composition of the Company’s investment portfolio at cost and fair value was as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2022 | | December 31, 2021 | | Cost | | Fair Value | | % of Total Investments at Fair Value | | Cost | | Fair Value | | % of Total Investments at Fair Value | First lien debt | $ | 9,524,640 | | | $ | 9,468,536 | | | 97.90 | % | | $ | 9,563,051 | | | $ | 9,621,939 | | | 97.63 | % | Second lien debt | 70,632 | | | 66,313 | | | 0.69 | | | 62,445 | | | 63,175 | | | 0.64 | | Equity investments | 110,065 | | | 137,267 | | | 1.41 | | | 119,630 | | | 170,265 | | | 1.73 | | Total | $ | 9,705,337 | | | $ | 9,672,116 | | | 100.00 | % | | $ | 9,745,126 | | | $ | 9,855,379 | | | 100.00 | % |
The industry composition of investments at fair value was as follows:
| | | | | | | | | | | | | September 30, 2022 | | December 31, 2021 | Aerospace & Defense | 4.83 | % | | 5.02 | % | Air Freight & Logistics | 5.36 | | | 5.30 | | Building Products | 3.45 | | | 4.06 | | Chemicals | — | | | 1.12 | | Commercial Services & Supplies | 7.67 | | | 6.75 | | Construction & Engineering | 0.43 | | | 0.30 | | Containers & Packaging | 0.20 | | | 0.19 | | Distributors | 5.03 | | | 4.52 | | Diversified Consumer Services | 3.48 | | | 3.53 | | Diversified Financial Services | 1.36 | | | 1.37 | | Diversified Telecommunication Services | 1.04 | | | 0.93 | | Electrical Equipment | 1.83 | | | 2.68 | | Electronic Equipment, Instruments & Components | 1.07 | | | 1.10 | | Electric Utilities | 0.33 | | | 0.32 | | Energy Equipment & Services | 0.67 | | | 0.66 | | Health Care Equipment & Supplies | 0.52 | | | 0.51 | | Health Care Providers & Services | 11.56 | | | 13.97 | | Health Care Technology | 3.64 | | | 3.37 | | Industrial Conglomerates | 0.10 | | | 0.10 | | Insurance | 7.97 | | | 6.87 | | Interactive Media & Services | — | | | 0.48 | | Internet & Direct Marketing Retail | 3.31 | | | 3.29 | | IT Services | 2.88 | | | 2.68 | | Machinery | 0.04 | | | 0.03 | | Marine | 0.26 | | | 0.25 | | Oil, Gas & Consumable Fuels | 1.54 | | | 1.53 | | Paper & Forest Products | 0.07 | | | 0.06 | | Professional Services | 8.03 | | | 7.91 | | Real Estate Management & Development | 1.43 | | | 1.28 | | Road & Rail | 0.17 | | | 0.26 | | Software | 14.58 | | | 13.22 | | Specialty Retail | 1.76 | | | 1.70 | | Technology Hardware, Storage & Peripherals | 0.84 | | | 0.86 | | Trading Companies & Distributors | 1.04 | | | 0.96 | | Transportation Infrastructure | 3.51 | | | 2.82 | | Total | 100.00 | % | | 100.00 | % |
The geographic composition of investments at cost and fair value was as follows: | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2022 | | Cost | | Fair Value | | % of Total Investments at Fair Value | | Fair Value as % of Net Assets | United States | $ | 8,946,267 | | | $ | 8,939,765 | | | 92.43 | % | | 214.45 | % | Canada | 549,455 | | | 542,464 | | | 5.61 | | | 13.00 | | Europe | 209,615 | | | 189,887 | | | 1.96 | | | 4.55 | | Total | $ | 9,705,337 | | | $ | 9,672,116 | | | 100.00 | % | | 232.00 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2021 | | Cost | | Fair Value | | % of Total Investments at Fair Value | | Fair Value as % of Net Assets | United States | $ | 9,214,101 | | | $ | 9,311,386 | | | 94.48 | % | | 209.36 | % | Canada | 481,348 | | | 494,037 | | | 5.01 | | | 11.11 | | Europe | 49,677 | | | 49,956 | | | 0.51 | | | 1.12 | | Total | $ | 9,745,126 | | | $ | 9,855,379 | | | 100.00 | % | | 221.59 | % |
As of September 30, 2022 and December 31, 2021, no loans in the portfolio were on non-accrual status.
As of September 30, 2022 and December 31, 2021, on a fair value basis, approximately 99.9% and 99.9%, respectively, of our performing debt investments bore interest at a floating rate and approximately 0.1% and 0.1%, respectively, of our performing debt investments bore interest at a fixed rate.
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