Investments

9 Months Ended

Sep. 30, 2024

Investments [Abstract]

Investments

Note 4. Investments

The following table presents the composition of the Company’s investment portfolio at amortized cost and fair value as of September 30, 2024 and December 31, 2023:

	September 30, 2024				December 31, 2023
	Amortized		Fair		Amortized		Fair
	Cost		Value		Cost		Value
First-lien senior secured debt	$	1,241,680,207	$	1,209,941,742	$	984,089,538	$	952,100,626
Second-lien senior secured debt		93,514,409		85,944,690		67,449,770		55,989,218
Corporate Bonds		4,755,828		4,304,353		4,495,104		4,239,975
CLO Mezzanine		32,144,649		32,060,228		14,859,567		13,764,620
CLO Equity		15,176,001		10,944,702		24,478,438		18,953,309
Equity		1,258,194		1,258,157		—		—
Short-term investments		45,347,272		45,347,272		63,763,005		63,763,005
Total Investments	$	1,433,876,560	$	1,389,801,144	$	1,159,135,422	$	1,108,810,753

As of September 30, 2024, approximately 16.3% of the long-term investment portfolio at amortized cost and 16.4% of the long-term investment portfolio measured at fair value, respectively, were invested in non-qualifying assets. As of December 31, 2023, approximately 14.2% of the long-term investment portfolio at amortized cost and 14.1% of the long-term investment portfolio measured at fair value, respectively, were invested in non-qualifying assets. With respect to the Company’s total assets, 15.6% and 13.2% of the Company’s total assets were in non-qualifying assets as defined by Section 55(a) of the 1940 Act as of September 30, 2024 and December 31, 2023, respectively.

The industry composition of investments based on fair value, as a percentage of total investments at fair value, as of September 30, 2024 and December 31, 2023 was as follows:

	September 30, 2024			December 31, 2023
Software		13.1	%		14.0	%
Healthcare Providers and Services		9.7	%		9.3	%
Professional Services		7.6	%		7.2	%
IT Services		6.4	%		6.7	%
Insurance		5.6	%		5.9	%
Diversified Financial Services		4.6	%		4.2	%
Chemicals		4.4	%		2.9	%
Independent Power and Renewable Electricity Producers		4.0	%		3.4	%
Hotels, Restaurants and Leisure		3.9	%		4.2	%
Short-Term Investments		3.3	%		5.8	%
Media		3.1	%		3.7	%
Diversified Consumer Services		2.6	%		1.6	%
Construction and Engineering		2.5	%		2.6	%
Structured Note		2.3	%		1.2	%
Auto Components		2.2	%		1.7	%
Food Products		2.1	%		2.0	%
Internet Software and Services		1.9	%		1.4	%
Building Products		1.9	%		2.9	%
Machinery		1.8	%		1.6	%
Electronic Equipment, Instruments and Components		1.5	%		1.5	%
Containers and Packaging		1.5	%		1.7	%
Diversified Telecommunication Services		1.4	%		0.8	%
Metals and Mining		1.3	%		1.2	%
Energy Equipment and Services		1.2	%		1.4	%
Real Estate Management and Development		1.0	%		0.6	%
Oil, Gas and Consumable Fuels		0.9	%		0.9	%
Commercial Services and Supplies		0.8	%		1.3	%
Aerospace and Defense		0.8	%		1.2	%
Structured Subordinated Note		0.8	%		1.7	%
Electrical Equipment		0.7	%		0.5	%
Wireless Telecommunication Services		0.7	%		0.6	%
Healthcare Equipment and Supplies		0.6	%		0.8	%
Road and Rail		0.6	%		0.5	%
Pharmaceuticals		0.6	%		0.6	%
Electric Utilities		0.6	%		—
Industrial Conglomerates		0.6	%		0.4	%
Household Durables		0.5	%		0.4	%
Specialty Retail		0.5	%		0.6	%
Airlines		0.4	%		—
Healthcare Techology		—			1.0	%
Total		100.0	%		100.0	%