Annual report pursuant to Section 13 and 15(d)

Investments

v3.24.1
Investments
 12 Months Ended
Dec. 31, 2023
Schedule of Investments [Abstract]  
Investments Investments
The composition of the Company’s investment portfolio at cost and fair value was as follows:
December 31, 2023 December 31, 2022
Amortized Cost Fair Value % of Total
Investments at
Fair Value		 Amortized Cost Fair Value % of Total
Investments at
Fair Value
First lien debt $ 8,919,865  $ 9,002,695  96.93  % $ 5,755,124  $ 5,614,718  98.22  %
Second lien debt 64,782  67,087  0.72  47,764  45,248  0.79 
Unsecured debt 28,901  29,101  0.31  26,302  25,512  0.45 
Structured finance investments 28,427  29,868  0.32  28,929  28,737  0.50 
Investments in joint ventures 125,513  124,003  1.33  —  —  — 
Equity investments 36,313  36,656  0.39  2,067  2,306  0.04 
Total $ 9,203,801  $ 9,289,410  100.00  % $ 5,860,186  $ 5,716,521  100.00  %
The industry composition of investments at fair value was as follows:
December 31, 2023 December 31, 2022
Fair Value % of Total
Investments at
Fair Value		 Fair Value % of Total
Investments at
Fair Value
 Software and Computer Services $ 1,472,951  15.86  % $ 1,158,262  20.26  %
 Industrial Support Services 1,063,701  11.45  567,804  9.93 
 Health Care Providers 962,244  10.36  660,631  11.56 
 Medical Equipment and Services 802,273  8.64  210,831  3.69 
 Consumer Services 627,950  6.76  458,248  8.02 
 Media 605,503  6.52  505,035  8.83 
 Non-life Insurance 531,031  5.72  317,816  5.56 
 Aerospace and Defense 475,845  5.12  169,856  2.97 
 General Industrials 405,330  4.36  265,463  4.64 
 Travel and Leisure 332,032  3.57  159,763  2.79 
 Pharmaceuticals and Biotechnology 268,572  2.89  196,435  3.44 
 Industrial Engineering 254,138  2.74  186,373  3.26 
 Investment Banking and Brokerage Services 160,345  1.73  7,606  0.13 
 Food Producers 152,576  1.64  86,977  1.52 
 Investments in Joint Ventures 124,003  1.33  —  — 
 Personal Care, Drug and Grocery Stores 120,098  1.29  117,320  2.05 
 Retailers 113,500  1.22  20,322  0.36 
 Automobiles and Parts 112,957  1.22  118,440  2.07 
 Electricity 83,267  0.90  8,639  0.15 
 Personal Goods 76,471  0.82  70,050  1.23 
 Telecommunications Service Providers 70,997  0.76  71,695  1.25 
 Technology Hardware and Equipment 70,623  0.76  93,161  1.63 
 Finance and Credit Services 59,003  0.64  48,448  0.85 
 Construction and Materials 57,171  0.62  1,162  0.03 
 Oil, Gas and Coal 44,818  0.48  —  — 
 Gas, Water and Multi-utilities 43,604  0.47  43,242  0.76 
 Real Estate Investment and Services 39,500  0.43  44,822  0.78 
 Industrial Transportation 33,196  0.36  50,090  0.88 
 Structured Finance 29,868  0.32  28,737  0.50 
 Asset Based Lending and Fund Finance 21,341  0.23  —  — 
 Alternative Energy 16,743  0.18  —  — 
 Chemicals 15,157  0.16  6,960  0.12 
 Telecommunications Equipment 14,880  0.16  6,445  0.11 
 Industrial Metals and Mining 11,895  0.13  2,922  0.05 
 Household Goods and Home Construction 6,937  0.07  17,918  0.31 
 Life Insurance 5,884  0.06  5,628  0.10 
 Leisure Goods 1,991  0.02  8,498  0.15 
 Electronic and Electrical Equipment 1,015  0.01  922  0.02 
Total $ 9,289,410  100.00  % $ 5,716,521  100.00  %
The geographic composition of investments at cost and fair value was as follows:
December 31, 2023
Amortized Cost Fair Value % of Total
Investments at
Fair Value		 Fair Value
as % of Net
Assets
Australia $ 264,309  $ 266,377  2.87  % 5.14  %
Canada 78,148  77,962  0.84  1.50 
France 35,514  37,969  0.41  0.73 
Germany 68,533  71,499  0.77  1.38 
Italy 127,737  137,270  1.48  2.65 
Norway 24,920  24,957  0.27  0.48 
Singapore 31,713  32,862  0.35  0.63 
Spain 31,515  33,196  0.36  0.64 
Taiwan 46,557  40,359  0.43  0.78 
United Kingdom 426,120  444,188  4.78  8.57 
United States 8,068,735  8,122,771  87.44  156.65 
Total $ 9,203,801  $ 9,289,410  100.00  % 179.15  %
December 31, 2022
Amortized Cost Fair Value % of Total
Investments at
Fair Value		 Fair Value
as % of Net
Assets
Australia $ 271,143  $ 269,430  4.71  % 7.80  %
Canada 40,335  37,399  0.65  1.08 
France 24,513  25,139  0.44  0.73 
Italy 122,826  127,443  2.23  3.69 
Spain 31,337  29,958  0.52  0.87 
Taiwan 43,619  42,321  0.74  1.22 
United Kingdom 240,099  241,933  4.23  7.00 
United States 5,086,314  4,942,898  86.48  143.05 
Total $ 5,860,186  $ 5,716,521  100.00  % 165.44  %
As of December 31, 2023, there were three investments on non-accrual status which represented 0.33% of total debt investments, at fair value. As of December 31, 2022, there were zero investments in the portfolio on non-accrual status.
As of December 31, 2023 and 2022, on a fair value basis, 98.6% and 99.1%, respectively, of performing debt and other income producing investments bore interest at a floating rate and 1.4% and 0.9%, respectively, of performing debt and other income producing investments bore interest at a fixed rate.