Investments

12 Months Ended

Dec. 31, 2023

5. Investments

Under the 1940 Act, the Company is required to separately identify

non-controlled

investments where it owns 5% or more of a portfolio company’s outstanding voting securities and/or had the power to exercise control over the management or policies of such portfolio company as investments in “affiliated” companies. In addition, under the 1940 Act, the Company is required to separately identify investments where it owns more than 25% of a portfolio company’s outstanding voting securities and/or had the power to exercise control over the management or policies of such portfolio company as investments in “controlled” companies. Under the 1940 Act,

“non-affiliated

investments” are defined as investments that are neither controlled investments nor affiliated investments. Detailed information with respect to the Company’s

non-controlled,

non-affiliated;

non-controlled,

affiliated; and controlled affiliated investments is contained in the consolidated financial statements, including the Consolidated Schedule of Investments. The information in the tables below is presented on an aggregate portfolio basis, without regard to whether they are

non-controlled,

non-affiliated;

non-controlled,

affiliated; or controlled affiliated investments.

Investments at fair value and cost consisted of the following as of December 31, 2023 and December 31, 2022:


	December 31, 2023				December 31, 2022
(Amounts in thousands)	Cost		Fair Value		Cost		Fair Value
First Lien Senior Secured	$	97,624	$	95,381	$	143,434	$	132,532
Second Lien Senior Secured		2,875		2,878		23,905		11,715
Senior Unsecured		42,712		40,061		28,502		25,562
Corporate Bonds		28,255		28,658		28,146		27,743
Common Stocks		359		263		—		—
Warrants		2,491		2,181		—		—
Short-Term Investments		46,543		46,553		32,640		32,650

Total investments	$	220,859	$	215,975	$	256,627	$	230,202

The industry composition of investments as a percentage of total investments based on fair value as of December 31, 2023 and December 31, 2022 was as follows:


	December 31, 2023			December 31, 2022
Automotive		13.3	%		12.1	%
Aviation Services		—			0.5	%
Broadcasting		—			2.9	%
Brokerage		—			2.9	%
Building Materials		—			1.9	%
Consumer Services		14.8	%		11.1	%
Diversified Manufacturing		1.1	%		—
Entertainment		6.9	%		7.5	%
Financial Other		1.2	%		—
Food and Beverage		—			2.6	%
Gaming		—			1.9	%
Healthcare		0.6	%		3.1	%
Insurance Life		4.3	%		—
Packaging		2.1	%		2.9	%
Pharmaceuticals		1.0	%		2.0	%
Retailers		3.2	%		11.5	%
Technology		21.2	%		20.0	%
Treasury Bills		21.5	%		14.2	%
IT Services		5.6	%		—
Wireless		3.2	%		2.9	%

Total		100.0	%		100.0	%

As of December 31, 2023 and December 31, 2022, 100.0% of investments held were based in the United States.

PIMCO Capital Solutions BDC Corp. 10-K