Investments

3 Months Ended

Mar. 31, 2023

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 amortized cost consisted of the following as of March 31, 2023 and December 31, 2022:


	March 31, 2023				December 31, 2022
(Amounts in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
First lien senior secured debt	$	175,863	$	174,487	$	180,510	$	179,768
Sponsor subordinated note	16		18		16		17
Investment in affiliated funds	7,044		9,610		7,137		10,354
Total investments	$	182,923	$	184,115	$	187,663	$	190,139

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


	March 31, 2023		December 31, 2022
Aerospace and defense	1.2	%	1.1	%
Air freight and logistics	0.4	%	0.4	%
Auto components	1.8	%	1.7	%
Chemicals	4.2	%	4.0	%
Commercial services and supplies	5.6	%	5.4	%
Construction and engineering	1.9	%	1.8	%
Containers and packaging	2.6	%	2.6	%
Distributors	0.5	%	0.5	%
Diversified consumer services	5.6	%	7.5	%
Electrical equipment	0.7	%	0.7	%
Electronic equipment, instruments and components	1.5	%	1.4	%
Food and staples retailing	2.7	%	2.9	%
Food products	2.0	%	1.9	%
Gas utilities	0.8	%	0.8	%
Health care equipment and supplies	2.6	%	2.5	%
Health care providers and services	25.7	%	25.2	%
Health care technology	1.3	%	1.3	%
Household durables	1.5	%	1.5	%
Industrial Conglomerates	0.5	%	—	%
Internet and direct marketing retail	2.3	%	2.2	%
IT services	3.0	%	2.9	%
Leisure equipment and products	1.6	%	1.6	%
Leisure products	0.6	%	0.6	%
Life sciences tools and services	0.6	%	0.6	%
Machinery	2.0	%	1.9	%
Media	3.6	%	3.6	%
Metals and mining	1.3	%	1.2	%
Multisector holdings	5.2	%	5.5	%
Personal products	1.6	%	1.6	%
Pharmaceuticals	0.9	%	1.7	%
Professional services	0.4	%	0.4	%
Real estate management and development	1.6	%	1.5	%
Semiconductors and semiconductor equipment	0.4	%	0.4	%
Software	3.3	%	3.1	%
Specialty retail	3.1	%	3.0	%
Trading companies and distributors	4.8	%	4.4	%
Water utilities	0.7	%	0.6	%
Total	100.0	%	100.0	%

As of March 31, 2023, 99.1% of investments held were based in the United States and 0.9% were based in Canada. As of December 31, 2022, 99.2% of investments were based in the United States and 0.8% were based in Canada.

AG Twin Brook BDC, Inc. 10-Q