v3.25.1
Investment Portfolio (Tables)
 3 Months Ended
Mar. 31, 2025
Investment Company [Abstract]  
Schedule of Investments
The following table summarizes the composition of the Company’s investment portfolio at cost and fair value as of March 31, 2025 and December 31, 2024:
 March 31, 2025
(Unaudited)December 31, 2024
 
Amortized
Cost(1)
Fair ValuePercentage
of Portfolio
Amortized
Cost(1)
Fair ValuePercentage
of Portfolio
Senior Secured Loans—First Lien$8,408 $8,206 58.1 %$7,995 $7,795 57.8 %
Senior Secured Loans—Second Lien692 683 4.8 %690 693 5.1 %
Other Senior Secured Debt68 62 0.4 %130 123 0.9 %
Subordinated Debt207 242 1.7 %214 233 1.7 %
Asset Based Finance2,299 2,170 15.4 %2,232 2,102 15.6 %
Credit Opportunities Partners JV, LLC1,869 1,661 11.8 %1,572 1,363 10.1 %
Equity/Other1,147 1,098 7.8 %1,211 1,181 8.8 %
Total$14,690 $14,122 100.0 %$14,044 $13,490 100.0 %
________________
(1)Amortized cost represents the original cost adjusted for the amortization of premiums and/or accretion of discounts and PIK interest or dividends, as applicable, on investments.
The table below describes investments by industry classification and enumerates the percentage, by fair value, of the total portfolio assets in such industries as of March 31, 2025 and December 31, 2024:
March 31, 2025
(Unaudited)December 31, 2024
Industry Classification(1)
Fair
Value		Percentage  of
Portfolio		Fair
Value		Percentage  of
Portfolio
Automobiles & Components$4 0.0 %$4 0.0 %
Banks— — 5 0.0 %
Capital Goods1,781 12.6 %1,712 12.7 %
Commercial & Professional Services1,766 12.5 %1,733 12.8 %
Consumer Discretionary Distribution & Retail136 1.0 %174 1.3 %
Consumer Durables & Apparel284 2.0 %229 1.7 %
Consumer Services255 1.8 %244 1.8 %
Consumer Staples Distribution & Retail101 0.7 %102 0.8 %
Credit Opportunities Partners JV, LLC1,661 11.8 %1,363 10.1 %
Energy81 0.6 %89 0.7 %
Equity Real Estate Investment Trusts (REITs)238 1.7 %278 2.1 %
Financial Services1,093 7.7 %998 7.4 %
Food, Beverage & Tobacco135 0.9 %113 0.8 %
Health Care Equipment & Services1,652 11.7 %1,667 12.4 %
Household & Personal Products131 0.9 %134 1.0 %
Insurance716 5.1 %735 5.4 %
Materials284 2.0 %334 2.5 %
Media & Entertainment673 4.8 %699 5.2 %
Pharmaceuticals, Biotechnology & Life Sciences322 2.3 %298 2.2 %
Real Estate Management & Development53 0.4 %27 0.2 %
Software & Services2,296 16.2 %2,187 16.2 %
Technology Hardware & Equipment2 0.0 %2 0.0 %
Telecommunication Services67 0.5 %69 0.5 %
Transportation391 2.8 %294 2.2 %
Total $14,122 100.0 %$13,490 100.0 %
Schedule of Nonconsolidated Subsidiary Portfolio
Below is selected balance sheet information for COPJV as of March 31, 2025 and December 31, 2024:
As of
March 31, 2025
(Unaudited)
December 31, 2024
Selected Balance Sheet Information
Total investments, at fair value$3,791.8 $3,295.5 
Cash and other assets443.5 363.8 
Total assets4,235.3 3,659.3 
Debt2,187.8 1,828.6 
Other liabilities149.2 272.6 
Total liabilities2,337.0 2,101.2 
Member’s equity$1,898.3 $1,558.1 
Below is selected statement of operations information for COPJV for the three months ended March 31, 2025 and 2024:
Three Months Ended March 31,
20252024
Selected Statement of Operations Information
Total investment income$82.2 $90.6 
Expenses
Interest expense28.3 32.4 
Custodian and accounting fees0.4 0.4 
Administrative services2.3 2.4 
Professional services0.1 0.1 
Other0.2 0.2 
Total expenses31.3 35.5 
Net investment income50.9 55.1 
Net realized and unrealized gain (loss)1.1 (2.6)
Net increase in net assets resulting from operations$52.0 $52.5