v3.25.2
Investment Portfolio
 6 Months Ended
Jun. 30, 2025
Investment Company [Abstract]  
Investment Portfolio Investment Portfolio
The following table summarizes the composition of the Company’s investment portfolio at cost and fair value as of June 30, 2025 and December 31, 2024:
 June 30, 2025
(Unaudited)December 31, 2024
 
Amortized
Cost(1)
Fair ValuePercentage
of Portfolio
Amortized
Cost(1)
Fair ValuePercentage
of Portfolio
Senior Secured Loans—First Lien$8,397 $8,055 59.0 %$7,995 $7,795 57.8 %
Senior Secured Loans—Second Lien692 673 4.9 %690 693 5.1 %
Other Senior Secured Debt33 30 0.2 %130 123 0.9 %
Subordinated Debt207 225 1.6 %214 233 1.7 %
Asset Based Finance2,119 2,000 14.7 %2,232 2,102 15.6 %
Credit Opportunities Partners JV, LLC1,869 1,632 12.0 %1,572 1,363 10.1 %
Equity/Other1,054 1,033 7.6 %1,211 1,181 8.8 %
Total$14,371 $13,648 100.0 %$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.
In general, under the 1940 Act, the Company would be presumed to “control” a portfolio company if it owned more than 25% of its voting securities or it had the power to exercise control over the management or policies of such portfolio company, and would be an “affiliated person” of a portfolio company if it owned 5% or more of its voting securities.
As of June 30, 2025, the Company held investments in thirty-two portfolio companies of which it is deemed to “control.” As of June 30, 2025, the Company held investments in eleven portfolio companies of which it is deemed to be an “affiliated person” but is not deemed to “control.” For additional information with respect to such portfolio companies, see footnotes (ac) and (ad) to the unaudited consolidated schedule of investments as of June 30, 2025 in this quarterly report on Form 10-Q.
As of December 31, 2024, the Company held investments in thirty-one portfolio companies of which it is deemed to “control.” As of December 31, 2024, the Company held investments in eleven portfolio companies of which it is deemed to be an “affiliated person” but is not deemed to “control.” For additional information with respect to such portfolio companies, see footnotes (ac) and (ad) to the consolidated schedule of investments as of December 31, 2024 in this quarterly report on Form 10-Q.
The Company’s investment portfolio may contain loans and other unfunded arrangements that are in the form of lines of credit, revolving credit facilities, delayed draw credit facilities or other investments, which require the Company to provide funding when requested by portfolio companies in accordance with the terms of the underlying agreements. As of June 30, 2025, the Company had unfunded debt investments with aggregate unfunded commitments of $1,730.1, unfunded equity/other commitments of $369.7 and unfunded commitments of $577.5 to Credit Opportunities Partners JV, LLC, or COPJV. As of December 31, 2024, the Company had unfunded debt investments with aggregate unfunded commitments of $1,534.1, unfunded equity/other commitments of $387.1 and unfunded commitments of $735.2 to COPJV. The Company maintains sufficient cash on hand and available borrowings to fund such unfunded commitments should the need arise. For additional details regarding the Company’s unfunded debt investments, see the Company’s unaudited consolidated schedule of investments as of June 30, 2025 and the Company’s audited consolidated schedule of investments as of December 31, 2024.
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 June 30, 2025 and December 31, 2024:
June 30, 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 Goods1,658 12.1 %1,712 12.7 %
Commercial & Professional Services1,741 12.8 %1,733 12.8 %
Consumer Discretionary Distribution & Retail94 0.7 %174 1.3 %
Consumer Durables & Apparel279 2.0 %229 1.7 %
Consumer Services323 2.4 %244 1.8 %
Consumer Staples Distribution & Retail98 0.7 %102 0.8 %
Credit Opportunities Partners JV, LLC1,632 12.0 %1,363 10.1 %
Energy33 0.2 %89 0.7 %
Equity Real Estate Investment Trusts (REITs)266 1.9 %278 2.1 %
Financial Services936 6.9 %998 7.4 %
Food, Beverage & Tobacco114 0.8 %113 0.8 %
Health Care Equipment & Services1,611 11.8 %1,667 12.4 %
Household & Personal Products119 0.9 %134 1.0 %
Insurance679 5.0 %735 5.4 %
Materials306 2.2 %334 2.5 %
Media & Entertainment612 4.5 %699 5.2 %
Pharmaceuticals, Biotechnology & Life Sciences381 2.8 %298 2.2 %
Real Estate Management & Development13 0.1 %27 0.2 %
Software & Services2,331 17.1 %2,187 16.2 %
Technology Hardware & Equipment2 0.0 %2 0.0 %
Telecommunication Services65 0.5 %69 0.5 %
Transportation351 2.6 %294 2.2 %
Total $13,648 100.0 %$13,490 100.0 %
Credit Opportunities Partners JV, LLC
COPJV is a joint venture between the Company and South Carolina Retirement Systems Group Trust, or SCRS. COPJV’s second amended and restated limited liability company agreement, or the COPJV Agreement, requires the Company and SCRS to provide capital to COPJV of up to $2,800 in the aggregate where the Company and SCRS would provide 87.5% and 12.5%, respectively, of the committed capital. Pursuant to the terms of the COPJV Agreement, the Company and SCRS each have 50% voting control of COPJV and are required to agree on all investment decisions as well as certain other significant actions for COPJV. COPJV invests its capital in a range of investments, including senior secured loans (both first lien and second lien) to middle market companies, broadly syndicated loans, equity, warrants and other investments. As of June 30, 2025, the Company and SCRS have funded approximately $2,140.0 to COPJV, of which $1,872.5 was from the Company.
During the six months ended June 30, 2025, the Company sold investments with a cost of $836.6 for proceeds of $850.5 to COPJV and recognized a net realized gain (loss) of $13.9 in connection with the transactions. As of June 30, 2025, $355.4 of these sales to COPJV are included in the Company’s receivable for investments sold in the consolidated statements of assets and liabilities. As administrative agent of COPJV, the Company performs certain day-to-day management responsibilities on behalf of COPJV and is entitled to a fee of 0.25% of COPJV’s assets under administration, calculated and payable quarterly in arrears. For the six months ended June 30, 2025 and 2024, the Company earned $5.1 and $4.7 of administrative services fees, respectively.
Below is selected balance sheet information for COPJV as of June 30, 2025 and December 31, 2024:
As of
June 30, 2025
(Unaudited)
December 31, 2024
Selected Balance Sheet Information
Total investments, at fair value$4,206.9 $3,295.5 
Cash and other assets365.1 363.8 
Total assets4,572.0 3,659.3 
Debt2,251.5 1,828.6 
Other liabilities455.3 272.6 
Total liabilities2,706.8 2,101.2 
Member’s equity$1,865.2 $1,558.1 
Below is selected statement of operations information for COPJV for the three and six months ended June 30, 2025 and 2024:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Selected Statement of Operations Information
Total investment income$109.0 $90.2 $191.2 $180.8 
Expenses
Interest expense35.1 29.9 63.4 62.3 
Custodian and accounting fees0.3 0.4 0.7 0.8 
Administrative services2.8 2.3 5.1 4.7 
Professional services0.1 0.2 0.2 0.3 
Other1.6 0.4 1.8 0.6 
Total expenses39.9 33.2 71.2 68.7 
Net investment income69.1 57.0 120.0 112.1 
Net realized and unrealized gain (loss)(34.2)(0.6)(33.1)(3.2)
Net increase in net assets resulting from operations$34.9 $56.4 $86.9 $108.9