v3.25.2
Investment Portfolio (Tables)
 6 Months Ended
Jun. 30, 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 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.
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 %
Schedule of Nonconsolidated Subsidiary Portfolio
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