v3.26.1
Investment Portfolio
 3 Months Ended
Mar. 31, 2026
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 March 31, 2026 and December 31, 2025:
 March 31, 2026
(Unaudited)December 31, 2025
 
Amortized
Cost(1)
Fair ValuePercentage
of Portfolio
Amortized
Cost(1)
Fair ValuePercentage
of Portfolio
Senior Secured Loans—First Lien$7,746 $7,310 59.6 %$7,819 $7,523 57.8 %
Senior Secured Loans—Second Lien593 459 3.8 %598 539 4.2 %
Other Senior Secured Debt65 36 0.3 %65 55 0.4 %
Subordinated Debt100 99 0.8 %122 126 1.0 %
Asset Based Finance1,826 1,660 13.5 %1,831 1,694 13.0 %
Credit Opportunities Partners JV, LLC1,984 1,707 13.9 %2,202 1,968 15.1 %
Equity/Other1,064 998 8.1 %1,104 1,104 8.5 %
Total$13,378 $12,269 100.0 %$13,741 $13,009 100.0 %
________________
(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 March 31, 2026, the Company held investments in thirty-seven portfolio companies of which it is deemed to “control.” As of March 31, 2026, the Company held investments in nine 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 March 31, 2026 in this quarterly report on Form 10-Q.
As of December 31, 2025, the Company held investments in thirty-four portfolio companies of which it is deemed to “control.” As of December 31, 2025, the Company held investments in ten 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, 2025 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 March 31, 2026, the Company had unfunded debt investments with aggregate unfunded commitments of $1,326.0, unfunded equity/other commitments of $87.2 and unfunded commitments of $434.0 to Credit Opportunities Partners JV, LLC, or COPJV. As of December 31, 2025, the Company had unfunded debt investments with aggregate unfunded commitments of $1,447.4, unfunded equity/other commitments of $87.5 and unfunded commitments of $245.0 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 March 31, 2026 and the Company’s audited consolidated schedule of investments as of December 31, 2025.
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, 2026 and December 31, 2025:
March 31, 2026
(Unaudited)December 31, 2025
Industry Classification(1)
Fair
Value
Percentage of
Portfolio
Fair
Value
Percentage of
Portfolio
Capital Goods$1,455 11.9 %$1,542 11.9 %
Commercial & Professional Services1,563 12.7 %1,726 13.3 %
Consumer Discretionary Distribution & Retail54 0.4 %60 0.5 %
Consumer Durables & Apparel315 2.6 %306 2.4 %
Consumer Services269 2.2 %263 2.0 %
Consumer Staples Distribution & Retail102 0.8 %99 0.8 %
Credit Opportunities Partners JV, LLC1,707 13.9 %1,968 15.1 %
Energy2 0.0 %24 0.2 %
Equity Real Estate Investment Trusts (REITs)251 2.0 %264 2.0 %
Financial Services819 6.7 %836 6.4 %
Food, Beverage & Tobacco55 0.4 %56 0.4 %
Health Care Equipment & Services1,572 12.8 %1,668 12.8 %
Household & Personal Products111 0.9 %112 0.9 %
Insurance548 4.5 %547 4.2 %
Materials321 2.6 %276 2.1 %
Media & Entertainment462 3.8 %508 3.9 %
Pharmaceuticals, Biotechnology & Life Sciences253 2.1 %217 1.7 %
Real Estate Management & Development— — 1 0.0 %
Software & Services2,010 16.4 %2,134 16.4 %
Technology Hardware & Equipment2 0.0 %2 0.0 %
Telecommunication Services104 0.9 %109 0.8 %
Transportation294 2.4 %291 2.2 %
Total $12,269 100.0 %$13,009 100.0 %
Credit Opportunities Partners JV, LLC
COPJV is a joint venture between the Company and South Carolina Retirement Systems Group Trust, or SCRS. Pursuant to the terms of the second amended and restated limited liability company agreement, as amended, or 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. On February 23, 2026, the Company sold $189 of its equity interests in COPJV to SCRS. In connection therewith, SCRS increased its capital commitment by a net amount of $175. Giving effect to the transaction, COPJV had total capital commitments of $2,975, $2,450 of which was from the Company and the remaining $525 of which was from SCRS. Based on current funded capital, SCRS’ ownership percentage of COPJV is approximately 21% and the Company’s ownership percentage is approximately 79%. As of March 31, 2026, the Company and SCRS have funded $2,520.0 to COPJV, of which $2,016.0 was from the Company.
During the three months ended March 31, 2026 and year ended December 31, 2025, the Company sold investments with a cost of $0.0 for proceeds of $0.0 to COPJV and recognized a net realized gain (loss) of $0.0, and sold investments with a cost of $1,805.4 for proceeds of $1,829.2 to COPJV and recognized a net realized gain (loss) of $23.8, respectively, in connection with the transactions. As of March 31, 2026, $180.1 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 three months ended March 31, 2026 and 2025, the Company earned $3.1 and $2.3 of administrative services fees, respectively.
Below is selected balance sheet information for COPJV as of March 31, 2026 and December 31, 2025:
As of
March 31, 2026
(Unaudited)
December 31, 2025
Selected Balance Sheet Information
Total investments, at fair value$4,792.2 $5,058.0 
Cash and other assets589.0 196.6 
Total assets5,381.2 5,254.6 
Debt3,009.2 2,764.9 
Other liabilities214.2 240.6 
Total liabilities3,223.4 3,005.5 
Member’s equity$2,157.8 $2,249.1 
Below is selected statement of operations information for COPJV for the three months ended March 31, 2026 and 2025:
Three Months Ended March 31,
20262025
Selected Statement of Operations Information
Total investment income$108.8 $82.2 
Expenses
Interest expense38.8 28.3 
Custodian and accounting fees0.4 0.4 
Administrative services3.1 2.3 
Professional services0.1 0.1 
Other general and administrative expenses0.2 0.2 
Total expenses42.6 31.3 
Net investment income66.2 50.9 
Net realized and unrealized gain (loss)(85.5)1.1 
Net increase in net assets resulting from operations$(19.3)$52.0