v3.26.1
Investment Portfolio (Tables)
 3 Months Ended
Mar. 31, 2026
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, 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.
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 %
Schedule of Nonconsolidated Subsidiary Portfolio
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