v3.26.1
Investment Portfolio (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2026 and December 31, 2025:
June 30, 2026
(Unaudited)December 31, 2025
Amortized
Cost(1)
Fair ValuePercentage
of Portfolio
Amortized
Cost(1)
Fair ValuePercentage
of Portfolio
Senior Secured Loans—First Lien$7,184 $6,707 58.7 %$7,819 $7,523 57.8 %
Senior Secured Loans—Second Lien594 440 3.9 %598 539 4.2 %
Other Senior Secured Debt43 44 0.4 %65 55 0.4 %
Subordinated Debt107 100 0.9 %122 126 1.0 %
Asset Based Finance1,626 1,436 12.6 %1,831 1,694 13.0 %
Credit Opportunities Partners JV, LLC1,984 1,649 14.4 %2,202 1,968 15.1 %
Equity/Other1,067 1,042 9.1 %1,104 1,104 8.5 %
Total$12,605 $11,418 100.0 %$13,741 $13,009 100.0 %
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(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, 2026 and December 31, 2025:
June 30, 2026
(Unaudited)December 31, 2025
Industry Classification(1)
Fair
Value
Percentage of
Portfolio
Fair
Value
Percentage of
Portfolio
Capital Goods$1,358 11.9 %$1,542 11.9 %
Commercial & Professional Services1,344 11.8 %1,726 13.3 %
Consumer Discretionary Distribution & Retail37 0.3 %60 0.5 %
Consumer Durables & Apparel313 2.7 %306 2.4 %
Consumer Services226 2.0 %263 2.0 %
Consumer Staples Distribution & Retail33 0.3 %99 0.8 %
Credit Opportunities Partners JV, LLC1,649 14.4 %1,968 15.1 %
Energy2 0.0 %24 0.2 %
Equity Real Estate Investment Trusts (REITs)240 2.1 %264 2.0 %
Financial Services742 6.5 %836 6.4 %
Food, Beverage & Tobacco23 0.2 %56 0.4 %
Health Care Equipment & Services1,606 14.1 %1,668 12.8 %
Household & Personal Products10 0.1 %112 0.9 %
Insurance500 4.4 %547 4.2 %
Materials270 2.4 %276 2.1 %
Media & Entertainment469 4.1 %508 3.9 %
Pharmaceuticals, Biotechnology & Life Sciences220 1.9 %217 1.7 %
Real Estate Management & Development— — 1 0.0 %
Software & Services2,020 17.7 %2,134 16.4 %
Technology Hardware & Equipment22 0.2 %2 0.0 %
Telecommunication Services63 0.5 %109 0.8 %
Transportation271 2.4 %291 2.2 %
Total $11,418 100.0 %$13,009 100.0 %
Schedule of Nonconsolidated Subsidiary Portfolio
Below is selected balance sheet information for COPJV as of June 30, 2026 and December 31, 2025:
As of
June 30, 2026
(Unaudited)
December 31, 2025
Selected Balance Sheet Information
Total investments, at fair value$4,428.1 $5,058.0 
Cash and other assets368.5 196.6 
Total assets4,796.6 5,254.6 
Debt2,493.8 2,764.9 
Other liabilities218.4 240.6 
Total liabilities2,712.2 3,005.5 
Member’s equity$2,084.4 $2,249.1 
Below is selected statement of operations information for COPJV for the three and six months ended June 30, 2026 and 2025:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Selected Statement of Operations Information
Investment income
Total investment income$104.9 $109.0 $213.7 $191.2 
Expenses
Interest expense39.6 35.1 78.4 63.4 
Custodian and accounting fees0.3 0.3 0.7 0.7 
Administrative services3.6 2.8 6.7 5.1 
Professional services0.5 0.1 0.6 0.2 
Other general and administrative expenses0.5 1.6 0.7 1.8 
Total expenses44.5 39.9 87.1 71.2 
Net investment income60.4 69.1 126.6 120.0 
Net realized and unrealized gain (loss)(76.8)(34.2)(162.3)(33.1)
Net increase in net assets resulting from operations$(16.4)$34.9 $(35.7)$86.9