v3.26.3
INVESTMENTS
 9 Months Ended
Sep. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
INVESTMENTS 4. INVESTMENTS
As of September 30, 2026 and December 31, 2025, investments consisted of the following:

As of
September 30, 2026December 31, 2025
Amortized Cost(1)Fair ValueAmortized Cost(1)Fair Value
First lien senior secured loans$16,471,161 $16,263,640 $17,143,966 $17,160,266 
Second lien senior secured loans392,220349,181 430,463 429,160 
Senior subordinated loans1,300,777 1,315,808 1,003,023 1,068,842 
Corporate bonds62,600 62,294 97,600 99,063 
Collateralized loan obligations843,304 714,587 1,081,583 1,051,264 
Commercial mortgage-backed securities110,102 109,642 98,850 99,962 
Private asset-backed investments311,937 327,901 289,022 300,947 
Investments in joint ventures1,003,2001,003,200 391,000 391,000 
Preferred equity441,409 466,777 302,430 317,476 
Other equity575,228 742,746 522,977 590,618 
Total$21,511,938 $21,355,776 $21,360,914 $21,508,598 
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(1)The amortized cost represents the original cost adjusted for any accretion of discounts, amortization of premiums and PIK interest or dividends.
The Fund uses Global Industry Classification Standards for classifying the industry groupings of its portfolio companies. The industrial and geographic compositions of the Fund’s portfolio at fair value as of September 30, 2026 and December 31, 2025 were as follows:

As of
September 30, 2026December 31, 2025
Industry
Software and Services21.5 %22.0 %
Commercial and Professional Services10.1 %8.6 %
Investment Funds and Vehicles(1)9.6 %8.5 %
Health Care Equipment and Services9.0 %11.0 %
Capital Goods8.0 %7.7 %
Consumer Services6.6 %6.0 %
Financial Services5.8 %6.7 %
Insurance4.8 %5.1 %
Consumer Distribution and Retail4.0 %3.0 %
Sports, Media and Entertainment3.8 %3.8 %
Pharmaceuticals, Biotechnology and Life Sciences3.0 %3.1 %
Materials1.8 %1.7 %
Energy1.7 %1.9 %
Food and Beverage1.5 %1.5 %
Data Centers1.4 %0.2 %
Other7.4 %9.2 %
Total100.0 %100.0 %
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(1)Includes the Fund’s investments in joint ventures.
As of
September 30, 2026December 31, 2025
Geographic Region
United States89.7 %86.7 %
Europe5.8 7.5 
Bermuda/Cayman Islands3.1 4.5 
Canada1.1 1.3 
Other0.3 — 
Total100.0 %100.0 %
As of September 30, 2026, loans on non-accrual status represented 0.4% of the total investments at amortized cost (or 0.2% at fair value). As of December 31, 2025, none of the loans were on non-accrual status.
ADLP

In October 2025, the Fund and a large North American pension fund (the “ADLP Partner”) established ADLP LLC (the “ADLP”), a joint venture to make certain first lien senior secured loans, including unitranche loans, and, to a lesser extent, second lien senior secured loans and other debt and equity investments. The Fund and other BDCs, registered closed-end management investment companies and other affiliated investment entities managed by the Fund’s investment adviser or its affiliates may directly co-invest with the ADLP in accordance with the terms of an exemptive relief order from the SEC. The ADLP is capitalized as transactions are completed and all portfolio decisions and generally all other decisions in respect of the ADLP, including co-investment transactions made by the ADLP in accordance with an exemptive relief order from the SEC, must be approved by an investment committee of the ADLP consisting of representatives of the Fund and the ADLP Partner (with approval from a representative of each required). In connection with the establishment of the ADLP and as part of the initial funding, the Fund and the ADLP Partner sold investment commitments to the ADLP at fair value, including $703,384 of investment commitments sold by the Fund. The Fund recognized $3,545 of net realized gains from these sales.

The Fund and the ADLP Partner provide capital to the ADLP in the form of subordinated certificates (the “ADLP Certificates”). The Fund and the ADLP Partner owned 80% and 20%, respectively, of the ADLP Certificates as of September 30, 2026 and December 31, 2025. The Fund and the ADLP Partner had committed $2.0 billion and $0.5 billion, respectively, of capital in the ADLP Certificates as of September 30, 2026 and December 31, 2025. The capital committed to the ADLP will only be funded upon approval of transactions by the investment committee of the ADLP as discussed above. Below is a summary of the funded subordinated certificates of the ADLP.

As of
September 30, 2026December 31, 2025
Total subordinated certificates funded to the ADLP(1)$1,254,000 $489,000 
Total subordinated certificates funded to the ADLP by the Fund(1)$1,003,200 $391,000 
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(1)At principal amount.

The ADLP and certain of its wholly owned subsidiaries are party to certain debt obligations. In connection with these debt obligations, the Fund may be required to fund its subordinated certificates under certain circumstances, including upon the occurrence of an event of default by the ADLP or certain of its wholly owned subsidiaries. As of September 30, 2026 and December 31, 2025, the Fund had unfunded ADLP Certificate commitments of approximately $1.0 billion and $1.6 billion, respectively.

The ADLP Certificates pay a fixed interest rate of 10.0% per annum and also entitle the holders thereof to receive a portion of the excess cash flow from the ADLP portfolio, after expenses, which may result in a return to the holders of the ADLP Certificates that is greater than the stated coupon.
The amortized cost and fair value of the ADLP Certificates held by the Fund and the Fund’s yield on its investment in the ADLP Certificates at amortized cost and fair value as of September 30, 2026 and December 31, 2025 were as follows:

As of
September 30, 2026December 31, 2025
Amortized CostFair ValueAmortized CostFair Value
Investment in the ADLP Certificates$1,003,200 $1,003,200 $391,000 $391,000 
Yield on the investment in the ADLP Certificates13.5 %13.5 %13.0 %13.0 %

The interest income and other income earned with respect to the Fund’s investment in the ADLP Certificates for the three and nine months ended September 30, 2026 were as follows:

For the Three Months Ended September 30, 2026For the Nine Months Ended September 30, 2026
Interest income$28,730 $62,355 
Other income$6,850 $20,615 

From time to time, the Fund may sell investments to, or purchase investments from, the ADLP. During the nine months ended September 30, 2026, the Fund sold approximately $712,872 of investments to the ADLP and recognized net realized gains of approximately $18,796. In connection with certain of the sales of loans to the ADLP, the ADLP assumed approximately $240,715 of secured borrowings associated with such sold investments. During the nine months ended September 30, 2026, the Fund did not purchase any investments from the ADLP.

The following table is a summary of the ADLP portfolio as of September 30, 2026 and December 31, 2025.

As of
September 30, 2026December 31, 2025
Total investment portfolio(1)$4,762,930 $1,680,961 
Number of borrowers in the ADLP583 313 
Commitments to fund revolving and delayed draw loans(2)$610,327 $191,320 
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(1)At principal amount.
(2)These commitments to fund revolving and delayed draw loans have been approved by the investment committee of the ADLP and will be funded if and when conditions to funding such delayed draw loans are met.