v3.26.3
INVESTMENTS (Tables)
 9 Months Ended
Sep. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Schedule of 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 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 %
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.
Schedule of Other Commitments 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 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 %
Schedule of Interest Income and Interest Expense Disclosure
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