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Investment Portfolio
 12 Months Ended
Dec. 31, 2024
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 December 31, 2024 and 2023:
December 31, 2024December 31, 2023
 
Amortized
Cost(1)
Fair ValuePercentage
of Portfolio
Amortized
Cost(1)
Fair ValuePercentage
of Portfolio
Senior Secured Loans—First Lien$7,995 $7,795 57.8 %$8,890 $8,529 58.2 %
Senior Secured Loans—Second Lien690 693 5.1 %1,158 1,090 7.5 %
Other Senior Secured Debt130 123 0.9 %106 99 0.7 %
Subordinated Debt214 233 1.7 %308 323 2.2 %
Asset Based Finance2,232 2,102 15.6 %2,237 2,077 14.2 %
Credit Opportunities Partners JV, LLC1,572 1,363 10.1 %1,572 1,397 9.5 %
Equity/Other1,211 1,181 8.8 %1,149 1,134 7.7 %
Total$14,044 $13,490 100.0 %$15,420 $14,649 100.0 %
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(1)Amortized cost represents the original cost adjusted for the amortization of premiums and/or accretion of discounts, 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 December 31, 2024, the Company held investments in thirty-one portfolio companies of which it is deemed to “control.” As of December 31, 2024, the Company held investments in eleven 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, 2024.
As of December 31, 2023, the Company held investments in twenty-seven portfolio companies of which it is deemed to “control.” As of December 31, 2023, the Company held investments in thirteen 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, 2023.
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 December 31, 2024, the Company had unfunded debt investments with aggregate unfunded commitments of $1,534.1, unfunded equity/other commitments of $387.1 and unfunded commitments of $735.2 to Credit Opportunities Partners JV, LLC. As of December 31, 2023, the Company had unfunded debt investments with aggregate unfunded commitments of $995.1, unfunded equity/other commitments of $616.4 and unfunded commitments of $560.2 to Credit Opportunities Partners JV, LLC. 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 consolidated schedule of investments as of December 31, 2024 and 2023.
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 December 31, 2024 and 2023:
December 31, 2024December 31, 2023
Industry ClassificationFair
Value		Percentage  of
Portfolio		Fair
Value		Percentage  of
Portfolio
Automobiles & Components$4 0.0 %$4 0.0 %
Banks5 0.0 %8 0.1 %
Capital Goods1,712 12.7 %1,970 13.5 %
Commercial & Professional Services1,733 12.8 %1,826 12.5 %
Consumer Discretionary Distribution & Retail174 1.3 %259 1.8 %
Consumer Durables & Apparel229 1.7 %185 1.3 %
Consumer Services244 1.8 %240 1.6 %
Consumer Staples Distribution & Retail102 0.8 %105 0.7 %
Credit Opportunities Partners JV, LLC1,363 10.1 %1,397 9.5 %
Energy89 0.7 %162 1.1 %
Equity Real Estate Investment Trusts (REITs)278 2.1 %293 2.0 %
Financial Services998 7.4 %986 6.7 %
Food, Beverage & Tobacco113 0.8 %181 1.2 %
Health Care Equipment & Services1,667 12.4 %1,709 11.7 %
Household & Personal Products134 1.0 %166 1.1 %
Insurance735 5.4 %839 5.7 %
Materials334 2.5 %228 1.6 %
Media & Entertainment699 5.2 %717 4.9 %
Pharmaceuticals, Biotechnology & Life Sciences298 2.2 %286 2.0 %
Real Estate Management & Development27 0.2 %79 0.5 %
Software & Services2,187 16.2 %2,472 16.9 %
Technology Hardware & Equipment2 0.0 %4 0.0 %
Telecommunication Services69 0.5 %79 0.5 %
Transportation294 2.2 %454 3.1 %
Total $13,490 100.0 %$14,649 100.0 %

Credit Opportunities Partners JV, LLC
COPJV, is a joint venture between the Company and South Carolina Retirement Systems Group Trust, or SCRS. COPJV’s second amended and restated limited liability company agreement, or the COPJV Agreement, requires the Company and SCRS to provide capital to COPJV of up to $2,640 in the aggregate where the Company and SCRS would provide 87.5% and 12.5%, respectively, of the committed capital. Pursuant to the terms of 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. As of December 31, 2024, the Company and SCRS have funded approximately $1,799.8 to COPJV, of which $1,574.8 was from the Company.
During the year ended December 31, 2024, the Company sold investments with a cost of $554.1 for proceeds of $559.6 to COPJV and recognized a net realized gain (loss) of $5.5 in connection with the transactions. As of December 31, 2024, $182.8 of these sales to COPJV are included in 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 years ended December 31, 2024 and 2023, the Company earned $9.3 and $9.3 of administrative services fees, respectively.
Below is selected balance sheet information for COPJV as of December 31, 2024 and 2023:
As of
December 31, 2024December 31, 2023
Selected Balance Sheet Information
Total investments, at fair value$3,295.5 $3,470.8 
Cash and other assets363.8 272.2 
Total assets3,659.3 3,743.0 
Debt1,828.6 1,840.1 
Other liabilities272.6 306.5 
Total liabilities2,101.2 2,146.6 
Member’s equity
$1,558.1 $1,596.4 
Below is selected statement of operations information for COPJV for the years ended December 31, 2024 and 2023:
For the Year Ended
December 31, 2024December 31, 2023
Selected Statement of Operation Information
Total investment income$349.2 $380.8 
Expenses
Interest expense120.9 123.5 
Custodian and accounting fees1.6 1.6 
Administrative services9.3 9.3 
Professional services0.6 0.6 
Other1.0 1.1 
Total expenses133.4 136.1 
Net investment income215.8 244.7 
Net realized and unrealized losses(22.1)(30.6)
Net increase in net assets resulting from operations$193.7 $214.1