QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
| TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
| (State of Incorporation) | (I.R.S. Employer Identification Number) | |||||||
| (Address of principal executive offices) | (Zip Code) | |||||||
x | Accelerated filer | ¨ | |||||||||
| Non-accelerated filer | ¨ | Smaller reporting company | |||||||||
| Emerging growth company | |||||||||||
| Securities registered pursuant to Section 12(b) of the Act. | ||||||||||||||
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
| Page | ||||||||
PART I—FINANCIAL INFORMATION | ||||||||
| ITEM 1. | ||||||||
| ITEM 2. | ||||||||
| ITEM 3. | ||||||||
| ITEM 4. | ||||||||
PART II—OTHER INFORMATION | ||||||||
| ITEM 1. | ||||||||
| ITEM 1A. | ||||||||
| ITEM 2. | ||||||||
| ITEM 3. | ||||||||
| ITEM 4. | ||||||||
| ITEM 5. | ||||||||
| ITEM 6. | ||||||||
| June 30, 2025 | December 31, 2024 | |||||||||||||
| (Unaudited) | ||||||||||||||
| Assets | ||||||||||||||
| Investments, at fair value | ||||||||||||||
Non-controlled/unaffiliated investments (amortized cost—$ | $ | $ | ||||||||||||
Non-controlled/affiliated investments (amortized cost—$ | ||||||||||||||
Controlled/affiliated investments (amortized cost—$ | ||||||||||||||
Total investments, at fair value (amortized cost—$ | $ | $ | ||||||||||||
| Cash and cash equivalents | ||||||||||||||
Foreign currency, at fair value (cost—$ | ||||||||||||||
| Receivable for investments sold and repaid | ||||||||||||||
| Income receivable | ||||||||||||||
| Unrealized appreciation on foreign currency forward contracts | ||||||||||||||
| Deferred financing costs | ||||||||||||||
| Prepaid expenses and other assets | ||||||||||||||
| Total assets | $ | $ | ||||||||||||
| Liabilities | ||||||||||||||
| Payable for investments purchased | $ | $ | ||||||||||||
Debt (net of deferred financing costs and discount of $ | ||||||||||||||
| Unrealized depreciation on foreign currency forward contracts | ||||||||||||||
| Stockholder distributions payable | ||||||||||||||
| Management fees payable | ||||||||||||||
Subordinated income incentive fees payable(2) | ||||||||||||||
| Administrative services expense payable | ||||||||||||||
| Interest payable | ||||||||||||||
| Other accrued expenses and liabilities | ||||||||||||||
| Total liabilities | ||||||||||||||
Commitments and contingencies(3) | ||||||||||||||
| Stockholders’ equity | ||||||||||||||
Preferred stock, $ | ||||||||||||||
Common stock, $ | ||||||||||||||
| Capital in excess of par value | ||||||||||||||
Retained earnings (accumulated deficit)(4) | ( | ( | ||||||||||||
| Total stockholders’ equity | ||||||||||||||
| Total liabilities and stockholders’ equity | $ | $ | ||||||||||||
| Net asset value per share of common stock at period end | $ | $ | ||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
| June 30, | June 30, | |||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||
| Investment income | ||||||||||||||||||||||||||
| From non-controlled/unaffiliated investments: | ||||||||||||||||||||||||||
| Interest income | $ | $ | $ | $ | ||||||||||||||||||||||
| Paid-in-kind interest income | ||||||||||||||||||||||||||
| Fee income | ||||||||||||||||||||||||||
| Dividend and other income | ||||||||||||||||||||||||||
| From non-controlled/affiliated investments: | ||||||||||||||||||||||||||
| Interest income | ||||||||||||||||||||||||||
| Paid-in-kind interest income | ||||||||||||||||||||||||||
| Fee income | ||||||||||||||||||||||||||
| Dividend and other income | ||||||||||||||||||||||||||
| From controlled/affiliated investments: | ||||||||||||||||||||||||||
| Interest income | ||||||||||||||||||||||||||
| Paid-in-kind interest income | ||||||||||||||||||||||||||
| Fee income | ||||||||||||||||||||||||||
| Dividend and other income | ||||||||||||||||||||||||||
| Total investment income | ||||||||||||||||||||||||||
| Operating expenses | ||||||||||||||||||||||||||
| Management fees | ||||||||||||||||||||||||||
Subordinated income incentive fees(1) | ||||||||||||||||||||||||||
| Administrative services expenses | ||||||||||||||||||||||||||
| Accounting and administrative fees | ||||||||||||||||||||||||||
Interest expense(2) | ||||||||||||||||||||||||||
| Other general and administrative expenses | ||||||||||||||||||||||||||
| Total operating expenses | ||||||||||||||||||||||||||
| Net investment income | ||||||||||||||||||||||||||
| Realized and unrealized gain/loss | ||||||||||||||||||||||||||
| Net realized gain (loss) on investments: | ||||||||||||||||||||||||||
| Non-controlled/unaffiliated investments | ( | ( | ( | ( | ||||||||||||||||||||||
| Non-controlled/affiliated investments | ( | ( | ||||||||||||||||||||||||
| Controlled/affiliated investments | ( | ( | ( | ( | ||||||||||||||||||||||
| Net realized gain (loss) on foreign currency forward contracts | ( | ( | ||||||||||||||||||||||||
| Net realized gain (loss) on foreign currency | ( | ( | ( | |||||||||||||||||||||||
| Net change in unrealized appreciation (depreciation) on investments: | ||||||||||||||||||||||||||
| Non-controlled/unaffiliated investments | ( | |||||||||||||||||||||||||
| Non-controlled/affiliated investments | ( | ( | ||||||||||||||||||||||||
| Controlled/affiliated investments | ( | ( | ( | ( | ||||||||||||||||||||||
| Net change in unrealized appreciation (depreciation) on foreign currency forward contracts | ( | ( | ( | ( | ||||||||||||||||||||||
| Net change in unrealized gain (loss) on foreign currency | ( | ( | ||||||||||||||||||||||||
| Total net realized and unrealized gain (loss) | ( | ( | ( | ( | ||||||||||||||||||||||
| Provision for taxes on investments | ( | ( | ||||||||||||||||||||||||
| Realized loss on extinguishment of debt | ( | ( | ||||||||||||||||||||||||
| Net increase (decrease) in net assets resulting from operations | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||
| Per share information—basic and diluted | ||||||||||||||||||||||||||
| Net increase (decrease) in net assets resulting from operations (Earnings (Losses) per Share) | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||
| Weighted average shares outstanding | ||||||||||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
| June 30, | June 30, | |||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||
| Operations | ||||||||||||||||||||||||||
| Net investment income (loss) | $ | $ | $ | $ | ||||||||||||||||||||||
| Net realized gain (loss) on investments, foreign currency forward contracts and foreign currency | ( | ( | ( | ( | ||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments and foreign currency forward contracts(1) | ( | ( | ( | |||||||||||||||||||||||
| Net change in unrealized gain (loss) on foreign currency | ( | ( | ||||||||||||||||||||||||
| Net increase (decrease) in net assets resulting from operations | ( | ( | ||||||||||||||||||||||||
Stockholder distributions(2) | ||||||||||||||||||||||||||
| Distributions to stockholders | ( | ( | ( | ( | ||||||||||||||||||||||
| Net decrease in net assets resulting from stockholder distributions | ( | ( | ( | ( | ||||||||||||||||||||||
Capital share transactions(3) | ||||||||||||||||||||||||||
| Repurchases of common stock | ||||||||||||||||||||||||||
| Net increase (decrease) in net assets resulting from capital share transactions | ||||||||||||||||||||||||||
| Total increase (decrease) in net assets | ( | ( | ( | ( | ||||||||||||||||||||||
| Net assets at beginning of period | ||||||||||||||||||||||||||
| Net assets at end of period | $ | $ | $ | $ | ||||||||||||||||||||||
| Six Months Ended | |||||||||||||||||
| June 30, | |||||||||||||||||
| 2025 | 2024 | ||||||||||||||||
| Cash flows from operating activities | |||||||||||||||||
| Net increase (decrease) in net assets resulting from operations | $ | ( | $ | ||||||||||||||
| Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: | |||||||||||||||||
| Purchases of investments | ( | ( | |||||||||||||||
| Paid-in-kind interest | ( | ( | |||||||||||||||
| Proceeds from sales and repayments of investments | |||||||||||||||||
| Net realized (gain) loss on investments | |||||||||||||||||
| Net change in unrealized (appreciation) depreciation on investments | ( | ||||||||||||||||
| Net change in unrealized (appreciation) depreciation on foreign currency forward contracts | |||||||||||||||||
| Realized loss on extinguishment of debt | |||||||||||||||||
| Accretion of discount | ( | ( | |||||||||||||||
| Amortization of deferred financing costs and discount | |||||||||||||||||
| Unrealized (gain)/loss on borrowings in foreign currency | ( | ||||||||||||||||
| (Increase) decrease in receivable for investments sold and repaid | ( | ||||||||||||||||
| (Increase) decrease in income receivable | ( | ( | |||||||||||||||
| (Increase) decrease in prepaid expenses and other assets | ( | ( | |||||||||||||||
| Increase (decrease) in payable for investments purchased | |||||||||||||||||
| Increase (decrease) in management fees payable | ( | ||||||||||||||||
| Increase (decrease) in subordinated income incentive fees payable | |||||||||||||||||
| Increase (decrease) in administrative services expense payable | |||||||||||||||||
| Increase (decrease) in interest payable | ( | ||||||||||||||||
| Increase (decrease) in other accrued expenses and liabilities | ( | ( | |||||||||||||||
| Net cash provided by (used in) operating activities | ( | ||||||||||||||||
| Cash flows from financing activities | |||||||||||||||||
| Stockholder distributions | ( | ( | |||||||||||||||
| Borrowings under financing arrangements | |||||||||||||||||
| Repayments of financing arrangements | ( | ( | |||||||||||||||
| Deferred financing costs paid | ( | ( | |||||||||||||||
| Net cash provided by (used in) financing activities | ( | ||||||||||||||||
| Total increase (decrease) in cash | |||||||||||||||||
| Cash, cash equivalents and foreign currency at beginning of period | |||||||||||||||||
| Cash, cash equivalents and foreign currency at end of period | $ | $ | |||||||||||||||
| Supplemental disclosure | |||||||||||||||||
| Federal income taxes paid during the period | $ | $ | |||||||||||||||
| Interest paid during the period | $ | $ | |||||||||||||||
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loans—First Lien— | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 3Pillar Global Inc | (v) | Software & Services | SF | + | 11/2026 | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 3Pillar Global Inc | (i)(v) | Software & Services | SF | + | 11/2027 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 3Pillar Global Inc | (x) | Software & Services | SF | + | 11/2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 48Forty Solutions LLC | (ac)(v)(y)(z) | Commercial & Professional Services | SF | + | ( | / | 11/2029 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 48Forty Solutions LLC | (ac)(v)(y)(z) | Commercial & Professional Services | SF | + | 11/2029 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 48Forty Solutions LLC | (ac)(x)(y)(z) | Commercial & Professional Services | SF | + | 11/2029 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Aareon AG | (w)(x) | Software & Services | E | + | ( | / | 10/2031 | € | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Advanced Dermatology & Cosmetic Surgery | (v) | Health Care Equipment & Services | SF | + | 05/2026 | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Advanced Dermatology & Cosmetic Surgery | (l)(m)(t)(v) | Health Care Equipment & Services | SF | + | 05/2027 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Advanced Dermatology & Cosmetic Surgery | (x) | Health Care Equipment & Services | SF | + | 05/2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Advania Sverige AB | (aa)(v)(w) | Software & Services | E | + | 05/2031 | € | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Advania Sverige AB | (v)(w) | Software & Services | SA | + | 06/2031 | £ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Advania Sverige AB | (v)(w) | Software & Services | SR | + | 06/2031 | SEK | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Affordable Care Inc | (ac)(v) | Health Care Equipment & Services | SF | + | ( | / | 08/2027 | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Affordable Care Inc | (ac)(l)(m)(v) | Health Care Equipment & Services | SF | + | ( | / | 08/2028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Affordable Care Inc | (ac)(x) | Health Care Equipment & Services | SF | + | ( | / | 08/2027 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Alacrity Solutions Group LLC | (ad)(m)(v) | Insurance | SF | + | 02/2030 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Alacrity Solutions Group LLC | (ad)(m)(v) | Insurance | SF | + | ( | / | 02/2030 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Alacrity Solutions Group LLC | (ad)(x) | Insurance | SF | + | 02/2030 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Alacrity Solutions Group LLC | (ad)(x) | Insurance | SF | + | 02/2030 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Alpha Financial Markets Consulting PLC | (l)(v)(w) | Commercial & Professional Services | SF | + | 08/2031 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Alpha Financial Markets Consulting PLC | (v)(w) | Commercial & Professional Services | SA | + | 08/2031 | £ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Alpha Financial Markets Consulting PLC | (w)(x) | Commercial & Professional Services | SA | + | 08/2031 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| American Vision Partners | (v) | Health Care Equipment & Services | SF | + | 09/2026 | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| American Vision Partners | (i)(l)(v) | Health Care Equipment & Services | SF | + | 09/2027 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| American Vision Partners | (x) | Health Care Equipment & Services | SF | + | 09/2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amerivet Partners Management Inc | (l)(v) | Health Care Equipment & Services | SF | + | 02/2028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amerivet Partners Management Inc | (x) | Health Care Equipment & Services | SF | + | 02/2028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Apex Group Limited | (aa)(m)(w) | Financial Services | SF | + | 02/2032 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Apex Service Partners LLC | (v) | Commercial & Professional Services | SF | + | 10/2030 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Apex Service Partners LLC | (l)(v) | Commercial & Professional Services | SF | + | 10/2030 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Apex Service Partners LLC | (x) | Commercial & Professional Services | SF | + | 10/2029 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Arcfield Acquisition Corp | (x) | Capital Goods | SF | + | 10/2031 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Arcwood Environmental (fka Heritage Environmental Services Inc) | (f)(l)(v) | Commercial & Professional Services | SF | + | 01/2031 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Arcwood Environmental (fka Heritage Environmental Services Inc) | (l)(v) | Commercial & Professional Services | SF | + | 01/2031 | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Arcwood Environmental (fka Heritage Environmental Services Inc) | (x) | Commercial & Professional Services | SF | + | 01/2030 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Arcwood Environmental (fka Heritage Environmental Services Inc) | (x) | Commercial & Professional Services | SF | + | 01/2031 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Area Wide Protective Inc | (f)(v) | Commercial & Professional Services | SF | + | 12/2030 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Area Wide Protective Inc | (x) | Commercial & Professional Services | SF | + | 12/2030 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Arrotex Australia Group Pty Ltd | (v)(w) | Pharmaceuticals, Biotechnology & Life Sciences | B | + | 06/2028 | A$ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ATX Networks Corp | (ad)(v)(w) | Capital Goods | SF | + | PIK | 09/2026 | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ATX Networks Corp | (ad)(s)(v)(w) | Capital Goods | SF | + | PIK | 09/2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Avetta LLC | (l) | Software & Services | SF | + | ( | / | 07/2031 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Avetta LLC | (x) | Software & Services | SF | + | 07/2030 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Avetta LLC | (x) | Software & Services | SF | + | ( | / | 07/2031 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| BCA Marketplace Ltd | (v)(w) | Commercial & Professional Services | SA | + | ( | / | 03/2031 | £ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| BCA Marketplace Ltd | (v)(w) | Commercial & Professional Services | E | + | ( | / | 04/2031 | € | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| BDO USA PA | (l)(v) | Commercial & Professional Services | SF | + | 08/2028 | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Belk Inc | (ac)(v) | Consumer Discretionary Distribution & Retail | 07/2029 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| BGB Group LLC | (f)(i)(l)(m)(t) | Media & Entertainment | SF | + | 08/2027 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| BGB Group LLC | (x) | Media & Entertainment | SF | + | 08/2027 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| BGB Group LLC | (x) | Media & Entertainment | SF | + | 08/2027 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Bonterra LLC | (f)(l)(t)(v) | Software & Services | SF | + | 03/2032 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Bonterra LLC | (v) | Software & Services | SF | + | 03/2032 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Bonterra LLC | (x) | Software & Services | SF | + | 03/2032 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Bonterra LLC | (x) | Software & Services | SF | + | 03/2032 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Bowery Farming Inc | (v)(y) | Food, Beverage & Tobacco | 09/2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Bowery Farming Inc | (v)(y) | Food, Beverage & Tobacco | 09/2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cadence Education LLC | (v) | Consumer Services | SF | + | 05/2031 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cadence Education LLC | (x) | Consumer Services | SF | + | 05/2030 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cadence Education LLC | (x) | Consumer Services | SF | + | 05/2031 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cambrex Corp | (f)(l)(v) | Pharmaceuticals, Biotechnology & Life Sciences | SF | + | 03/2032 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cambrex Corp | (x) | Pharmaceuticals, Biotechnology & Life Sciences | SF | + | 03/2032 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cambrex Corp | (x) | Pharmaceuticals, Biotechnology & Life Sciences | SF | + | 03/2032 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Carrier Fire Protection | (v) | Commercial & Professional Services | SF | + | 07/2030 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Carrier Fire Protection | (l)(v) | Commercial & Professional Services | SF | + | ( | / | 07/2031 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Carrier Fire Protection | (v) | Commercial & Professional Services | E | + | ( | / | 07/2031 | € | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Carrier Fire Protection | (x) | Commercial & Professional Services | SF | + | 07/2030 | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Carrier Fire Protection | (x) | Commercial & Professional Services | SF | + | ( | / | 07/2031 | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Circana Group (f.k.a. NPD Group) | (l)(m)(v) | Consumer Services | SF | + | 12/2029 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Circana Group (f.k.a. NPD Group) | (x) | Consumer Services | SF | + | 12/2028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Civica Group Ltd | (v)(w) | Software & Services | SA | + | ( | / | 08/2030 | £ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Civica Group Ltd | (w)(x) | Software & Services | SA | + | ( | / | 08/2030 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Civica Group Ltd | (w)(x) | Software & Services | SA | + | ( | / | 08/2030 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Clarience Technologies LLC | (f)(t)(v) | Capital Goods | SF | + | ( | / | 02/2032 | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Clarience Technologies LLC | (x) | Capital Goods | SF | + | ( | / | 02/2032 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Clarience Technologies LLC | (x) | Capital Goods | SF | + | 02/2031 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Clarience Technologies LLC | (x) | Capital Goods | SF | + | 02/2032 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| CLEAResult Consulting Inc | (f)(l)(v) | Commercial & Professional Services | SF | + | ( | / | 08/2031 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| CLEAResult Consulting Inc | (x) | Commercial & Professional Services | SF | + | ( | / | 08/2031 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| CLEAResult Consulting Inc | (x) | Commercial & Professional Services | SF | + | 08/2031 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Community Brands Inc | (v) | Software & Services | SF | + | 07/2031 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Community Brands Inc | (t)(v) | Software & Services | SF | + | 07/2031 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Community Brands Inc | (x) | Software & Services | SF | + | 07/2031 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Community Brands Inc | (x) | Software & Services | SF | + | 07/2031 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Consilium Safety Group AB | (w)(x) | Capital Goods | E | + | ( | / | 04/2031 | € | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Corsearch Intermediate Inc | (l)(m)(v) | Software & Services | SF | + | 04/2028 | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| CSafe Global | (v) | Transportation | SF | + | 12/2028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| CSafe Global | (v) | Transportation | SA | + | 12/2028 | £ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| CSafe Global | (v) | Transportation | SF | + | 03/2029 | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| CSafe Global | (f)(t)(v) | Transportation | SF | + | 03/2030 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| CSafe Global | (x) | Transportation | SF | + | 03/2029 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cubic Corp | (v) | Software & Services | PIK | 07/2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cubic Corp | (x) | Software & Services | PIK | 07/2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cyncly Refinancing | (v)(w) | Software & Services | SF | + | ( | / | 04/2032 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cyncly Refinancing | (v)(w) | Software & Services | E | + | ( | / | 04/2032 | € | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cyncly Refinancing | (w)(x) | Software & Services | SF | + | ( | / | 04/2032 | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cyncly Refinancing | (w)(x) | Software & Services | SF | + | 04/2032 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Dedalus Finance GmbH | (aa)(ab)(v)(w) | Software & Services | E | + | 05/2030 | € | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Dental Care Alliance Inc | (l)(m)(t)(v) | Health Care Equipment & Services | SF | + | 04/2028 | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Dental365 LLC | (v) | Health Care Equipment & Services | SF | + | 05/2028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Dental365 LLC | (f)(l)(v) | Health Care Equipment & Services | SF | + | 08/2028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Dental365 LLC | (v) | Health Care Equipment & Services | SF | + | 08/2028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Dental365 LLC | (x) | Health Care Equipment & Services | SF | + | 05/2028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Dental365 LLC | (x) | Health Care Equipment & Services | SF | + | 08/2028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DOXA Insurance Holdings LLC | (v) | Insurance | SF | + | 12/2029 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DOXA Insurance Holdings LLC | (l)(v) | Insurance | SF | + | 12/2030 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DOXA Insurance Holdings LLC | (x) | Insurance | SF | + | 12/2029 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DOXA Insurance Holdings LLC | (x) | Insurance | SF | + | 12/2030 | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DOXA Insurance Holdings LLC | (x) | Insurance | SF | + | 12/2030 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DuBois Chemicals Inc | (f)(l)(t)(v) | Materials | SF | + | 06/2031 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DuBois Chemicals Inc | (x) | Materials | SF | + | 06/2031 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DuBois Chemicals Inc | (x) | Materials | SF | + | 06/2031 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Eagle Railcar Services Roscoe Inc | (v) | Transportation | SF | + | 06/2032 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Eagle Railcar Services Roscoe Inc | (x) | Transportation | SF | + | 06/2032 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Eagle Railcar Services Roscoe Inc | (x) | Transportation | SF | + | 06/2032 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Envirotainer Ltd | (w)(x) | Transportation | E | + | ( | / | 07/2029 | € | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Excelitas Technologies Corp | (l) | Technology Hardware & Equipment | SF | + | 08/2029 | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Excelitas Technologies Corp | (x) | Technology Hardware & Equipment | SF | + | 08/2028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Excelitas Technologies Corp | (x) | Technology Hardware & Equipment | SF | + | 08/2029 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Follett Software Co | (v) | Software & Services | SF | + | 08/2030 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Follett Software Co | (f)(t) | Software & Services | SF | + | 08/2031 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Follett Software Co | (x) | Software & Services | SF | + | 08/2030 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Foundation Consumer Brands LLC | (f)(l)(m)(v) | Pharmaceuticals, Biotechnology & Life Sciences | SF | + | 02/2029 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Foundation Consumer Brands LLC | (x) | Pharmaceuticals, Biotechnology & Life Sciences | SF | + | 02/2029 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Foundation Risk Partners Corp | (l)(m)(v) | Insurance | SF | + | 10/2030 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Foundation Risk Partners Corp | (l)(v) | Insurance | SF | + | 10/2030 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Foundation Risk Partners Corp | (x) | Insurance | SF | + | 10/2029 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Foundation Risk Partners Corp | (x) | Insurance | SF | + | 10/2030 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Frontline Road Safety LLC | (f)(l)(v) | Capital Goods | SF | + | ( | / | 03/2032 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Frontline Road Safety LLC | (v) | Capital Goods | SF | + | 03/2032 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Frontline Road Safety LLC | (x) | Capital Goods | SF | + | ( | / | 03/2032 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Frontline Road Safety LLC | (x) | Capital Goods | SF | + | 03/2032 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Frontline Road Safety LLC | (x) | Capital Goods | SF | + | 03/2032 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Galaxy Universal LLC | (ac)(v) | Consumer Durables & Apparel | SF | + | 05/2028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Galaxy Universal LLC | (ac)(v) | Consumer Durables & Apparel | SF | + | 05/2028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Galway Partners Holdings LLC | (v) | Insurance | SF | + | 09/2028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Galway Partners Holdings LLC | (l)(m)(t)(v) | Insurance | SF | + | ( | / | 09/2028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Galway Partners Holdings LLC | (x) | Insurance | SF | + | 09/2028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Galway Partners Holdings LLC | (x) | Insurance | SF | + | ( | / | 09/2028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| General Datatech LP | (f)(l)(m)(t)(v) | Software & Services | SF | + | 06/2027 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gigamon Inc | (v) | Software & Services | SF | + | 03/2028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gigamon Inc | (i)(v) | Software & Services | SF | + | 03/2029 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gigamon Inc | (x) | Software & Services | SF | + | 03/2028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gracent LLC | (ad)(v) | Health Care Equipment & Services | PIK | 02/2027 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Granicus Inc | (l)(v) | Software & Services | SF | + | ( | / | 01/2031 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Granicus Inc | (v) | Software & Services | SF | + | 01/2031 | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Granicus Inc | (l)(v) | Software & Services | SF | + | ( | / | 01/2031 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Granicus Inc | (x) | Software & Services | SF | + | 01/2031 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Granicus Inc | (x) | Software & Services | SF | + | ( | / | 01/2031 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Hargreaves Lansdown PLC | (v)(w) | Financial Services | SA | + | ( | / | 03/2032 | £ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Heniff Transportation Systems LLC | (f)(l)(m)(v) | Transportation | SF | + | 12/2026 | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Heniff Transportation Systems LLC | (v) | Transportation | SF | + | 12/2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Heniff Transportation Systems LLC | (x) | Transportation | SF | + | 12/2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Hibu Inc | (f)(l)(m)(t)(v) | Commercial & Professional Services | SF | + | 05/2027 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Hibu Inc | (f)(v) | Commercial & Professional Services | SF | + | 05/2027 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Hibu Inc | (v) | Commercial & Professional Services | SF | + | 05/2027 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Higginbotham Insurance Agency Inc | (v) | Insurance | SF | + | 11/2028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Higginbotham Insurance Agency Inc | (x) | Insurance | SF | + | 11/2028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Highgate Hotels Inc | (l)(v) | Consumer Services | SF | + | 11/2029 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Highgate Hotels Inc | (v) | Consumer Services | SF | + | 11/2029 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Highgate Hotels Inc | (x) | Consumer Services | SF | + | 11/2029 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| HKA | (m)(w) | Commercial & Professional Services | SF | + | ( | / | 08/2029 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| HM Dunn Co Inc | (ad)(v) | Capital Goods | SF | + | ( | / | 06/2031 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| HM Dunn Co Inc | (ad)(v) | Capital Goods | SF | + | ( | / | 06/2031 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| HM Dunn Co Inc | (ad)(x) | Capital Goods | SF | + | ( | / | 06/2031 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Homrich & Berg Inc | (v) | Financial Services | SF | + | 08/2031 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Homrich & Berg Inc | (f) | Financial Services | SF | + | 11/2031 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Homrich & Berg Inc | (x) | Financial Services | SF | + | 08/2031 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Horizon CTS Buyer LLC | (l)(t)(v) | Capital Goods | SF | + | ( | / | 03/2032 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Horizon CTS Buyer LLC | (v) | Capital Goods | SF | + | 03/2032 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Horizon CTS Buyer LLC | (x) | Capital Goods | SF | + | ( | / | 03/2032 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Horizon CTS Buyer LLC | (x) | Capital Goods | SF | + | 03/2032 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Individual FoodService | (l)(v) | Capital Goods | SF | + | 10/2029 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Individual FoodService | (x) | Capital Goods | SF | + | 10/2029 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Industria Chimica Emiliana Srl | (v)(w) | Pharmaceuticals, Biotechnology & Life Sciences | E | + | ( | / | 09/2026 | € | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Industry City TI Lessor LP | (s)(v) | Consumer Services | ( | / | 06/2026 | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inhabit IQ | (x) | Software & Services | SF | + | ( | / | 01/2032 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inhabit IQ | (x) | Software & Services | SF | + | 01/2032 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| iNova Pharmaceuticals (Australia) Pty Limited | (w)(x) | Pharmaceuticals, Biotechnology & Life Sciences | B | + | ( | / | 11/2031 | A$ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Insight Global LLC | (i)(l)(v) | Commercial & Professional Services | SF | + | 09/2028 | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Insight Global LLC | (x) | Commercial & Professional Services | SF | + | 09/2028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Insightsoftware.Com Inc | (v) | Software & Services | SF | + | 05/2028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Insightsoftware.Com Inc | (v) | Software & Services | SF | + | 05/2028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Insightsoftware.Com Inc | (l)(v) | Software & Services | SF | + | 05/2028 | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Insightsoftware.Com Inc | (x) | Software & Services | SF | + | 05/2028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Insightsoftware.Com Inc | (x) | Software & Services | SF | + | 05/2028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Integrity Marketing Group LLC | (l)(v) | Insurance | SF | + | 08/2028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Integrity Marketing Group LLC | (x) | Insurance | SF | + | 08/2028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Integrity Marketing Group LLC | (x) | Insurance | SF | + | 08/2028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| J S Held LLC | (v) | Insurance | SF | + | 06/2028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| J S Held LLC | (f)(l)(v) | Insurance | SF | + | 06/2028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| J S Held LLC | (v) | Insurance | SF | + | 06/2028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| J S Held LLC | (x) | Insurance | SF | + | 06/2028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| J S Held LLC | (x) | Insurance | SF | + | 06/2028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Kellermeyer Bergensons Services LLC | (ad)(m)(s)(v) | Commercial & Professional Services | SF | + | PIK | 11/2028 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Kellermeyer Bergensons Services LLC | (ad)(m)(s)(v)(y)(z) | Commercial & Professional Services | SF | + | PIK | 11/2028 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Laboratoires Vivacy SAS | (v)(w) | Pharmaceuticals, Biotechnology & Life Sciences | E | + | ( | / | 03/2030 | € | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Laboratoires Vivacy SAS | (w)(x) | Pharmaceuticals, Biotechnology & Life Sciences | E | + | ( | / | 03/2030 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lazer Logistics Inc | (v) | Transportation | SF | + | 05/2029 | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lazer Logistics Inc | (f)(l)(v) | Transportation | SF | + | 05/2030 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lazer Logistics Inc | (x) | Transportation | SF | + | 05/2029 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Legends Hospitality LLC | (v) | Consumer Services | SF | + | ( | / | 08/2030 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Legends Hospitality LLC | (f)(t)(v) | Consumer Services | SF | + | ( | / | 08/2031 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Legends Hospitality LLC | (x) | Consumer Services | SF | + | ( | / | 08/2030 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Legends Hospitality LLC | (x) | Consumer Services | SF | + | ( | / | 08/2031 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lionbridge Technologies Inc | (f)(i)(s)(t)(v) | Media & Entertainment | SF | + | 12/2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lipari Foods LLC | (f)(i)(m)(v) | Consumer Staples Distribution & Retail | SF | + | 10/2028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lloyd's Register Quality Assurance Ltd | (v)(w) | Commercial & Professional Services | SA | + | ( | / | 12/2028 | £ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lloyd's Register Quality Assurance Ltd | (v)(w) | Commercial & Professional Services | SA | + | ( | / | 12/2028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lloyd's Register Quality Assurance Ltd | (w)(x) | Commercial & Professional Services | SA | + | ( | / | 12/2028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Magna Legal Services LLC | (l)(v) | Commercial & Professional Services | SF | + | 11/2029 | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Magna Legal Services LLC | (v) | Commercial & Professional Services | SF | + | 11/2029 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Magna Legal Services LLC | (l)(m)(v) | Commercial & Professional Services | SF | + | 11/2029 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Magna Legal Services LLC | (x) | Commercial & Professional Services | SF | + | 11/2028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Magna Legal Services LLC | (x) | Commercial & Professional Services | SF | + | 11/2029 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| MAI Capital Management LLC | (v) | Financial Services | SF | + | ( | / | 08/2031 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| MAI Capital Management LLC | (v) | Financial Services | SF | + | 08/2031 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| MAI Capital Management LLC | (x) | Financial Services | SF | + | ( | / | 08/2031 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| MAI Capital Management LLC | (x) | Financial Services | SF | + | 08/2031 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| MAI Capital Management LLC | (x) | Financial Services | SF | + | 08/2031 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| MB2 Dental Solutions LLC | (l)(t)(v) | Health Care Equipment & Services | SF | + | 02/2031 | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| MB2 Dental Solutions LLC | (x) | Health Care Equipment & Services | SF | + | 02/2031 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| MB2 Dental Solutions LLC | (x) | Health Care Equipment & Services | SF | + | 02/2031 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Medallia Inc | (m)(v) | Software & Services | SF | + | ( | / | 10/2028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Med-Metrix | (i)(m)(t)(v) | Software & Services | SF | + | 09/2027 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Med-Metrix | (x) | Software & Services | SF | + | 09/2027 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Mercer Advisors Inc | (f)(v) | Financial Services | SF | + | 10/2030 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Mercer Advisors Inc | (x) | Financial Services | SF | + | 10/2030 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Misys Ltd | (v)(w) | Software & Services | SF | + | 09/2029 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Misys Ltd | (w)(x) | Software & Services | SF | + | 09/2029 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Model N Inc | (l)(v) | Software & Services | SF | + | ( | / | 06/2031 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Model N Inc | (x) | Software & Services | SF | + | ( | / | 06/2031 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Model N Inc | (x) | Software & Services | SF | + | 06/2031 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NBG Home | (v)(y) | Consumer Durables & Apparel | 03/2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NBG Home | (v)(y)(z) | Consumer Durables & Apparel | SF | + | PIK | 03/2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCI Inc | (ad)(v) | Software & Services | SF | + | ( | / | 08/2028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Documents | (v) | Software & Services | SF | + | 07/2029 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Documents | (l)(v) | Software & Services | SF | + | 07/2029 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Documents | (x) | Software & Services | SF | + | 07/2029 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Netsmart Technologies Inc | (l)(v) | Health Care Equipment & Services | SF | + | ( | / | 08/2031 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Netsmart Technologies Inc | (x) | Health Care Equipment & Services | SF | + | ( | / | 08/2031 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Netsmart Technologies Inc | (x) | Health Care Equipment & Services | SF | + | 08/2031 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| New Era Technology Inc | (v)(y)(z) | Software & Services | SF | + | 10/2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| New Era Technology Inc | (i)(v)(y)(z) | Software & Services | SF | + | 10/2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Nordic Climate Group Holding AB | (v)(w) | Commercial & Professional Services | SR | + | ( | / | 06/2031 | SEK | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Nordic Climate Group Holding AB | (v)(w) | Commercial & Professional Services | SR | + | ( | / | 06/2031 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Nordic Climate Group Holding AB | (v)(w) | Commercial & Professional Services | E | + | ( | / | 06/2031 | € | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Nordic Climate Group Holding AB | (w)(x) | Commercial & Professional Services | SR | + | ( | / | 06/2031 | SEK | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NovaTaste Austria GmbH | (v)(w) | Food, Beverage & Tobacco | E | + | 04/2030 | € | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| OEConnection LLC | (l)(v) | Software & Services | SF | + | ( | / | 04/2031 | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| OEConnection LLC | (x) | Software & Services | SF | + | ( | / | 04/2031 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| OEConnection LLC | (x) | Software & Services | SF | + | ( | / | 04/2031 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| One Call Care Management Inc | (aa)(ac)(v) | Health Care Equipment & Services | SF | + | 04/2027 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Oxford Global Resources LLC | (f)(l)(m)(t)(v) | Commercial & Professional Services | SF | + | 08/2027 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Oxford Global Resources LLC | (l)(v) | Commercial & Professional Services | SF | + | 08/2027 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Oxford Global Resources LLC | (x) | Commercial & Professional Services | SF | + | 08/2027 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PartsSource Inc | (v) | Health Care Equipment & Services | SF | + | 08/2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PartsSource Inc | (l)(v) | Health Care Equipment & Services | SF | + | 08/2028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PartsSource Inc | (x) | Health Care Equipment & Services | SF | + | 08/2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PartsSource Inc | (x) | Health Care Equipment & Services | SF | + | 08/2028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PCI Pharma Services | (v)(w) | Health Care Equipment & Services | SF | + | 01/2032 | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PCI Pharma Services | (w)(x) | Health Care Equipment & Services | SF | + | 01/2032 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PCI Pharma Services | (w)(x) | Health Care Equipment & Services | SF | + | 01/2032 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Production Resource Group LLC | (ad)(v) | Media & Entertainment | SF | + | ( | / | 08/2029 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Production Resource Group LLC | (ad)(v)(y)(z) | Media & Entertainment | SF | + | ( | / | 08/2029 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Production Resource Group LLC | (ad)(v)(y)(z) | Media & Entertainment | SF | + | ( | / | 08/2029 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Production Resource Group LLC | (ad)(v) | Media & Entertainment | SF | + | ( | / | 08/2029 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Production Resource Group LLC | (ad)(v) | Media & Entertainment | SF | + | ( | / | 08/2029 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PSC Group | (v) | Transportation | SF | + | 04/2030 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PSC Group | (l)(v) | Transportation | SF | + | 04/2031 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PSC Group | (x) | Transportation | SF | + | 04/2030 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PSC Group | (x) | Transportation | SF | + | 04/2031 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PSKW LLC (dba ConnectiveRx) | (l)(t)(v) | Health Care Equipment & Services | SF | + | 03/2028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Radwell International LLC | (i)(m)(v) | Capital Goods | SF | + | 04/2029 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Radwell International LLC | (v) | Capital Goods | SF | + | 04/2029 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Radwell International LLC | (x) | Capital Goods | SF | + | 04/2029 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Radwell International LLC | (x) | Capital Goods | SF | + | 04/2029 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reliant Rehab Hospital Cincinnati LLC | (s)(v) | Health Care Equipment & Services | SF | + | 02/2028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reliant Rehab Hospital Cincinnati LLC | (s)(v)(y)(z) | Health Care Equipment & Services | SF | + | ( | / | 02/2028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Resa Power LLC | (t)(v) | Commercial & Professional Services | SF | + | ( | / | 04/2032 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Resa Power LLC | (x) | Commercial & Professional Services | SF | + | ( | / | 04/2032 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Resa Power LLC | (x) | Commercial & Professional Services | SF | + | 04/2032 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revere Superior Holdings Inc | (l)(m)(v) | Software & Services | SF | + | 10/2029 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revere Superior Holdings Inc | (x) | Software & Services | SF | + | 10/2029 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Rialto Capital Management LLC | (l)(v) | Financial Services | SF | + | 12/2030 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Rialto Capital Management LLC | (x) | Financial Services | SF | + | 12/2030 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Rockefeller Capital Management LP | (l)(v) | Financial Services | SF | + | 04/2031 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Rockefeller Capital Management LP | (x) | Financial Services | SF | + | 04/2031 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| RSC Insurance Brokerage Inc | (i)(l)(v) | Insurance | SF | + | 11/2029 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| RSC Insurance Brokerage Inc | (x) | Insurance | SF | + | 11/2029 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| RSC Insurance Brokerage Inc | (x) | Insurance | SF | + | 11/2029 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Safe-Guard Products International LLC | (f)(l)(t)(v) | Financial Services | SF | + | 04/2030 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Safe-Guard Products International LLC | (x) | Financial Services | SF | + | 04/2030 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SAMBA Safety Inc | (m) | Software & Services | SF | + | 09/2027 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SAMBA Safety Inc | (v) | Software & Services | SF | + | 09/2027 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SAMBA Safety Inc | (x) | Software & Services | SF | + | 09/2027 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Service Express Inc | (l)(v) | Commercial & Professional Services | SF | + | ( | / | 08/2031 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Service Express Inc | (x) | Commercial & Professional Services | SF | + | ( | / | 08/2031 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Service Express Inc | (x) | Commercial & Professional Services | SF | + | 08/2031 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Shaw Development LLC | (v) | Capital Goods | SF | + | 10/2029 | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Source Code LLC | (l)(t)(v) | Software & Services | SF | + | 07/2027 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Spins LLC | (t)(v) | Software & Services | SF | + | 01/2029 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Spins LLC | (x) | Software & Services | SF | + | 01/2029 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Spotless Brands LLC | (l)(v) | Consumer Services | SF | + | 07/2028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Spotless Brands LLC | (v) | Consumer Services | SF | + | 07/2028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Spotless Brands LLC | (x) | Consumer Services | SF | + | 07/2028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| STV Group Inc | (f) | Capital Goods | SF | + | 03/2031 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| STV Group Inc | (x) | Capital Goods | SF | + | 03/2030 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| STV Group Inc | (x) | Capital Goods | SF | + | 03/2031 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summit Interconnect Inc | (f)(m)(t)(v) | Capital Goods | SF | + | 09/2028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Sweeping Corp of America Inc | (v) | Commercial & Professional Services | SF | + | 06/2027 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Sweeping Corp of America Inc | (m)(v) | Commercial & Professional Services | SF | + | 06/2027 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Sweeping Corp of America Inc | (m)(v) | Commercial & Professional Services | SF | + | PIK | 06/2027 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Sweeping Corp of America Inc | (x) | Commercial & Professional Services | SF | + | 06/2027 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Tangoe LLC | (m)(s)(v) | Software & Services | SF | + | ( | / | 06/2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Tangoe LLC | (m)(s)(v)(y)(z) | Software & Services | PIK | 06/2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Tekfor HoldCo (formerly Amtek Global Technology Pte Ltd) | (v)(w)(y) | Automobiles & Components | 07/2026 | € | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Time Manufacturing Co | (v) | Capital Goods | SF | + | ( | / | 12/2027 | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Time Manufacturing Co | (v) | Capital Goods | SF | + | 12/2027 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Time Manufacturing Co | (v) | Capital Goods | E | + | ( | / | 12/2027 | € | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Time Manufacturing Co | (x) | Capital Goods | SF | + | 12/2027 | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Trackunit ApS | (v)(w) | Software & Services | SF | + | ( | / | 05/2032 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Trackunit ApS | (w)(x) | Software & Services | SF | + | ( | / | 05/2032 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Trescal SA | (v)(w) | Commercial & Professional Services | E | + | 04/2030 | € | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Trescal SA | (w)(x) | Commercial & Professional Services | E | + | 04/2030 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Turnpoint Services Inc | (v) | Capital Goods | SF | + | ( | / | 06/2030 | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Turnpoint Services Inc | (l)(v) | Capital Goods | SF | + | ( | / | 06/2031 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Turnpoint Services Inc | (x) | Capital Goods | SF | + | ( | / | 06/2030 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Turnpoint Services Inc | (x) | Capital Goods | SF | + | ( | / | 06/2031 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Ultra Electronics Holdings Ltd | (aa)(m)(w) | Capital Goods | SF | + | 08/2029 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| USIC Holdings Inc | (f)(l)(t)(v) | Commercial & Professional Services | SF | + | 09/2031 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| USIC Holdings Inc | (v) | Commercial & Professional Services | SF | + | 09/2031 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| USIC Holdings Inc | (x) | Commercial & Professional Services | SF | + | 09/2031 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| USIC Holdings Inc | (x) | Commercial & Professional Services | SF | + | 09/2031 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Veriforce LLC | (f)(t) | Software & Services | SF | + | 11/2031 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Veriforce LLC | (v) | Software & Services | SA | + | 11/2031 | £ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Veriforce LLC | (x) | Software & Services | SF | + | 11/2031 | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Veriforce LLC | (x) | Software & Services | SF | + | 11/2031 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Vermont Information Processing Inc | (l)(v) | Software & Services | SF | + | ( | / | 01/2032 | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Vermont Information Processing Inc | (x) | Software & Services | SF | + | ( | / | 01/2032 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Vermont Information Processing Inc | (x) | Software & Services | SF | + | 01/2032 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Version1 Software Ltd | (v)(w) | Software & Services | E | + | ( | / | 07/2029 | € | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Version1 Software Ltd | (w)(x) | Software & Services | E | + | ( | / | 07/2029 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| VetCor Professional Practices LLC | (l)(m)(v) | Health Care Equipment & Services | SF | + | 08/2029 | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| VetCor Professional Practices LLC | (l)(v) | Health Care Equipment & Services | SF | + | 08/2029 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| VetCor Professional Practices LLC | (v) | Health Care Equipment & Services | SF | + | 08/2029 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| VetCor Professional Practices LLC | (x) | Health Care Equipment & Services | SF | + | 08/2029 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| VetCor Professional Practices LLC | (x) | Health Care Equipment & Services | SF | + | 08/2029 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Vitu | (f)(t) | Software & Services | SF | + | 01/2032 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Vitu | (x) | Software & Services | SF | + | 01/2031 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Vytalogy Wellness LLC (fka Jarrow Formulas Inc) | (i)(m)(t)(v) | Household & Personal Products | SF | + | 11/2027 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Waste Services Group Pty Ltd | (w)(x) | Commercial & Professional Services | BW | + | ( | / | 03/2032 | A$ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Wealth Enhancement Group LLC | (v) | Financial Services | SF | + | 10/2028 | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Wealth Enhancement Group LLC | (x) | Financial Services | SF | + | 10/2028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Wealth Enhancement Group LLC | (x) | Financial Services | SF | + | 10/2028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Wedgewood Weddings | (v) | Consumer Services | SF | + | 06/2032 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Wedgewood Weddings | (x) | Consumer Services | SF | + | 06/2032 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Wedgewood Weddings | (x) | Consumer Services | SF | + | 06/2032 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| West Star Aviation Inc | (f)(v) | Capital Goods | SF | + | ( | / | 05/2032 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| West Star Aviation Inc | (v) | Capital Goods | SF | + | 05/2032 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| West Star Aviation Inc | (x) | Capital Goods | SF | + | ( | / | 05/2032 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| West Star Aviation Inc | (x) | Capital Goods | SF | + | 05/2032 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Wittur Holding GmbH | (ad)(v)(w) | Capital Goods | ( | / | 12/2028 | € | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Wittur Holding GmbH | (ab)(ad)(v)(w) | Capital Goods | ( | / | 12/2028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Woolpert Inc | (v) | Capital Goods | SF | + | 04/2029 | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Woolpert Inc | (f)(t)(v) | Capital Goods | SF | + | 04/2030 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Woolpert Inc | (x) | Capital Goods | SF | + | 04/2029 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Woolpert Inc | (x) | Capital Goods | SF | + | 04/2030 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Worldwise Inc | (ad)(v)(y)(z) | Household & Personal Products | SF | + | ( | / | 03/2028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Worldwise Inc | (ad)(v)(y)(z) | Household & Personal Products | SF | + | PIK | 03/2032 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Worldwise Inc | (ad)(x)(y)(z) | Household & Personal Products | SF | + | PIK | 03/2032 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Xylem Kendall | (v) | Commercial & Professional Services | SF | + | 04/2030 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Xylem Kendall | (v) | Commercial & Professional Services | SF | + | 04/2030 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Xylem Kendall | (x) | Commercial & Professional Services | SF | + | 04/2030 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Xylem Kendall | (x) | Commercial & Professional Services | SF | + | 04/2030 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Zellis Holdings Ltd | (v)(w) | Software & Services | SA | + | ( | / | 08/2031 | £ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Zellis Holdings Ltd | (w)(x) | Software & Services | SA | + | ( | / | 08/2031 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Zendesk Inc | (l)(m)(v) | Software & Services | SF | + | 11/2028 | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Zendesk Inc | (x) | Software & Services | SF | + | 11/2028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Zendesk Inc | (x) | Software & Services | SF | + | 11/2028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Zeus Industrial Products Inc | (l)(v) | Health Care Equipment & Services | SF | + | ( | / | 02/2031 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Zeus Industrial Products Inc | (v) | Health Care Equipment & Services | SF | + | 02/2031 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Zeus Industrial Products Inc | (x) | Health Care Equipment & Services | SF | + | 02/2030 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Zeus Industrial Products Inc | (x) | Health Care Equipment & Services | SF | + | 02/2031 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Senior Secured Loans—First Lien | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Unfunded Loan Commitments | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Senior Secured Loans—First Lien | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loans—Second Lien— | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Constellis Holdings LLC | (ac)(v) | Capital Goods | SF | + | ( | / | 12/2028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cubic Corp | (v)(y)(z) | Software & Services | SF | + | 05/2029 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Peraton Corp | (s)(v) | Capital Goods | SF | + | 02/2029 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Peraton Corp | (v) | Capital Goods | SF | + | 02/2029 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Quoizel, LLC | (ad)(v) | Consumer Durables & Apparel | SF | + | 07/2027 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Quoizel, LLC | (ad)(v) | Consumer Durables & Apparel | SF | + | 07/2027 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Solera LLC | (v) | Software & Services | SF | + | 06/2029 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Sweeping Corp of America Inc | (m)(v)(y) | Commercial & Professional Services | 03/2034 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Sweeping Corp of America Inc | (m)(v)(y) | Commercial & Professional Services | 03/2036 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Valeo Foods Group Ltd | (v)(w) | Food, Beverage & Tobacco | E | + | 10/2030 | € | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Valeo Foods Group Ltd | (w)(x) | Food, Beverage & Tobacco | E | + | 10/2030 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Worldwise Inc | (ad)(v)(y)(z) | Household & Personal Products | SF | + | PIK | 03/2032 | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Senior Secured Loans—Second Lien | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Unfunded Loan Commitments | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Senior Secured Loans—Second Lien | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Senior Secured Debt— | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| One Call Care Management Inc | (ac)(v) | Health Care Equipment & Services | PIK | 11/2028 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Recordati Industria Chimica e Farmaceutica SpA | (aa)(v)(w) | Pharmaceuticals, Biotechnology & Life Sciences | 12/2029 | € | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Recordati Industria Chimica e Farmaceutica SpA | (aa)(v)(w) | Pharmaceuticals, Biotechnology & Life Sciences | E | + | 12/2029 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| TIBCO Software Inc | (aa)(v) | Software & Services | 03/2029 | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Other Senior Secured Debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated Debt— | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accuride Corp | (ad)(v) | Capital Goods | SF | + | ( | / | 03/2030 | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Alacrity Solutions Group LLC | (ad)(m)(v) | Insurance | SF | + | PIK | 02/2030 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Apex Service Partners LLC | (v) | Commercial & Professional Services | PIK | 04/2031 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ATX Networks Corp | (ad)(s)(v)(w)(y)(z) | Capital Goods | PIK | 09/2028 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cyncly Refinancing | (v)(w) | Software & Services | SF | + | PIK | 04/2032 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cyncly Refinancing | (v)(w) | Software & Services | E | + | PIK | 04/2032 | € | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cyncly Refinancing | (w)(x) | Software & Services | SF | + | PIK | 04/2032 | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leia Acquisition Ltd. (fka Swift Worldwide Resources Holdco Ltd) | (v) | Commercial & Professional Services | PIK | 07/2029 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Recordati Industria Chimica e Farmaceutica SpA | (v)(w) | Pharmaceuticals, Biotechnology & Life Sciences | E | + | PIK | 03/2030 | € | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Sorenson Communications LLC | (j)(u)(v)(y) | Telecommunication Services | 04/2030 | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Sorenson Communications LLC | (j)(u)(v)(y) | Telecommunication Services | 04/2030 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Ultra Electronics Holdings Ltd | (v)(w) | Capital Goods | SF | + | 01/2030 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Ultra Electronics Holdings Ltd | (v)(w) | Capital Goods | SF | + | PIK | 01/2031 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Subordinated Debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Unfunded Debt Commitments | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Subordinated Debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c)/ Shares | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset Based Finance— | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 801 5th Ave, Seattle, ABF Equity | (ad)(v)(w)(y) | Equity Real Estate Investment Trusts (REITs) | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 801 5th Ave, Seattle, Structured Mezzanine | (ad)(v)(w) | Equity Real Estate Investment Trusts (REITs) | ( | / | 12/2029 | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Abacus JV, ABF Equity | (ad)(v)(w)(y) | Insurance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accelerator Investments Aggregator LP, ABF Equity | (ac)(v)(w)(y) | Financial Services | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Altavair AirFinance, ABF Equity | (ac)(v)(w) | Capital Goods | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Altitude II IRL WH Borrower DAC, Revolver | (w)(x) | Capital Goods | SF | + | 01/2030 | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Australis Maritime II, ABF Equity | (ad)(v)(w) | Transportation | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Australis Maritime, Common Stock | (ad)(v)(w) | Transportation | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Auxilior Capital Partners Inc, Preferred Equity | (v) | Financial Services | ( | / | 04/2030 | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Avenue One PropCo, ABF Equity | (ad)(v)(w)(y) | Equity Real Estate Investment Trusts (REITs) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Avenue One PropCo, Term Loan | (ad)(v)(w) | Equity Real Estate Investment Trusts (REITs) | PIK | 03/2034 | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Avida Holding AB, Common Stock | (ad)(v)(w)(y) | Financial Services | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c)/ Shares | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Avida Holding AB, Subordinated Bond | (ad)(v)(w) | Financial Services | SR | + | 01/2034 | SEK | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Bausch Health Cos Inc, Revolver | (v)(w) | Pharmaceuticals, Biotechnology & Life Sciences | SF | + | 01/2028 | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Bausch Health Cos Inc, Revolver | (w)(x) | Pharmaceuticals, Biotechnology & Life Sciences | SF | + | 01/2028 | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Byrider Finance LLC, ABF Equity | (u)(v)(y) | Automobiles & Components | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Callodine Commercial Finance LLC, 2L Term Loan A | (v) | Financial Services | SF | + | 06/2026 | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Callodine Commercial Finance LLC, 2L Term Loan B | (v) | Financial Services | SF | + | 06/2026 | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Callodine Commercial Finance LLC, 2L Term Loan B | (x) | Financial Services | SF | + | 06/2026 | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital Automotive LP, ABF Equity | (ad)(v)(w) | Equity Real Estate Investment Trusts (REITs) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital Automotive LP, Structured Mezzanine | (ad)(v)(w) | Equity Real Estate Investment Trusts (REITs) | 12/2028 | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Curia Global Inc, Revolver | (v)(w) | Pharmaceuticals, Biotechnology & Life Sciences | SF | + | 01/2029 | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Curia Global Inc, Revolver | (w)(x) | Pharmaceuticals, Biotechnology & Life Sciences | SF | + | 01/2029 | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Drive Revel, ABF Equity | (v)(w) | Financial Services | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| EW Scripps Co/The, Revolver | (v)(w) | Media & Entertainment | SF | + | 03/2028 | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| EW Scripps Co/The, Revolver | (w)(x) | Media & Entertainment | SF | + | 03/2028 | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Florida Food Products LLC, Revolver | (v)(w) | Food, Beverage & Tobacco | SF | + | 06/2028 | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Florida Food Products LLC, Revolver | (w)(x) | Food, Beverage & Tobacco | SF | + | 06/2028 | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fortna Group Inc, Revolver | (v)(w) | Capital Goods | SF | + | 06/2029 | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fortna Group Inc, Revolver | (w)(x) | Capital Goods | SF | + | 06/2029 | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Global Jet Capital LLC, Preferred Stock | (j)(u)(v)(y) | Commercial & Professional Services | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Global Lending Services LLC, ABF Equity | (v)(w) | Financial Services | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Global Lending Services LLC, ABF Equity | (v)(w) | Financial Services | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Global Lending Services LLC, ABF Equity | (v)(w) | Financial Services | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Global Lending Services LLC, ABF Equity | (v)(w)(y) | Financial Services | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Global Lending Services LLC, Bond | (v)(w) | Financial Services | PIK | 12/2032 | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Global Lending Services LLC, Bond | (v)(w) | Financial Services | PIK | 02/2033 | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Global Lending Services LLC, Bond | (v)(w) | Financial Services | 05/2033 | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| GreenSky Holdings LLC, ABF Equity | (ac)(v)(y) | Financial Services | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| GreenSky Holdings LLC, ABF Equity | (ac)(v)(w) | Financial Services | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| GreenSky Holdings LLC, Term Loan | (ac)(v) | Financial Services | PIK | 03/2034 | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| GreenSky Holdings LLC, Term Loan | (ac)(x) | Financial Services | PIK | 03/2034 | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Kilter Finance, ABF Equity | (ad)(v)(w)(y) | Insurance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Kilter Finance, Preferred Stock | (ad)(v)(w) | Insurance | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| KKR Altitude II Offshore Aggregator LP, Partnership Interest | (ad)(v)(w) | Capital Goods | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c)/ Shares | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| KKR Central Park Leasing Aggregator L.P., Partnership Interest | (ad)(v)(w)(y)(z) | Capital Goods | 05/2026 | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| KKR Chord IP Aggregator LP, Partnership Interest | (ad)(v)(w) | Media & Entertainment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| KKR Rocket Loans Aggregator LLC, Partnership Interest | (ad)(v)(w)(y) | Financial Services | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| KKR Zeno Aggregator LP (K2 Aviation), Partnership Interest | (ad)(v)(w) | Capital Goods | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lennar Corp, ABF Equity | (v)(w) | Consumer Durables & Apparel | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lennar Corp, Term Loan | (v)(w) | Consumer Durables & Apparel | ( | / | 08/2029 | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Morgan Stanley Residential Mortgage Loan Trust 2025-HX1, ABS | (aa)(v)(w) | Real Estate Management & Development | 03/2070 | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Morgan Stanley Residential Mortgage Loan Trust 2025-HX1, ABS | (aa)(v)(w) | Real Estate Management & Development | 03/2070 | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Morgan Stanley Residential Mortgage Loan Trust 2025-HX1, ABS | (aa)(v)(w) | Real Estate Management & Development | 03/2070 | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Morgan Stanley Residential Mortgage Loan Trust 2025-HX1, ABS | (aa)(v)(w) | Real Estate Management & Development | 03/2070 | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Morgan Stanley Residential Mortgage Loan Trust 2025-HX1, ABS | (aa)(v)(w) | Real Estate Management & Development | 03/2070 | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| My Community Homes PropCo 2, ABF Equity | (ad)(v)(w)(y) | Equity Real Estate Investment Trusts (REITs) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| My Community Homes PropCo 2, Term Loan | (ad)(v)(w) | Equity Real Estate Investment Trusts (REITs) | PIK | 03/2034 | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| My Community Homes PropCo 2, Term Loan | (ad)(v)(w) | Equity Real Estate Investment Trusts (REITs) | PIK | 04/2035 | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| My Community Homes PropCo 2, Term Loan | (ad)(v)(w) | Equity Real Estate Investment Trusts (REITs) | PIK | 06/2035 | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NewStar Clarendon 2014-1A Class D | (v)(w)(y) | Financial Services | 01/2027 | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Norway_France, ABF Equity | (v)(w) | Financial Services | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PayPal Europe Sarl et Cie SCA, ABF Equity | (v)(w) | Financial Services | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Powin Energy Corp/NV, Revolver | (v) | Capital Goods | PIK | 09/2027 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Powin Energy Corp/NV, Warrants | (r)(y) | Capital Goods | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Powin Energy Corp/NV, Warrants | (r)(y) | Capital Goods | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Powin Energy Corp/NV, Warrants | (r)(y) | Capital Goods | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Powin Energy Corp/NV, Warrants | (r)(y) | Capital Goods | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Prime ST LLC, ABF Equity | (ad)(v)(w)(y) | Equity Real Estate Investment Trusts (REITs) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Prime ST LLC, Structured Mezzanine | (ad)(v)(w) | Equity Real Estate Investment Trusts (REITs) | ( | / | 03/2030 | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Residential Opportunities I LLC, ABF Equity | (v)(y) | Real Estate Management & Development | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Roemanu LLC, ABF Equity | (ad)(v) | Financial Services | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Roemanu LLC, ABF Equity | (ad)(v) | Financial Services | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Saluda Grade Alternative Mortgage Trust 2022-BC2, Structured Mezzanine | (v)(w) | Real Estate Management & Development | 07/2030 | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c)/ Shares | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Saluda Grade Alternative Mortgage Trust 2023-LOC2, Structured Mezzanine | (v)(w) | Real Estate Management & Development | 10/2053 | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Star Mountain Diversified Credit Income Fund III, LP, ABF Equity | (o)(w) | Financial Services | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SunPower Financial, ABF Equity | (v)(w) | Financial Services | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| TalkTalk Telecom Group Ltd, Revolver | (v)(w) | Commercial & Professional Services | SA | + | 09/2026 | £ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| TalkTalk Telecom Group Ltd, Revolver | (w)(x) | Commercial & Professional Services | SA | + | 09/2026 | £ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| TDC LLP, Preferred Equity | (ad)(v)(w) | Financial Services | £ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Trinseo Materials Operating SCA / Trinseo Materials Finance Inc, Revolver | (v)(w) | Materials | SF | + | 01/2028 | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Tropicana Products Inc, Revolver | (v)(w) | Food, Beverage & Tobacco | SF | + | 01/2029 | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Tropicana Products Inc, Revolver | (w)(x) | Food, Beverage & Tobacco | SF | + | 01/2029 | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Vehicle Secured Funding Trust, ABF Equity | (v)(w) | Financial Services | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Vehicle Secured Funding Trust, Term Loan | (v)(w) | Financial Services | 01/2046 | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Weber-Stephen Products LLC, Revolver | (v)(w) | Consumer Discretionary Distribution & Retail | SF | + | 12/2026 | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Weber-Stephen Products LLC, Revolver | (w)(x) | Consumer Discretionary Distribution & Retail | SF | + | 12/2026 | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Asset Based Finance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Unfunded Asset Based Finance Commitments | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Asset Based Finance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Opportunities Partners JV, LLC— | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Credit Opportunities Partners JV, LLC | (ad)(v)(w) | Credit Opportunities Partners JV, LLC | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Credit Opportunities Partners JV, LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Number of Shares | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity/Other— | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 48Forty Solutions LLC, Common Stock | (ac)(v)(y) | Commercial & Professional Services | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accuride Corp, Common Stock | (ad)(v)(y) | Capital Goods | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accuride Corp, Preferred Stock | (ad)(v)(y) | Capital Goods | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Affordable Care Inc, Preferred Stock | (ac)(v) | Health Care Equipment & Services | PIK | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Alacrity Solutions Group LLC, Common Stock | (ad)(m)(v)(y) | Insurance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Alacrity Solutions Group LLC, Preferred Equity | (ad)(m)(v) | Insurance | SF | + | PIK | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| American Vision Partners, Private Equity | (v)(y) | Health Care Equipment & Services | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amerivet Partners Management Inc, Preferred Stock | (v) | Health Care Equipment & Services | PIK | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| athenahealth Inc, Preferred Stock | (ac)(v) | Health Care Equipment & Services | PIK | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ATX Networks Corp, Class B-1 Common Stock | (ad)(v)(w)(y) | Capital Goods | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ATX Networks Corp, Class B-2 Common Stock | (ad)(v)(w)(y) | Capital Goods | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Number of Shares | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ATX Networks Corp, Common Stock | (ad)(s)(v)(w)(y) | Capital Goods | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Belk Inc, Common Stock | (ac)(v)(y) | Consumer Discretionary Distribution & Retail | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Borden (New Dairy Opco), Common Stock | (ad)(h)(n)(y) | Food, Beverage & Tobacco | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Bowery Farming Inc, Warrant | (v)(y) | Food, Beverage & Tobacco | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Bowery Farming Inc, Warrants | (v)(y) | Food, Beverage & Tobacco | 09/2028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Bowery Farming Inc, Warrants | (v)(y) | Food, Beverage & Tobacco | 09/2028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| CDS US Intermediate Holdings Inc, Warrant | (v)(w)(y) | Media & Entertainment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cengage Learning, Inc, Common Stock | (v)(y) | Media & Entertainment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Constellis Holdings LLC, Preferred Equity | (ac)(v)(y) | Capital Goods | 12/2028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Constellis Holdings LLC, Private Equity | (ac)(f)(v)(y) | Capital Goods | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cubic Corp, Preferred Stock | (v)(y)(z) | Software & Services | PIK | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Diversified Energy Co PLC, Common Stock | (n)(o)(w) | Energy | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Diversified Energy Co PLC, Common Stock | (aa)(n)(o)(w) | Energy | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Galaxy Universal LLC, Common Stock | (ac)(n)(y) | Consumer Durables & Apparel | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Galaxy Universal LLC, Preferred Stock | (ac)(n) | Consumer Durables & Apparel | PIK | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Galaxy Universal LLC, Trade Claim | (ac)(v)(y) | Consumer Durables & Apparel | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gracent LLC, Class A Common Stock | (ad)(n)(y) | Health Care Equipment & Services | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gracent LLC, Preferred Equity | (ad)(n)(y) | Health Care Equipment & Services | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gracent LLC, Preferred Stock B | (ad)(n)(y) | Health Care Equipment & Services | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| HM Dunn Co Inc, Common Stock | (ad)(s)(v)(y) | Capital Goods | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| HM Dunn Co Inc, Preferred Equity | (ad)(v) | Capital Goods | PIK | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Imagine Communications Corp, Common Stock | (v)(y) | Media & Entertainment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| JW Aluminum Co, Preferred Stock | (ad)(j)(u)(v)(y) | Materials | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Kellermeyer Bergensons Services LLC, Common Stock | (ad)(m)(s)(v)(y) | Commercial & Professional Services | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Kellermeyer Bergensons Services LLC, Preferred Stock | (ad)(m)(s)(v)(y) | Commercial & Professional Services | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Kestra Financial Inc, Preferred Equity | (v) | Financial Services | PIK | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Kestra Financial Inc, Preferred Equity | (x) | Financial Services | ( | / | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lipari Foods LLC, Common Stock | (v)(y) | Consumer Staples Distribution & Retail | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Magna Legal Services LLC, Common Stock | (h)(y) | Commercial & Professional Services | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Med-Metrix, Common Stock | (h) | Software & Services | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Med-Metrix, Preferred Stock | (h) | Software & Services | PIK | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Miami Beach Medical Group LLC, Common Stock | (v)(y) | Health Care Equipment & Services | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Misys Ltd, Preferred Stock | (v)(w) | Software & Services | SF | + | PIK | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCI Inc, Class A-1 Common Stock | (ad)(v)(y) | Software & Services | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCI Inc, Class B-1 Common Stock | (ad)(v)(y) | Software & Services | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCI Inc, Class C Common Stock | (ad)(v)(y) | Software & Services | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCI Inc, Class I-1 Common Stock | (ad)(v)(y) | Software & Services | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Number of Shares | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| One Call Care Management Inc, Common Stock | (ac)(v)(y) | Health Care Equipment & Services | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| One Call Care Management Inc, Preferred Stock A | (ac)(v)(y) | Health Care Equipment & Services | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| One Call Care Management Inc, Preferred Stock B | (ac)(v) | Health Care Equipment & Services | PIK | 10/2029 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Polyconcept North America Inc, Class A - 1 Units | (v)(y) | Household & Personal Products | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PRG III LLC, Preferred Stock, Series A PIK | (ad)(v)(y) | Media & Entertainment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PRG III LLC, Preferred Stock, Series B PIK | (ad)(v)(y) | Media & Entertainment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Proserv Acquisition LLC, Class A Preferred Units | (ac)(v)(w)(y) | Energy | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Quoizel, LLC, Common Stock | (ad)(v)(y) | Consumer Durables & Apparel | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Quorum Health Corp, Private Equity | (ad)(v)(y) | Health Care Equipment & Services | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Quorum Health Corp, Private Equity | (ad)(v)(y) | Health Care Equipment & Services | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Quorum Health Corp, Trade Claim | (ad)(v)(y) | Health Care Equipment & Services | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Quorum Health Corp, Trust Initial Funding Units | (ad)(v)(y) | Health Care Equipment & Services | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Sorenson Communications LLC, Common Stock | (j)(u)(v)(y) | Telecommunication Services | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stuart Weitzman Inc, Common Stock | (v)(y) | Consumer Durables & Apparel | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Ultra Electronics Holdings PLC, Private Equity | (v)(w)(y) | Capital Goods | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Ultra Electronics Holdings PLC, Private Equity | (v)(w)(y) | Capital Goods | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Wittur Holding GmbH, Common Stock | (ad)(v)(w)(y) | Capital Goods | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Worldwise Inc, Common Stock | (ad)(v)(y) | Household & Personal Products | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Equity/Other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Unfunded Equity/Other Commitments | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Equity/Other | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TOTAL INVESTMENTS— | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS—( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NET ASSETS—100% | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Foreign Currency | Settlement Date | Counterparty | Amount and Transaction | US$ Value at Settlement Date | US$ Value at June 30, 2025 | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||||||||||||||||||||||
| EUR | 2/15/2028 | JP Morgan Chase Bank | € | Sold | $ | $ | $ | ( | |||||||||||||||||||||||||||||||||||||||
| EUR | 12/28/2029 | JP Morgan Chase Bank | € | Sold | ( | ||||||||||||||||||||||||||||||||||||||||||
| GBP | 10/27/2025 | JP Morgan Chase Bank | £ | Sold | ( | ||||||||||||||||||||||||||||||||||||||||||
| GBP | 12/31/2025 | JP Morgan Chase Bank | £ | Sold | ( | ||||||||||||||||||||||||||||||||||||||||||
| GBP | 1/20/2026 | JP Morgan Chase Bank | £ | Sold | ( | ||||||||||||||||||||||||||||||||||||||||||
| GBP | 3/31/2026 | JP Morgan Chase Bank | £ | Sold | ( | ||||||||||||||||||||||||||||||||||||||||||
| GBP | 4/2/2026 | JP Morgan Chase Bank | £ | Sold | ( | ||||||||||||||||||||||||||||||||||||||||||
| GBP | 8/28/2026 | JP Morgan Chase Bank | £ | Sold | ( | ||||||||||||||||||||||||||||||||||||||||||
| GBP | 8/28/2026 | JP Morgan Chase Bank | £ | Sold | ( | ||||||||||||||||||||||||||||||||||||||||||
| GBP | 2/15/2028 | JP Morgan Chase Bank | £ | Sold | ( | ||||||||||||||||||||||||||||||||||||||||||
| SEK | 10/27/2025 | JP Morgan Chase Bank | SEK | Sold | ( | ||||||||||||||||||||||||||||||||||||||||||
| SEK | 4/14/2027 | JP Morgan Chase Bank | SEK | Sold | ( | ||||||||||||||||||||||||||||||||||||||||||
| SEK | 6/21/2027 | JP Morgan Chase Bank | SEK | Sold | ( | ||||||||||||||||||||||||||||||||||||||||||
| SEK | 2/15/2028 | JP Morgan Chase Bank | SEK | Sold | ( | ||||||||||||||||||||||||||||||||||||||||||
| SEK | 6/30/2028 | JP Morgan Chase Bank | SEK | Sold | ( | ||||||||||||||||||||||||||||||||||||||||||
| SEK | 12/28/2029 | JP Morgan Chase Bank | SEK | Sold | ( | ||||||||||||||||||||||||||||||||||||||||||
| Total | $ | $ | $ | ( | |||||||||||||||||||||||||||||||||||||||||||
| Description | Hedged Item | Company Receives | Company Pays | Counterparty | Maturity Date | Notional Amount | Fair Value | Upfront Payments/Receipts | Change in Unrealized Appreciation/(Depreciation) | |||||||||||||||||||||||||||||||||||||||||||||||
| Interest Rate Swap | 6.875% Notes | SOFR + | ING Capital Markets LLC | 8/15/2029 | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||
| Interest Rate Swap | 6.875% Notes | SOFR + | ING Capital Markets LLC | 8/15/2029 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest Rate Swap | 6.125% Notes | SOFR + | ING Capital Markets LLC | 1/15/2030 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest Rate Swap | 6.125% Notes | SOFR + | ING Capital Markets LLC | 1/15/2030 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Portfolio Company | Fair Value at December 31, 2024 | Gross Additions(1) | Gross Reductions(2) | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Fair Value at June 30, 2025 | Interest Income(3) | PIK Income(3) | Fee Income(3) | Dividend and Other Income(3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Senior Secured Loans—First Lien | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 48Forty Solutions LLC | $ | $ | $ | $ | $ | ( | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||
| 48Forty Solutions LLC | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Affordable Care Inc | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Affordable Care Inc | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Belk Inc | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Galaxy Universal LLC | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Galaxy Universal LLC | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Galaxy Universal LLC | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Portfolio Company | Fair Value at December 31, 2024 | Gross Additions(1) | Gross Reductions(2) | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Fair Value at June 30, 2025 | Interest Income(3) | PIK Income(3) | Fee Income(3) | Dividend and Other Income(3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Galaxy Universal LLC | $ | $ | $ | $ | $ | ( | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||
| One Call Care Management Inc | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Senior Secured Loans—Second Lien | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Constellis Holdings LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Senior Secured Debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| One Call Care Management Inc | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Asset Based Finance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accelerator Investments Aggregator LP, ABF Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Altavair AirFinance, ABF Equity | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| GreenSky Holdings LLC, ABF Equity | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| GreenSky Holdings LLC, ABF Equity | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| GreenSky Holdings LLC, Term Loan | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity/Other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 48Forty Solutions LLC, Common Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Affordable Care Inc, Preferred Stock | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| athenahealth Inc, Preferred Stock | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Belk Inc, Common Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Constellis Holdings LLC, Private Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Constellis Holdings LLC, Preferred Equity | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Galaxy Universal LLC, Common Stock | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Galaxy Universal LLC, Trade Claim | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Galaxy Universal LLC, Preferred Stock | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| One Call Care Management Inc, Preferred Stock A | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| One Call Care Management Inc, Common Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| One Call Care Management Inc, Preferred Stock B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Proserv Acquisition LLC, Class A Preferred Units | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total | $ | $ | $ | ( | $ | $ | ( | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Portfolio Company | Fair Value at December 31, 2024 | Gross Additions(1) | Gross Reductions(2) | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Fair Value at June 30, 2025 | Interest Income(3) | PIK Income(3) | Fee Income(3) | Dividend and Other Income(3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Senior Secured Loans—First Lien | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Alacrity Solutions Group LLC | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Alacrity Solutions Group LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ATX Networks Corp | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ATX Networks Corp | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ATX Networks Corp | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gracent LLC | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| HM Dunn Co Inc | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| HM Dunn Co Inc | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Kellermeyer Bergensons Services LLC | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Kellermeyer Bergensons Services LLC | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCI Inc | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Production Resource Group LLC | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Production Resource Group LLC | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Production Resource Group LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Production Resource Group LLC | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Production Resource Group LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Production Resource Group LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Production Resource Group LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Wittur Holding GmbH | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Wittur Holding GmbH | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Worldwise Inc | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Worldwise Inc | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Senior Secured Loans—Second Lien | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Quoizel, LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Quoizel, LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Worldwise Inc | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Senior Secured Debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| JW Aluminum Co | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Subordinated Debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accuride Corp | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Alacrity Solutions Group LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ATX Networks Corp | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Asset Based Finance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 801 5th Ave, Seattle, Structure Mezzanine | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 801 5th Ave, Seattle, ABF Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Portfolio Company | Fair Value at December 31, 2024 | Gross Additions(1) | Gross Reductions(2) | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Fair Value at June 30, 2025 | Interest Income(3) | PIK Income(3) | Fee Income(3) | Dividend and Other Income(3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Abacus JV, ABF Equity | $ | $ | $ | ( | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Australis Maritime, Common Stock | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Australis Maritime II, ABF Equity | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Avenue One PropCo, ABF Equity | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Avenue One PropCo, Term Loan | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Avida Holding AB, Common Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Avida Holding AB, Subordinated Bond | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital Automotive LP, ABF Equity | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital Automotive LP, Structured Mezzanine | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Discover Financial Services, Subordinated Loan | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Discover Financial Services, ABF Equity | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Kilter Finance, Preferred Stock | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Kilter Finance, ABF Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| KKR Altitude II Offshore Aggregator LP, Partnership Interest | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| KKR Central Park Leasing Aggregator L.P., Partnership Interest | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| KKR Chord IP Aggregator LP, Partnership Interest | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| KKR Rocket Loans Aggregator LLC, Partnership Interest | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| KKR Zeno Aggregator LP (K2 Aviation), Partnership Interest | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| My Community Homes PropCo 2, ABF Equity | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| My Community Homes PropCo 2, Term Loan | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| My Community Homes PropCo 2, Term Loan | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| My Community Homes PropCo 2, Term Loan | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Prime St LLC, ABF Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Prime St LLC, Structured Mezzanine | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Roemanu LLC, ABF Equity | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| TDC LLP, Preferred Equity | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| TDC LLP, ABF Equity | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Credit Opportunities Partners JV, LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Credit Opportunities Partners JV, LLC | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity/Other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accuride Corp, Common Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accuride Corp, Preferred Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Alacrity Solutions Group LLC, Common Stock | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Alacrity Solutions Group LLC, Preferred Equity | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ATX Networks Corp, Common Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ATX Networks Corp, Class B-1 Common Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ATX Networks Corp, Class B-2 Common Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Portfolio Company | Fair Value at December 31, 2024 | Gross Additions(1) | Gross Reductions(2) | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Fair Value at June 30, 2025 | Interest Income(3) | PIK Income(3) | Fee Income(3) | Dividend and Other Income(3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Borden (New Dairy Opco), Common Stock | $ | $ | $ | $ | $ | ( | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Gracent LLC, Preferred Stock B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gracent LLC, Class A Common Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gracent LLC, Preferred Equity | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| HM Dunn Co Inc, Preferred Stock, Series A | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| HM Dunn Co Inc, Preferred Stock, Series B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| HM Dunn Co Inc, Preferred Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| HM Dunn Co Inc, Common Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| JW Aluminum Co, Common Stock | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| JW Aluminum Co, Preferred Stock | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| JW Aluminum Co, Preferred Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Kellermeyer Bergensons Services LLC, Common Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Kellermeyer Bergensons Services LLC, Preferred Stock | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCI Inc, Class A-1 Common Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCI Inc, Class B-1 Common Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCI Inc, Class C Common Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCI Inc, Class I-1 Common Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PRG III LLC, Preferred Stock, Series A PIK | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PRG III LLC, Preferred Stock, Series B PIK | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Quoizel, LLC, Common Stock | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Quorum Health Corp, Trade Claim | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Quorum Health Corp, Trust Initial Funding Units | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Quorum Health Corp, Private Equity | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Quorum Health Corp, Private Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Quorum Health Corp, Private Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Worldwise Inc, Common Stock | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loans—First Lien— | ||||||||||||||||||||||||||||||||||||||||||||||||||
| 3Pillar Global Inc | (v) | Software & Services | SF+ | 11/23/26 | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
| 3Pillar Global Inc | (i)(k)(v) | Software & Services | SF+ | 11/23/27 | ||||||||||||||||||||||||||||||||||||||||||||||
| 3Pillar Global Inc | (x) | Software & Services | SF+ | 11/23/26 | ||||||||||||||||||||||||||||||||||||||||||||||
| 48Forty Solutions LLC | (ac)(f)(k)(t)(v) | Commercial & Professional Services | 11/30/29 | |||||||||||||||||||||||||||||||||||||||||||||||
| 48Forty Solutions LLC | (ac)(v) | Commercial & Professional Services | SF+ | 11/30/29 | ||||||||||||||||||||||||||||||||||||||||||||||
| 48Forty Solutions LLC | (ac)(x) | Commercial & Professional Services | SF+ | 11/30/29 | ||||||||||||||||||||||||||||||||||||||||||||||
| Aareon AG | (v)(w) | Software & Services | E+ | 10/1/31 | € | |||||||||||||||||||||||||||||||||||||||||||||
| Aareon AG | (w)(x) | Software & Services | E+ | 9/30/31 | ||||||||||||||||||||||||||||||||||||||||||||||
| Accuride Corp | (ab)(k) | Capital Goods | SF+ | 4/19/25 | $ | |||||||||||||||||||||||||||||||||||||||||||||
| Accuride Corp | (k) | Capital Goods | SF+ | 4/19/25 | ||||||||||||||||||||||||||||||||||||||||||||||
| Accuride Corp | (k)(y)(z) | Capital Goods | SF+ | 5/18/26 | ||||||||||||||||||||||||||||||||||||||||||||||
| Accuride Corp | (ab)(x) | Capital Goods | SF+ | 4/19/25 | ||||||||||||||||||||||||||||||||||||||||||||||
| Advanced Dermatology & Cosmetic Surgery | (v) | Health Care Equipment & Services | SF+ | 5/7/26 | ||||||||||||||||||||||||||||||||||||||||||||||
| Advanced Dermatology & Cosmetic Surgery | (m)(t)(v) | Health Care Equipment & Services | SF+ | 5/7/27 | ||||||||||||||||||||||||||||||||||||||||||||||
| Advanced Dermatology & Cosmetic Surgery | (x) | Health Care Equipment & Services | SF+ | 5/7/26 | ||||||||||||||||||||||||||||||||||||||||||||||
| Advania Sverige AB | (v)(w) | Software & Services | SA+ | 6/2/31 | £ | |||||||||||||||||||||||||||||||||||||||||||||
| Advania Sverige AB | (v)(w) | Software & Services | SR+ | 6/2/31 | SEK | |||||||||||||||||||||||||||||||||||||||||||||
| Advania Sverige AB | (aa)(v)(w) | Software & Services | E+ | 6/2/31 | € | |||||||||||||||||||||||||||||||||||||||||||||
| Affordable Care Inc | (ac)(v) | Health Care Equipment & Services | SF+ | 8/2/27 | $ | |||||||||||||||||||||||||||||||||||||||||||||
| Affordable Care Inc | (ac)(m)(v) | Health Care Equipment & Services | SF+ | 8/2/28 | ||||||||||||||||||||||||||||||||||||||||||||||
| Affordable Care Inc | (ac)(x) | Health Care Equipment & Services | SF+ | 8/2/27 | ||||||||||||||||||||||||||||||||||||||||||||||
| Alacrity Solutions Group LLC | (v)(y)(z) | Insurance | SF+ | 12/22/27 | ||||||||||||||||||||||||||||||||||||||||||||||
| Alacrity Solutions Group LLC | (m)(y)(z) | Insurance | SF+ | 12/22/28 | ||||||||||||||||||||||||||||||||||||||||||||||
| Alera Group Intermediate Holdings Inc | (m)(v) | Insurance | SF+ | 10/2/28 | ||||||||||||||||||||||||||||||||||||||||||||||
| Alera Group Intermediate Holdings Inc | (v) | Insurance | SF+ | 10/2/28 | ||||||||||||||||||||||||||||||||||||||||||||||
| Alera Group Intermediate Holdings Inc | (x) | Insurance | SF+ | 10/2/28 | ||||||||||||||||||||||||||||||||||||||||||||||
| Alpha Financial Markets Consulting PLC | (v)(w) | Commercial & Professional Services | SF+ | 8/16/31 | ||||||||||||||||||||||||||||||||||||||||||||||
| Alpha Financial Markets Consulting PLC | (v)(w) | Commercial & Professional Services | E+ | 8/16/31 | € | |||||||||||||||||||||||||||||||||||||||||||||
| Alpha Financial Markets Consulting PLC | (v)(w) | Commercial & Professional Services | SA+ | 8/29/31 | £ | |||||||||||||||||||||||||||||||||||||||||||||
| Alpha Financial Markets Consulting PLC | (w)(x) | Commercial & Professional Services | SA+ | 8/16/31 | ||||||||||||||||||||||||||||||||||||||||||||||
| American Vision Partners | (v) | Health Care Equipment & Services | SF+ | 9/30/26 | $ | |||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||
| American Vision Partners | (i)(v) | Health Care Equipment & Services | SF+ | 9/30/27 | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
| American Vision Partners | (x) | Health Care Equipment & Services | SF+ | 9/30/26 | ||||||||||||||||||||||||||||||||||||||||||||||
| Amerivet Partners Management Inc | (v) | Health Care Equipment & Services | SF+ | 2/25/28 | ||||||||||||||||||||||||||||||||||||||||||||||
| Amerivet Partners Management Inc | (x) | Health Care Equipment & Services | SF+ | 2/25/28 | ||||||||||||||||||||||||||||||||||||||||||||||
| Apex Group Limited | (aa)(m)(w) | Financial Services | SF+ | 7/27/28 | ||||||||||||||||||||||||||||||||||||||||||||||
| Apex Service Partners LLC | (v) | Commercial & Professional Services | SF+ | 10/24/29 | ||||||||||||||||||||||||||||||||||||||||||||||
| Apex Service Partners LLC | (v) | Commercial & Professional Services | SF+ | 10/24/30 | ||||||||||||||||||||||||||||||||||||||||||||||
| Apex Service Partners LLC | (v) | Commercial & Professional Services | SF+ | 10/24/30 | ||||||||||||||||||||||||||||||||||||||||||||||
| Apex Service Partners LLC | (x) | Commercial & Professional Services | SF+ | 10/24/29 | ||||||||||||||||||||||||||||||||||||||||||||||
| Apex Service Partners LLC | (x) | Commercial & Professional Services | SF+ | 10/24/30 | ||||||||||||||||||||||||||||||||||||||||||||||
| Arcfield Acquisition Corp | (x) | Capital Goods | SF+ | 10/28/31 | ||||||||||||||||||||||||||||||||||||||||||||||
| Arcos LLC/VA | (m) | Software & Services | SF+ | 4/20/28 | ||||||||||||||||||||||||||||||||||||||||||||||
| Arcos LLC/VA | (x) | Software & Services | SF+ | 4/20/27 | ||||||||||||||||||||||||||||||||||||||||||||||
| Area Wide Protective Inc | (f)(v) | Commercial & Professional Services | SF+ | 12/23/30 | ||||||||||||||||||||||||||||||||||||||||||||||
| Area Wide Protective Inc | (x) | Commercial & Professional Services | SF+ | 12/23/30 | ||||||||||||||||||||||||||||||||||||||||||||||
| Arrotex Australia Group Pty Ltd | (v)(w) | Pharmaceuticals, Biotechnology & Life Sciences | B+ | 6/30/28 | A$ | |||||||||||||||||||||||||||||||||||||||||||||
| Arrotex Australia Group Pty Ltd | (w)(x) | Pharmaceuticals, Biotechnology & Life Sciences | B+ | 6/30/28 | ||||||||||||||||||||||||||||||||||||||||||||||
| ATX Networks Corp | (ad)(v)(w) | Capital Goods | SF+ | 9/1/26 | $ | |||||||||||||||||||||||||||||||||||||||||||||
| ATX Networks Corp | (ad)(s)(v)(w) | Capital Goods | SF+ | 9/1/26 | ||||||||||||||||||||||||||||||||||||||||||||||
| ATX Networks Corp | (ad)(s)(v)(w) | Capital Goods | SF+ | 9/1/26 | ||||||||||||||||||||||||||||||||||||||||||||||
| ATX Networks Corp | (ad)(w)(x) | Capital Goods | SF+ | 9/1/26 | ||||||||||||||||||||||||||||||||||||||||||||||
| Avetta LLC | (v) | Software & Services | SF+ | 7/26/31 | ||||||||||||||||||||||||||||||||||||||||||||||
| Avetta LLC | (x) | Software & Services | SF+ | 7/26/30 | ||||||||||||||||||||||||||||||||||||||||||||||
| Avetta LLC | (x) | Software & Services | SF+ | 7/26/31 | ||||||||||||||||||||||||||||||||||||||||||||||
| BDO USA PA | (v) | Commercial & Professional Services | SF+ | 8/31/28 | ||||||||||||||||||||||||||||||||||||||||||||||
| Belk Inc | (ad)(v) | Consumer Discretionary Distribution & Retail | 7/23/29 | |||||||||||||||||||||||||||||||||||||||||||||||
| BGB Group LLC | (f)(i)(k)(m)(t) | Media & Entertainment | SF+ | 8/16/27 | ||||||||||||||||||||||||||||||||||||||||||||||
| BGB Group LLC | (x) | Media & Entertainment | SF+ | 8/16/27 | ||||||||||||||||||||||||||||||||||||||||||||||
| BGB Group LLC | (x) | Media & Entertainment | SF+ | 8/16/27 | ||||||||||||||||||||||||||||||||||||||||||||||
| Bloom Fresh International Limited | (v)(w) | Food, Beverage & Tobacco | E+ | 8/9/30 | € | |||||||||||||||||||||||||||||||||||||||||||||
| Bowery Farming Inc | (v)(y)(z) | Food, Beverage & Tobacco | SF+ | 9/10/26 | $ | |||||||||||||||||||||||||||||||||||||||||||||
| Bowery Farming Inc | (v)(y) | Food, Beverage & Tobacco | 9/10/26 | |||||||||||||||||||||||||||||||||||||||||||||||
| Bowery Farming Inc | (v)(y) | Food, Beverage & Tobacco | 9/10/26 | |||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||
| Cadence Education LLC | (v) | Consumer Services | SF+ | 5/1/31 | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
| Cadence Education LLC | (x) | Consumer Services | SF+ | 5/1/30 | ||||||||||||||||||||||||||||||||||||||||||||||
| Cadence Education LLC | (x) | Consumer Services | SF+ | 5/1/31 | ||||||||||||||||||||||||||||||||||||||||||||||
| Carrier Fire Protection | (v) | Commercial & Professional Services | SF+ | 7/1/31 | ||||||||||||||||||||||||||||||||||||||||||||||
| Carrier Fire Protection | (v) | Commercial & Professional Services | SF+ | 7/1/30 | ||||||||||||||||||||||||||||||||||||||||||||||
| Carrier Fire Protection | (v) | Commercial & Professional Services | E+ | 7/1/31 | € | |||||||||||||||||||||||||||||||||||||||||||||
| Carrier Fire Protection | (x) | Commercial & Professional Services | SF+ | 7/1/31 | $ | |||||||||||||||||||||||||||||||||||||||||||||
| Carrier Fire Protection | (x) | Commercial & Professional Services | SF+ | 7/1/30 | ||||||||||||||||||||||||||||||||||||||||||||||
| CFC Underwriting Ltd | (w)(x) | Insurance | SA+ | 5/16/29 | £ | |||||||||||||||||||||||||||||||||||||||||||||
| Circana Group (f.k.a. NPD Group) | (v) | Consumer Services | SF+ | 12/21/27 | $ | |||||||||||||||||||||||||||||||||||||||||||||
| Circana Group (f.k.a. NPD Group) | (m)(v) | Consumer Services | SF+ | 12/1/28 | ||||||||||||||||||||||||||||||||||||||||||||||
| Circana Group (f.k.a. NPD Group) | (x) | Consumer Services | SF+ | 12/21/27 | ||||||||||||||||||||||||||||||||||||||||||||||
| Civica Group Ltd | (v)(w) | Software & Services | SA+ | 8/30/30 | £ | |||||||||||||||||||||||||||||||||||||||||||||
| Civica Group Ltd | (w)(x) | Software & Services | SA+ | 8/30/30 | ||||||||||||||||||||||||||||||||||||||||||||||
| Civica Group Ltd | (w)(x) | Software & Services | SA+ | 8/30/30 | ||||||||||||||||||||||||||||||||||||||||||||||
| Clarience Technologies LLC | (f)(k)(t)(v) | Capital Goods | SF+ | 2/13/31 | $ | |||||||||||||||||||||||||||||||||||||||||||||
| Clarience Technologies LLC | (x) | Capital Goods | SF+ | 2/13/30 | ||||||||||||||||||||||||||||||||||||||||||||||
| Clarience Technologies LLC | (x) | Capital Goods | SF+ | 2/13/31 | ||||||||||||||||||||||||||||||||||||||||||||||
| CLEAResult Consulting Inc | (f)(v) | Commercial & Professional Services | SF+ | 8/27/31 | ||||||||||||||||||||||||||||||||||||||||||||||
| CLEAResult Consulting Inc | (v) | Commercial & Professional Services | SF+ | 8/27/31 | ||||||||||||||||||||||||||||||||||||||||||||||
| CLEAResult Consulting Inc | (x) | Commercial & Professional Services | SF+ | 8/27/31 | ||||||||||||||||||||||||||||||||||||||||||||||
| CLEAResult Consulting Inc | (x) | Commercial & Professional Services | SF+ | 8/27/31 | ||||||||||||||||||||||||||||||||||||||||||||||
| Community Brands Inc | (k)(t) | Software & Services | SF+ | 7/1/31 | ||||||||||||||||||||||||||||||||||||||||||||||
| Community Brands Inc | (x) | Software & Services | SF+ | 7/1/31 | ||||||||||||||||||||||||||||||||||||||||||||||
| Consilium Safety Group AB | (v)(w) | Capital Goods | E+ | 4/7/31 | € | |||||||||||||||||||||||||||||||||||||||||||||
| Consilium Safety Group AB | (w)(x) | Capital Goods | E+ | 4/7/31 | € | |||||||||||||||||||||||||||||||||||||||||||||
| Corsearch Intermediate Inc | (m)(v) | Software & Services | SF+ | 4/19/28 | $ | |||||||||||||||||||||||||||||||||||||||||||||
| CSafe Global | (f)(k)(t)(v) | Transportation | SF+ | 12/14/28 | ||||||||||||||||||||||||||||||||||||||||||||||
| CSafe Global | (v) | Transportation | SA+ | 12/14/28 | £ | |||||||||||||||||||||||||||||||||||||||||||||
| CSafe Global | (v) | Transportation | SF+ | 3/8/29 | $ | |||||||||||||||||||||||||||||||||||||||||||||
| CSafe Global | (x) | Transportation | SF+ | 3/8/29 | ||||||||||||||||||||||||||||||||||||||||||||||
| Dechra Pharmaceuticals Ltd | (w)(x) | Pharmaceuticals, Biotechnology & Life Sciences | SF+ | 1/24/31 | ||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||
| Dechra Pharmaceuticals Ltd | (w)(x) | Pharmaceuticals, Biotechnology & Life Sciences | E+ | 1/24/31 | € | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
| Dental Care Alliance Inc | (k)(m)(t)(v) | Health Care Equipment & Services | SF+ | 4/3/28 | $ | |||||||||||||||||||||||||||||||||||||||||||||
| Dental365 LLC | (v) | Health Care Equipment & Services | SF+ | 5/5/28 | ||||||||||||||||||||||||||||||||||||||||||||||
| Dental365 LLC | (f)(v) | Health Care Equipment & Services | SF+ | 8/5/28 | ||||||||||||||||||||||||||||||||||||||||||||||
| Dental365 LLC | (v) | Health Care Equipment & Services | SF+ | 8/7/28 | ||||||||||||||||||||||||||||||||||||||||||||||
| Dental365 LLC | (x) | Health Care Equipment & Services | SF+ | 5/5/28 | ||||||||||||||||||||||||||||||||||||||||||||||
| Dental365 LLC | (x) | Health Care Equipment & Services | SF+ | 8/7/28 | ||||||||||||||||||||||||||||||||||||||||||||||
| DOC Generici Srl | (v)(w) | Pharmaceuticals, Biotechnology & Life Sciences | E+ | 10/27/28 | € | |||||||||||||||||||||||||||||||||||||||||||||
| DOC Generici Srl | (w)(x) | Pharmaceuticals, Biotechnology & Life Sciences | E+ | 10/27/28 | ||||||||||||||||||||||||||||||||||||||||||||||
| DOXA Insurance Holdings LLC | (v) | Insurance | SF+ | 12/20/30 | $ | |||||||||||||||||||||||||||||||||||||||||||||
| DOXA Insurance Holdings LLC | (x) | Insurance | SF+ | 12/20/29 | ||||||||||||||||||||||||||||||||||||||||||||||
| DOXA Insurance Holdings LLC | (x) | Insurance | SF+ | 12/20/30 | ||||||||||||||||||||||||||||||||||||||||||||||
| DOXA Insurance Holdings LLC | (x) | Insurance | SF+ | 12/20/30 | ||||||||||||||||||||||||||||||||||||||||||||||
| DuBois Chemicals Inc | (f)(t)(v) | Materials | SF+ | 6/13/31 | ||||||||||||||||||||||||||||||||||||||||||||||
| DuBois Chemicals Inc | (x) | Materials | SF+ | 6/13/31 | ||||||||||||||||||||||||||||||||||||||||||||||
| DuBois Chemicals Inc | (x) | Materials | SF+ | 6/13/31 | ||||||||||||||||||||||||||||||||||||||||||||||
| Envirotainer Ltd | (w)(x) | Transportation | E+ | 7/30/29 | € | |||||||||||||||||||||||||||||||||||||||||||||
| Excelitas Technologies Corp | (v) | Technology Hardware & Equipment | SF+ | 8/12/29 | $ | |||||||||||||||||||||||||||||||||||||||||||||
| Excelitas Technologies Corp | (x) | Technology Hardware & Equipment | SF+ | 8/12/28 | ||||||||||||||||||||||||||||||||||||||||||||||
| Excelitas Technologies Corp | (x) | Technology Hardware & Equipment | SF+ | 8/12/29 | ||||||||||||||||||||||||||||||||||||||||||||||
| Follett Software Co | (f)(k)(t) | Software & Services | SF+ | 8/31/28 | ||||||||||||||||||||||||||||||||||||||||||||||
| Follett Software Co | (x) | Software & Services | SF+ | 8/31/27 | ||||||||||||||||||||||||||||||||||||||||||||||
| Foundation Consumer Brands LLC | (f)(m)(v) | Pharmaceuticals, Biotechnology & Life Sciences | SF+ | 2/12/29 | ||||||||||||||||||||||||||||||||||||||||||||||
| Foundation Consumer Brands LLC | (x) | Pharmaceuticals, Biotechnology & Life Sciences | SF+ | 2/12/29 | ||||||||||||||||||||||||||||||||||||||||||||||
| Foundation Risk Partners Corp | (m)(v) | Insurance | SF+ | 10/29/30 | ||||||||||||||||||||||||||||||||||||||||||||||
| Foundation Risk Partners Corp | (x) | Insurance | SF+ | 10/29/29 | ||||||||||||||||||||||||||||||||||||||||||||||
| Foundation Risk Partners Corp | (x) | Insurance | SF+ | 10/29/30 | ||||||||||||||||||||||||||||||||||||||||||||||
| Galaxy Universal LLC | (ac)(v) | Consumer Durables & Apparel | SF+ | 11/12/26 | ||||||||||||||||||||||||||||||||||||||||||||||
| Galaxy Universal LLC | (ac)(v) | Consumer Durables & Apparel | SF+ | 11/30/26 | ||||||||||||||||||||||||||||||||||||||||||||||
| Galway Partners Holdings LLC | (v) | Insurance | SF+ | 9/29/28 | ||||||||||||||||||||||||||||||||||||||||||||||
| Galway Partners Holdings LLC | (v) | Insurance | SF+ | 9/29/28 | ||||||||||||||||||||||||||||||||||||||||||||||
| Galway Partners Holdings LLC | (k)(m)(t)(v) | Insurance | SF+ | 9/29/28 | ||||||||||||||||||||||||||||||||||||||||||||||
| Galway Partners Holdings LLC | (x) | Insurance | SF+ | 9/29/28 | ||||||||||||||||||||||||||||||||||||||||||||||
| Galway Partners Holdings LLC | (x) | Insurance | SF+ | 9/29/28 | ||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||
| General Datatech LP | (f)(k)(m)(t)(v) | Software & Services | SF+ | 6/18/27 | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
| Gigamon Inc | (v) | Software & Services | SF+ | 3/10/28 | ||||||||||||||||||||||||||||||||||||||||||||||
| Gigamon Inc | (i)(v) | Software & Services | SF+ | 3/9/29 | ||||||||||||||||||||||||||||||||||||||||||||||
| Gracent LLC | (ad)(v) | Health Care Equipment & Services | 2/28/27 | |||||||||||||||||||||||||||||||||||||||||||||||
| Granicus Inc | (v) | Software & Services | SF+ | 1/17/31 | ||||||||||||||||||||||||||||||||||||||||||||||
| Granicus Inc | (v) | Software & Services | SF+ | 1/17/31 | ||||||||||||||||||||||||||||||||||||||||||||||
| Granicus Inc | (x) | Software & Services | SF+ | 1/17/31 | ||||||||||||||||||||||||||||||||||||||||||||||
| Granicus Inc | (x) | Software & Services | SF+ | 1/17/31 | ||||||||||||||||||||||||||||||||||||||||||||||
| Heniff Transportation Systems LLC | (f)(k)(m)(v) | Transportation | SF+ | 12/3/26 | ||||||||||||||||||||||||||||||||||||||||||||||
| Heniff Transportation Systems LLC | (v) | Transportation | SF+ | 12/3/26 | ||||||||||||||||||||||||||||||||||||||||||||||
| Heniff Transportation Systems LLC | (x) | Transportation | SF+ | 12/3/26 | ||||||||||||||||||||||||||||||||||||||||||||||
| Heritage Environmental Services Inc | (f)(v) | Commercial & Professional Services | SF+ | 1/31/31 | ||||||||||||||||||||||||||||||||||||||||||||||
| Heritage Environmental Services Inc | (v) | Commercial & Professional Services | SF+ | 1/31/31 | ||||||||||||||||||||||||||||||||||||||||||||||
| Heritage Environmental Services Inc | (x) | Commercial & Professional Services | SF+ | 1/31/30 | ||||||||||||||||||||||||||||||||||||||||||||||
| Heritage Environmental Services Inc | (x) | Commercial & Professional Services | SF+ | 1/31/31 | ||||||||||||||||||||||||||||||||||||||||||||||
| Hibu Inc | (f)(k)(m)(t)(v) | Commercial & Professional Services | SF+ | 5/4/27 | ||||||||||||||||||||||||||||||||||||||||||||||
| Hibu Inc | (f)(v) | Commercial & Professional Services | SF+ | 5/4/27 | ||||||||||||||||||||||||||||||||||||||||||||||
| Hibu Inc | (v) | Commercial & Professional Services | SF+ | 5/4/27 | ||||||||||||||||||||||||||||||||||||||||||||||
| Higginbotham Insurance Agency Inc | (v) | Insurance | SF+ | 11/24/28 | ||||||||||||||||||||||||||||||||||||||||||||||
| Higginbotham Insurance Agency Inc | (x) | Insurance | SF+ | 11/24/28 | ||||||||||||||||||||||||||||||||||||||||||||||
| Highgate Hotels Inc | (v) | Consumer Services | SF+ | 11/5/29 | ||||||||||||||||||||||||||||||||||||||||||||||
| Highgate Hotels Inc | (x) | Consumer Services | SF+ | 11/5/29 | ||||||||||||||||||||||||||||||||||||||||||||||
| HKA | (m)(w) | Commercial & Professional Services | SF+ | 8/9/29 | ||||||||||||||||||||||||||||||||||||||||||||||
| HM Dunn Co Inc | (ad)(v) | Capital Goods | SF+ | 6/30/26 | ||||||||||||||||||||||||||||||||||||||||||||||
| HM Dunn Co Inc | (ad)(v) | Capital Goods | SF+ | 6/30/26 | ||||||||||||||||||||||||||||||||||||||||||||||
| HM Dunn Co Inc | (ad)(x) | Capital Goods | SF+ | 6/30/26 | ||||||||||||||||||||||||||||||||||||||||||||||
| Homrich & Berg Inc | (v) | Financial Services | SF+ | 8/18/31 | ||||||||||||||||||||||||||||||||||||||||||||||
| Homrich & Berg Inc | (f) | Financial Services | SF+ | 11/17/31 | ||||||||||||||||||||||||||||||||||||||||||||||
| Homrich & Berg Inc | (x) | Financial Services | SF+ | 8/18/31 | ||||||||||||||||||||||||||||||||||||||||||||||
| Homrich & Berg Inc | (x) | Financial Services | SF+ | 11/17/31 | ||||||||||||||||||||||||||||||||||||||||||||||
| Individual FoodService | (v) | Capital Goods | SF+ | 10/31/29 | ||||||||||||||||||||||||||||||||||||||||||||||
| Individual FoodService | (x) | Capital Goods | SF+ | 10/31/29 | ||||||||||||||||||||||||||||||||||||||||||||||
| Industria Chimica Emiliana Srl | (v)(w) | Pharmaceuticals, Biotechnology & Life Sciences | E+ | 9/27/26 | € | |||||||||||||||||||||||||||||||||||||||||||||
| Industry City TI Lessor LP | (s)(v) | Consumer Services | 6/30/26 | $ | ||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||
| iNova Pharmaceuticals (Australia) Pty Limited | (w)(x) | Pharmaceuticals, Biotechnology & Life Sciences | B+ | 11/15/31 | A$ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
| Insight Global LLC | (i)(v) | Commercial & Professional Services | SF+ | 9/22/28 | $ | |||||||||||||||||||||||||||||||||||||||||||||
| Insight Global LLC | (x) | Commercial & Professional Services | SF+ | 9/22/28 | ||||||||||||||||||||||||||||||||||||||||||||||
| Insight Global LLC | (x) | Commercial & Professional Services | SF+ | 9/22/28 | ||||||||||||||||||||||||||||||||||||||||||||||
| Insightsoftware.Com Inc | (v) | Software & Services | SF+ | 5/25/28 | ||||||||||||||||||||||||||||||||||||||||||||||
| Insightsoftware.Com Inc | (v) | Software & Services | SF+ | 5/25/28 | ||||||||||||||||||||||||||||||||||||||||||||||
| Insightsoftware.Com Inc | (x) | Software & Services | SF+ | 5/25/28 | ||||||||||||||||||||||||||||||||||||||||||||||
| Insightsoftware.Com Inc | (x) | Software & Services | SF+ | 5/25/28 | ||||||||||||||||||||||||||||||||||||||||||||||
| Integrity Marketing Group LLC | (v) | Insurance | SF+ | 8/25/28 | ||||||||||||||||||||||||||||||||||||||||||||||
| Integrity Marketing Group LLC | (x) | Insurance | SF+ | 8/28/28 | ||||||||||||||||||||||||||||||||||||||||||||||
| Integrity Marketing Group LLC | (x) | Insurance | SF+ | 8/28/28 | ||||||||||||||||||||||||||||||||||||||||||||||
| J S Held LLC | (f)(v) | Insurance | SF+ | 6/1/28 | ||||||||||||||||||||||||||||||||||||||||||||||
| J S Held LLC | (x) | Insurance | SF+ | 6/1/28 | ||||||||||||||||||||||||||||||||||||||||||||||
| J S Held LLC | (x) | Insurance | SF+ | 6/1/28 | ||||||||||||||||||||||||||||||||||||||||||||||
| Karman Space Inc | (v) | Capital Goods | SF+ | 12/21/25 | ||||||||||||||||||||||||||||||||||||||||||||||
| Karman Space Inc | (v) | Capital Goods | SF+ | 12/21/25 | ||||||||||||||||||||||||||||||||||||||||||||||
| Kellermeyer Bergensons Services LLC | (ad)(m)(s)(v) | Commercial & Professional Services | SF+ | 11/6/28 | ||||||||||||||||||||||||||||||||||||||||||||||
| Kellermeyer Bergensons Services LLC | (ad)(m)(s)(v) | Commercial & Professional Services | SF+ | 11/6/28 | ||||||||||||||||||||||||||||||||||||||||||||||
| Kellermeyer Bergensons Services LLC | (ad)(x) | Commercial & Professional Services | SF+ | 11/6/28 | ||||||||||||||||||||||||||||||||||||||||||||||
| Laboratoires Vivacy SAS | (v)(w) | Pharmaceuticals, Biotechnology & Life Sciences | E+ | 3/20/30 | € | |||||||||||||||||||||||||||||||||||||||||||||
| Laboratoires Vivacy SAS | (w)(x) | Pharmaceuticals, Biotechnology & Life Sciences | E+ | 3/20/30 | ||||||||||||||||||||||||||||||||||||||||||||||
| Lakeview Farms Inc | (k)(m)(v) | Food, Beverage & Tobacco | SF+ | 6/10/27 | $ | |||||||||||||||||||||||||||||||||||||||||||||
| Lakeview Farms Inc | (v) | Food, Beverage & Tobacco | SF+ | 6/10/27 | ||||||||||||||||||||||||||||||||||||||||||||||
| Lakeview Farms Inc | (x) | Food, Beverage & Tobacco | SF+ | 6/10/27 | ||||||||||||||||||||||||||||||||||||||||||||||
| Lazer Logistics Inc | (f)(v) | Transportation | SF+ | 5/6/30 | ||||||||||||||||||||||||||||||||||||||||||||||
| Lazer Logistics Inc | (x) | Transportation | SF+ | 5/4/29 | ||||||||||||||||||||||||||||||||||||||||||||||
| Lazer Logistics Inc | (x) | Transportation | SF+ | 5/6/30 | ||||||||||||||||||||||||||||||||||||||||||||||
| Legends Hospitality LLC | (v) | Consumer Services | SF+ | 8/22/30 | ||||||||||||||||||||||||||||||||||||||||||||||
| Legends Hospitality LLC | (f)(k)(t) | Consumer Services | SF+ | 8/22/31 | ||||||||||||||||||||||||||||||||||||||||||||||
| Legends Hospitality LLC | (x) | Consumer Services | SF+ | 8/22/30 | ||||||||||||||||||||||||||||||||||||||||||||||
| Legends Hospitality LLC | (x) | Consumer Services | SF+ | 8/22/31 | ||||||||||||||||||||||||||||||||||||||||||||||
| Lexitas Inc | (v) | Commercial & Professional Services | SF+ | 5/18/29 | ||||||||||||||||||||||||||||||||||||||||||||||
| Lexitas Inc | (i)(k)(m)(v) | Commercial & Professional Services | SF+ | 5/18/29 | ||||||||||||||||||||||||||||||||||||||||||||||
| Lexitas Inc | (x) | Commercial & Professional Services | SF+ | 5/18/29 | ||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||
| Lexitas Inc | (x) | Commercial & Professional Services | SF+ | 5/18/29 | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
| Lionbridge Technologies Inc | (f)(i)(k)(s)(t)(v) | Media & Entertainment | SF+ | 12/29/25 | ||||||||||||||||||||||||||||||||||||||||||||||
| Lipari Foods LLC | (f)(i)(m)(v) | Consumer Staples Distribution & Retail | SF+ | 10/31/28 | ||||||||||||||||||||||||||||||||||||||||||||||
| Lloyd's Register Quality Assurance Ltd | (v)(w) | Commercial & Professional Services | SA+ | 12/4/28 | £ | |||||||||||||||||||||||||||||||||||||||||||||
| Lloyd's Register Quality Assurance Ltd | (w)(x) | Commercial & Professional Services | SA+ | 12/4/28 | ||||||||||||||||||||||||||||||||||||||||||||||
| Lloyd's Register Quality Assurance Ltd | (w)(x) | Commercial & Professional Services | SA+ | 12/4/28 | ||||||||||||||||||||||||||||||||||||||||||||||
| Magna Legal Services LLC | (v) | Commercial & Professional Services | SF+ | 11/21/29 | $ | |||||||||||||||||||||||||||||||||||||||||||||
| Magna Legal Services LLC | (m)(v) | Commercial & Professional Services | SF+ | 11/22/29 | ||||||||||||||||||||||||||||||||||||||||||||||
| Magna Legal Services LLC | (x) | Commercial & Professional Services | SF+ | 11/22/28 | ||||||||||||||||||||||||||||||||||||||||||||||
| Magna Legal Services LLC | (x) | Commercial & Professional Services | SF+ | 11/21/29 | ||||||||||||||||||||||||||||||||||||||||||||||
| MAI Capital Management LLC | (v) | Financial Services | SF+ | 8/29/31 | ||||||||||||||||||||||||||||||||||||||||||||||
| MAI Capital Management LLC | (v) | Financial Services | SF+ | 8/29/31 | ||||||||||||||||||||||||||||||||||||||||||||||
| MAI Capital Management LLC | (x) | Financial Services | SF+ | 8/29/31 | ||||||||||||||||||||||||||||||||||||||||||||||
| MAI Capital Management LLC | (x) | Financial Services | SF+ | 8/29/31 | ||||||||||||||||||||||||||||||||||||||||||||||
| MB2 Dental Solutions LLC | (k)(t)(v) | Health Care Equipment & Services | SF+ | 2/13/31 | ||||||||||||||||||||||||||||||||||||||||||||||
| MB2 Dental Solutions LLC | (x) | Health Care Equipment & Services | SF+ | 2/13/31 | ||||||||||||||||||||||||||||||||||||||||||||||
| MB2 Dental Solutions LLC | (x) | Health Care Equipment & Services | SF+ | 2/13/31 | ||||||||||||||||||||||||||||||||||||||||||||||
| Medallia Inc | (m)(v) | Software & Services | SF+ | 10/29/28 | ||||||||||||||||||||||||||||||||||||||||||||||
| Med-Metrix | (i)(m)(t)(v) | Software & Services | SF+ | 9/15/27 | ||||||||||||||||||||||||||||||||||||||||||||||
| Med-Metrix | (x) | Software & Services | SF+ | 9/15/27 | ||||||||||||||||||||||||||||||||||||||||||||||
| Mercer Advisors Inc | (f)(v) | Financial Services | SF+ | 10/4/30 | ||||||||||||||||||||||||||||||||||||||||||||||
| Mercer Advisors Inc | (x) | Financial Services | SF+ | 10/4/30 | ||||||||||||||||||||||||||||||||||||||||||||||
| Misys Ltd | (v)(w) | Software & Services | SF+ | 9/13/29 | ||||||||||||||||||||||||||||||||||||||||||||||
| Misys Ltd | (w)(x) | Software & Services | SF+ | 9/13/29 | ||||||||||||||||||||||||||||||||||||||||||||||
| Model N Inc | (v) | Software & Services | SF+ | 6/27/31 | ||||||||||||||||||||||||||||||||||||||||||||||
| Model N Inc | (x) | Software & Services | SF+ | 6/27/31 | ||||||||||||||||||||||||||||||||||||||||||||||
| Model N Inc | (x) | Software & Services | SF+ | 6/27/31 | ||||||||||||||||||||||||||||||||||||||||||||||
| NBG Home | (v)(y) | Consumer Durables & Apparel | 3/30/25 | |||||||||||||||||||||||||||||||||||||||||||||||
| NBG Home | (v)(y)(z) | Consumer Durables & Apparel | SF+ | 3/31/25 | ||||||||||||||||||||||||||||||||||||||||||||||
| NCI Inc | (ad)(v) | Software & Services | SF+ | 8/15/28 | ||||||||||||||||||||||||||||||||||||||||||||||
| Net Documents | (v) | Software & Services | SF+ | 7/2/29 | ||||||||||||||||||||||||||||||||||||||||||||||
| Net Documents | (v) | Software & Services | SF+ | 7/2/29 | ||||||||||||||||||||||||||||||||||||||||||||||
| Net Documents | (x) | Software & Services | SF+ | 7/2/29 | ||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||
| Netsmart Technologies Inc | (v) | Health Care Equipment & Services | SF+ | 8/25/31 | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
| Netsmart Technologies Inc | (x) | Health Care Equipment & Services | SF+ | 8/25/31 | ||||||||||||||||||||||||||||||||||||||||||||||
| Netsmart Technologies Inc | (x) | Health Care Equipment & Services | SF+ | 8/25/31 | ||||||||||||||||||||||||||||||||||||||||||||||
| New Era Technology Inc | (i)(k) | Software & Services | SF+ | 10/31/26 | ||||||||||||||||||||||||||||||||||||||||||||||
| New Era Technology Inc | (v) | Software & Services | SF+ | 10/31/26 | ||||||||||||||||||||||||||||||||||||||||||||||
| Nordic Climate Group Holding AB | (v)(w) | Commercial & Professional Services | SR+ | 6/10/31 | SEK | |||||||||||||||||||||||||||||||||||||||||||||
| Nordic Climate Group Holding AB | (v)(w) | Commercial & Professional Services | E+ | 6/10/31 | € | |||||||||||||||||||||||||||||||||||||||||||||
| Nordic Climate Group Holding AB | (w)(x) | Commercial & Professional Services | SR+ | 6/10/31 | SEK | |||||||||||||||||||||||||||||||||||||||||||||
| NovaTaste Austria GmbH | (v)(w) | Food, Beverage & Tobacco | E+ | 4/5/30 | € | |||||||||||||||||||||||||||||||||||||||||||||
| NovaTaste Austria GmbH | (w)(x) | Food, Beverage & Tobacco | E+ | 4/5/30 | ||||||||||||||||||||||||||||||||||||||||||||||
| OEConnection LLC | (v) | Software & Services | SF+ | 4/22/31 | $ | |||||||||||||||||||||||||||||||||||||||||||||
| OEConnection LLC | (x) | Software & Services | SF+ | 4/22/31 | ||||||||||||||||||||||||||||||||||||||||||||||
| OEConnection LLC | (x) | Software & Services | SF+ | 4/22/31 | ||||||||||||||||||||||||||||||||||||||||||||||
| OEConnection LLC | (x) | Software & Services | SF+ | 4/22/31 | ||||||||||||||||||||||||||||||||||||||||||||||
| One Call Care Management Inc | (aa)(ac)(v) | Health Care Equipment & Services | SF+ | 4/22/27 | ||||||||||||||||||||||||||||||||||||||||||||||
| Oxford Global Resources LLC | (f)(k)(m)(t)(v) | Commercial & Professional Services | SF+ | 8/17/27 | ||||||||||||||||||||||||||||||||||||||||||||||
| Oxford Global Resources LLC | (v) | Commercial & Professional Services | SF+ | 8/17/27 | ||||||||||||||||||||||||||||||||||||||||||||||
| Oxford Global Resources LLC | (x) | Commercial & Professional Services | SF+ | 8/17/27 | ||||||||||||||||||||||||||||||||||||||||||||||
| PartsSource Inc | (v) | Health Care Equipment & Services | SF+ | 8/21/26 | ||||||||||||||||||||||||||||||||||||||||||||||
| PartsSource Inc | (v) | Health Care Equipment & Services | SF+ | 8/23/28 | ||||||||||||||||||||||||||||||||||||||||||||||
| PartsSource Inc | (x) | Health Care Equipment & Services | SF+ | 8/21/26 | ||||||||||||||||||||||||||||||||||||||||||||||
| PartsSource Inc | (x) | Health Care Equipment & Services | SF+ | 8/23/28 | ||||||||||||||||||||||||||||||||||||||||||||||
| Performance Health Holdings Inc | (f)(i)(m)(v) | Health Care Equipment & Services | SF+ | 7/12/27 | ||||||||||||||||||||||||||||||||||||||||||||||
| Production Resource Group LLC | (ad)(v) | Media & Entertainment | 8/21/29 | |||||||||||||||||||||||||||||||||||||||||||||||
| Production Resource Group LLC | (ad)(v) | Media & Entertainment | 8/21/29 | |||||||||||||||||||||||||||||||||||||||||||||||
| Production Resource Group LLC | (ad)(v) | Media & Entertainment | 8/21/29 | |||||||||||||||||||||||||||||||||||||||||||||||
| Production Resource Group LLC | (ad)(v) | Media & Entertainment | 8/21/29 | |||||||||||||||||||||||||||||||||||||||||||||||
| PSC Group | (v) | Transportation | SF+ | 4/3/30 | ||||||||||||||||||||||||||||||||||||||||||||||
| PSC Group | (v) | Transportation | SF+ | 4/3/31 | ||||||||||||||||||||||||||||||||||||||||||||||
| PSC Group | (x) | Transportation | SF+ | 4/3/30 | ||||||||||||||||||||||||||||||||||||||||||||||
| PSC Group | (x) | Transportation | SF+ | 4/3/31 | ||||||||||||||||||||||||||||||||||||||||||||||
| PSKW LLC (dba ConnectiveRx) | (k)(t)(v) | Health Care Equipment & Services | SF+ | 3/9/28 | ||||||||||||||||||||||||||||||||||||||||||||||
| Radwell International LLC | (v) | Capital Goods | SF+ | 4/1/28 | ||||||||||||||||||||||||||||||||||||||||||||||
| Radwell International LLC | (i)(k)(m) | Capital Goods | SF+ | 4/1/29 | ||||||||||||||||||||||||||||||||||||||||||||||
| Radwell International LLC | (x) | Capital Goods | SF+ | 4/1/28 | ||||||||||||||||||||||||||||||||||||||||||||||
| Radwell International LLC | (x) | Capital Goods | SF+ | 4/1/29 | ||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||
| Reliant Rehab Hospital Cincinnati LLC | (s)(v) | Health Care Equipment & Services | SF+ | 2/28/26 | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
| Reliant Rehab Hospital Cincinnati LLC | (s)(v)(y)(z) | Health Care Equipment & Services | SF+ | 2/28/26 | ||||||||||||||||||||||||||||||||||||||||||||||
| Reliant Rehab Hospital Cincinnati LLC | (x) | Health Care Equipment & Services | SF+ | 2/28/26 | ||||||||||||||||||||||||||||||||||||||||||||||
| Revere Superior Holdings Inc | (m)(v) | Software & Services | SF+ | 10/1/29 | ||||||||||||||||||||||||||||||||||||||||||||||
| Revere Superior Holdings Inc | (x) | Software & Services | SF+ | 10/1/29 | ||||||||||||||||||||||||||||||||||||||||||||||
| Rialto Capital Management LLC | (v) | Financial Services | SF+ | 12/5/30 | ||||||||||||||||||||||||||||||||||||||||||||||
| Rialto Capital Management LLC | (x) | Financial Services | SF+ | 12/5/30 | ||||||||||||||||||||||||||||||||||||||||||||||
| Rockefeller Capital Management LP | (v) | Financial Services | SF+ | 4/4/31 | ||||||||||||||||||||||||||||||||||||||||||||||
| Rockefeller Capital Management LP | (x) | Financial Services | SF+ | 4/4/31 | ||||||||||||||||||||||||||||||||||||||||||||||
| RSC Insurance Brokerage Inc | (i)(k)(v) | Insurance | SF+ | 11/1/29 | ||||||||||||||||||||||||||||||||||||||||||||||
| RSC Insurance Brokerage Inc | (x) | Insurance | SF+ | 11/1/29 | ||||||||||||||||||||||||||||||||||||||||||||||
| RSC Insurance Brokerage Inc | (x) | Insurance | SF+ | 11/1/29 | ||||||||||||||||||||||||||||||||||||||||||||||
| Safe-Guard Products International LLC | (f)(t)(v) | Financial Services | SF+ | 4/3/30 | ||||||||||||||||||||||||||||||||||||||||||||||
| Safe-Guard Products International LLC | (x) | Financial Services | SF+ | 4/3/30 | ||||||||||||||||||||||||||||||||||||||||||||||
| SAMBA Safety Inc | (m) | Software & Services | SF+ | 9/1/27 | ||||||||||||||||||||||||||||||||||||||||||||||
| SAMBA Safety Inc | (v) | Software & Services | SF+ | 9/1/27 | ||||||||||||||||||||||||||||||||||||||||||||||
| SAMBA Safety Inc | (x) | Software & Services | SF+ | 9/1/27 | ||||||||||||||||||||||||||||||||||||||||||||||
| Service Express Inc | (v) | Commercial & Professional Services | SF+ | 8/15/31 | ||||||||||||||||||||||||||||||||||||||||||||||
| Service Express Inc | (v) | Commercial & Professional Services | SF+ | 8/15/31 | ||||||||||||||||||||||||||||||||||||||||||||||
| Service Express Inc | (x) | Commercial & Professional Services | SF+ | 8/15/31 | ||||||||||||||||||||||||||||||||||||||||||||||
| Service Express Inc | (x) | Commercial & Professional Services | SF+ | 8/15/31 | ||||||||||||||||||||||||||||||||||||||||||||||
| Shaw Development LLC | (v) | Capital Goods | SF+ | 10/30/29 | ||||||||||||||||||||||||||||||||||||||||||||||
| Shaw Development LLC | (x) | Capital Goods | SF+ | 10/30/29 | ||||||||||||||||||||||||||||||||||||||||||||||
| SitusAMC Holdings Corp | (k) | Real Estate Management & Development | SF+ | 12/22/27 | ||||||||||||||||||||||||||||||||||||||||||||||
| Source Code LLC | (v) | Software & Services | SF+ | 6/30/27 | ||||||||||||||||||||||||||||||||||||||||||||||
| Source Code LLC | (k)(t) | Software & Services | SF+ | 7/30/27 | ||||||||||||||||||||||||||||||||||||||||||||||
| Spins LLC | (m)(s)(t)(v) | Software & Services | SF+ | 1/20/27 | ||||||||||||||||||||||||||||||||||||||||||||||
| Spins LLC | (x) | Software & Services | SF+ | 1/20/27 | ||||||||||||||||||||||||||||||||||||||||||||||
| Spins LLC | (x) | Software & Services | SF+ | 1/20/27 | ||||||||||||||||||||||||||||||||||||||||||||||
| Spotless Brands LLC | (v) | Consumer Services | SF+ | 7/25/28 | ||||||||||||||||||||||||||||||||||||||||||||||
| Spotless Brands LLC | (v) | Consumer Services | SF+ | 7/25/28 | ||||||||||||||||||||||||||||||||||||||||||||||
| Spotless Brands LLC | (x) | Consumer Services | SF+ | 7/25/28 | ||||||||||||||||||||||||||||||||||||||||||||||
| STV Group Inc | (v) | Capital Goods | SF+ | 3/20/30 | ||||||||||||||||||||||||||||||||||||||||||||||
| STV Group Inc | (f) | Capital Goods | SF+ | 3/20/31 | ||||||||||||||||||||||||||||||||||||||||||||||
| STV Group Inc | (x) | Capital Goods | SF+ | 3/20/30 | ||||||||||||||||||||||||||||||||||||||||||||||
| STV Group Inc | (x) | Capital Goods | SF+ | 3/20/31 | ||||||||||||||||||||||||||||||||||||||||||||||
| Summit Interconnect Inc | (f)(k)(m)(t)(v) | Capital Goods | SF+ | 9/22/28 | ||||||||||||||||||||||||||||||||||||||||||||||
| Sweeping Corp of America Inc | (m)(v) | Commercial & Professional Services | SF+ | 6/30/27 | ||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||
| Sweeping Corp of America Inc | (m)(v) | Commercial & Professional Services | SF+ | 6/30/27 | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
| Sweeping Corp of America Inc | (x) | Commercial & Professional Services | SF+ | 6/30/27 | ||||||||||||||||||||||||||||||||||||||||||||||
| Tangoe LLC | (m)(s)(v) | Software & Services | SF+ | 6/30/26 | ||||||||||||||||||||||||||||||||||||||||||||||
| Tangoe LLC | (m)(s)(v)(y)(z) | Software & Services | 6/30/26 | |||||||||||||||||||||||||||||||||||||||||||||||
| Tekfor HoldCo (formerly Amtek Global Technology Pte Ltd) | (v)(w)(y) | Automobiles & Components | 4/4/25 | £ | ||||||||||||||||||||||||||||||||||||||||||||||
| ThreeSixty Group | (f)(v) | Consumer Discretionary Distribution & Retail | SF+ | 9/30/25 | $ | |||||||||||||||||||||||||||||||||||||||||||||
| Time Manufacturing Co | (v) | Capital Goods | SF+ | 12/1/27 | ||||||||||||||||||||||||||||||||||||||||||||||
| Time Manufacturing Co | (v) | Capital Goods | SF+ | 12/1/27 | ||||||||||||||||||||||||||||||||||||||||||||||
| Time Manufacturing Co | (v) | Capital Goods | E+ | 12/1/27 | £ | |||||||||||||||||||||||||||||||||||||||||||||
| Time Manufacturing Co | (x) | Capital Goods | SF+ | 12/1/27 | $ | |||||||||||||||||||||||||||||||||||||||||||||
| Trescal SA | (v)(w) | Commercial & Professional Services | E+ | 4/29/30 | £ | |||||||||||||||||||||||||||||||||||||||||||||
| Trescal SA | (v)(w) | Commercial & Professional Services | E+ | 4/29/30 | ||||||||||||||||||||||||||||||||||||||||||||||
| Trescal SA | (w)(x) | Commercial & Professional Services | E+ | 4/29/30 | ||||||||||||||||||||||||||||||||||||||||||||||
| Turnpoint Services Inc | (v) | Capital Goods | SF+ | 6/17/31 | ||||||||||||||||||||||||||||||||||||||||||||||
| Turnpoint Services Inc | (x) | Capital Goods | SF+ | 6/17/30 | ||||||||||||||||||||||||||||||||||||||||||||||
| Turnpoint Services Inc | (x) | Capital Goods | SF+ | 6/17/31 | ||||||||||||||||||||||||||||||||||||||||||||||
| Ultra Electronics Holdings Ltd | (aa)(m)(w) | Capital Goods | SF+ | 8/3/29 | ||||||||||||||||||||||||||||||||||||||||||||||
| USIC Holdings Inc | (f)(k)(t)(v) | Commercial & Professional Services | SF+ | 9/10/31 | ||||||||||||||||||||||||||||||||||||||||||||||
| USIC Holdings Inc | (v) | Commercial & Professional Services | SF+ | 9/10/31 | ||||||||||||||||||||||||||||||||||||||||||||||
| USIC Holdings Inc | (x) | Commercial & Professional Services | SF+ | 9/10/31 | ||||||||||||||||||||||||||||||||||||||||||||||
| USIC Holdings Inc | (x) | Commercial & Professional Services | SF+ | 9/10/31 | ||||||||||||||||||||||||||||||||||||||||||||||
| Veriforce LLC | (f)(k)(t)(w) | Software & Services | SF+ | 11/21/31 | ||||||||||||||||||||||||||||||||||||||||||||||
| Veriforce LLC | (v)(w) | Software & Services | SA+ | 11/21/31 | £ | |||||||||||||||||||||||||||||||||||||||||||||
| Veriforce LLC | (w)(x) | Software & Services | SF+ | 11/21/31 | $ | |||||||||||||||||||||||||||||||||||||||||||||
| Veriforce LLC | (w)(x) | Software & Services | SF+ | 11/21/31 | ||||||||||||||||||||||||||||||||||||||||||||||
| Version1 Software Ltd | (v)(w) | Software & Services | E+ | 7/11/29 | € | |||||||||||||||||||||||||||||||||||||||||||||
| Version1 Software Ltd | (w)(x) | Software & Services | E+ | 7/11/29 | ||||||||||||||||||||||||||||||||||||||||||||||
| VetCor Professional Practices LLC | (m)(v) | Health Care Equipment & Services | SF+ | 8/31/29 | $ | |||||||||||||||||||||||||||||||||||||||||||||
| VetCor Professional Practices LLC | (v) | Health Care Equipment & Services | SF+ | 8/31/29 | ||||||||||||||||||||||||||||||||||||||||||||||
| VetCor Professional Practices LLC | (x) | Health Care Equipment & Services | SF+ | 8/31/29 | ||||||||||||||||||||||||||||||||||||||||||||||
| VetCor Professional Practices LLC | (x) | Health Care Equipment & Services | SF+ | 8/31/29 | ||||||||||||||||||||||||||||||||||||||||||||||
| Vytalogy Wellness LLC (fka Jarrow Formulas Inc) | (f)(i)(k)(m)(t)(v) | Household & Personal Products | SF+ | 11/30/26 | ||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||
| Wealth Enhancement Group LLC | (v) | Financial Services | SF+ | 10/4/28 | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
| Wealth Enhancement Group LLC | (v) | Financial Services | SF+ | 10/4/28 | ||||||||||||||||||||||||||||||||||||||||||||||
| Wealth Enhancement Group LLC | (x) | Financial Services | SF+ | 10/4/28 | ||||||||||||||||||||||||||||||||||||||||||||||
| Wealth Enhancement Group LLC | (x) | Financial Services | SF+ | 10/4/28 | ||||||||||||||||||||||||||||||||||||||||||||||
| Wealth Enhancement Group LLC | (x) | Financial Services | SF+ | 10/4/28 | ||||||||||||||||||||||||||||||||||||||||||||||
| Wittur Holding GmbH | (ad)(v)(w) | Capital Goods | 12/29/28 | € | ||||||||||||||||||||||||||||||||||||||||||||||
| Woolpert Inc | (v) | Capital Goods | SF+ | 4/5/29 | $ | |||||||||||||||||||||||||||||||||||||||||||||
| Woolpert Inc | (f)(k)(t)(v) | Capital Goods | SF+ | 4/5/30 | ||||||||||||||||||||||||||||||||||||||||||||||
| Woolpert Inc | (x) | Capital Goods | SF+ | 4/5/29 | ||||||||||||||||||||||||||||||||||||||||||||||
| Woolpert Inc | (x) | Capital Goods | SF+ | 4/5/30 | ||||||||||||||||||||||||||||||||||||||||||||||
| Worldwise Inc | (ad)(v) | Household & Personal Products | SF+ | 3/29/30 | ||||||||||||||||||||||||||||||||||||||||||||||
| Worldwise Inc | (ad)(x) | Household & Personal Products | SF+ | 3/29/32 | ||||||||||||||||||||||||||||||||||||||||||||||
| Zellis Holdings Ltd | (w)(x) | Software & Services | SA+ | 8/13/31 | £ | |||||||||||||||||||||||||||||||||||||||||||||
| Zendesk Inc | (m)(v) | Software & Services | SF+ | 11/22/28 | $ | |||||||||||||||||||||||||||||||||||||||||||||
| Zendesk Inc | (x) | Software & Services | SF+ | 11/22/28 | ||||||||||||||||||||||||||||||||||||||||||||||
| Zendesk Inc | (x) | Software & Services | SF+ | 11/22/28 | ||||||||||||||||||||||||||||||||||||||||||||||
| Zeus Industrial Products Inc | (v) | Health Care Equipment & Services | SF+ | 2/28/31 | ||||||||||||||||||||||||||||||||||||||||||||||
| Zeus Industrial Products Inc | (v) | Health Care Equipment & Services | SF+ | 2/28/31 | ||||||||||||||||||||||||||||||||||||||||||||||
| Zeus Industrial Products Inc | (x) | Health Care Equipment & Services | SF+ | 2/28/30 | ||||||||||||||||||||||||||||||||||||||||||||||
| Zeus Industrial Products Inc | (x) | Health Care Equipment & Services | SF+ | 2/28/31 | ||||||||||||||||||||||||||||||||||||||||||||||
| Total Senior Secured Loans—First Lien | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Unfunded Loan Commitments | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
| Net Senior Secured Loans—First Lien | ||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loans—Second Lien— | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Constellis Holdings LLC | (ac)(v) | Capital Goods | SF+ | 12/31/28 | ||||||||||||||||||||||||||||||||||||||||||||||
| Cubic Corp | (v) | Software & Services | SF+ | 5/25/29 | ||||||||||||||||||||||||||||||||||||||||||||||
| Peraton Corp | (s)(v) | Capital Goods | SF+ | 2/1/29 | ||||||||||||||||||||||||||||||||||||||||||||||
| Peraton Corp | (v) | Capital Goods | SF+ | 2/1/29 | ||||||||||||||||||||||||||||||||||||||||||||||
| Quoizel, LLC | (ad)(v) | Consumer Durables & Apparel | SF+ | 7/11/27 | ||||||||||||||||||||||||||||||||||||||||||||||
| Quoizel, LLC | (ad)(v) | Consumer Durables & Apparel | SF+ | 7/19/27 | ||||||||||||||||||||||||||||||||||||||||||||||
| Solera LLC | (v) | Software & Services | SF+ | 6/4/29 | ||||||||||||||||||||||||||||||||||||||||||||||
| Sweeping Corp of America Inc | (m)(v)(y) | Commercial & Professional Services | 3/12/34 | |||||||||||||||||||||||||||||||||||||||||||||||
| Sweeping Corp of America Inc | (m)(v)(y) | Commercial & Professional Services | 3/12/36 | |||||||||||||||||||||||||||||||||||||||||||||||
| Valeo Foods Group Ltd | (v)(w) | Food, Beverage & Tobacco | E+ | 10/1/30 | € | |||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||
| Valeo Foods Group Ltd | (w)(x) | Food, Beverage & Tobacco | E+ | 10/1/30 | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
| Total Senior Secured Loans—Second Lien | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Unfunded Loan Commitments | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
| Net Senior Secured Loans—Second Lien | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other Senior Secured Debt— | ||||||||||||||||||||||||||||||||||||||||||||||||||
| JW Aluminum Co | (aa)(ad)(s)(v) | Materials | 6/1/26 | |||||||||||||||||||||||||||||||||||||||||||||||
| One Call Care Management Inc | (ac)(v) | Health Care Equipment & Services | 11/1/28 | |||||||||||||||||||||||||||||||||||||||||||||||
| TIBCO Software Inc | (aa)(v) | Software & Services | 3/31/29 | |||||||||||||||||||||||||||||||||||||||||||||||
| Warren Resources Inc | (v) | Energy | 12/1/26 | |||||||||||||||||||||||||||||||||||||||||||||||
| Total Other Senior Secured Debt | ||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated Debt— | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Apex Service Partners LLC | (v) | Commercial & Professional Services | 4/23/31 | |||||||||||||||||||||||||||||||||||||||||||||||
| Apex Service Partners LLC | (v) | Commercial & Professional Services | 4/23/31 | |||||||||||||||||||||||||||||||||||||||||||||||
| ATX Networks Corp | (ad)(s)(v)(w)(y)(z) | Capital Goods | 9/1/28 | |||||||||||||||||||||||||||||||||||||||||||||||
| Colosseum Dental Group | (v)(w) | Health Care Equipment & Services | 4/23/29 | € | ||||||||||||||||||||||||||||||||||||||||||||||
| Leia Acquisition Ltd. (fka Swift Worldwide Resources Holdco Ltd) | (v) | Commercial & Professional Services | 7/1/29 | $ | ||||||||||||||||||||||||||||||||||||||||||||||
| Miami Beach Medical Group LLC | (v)(y)(z) | Health Care Equipment & Services | SF+ | 2/18/25 | ||||||||||||||||||||||||||||||||||||||||||||||
| Sorenson Communications LLC | (j)(u)(v)(y) | Telecommunication Services | 4/1/30 | |||||||||||||||||||||||||||||||||||||||||||||||
| Sorenson Communications LLC | (j)(u)(v)(y) | Telecommunication Services | 4/1/30 | |||||||||||||||||||||||||||||||||||||||||||||||
| Ultra Electronics Holdings Ltd | (v)(w) | Capital Goods | SF+ | 1/31/30 | ||||||||||||||||||||||||||||||||||||||||||||||
| Ultra Electronics Holdings Ltd | (v)(w) | Capital Goods | SF+ | 1/31/31 | ||||||||||||||||||||||||||||||||||||||||||||||
| Total Subordinated Debt | ||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c)/ Shares | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||
Asset Based Finance— | ||||||||||||||||||||||||||||||||||||||||||||||||||
| 801 5th Ave, Seattle, ABF Equity | (ad)(v)(w)(y) | Equity Real Estate Investment Trusts (REITs) | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||
| 801 5th Ave, Seattle, Structured Mezzanine | (ad)(v)(w) | Equity Real Estate Investment Trusts (REITs) | 12/19/29 | $ | ||||||||||||||||||||||||||||||||||||||||||||||
| Abacus JV, ABF Equity | (ad)(v)(w)(y) | Insurance | ||||||||||||||||||||||||||||||||||||||||||||||||
| Accelerator Investments Aggregator LP, ABF Equity | (ac)(v)(w)(y) | Financial Services | ||||||||||||||||||||||||||||||||||||||||||||||||
| Altavair AirFinance, ABF Equity | (ac)(v)(w) | Capital Goods | ||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c)/ Shares | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||
| Altitude II IRL WH Borrower DAC, Revolver | (v)(w) | Capital Goods | SF+ | 1/12/30 | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
| Altitude II IRL WH Borrower DAC, Revolver | (w)(x) | Capital Goods | SF+ | 1/12/30 | $ | |||||||||||||||||||||||||||||||||||||||||||||
| Australis Maritime II, ABF Equity | (ad)(v)(w) | Transportation | ||||||||||||||||||||||||||||||||||||||||||||||||
| Australis Maritime, Common Stock | (ad)(v)(w) | Transportation | ||||||||||||||||||||||||||||||||||||||||||||||||
| Auxilior Capital Partners Inc, Preferred Equity | (v) | Financial Services | 4/30/30 | $ | ||||||||||||||||||||||||||||||||||||||||||||||
| Avenue One PropCo, ABF Equity | (ad)(v)(w)(y) | Equity Real Estate Investment Trusts (REITs) | ||||||||||||||||||||||||||||||||||||||||||||||||
| Avenue One PropCo, Term Loan | (ad)(v)(w) | Equity Real Estate Investment Trusts (REITs) | 3/15/34 | $ | ||||||||||||||||||||||||||||||||||||||||||||||
| Avida Holding AB, Common Stock | (ad)(v)(w)(y) | Financial Services | ||||||||||||||||||||||||||||||||||||||||||||||||
| Avida Holding AB, Subordinated Bond | (ad)(v)(w) | Financial Services | SR+ | 1/27/34 | SEK | |||||||||||||||||||||||||||||||||||||||||||||
| Bankers Healthcare Group LLC, Term Loan | (v)(w) | Financial Services | 11/8/27 | $ | ||||||||||||||||||||||||||||||||||||||||||||||
| Bausch Health Cos Inc, Revolver | (v)(w) | Pharmaceuticals, Biotechnology & Life Sciences | SF+ | 1/28/28 | $ | |||||||||||||||||||||||||||||||||||||||||||||
| Bausch Health Cos Inc, Revolver | (w)(x) | Pharmaceuticals, Biotechnology & Life Sciences | SF+ | 1/28/28 | $ | |||||||||||||||||||||||||||||||||||||||||||||
| Byrider Finance LLC, ABF Equity | (u)(v)(y) | Automobiles & Components | ||||||||||||||||||||||||||||||||||||||||||||||||
| Callodine Commercial Finance LLC, 2L Term Loan A | (v) | Financial Services | SF+ | 11/3/25 | $ | |||||||||||||||||||||||||||||||||||||||||||||
| Callodine Commercial Finance LLC, 2L Term Loan B | (v) | Financial Services | SF+ | 11/3/25 | $ | |||||||||||||||||||||||||||||||||||||||||||||
| Callodine Commercial Finance LLC, 2L Term Loan B | (x) | Financial Services | SF+ | 11/3/25 | $ | |||||||||||||||||||||||||||||||||||||||||||||
| Capital Automotive LP, ABF Equity | (ad)(v)(w) | Equity Real Estate Investment Trusts (REITs) | ||||||||||||||||||||||||||||||||||||||||||||||||
| Capital Automotive LP, Structured Mezzanine | (ad)(v)(w) | Equity Real Estate Investment Trusts (REITs) | 12/22/28 | $ | ||||||||||||||||||||||||||||||||||||||||||||||
| Covis Finco Sarl, Revolver | (v)(w) | Pharmaceuticals, Biotechnology & Life Sciences | SF+ | 11/20/26 | $ | |||||||||||||||||||||||||||||||||||||||||||||
| Covis Finco Sarl, Revolver | (v)(w) | Pharmaceuticals, Biotechnology & Life Sciences | C+ | 11/30/26 | C$ | |||||||||||||||||||||||||||||||||||||||||||||
| Covis Finco Sarl, Revolver | (v)(w) | Pharmaceuticals, Biotechnology & Life Sciences | E+ | 11/30/26 | € | |||||||||||||||||||||||||||||||||||||||||||||
| Covis Finco Sarl, Revolver | (w)(x) | Pharmaceuticals, Biotechnology & Life Sciences | SF+ | 11/20/26 | $ | |||||||||||||||||||||||||||||||||||||||||||||
| Covis Finco Sarl, Revolver | (w)(x) | Pharmaceuticals, Biotechnology & Life Sciences | C+ | 11/30/26 | C$ | |||||||||||||||||||||||||||||||||||||||||||||
| Covis Finco Sarl, Revolver | (w)(x) | Pharmaceuticals, Biotechnology & Life Sciences | E+ | 11/30/26 | € | |||||||||||||||||||||||||||||||||||||||||||||
| Curia Global Inc, Revolver | (v)(w) | Pharmaceuticals, Biotechnology & Life Sciences | SF+ | 1/29/29 | $ | |||||||||||||||||||||||||||||||||||||||||||||
| Curia Global Inc, Revolver | (w)(x) | Pharmaceuticals, Biotechnology & Life Sciences | SF+ | 1/29/29 | $ | |||||||||||||||||||||||||||||||||||||||||||||
| Discover Financial Services, ABF Equity | (ad)(v)(w)(y) | Financial Services | ||||||||||||||||||||||||||||||||||||||||||||||||
| Discover Financial Services, Subordinated Loan | (ad)(v)(w) | Financial Services | 9/6/34 | $ | ||||||||||||||||||||||||||||||||||||||||||||||
| Discover Financial Services, Subordinated Loan | (ad)(w)(x) | Financial Services | 9/6/34 | $ | ||||||||||||||||||||||||||||||||||||||||||||||
| Drive Revel, ABF Equity | (v)(w) | Financial Services | ||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c)/ Shares | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||
| Global Jet Capital LLC, Preferred Stock | (j)(u)(v)(y) | Commercial & Professional Services | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||
| Global Lending Services LLC, ABF Equity | (v)(w) | Financial Services | ||||||||||||||||||||||||||||||||||||||||||||||||
| Global Lending Services LLC, ABF Equity | (v)(w) | Financial Services | ||||||||||||||||||||||||||||||||||||||||||||||||
| Global Lending Services LLC, ABF Equity | (v)(w) | Financial Services | ||||||||||||||||||||||||||||||||||||||||||||||||
| Global Lending Services LLC, ABF Equity | (v)(w)(y) | Financial Services | ||||||||||||||||||||||||||||||||||||||||||||||||
| Global Lending Services LLC, Bond | (v)(w) | Financial Services | 12/31/32 | $ | ||||||||||||||||||||||||||||||||||||||||||||||
| GreenSky Holdings LLC, ABF Equity | (ac)(v)(y) | Financial Services | ||||||||||||||||||||||||||||||||||||||||||||||||
| GreenSky Holdings LLC, ABF Equity | (ac)(v)(w)(y) | Financial Services | ||||||||||||||||||||||||||||||||||||||||||||||||
| GreenSky Holdings LLC, Term Loan | (ac)(v) | Financial Services | 3/14/34 | $ | ||||||||||||||||||||||||||||||||||||||||||||||
| GreenSky Holdings LLC, Term Loan | (ac)(x) | Financial Services | 3/14/34 | $ | ||||||||||||||||||||||||||||||||||||||||||||||
| Kilter Finance, ABF Equity | (ad)(v)(w)(y) | Insurance | ||||||||||||||||||||||||||||||||||||||||||||||||
| Kilter Finance, Preferred Stock | (ad)(v)(w) | Insurance | $ | |||||||||||||||||||||||||||||||||||||||||||||||
| KKR Altitude II Offshore Aggregator LP, Partnership Interest | (ad)(v)(w) | Capital Goods | ||||||||||||||||||||||||||||||||||||||||||||||||
| KKR Central Park Leasing Aggregator L.P., Partnership Interest | (ad)(v)(w)(y)(z) | Capital Goods | 5/31/26 | $ | ||||||||||||||||||||||||||||||||||||||||||||||
| KKR Chord IP Aggregator LP, Partnership Interest | (ad)(v)(w) | Media & Entertainment | ||||||||||||||||||||||||||||||||||||||||||||||||
| KKR Rocket Loans Aggregator LLC, Partnership Interest | (ad)(v)(w)(y) | Financial Services | ||||||||||||||||||||||||||||||||||||||||||||||||
| KKR Zeno Aggregator LP (K2 Aviation), Partnership Interest | (ad)(v)(w) | Capital Goods | ||||||||||||||||||||||||||||||||||||||||||||||||
| Lennar Corp, ABF Equity | (v)(w) | Consumer Durables & Apparel | ||||||||||||||||||||||||||||||||||||||||||||||||
| Lennar Corp, Term Loan | (v)(w) | Consumer Durables & Apparel | 8/30/29 | $ | ||||||||||||||||||||||||||||||||||||||||||||||
| Lennar Corp, Term Loan | (w)(x) | Consumer Durables & Apparel | 8/30/29 | $ | ||||||||||||||||||||||||||||||||||||||||||||||
| My Community Homes PropCo 2, ABF Equity | (ad)(v)(w)(y) | Equity Real Estate Investment Trusts (REITs) | ||||||||||||||||||||||||||||||||||||||||||||||||
| My Community Homes PropCo 2, Term Loan | (ad)(v)(w) | Equity Real Estate Investment Trusts (REITs) | 3/15/34 | $ | ||||||||||||||||||||||||||||||||||||||||||||||
| NewStar Clarendon 2014-1A Class D | (v)(w) | Financial Services | 1/25/27 | $ | ||||||||||||||||||||||||||||||||||||||||||||||
| Norway_France, ABF Equity | (v)(w) | Financial Services | ||||||||||||||||||||||||||||||||||||||||||||||||
| Optio Invest, ABF Equity | (v)(w) | Financial Services | ||||||||||||||||||||||||||||||||||||||||||||||||
| PayPal Europe Sarl et Cie SCA, ABF Equity | (v)(w) | Financial Services | ||||||||||||||||||||||||||||||||||||||||||||||||
| Powin Energy Corp/NV, Revolver | (v) | Capital Goods | 9/30/27 | $ | ||||||||||||||||||||||||||||||||||||||||||||||
| Powin Energy Corp/NV, Revolver | (x) | Capital Goods | 9/30/27 | $ | ||||||||||||||||||||||||||||||||||||||||||||||
| Powin Energy Corp/NV, Warrants | (l)(y) | Capital Goods | ||||||||||||||||||||||||||||||||||||||||||||||||
| Powin Energy Corp/NV, Warrants | (l)(y) | Capital Goods | ||||||||||||||||||||||||||||||||||||||||||||||||
Powin Energy Corp/NV, Warrants | (l)(y) | Capital Goods | ||||||||||||||||||||||||||||||||||||||||||||||||
Powin Energy Corp/NV, Warrants | (l)(y) | Capital Goods | ||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c)/ Shares | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||
| Prime ST LLC, ABF Equity | (ad)(v)(w)(y) | Equity Real Estate Investment Trusts (REITs) | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||
| Prime ST LLC, Structured Mezzanine | (ad)(v)(w) | Equity Real Estate Investment Trusts (REITs) | 3/12/30 | $ | ||||||||||||||||||||||||||||||||||||||||||||||
| Residential Opportunities I LLC, ABF Equity | (v) | Real Estate Management & Development | ||||||||||||||||||||||||||||||||||||||||||||||||
| Roemanu LLC (FKA Toorak Capital Partners LLC), ABF Equity | (ad)(v) | Financial Services | ||||||||||||||||||||||||||||||||||||||||||||||||
| Saluda Grade Alternative Mortgage Trust 2022-BC2, Structured Mezzanine | (v)(w) | Real Estate Management & Development | 7/25/30 | $ | ||||||||||||||||||||||||||||||||||||||||||||||
| Saluda Grade Alternative Mortgage Trust 2023-LOC2, Structured Mezzanine | (v)(w) | Real Estate Management & Development | 10/25/53 | |||||||||||||||||||||||||||||||||||||||||||||||
| Star Mountain Diversified Credit Income Fund III, LP, ABF Equity | (o)(w) | Financial Services | ||||||||||||||||||||||||||||||||||||||||||||||||
| SunPower Financial, ABF Equity | (v)(w)(y) | Financial Services | ||||||||||||||||||||||||||||||||||||||||||||||||
| Synovus Financial Corp, ABF Equity | (v)(w) | Banks | ||||||||||||||||||||||||||||||||||||||||||||||||
| TalkTalk Telecom Group Ltd, Revolver | (v)(w) | Commercial & Professional Services | SA+ | 9/5/26 | £ | |||||||||||||||||||||||||||||||||||||||||||||
| TalkTalk Telecom Group Ltd, Revolver | (w)(x) | Commercial & Professional Services | SA+ | 9/5/26 | £ | |||||||||||||||||||||||||||||||||||||||||||||
| TDC LLP, ABF Equity | (ad)(v)(w)(y) | Financial Services | ||||||||||||||||||||||||||||||||||||||||||||||||
| TDC LLP, Preferred Equity | (ad)(v)(w) | Financial Services | £ | |||||||||||||||||||||||||||||||||||||||||||||||
| Trinseo Materials Operating SCA / Trinseo Materials Finance Inc, Revolver | (v)(w) | Materials | SF+ | 1/18/28 | $ | |||||||||||||||||||||||||||||||||||||||||||||
| Trinseo Materials Operating SCA / Trinseo Materials Finance Inc, Revolver | (w)(x) | Materials | SF+ | 1/18/28 | $ | |||||||||||||||||||||||||||||||||||||||||||||
| Vehicle Secured Funding Trust, ABF Equity | (v)(w)(y) | Financial Services | ||||||||||||||||||||||||||||||||||||||||||||||||
| Vehicle Secured Funding Trust, Term Loan | (v)(w) | Financial Services | 1/25/46 | $ | ||||||||||||||||||||||||||||||||||||||||||||||
| Weber-Stephen Products LLC, Revolver | (v)(w) | Consumer Discretionary Distribution & Retail | SF+ | 12/19/26 | $ | |||||||||||||||||||||||||||||||||||||||||||||
| Weber-Stephen Products LLC, Revolver | (w)(x) | Consumer Discretionary Distribution & Retail | SF+ | 12/19/26 | $ | |||||||||||||||||||||||||||||||||||||||||||||
| Total Asset Based Finance | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Unfunded Asset Based Finance Commitments | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
| Net Asset Based Finance | ||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Opportunities Partners JV, LLC— | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Credit Opportunities Partners JV, LLC | (ad)(v)(w) | Credit Opportunities Partners JV, LLC | $ | |||||||||||||||||||||||||||||||||||||||||||||||
| Total Credit Opportunities Partners JV, LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Number of Shares | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||
Equity/Other— | ||||||||||||||||||||||||||||||||||||||||||||||||||
| 48Forty Solutions LLC, Common Stock | (ac)(f)(k)(t)(v)(y) | Commercial & Professional Services | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Number of Shares | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||
| Affordable Care Inc, Preferred Stock | (ac)(v) | Health Care Equipment & Services | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||
| American Vision Partners, Private Equity | (v)(y) | Health Care Equipment & Services | ||||||||||||||||||||||||||||||||||||||||||||||||
| Amerivet Partners Management Inc, Preferred Stock | (v) | Health Care Equipment & Services | ||||||||||||||||||||||||||||||||||||||||||||||||
| Arcos LLC/VA, Preferred Stock | (v) | Software & Services | SF+ | 4/30/31 | ||||||||||||||||||||||||||||||||||||||||||||||
| Arena Energy LP, Warrants | (v) | Energy | ||||||||||||||||||||||||||||||||||||||||||||||||
| Ascent Resources Utica Holdings LLC / ARU Finance Corp, Common Stock | (n)(p)(y) | Energy | ||||||||||||||||||||||||||||||||||||||||||||||||
| Ascent Resources Utica Holdings LLC / ARU Finance Corp, Trade Claim | (n)(p)(y) | Energy | ||||||||||||||||||||||||||||||||||||||||||||||||
| athenahealth Inc, Preferred Stock | (ac)(v) | Health Care Equipment & Services | ||||||||||||||||||||||||||||||||||||||||||||||||
| ATX Networks Corp, Class B-1 Common Stock | (ad)(v)(w)(y) | Capital Goods | ||||||||||||||||||||||||||||||||||||||||||||||||
| ATX Networks Corp, Class B-2 Common Stock | (ad)(v)(w)(y) | Capital Goods | ||||||||||||||||||||||||||||||||||||||||||||||||
| ATX Networks Corp, Common Stock | (ad)(s)(v)(w)(y) | Capital Goods | ||||||||||||||||||||||||||||||||||||||||||||||||
| Belk Inc, Common Stock | (ad)(v)(y) | Consumer Discretionary Distribution & Retail | ||||||||||||||||||||||||||||||||||||||||||||||||
| Borden (New Dairy Opco), Common Stock | (ad)(h)(n)(y) | Food, Beverage & Tobacco | ||||||||||||||||||||||||||||||||||||||||||||||||
| Bowery Farming Inc, Common Stock | (v)(y) | Food, Beverage & Tobacco | ||||||||||||||||||||||||||||||||||||||||||||||||
| Bowery Farming Inc, Warrant | (v)(y) | Food, Beverage & Tobacco | ||||||||||||||||||||||||||||||||||||||||||||||||
| Bowery Farming Inc, Warrants | (v)(y) | Food, Beverage & Tobacco | 9/10/28 | |||||||||||||||||||||||||||||||||||||||||||||||
| Bowery Farming Inc, Warrants | (v)(y) | Food, Beverage & Tobacco | 9/10/28 | |||||||||||||||||||||||||||||||||||||||||||||||
| CDS US Intermediate Holdings Inc, Warrant | (v)(w)(y) | Media & Entertainment | ||||||||||||||||||||||||||||||||||||||||||||||||
| Cengage Learning, Inc, Common Stock | (v)(y) | Media & Entertainment | ||||||||||||||||||||||||||||||||||||||||||||||||
| Constellis Holdings LLC, Preferred Stock | (ac)(v)(y) | Capital Goods | 12/31/28 | |||||||||||||||||||||||||||||||||||||||||||||||
| Constellis Holdings LLC, Private Equity | (ac)(f)(v)(y) | Capital Goods | ||||||||||||||||||||||||||||||||||||||||||||||||
| Cubic Corp, Preferred Stock | (v)(y)(z) | Software & Services | ||||||||||||||||||||||||||||||||||||||||||||||||
| Galaxy Universal LLC, Common Stock | (ac)(n)(y) | Consumer Durables & Apparel | ||||||||||||||||||||||||||||||||||||||||||||||||
| Galaxy Universal LLC, Preferred Stock | (ac)(n) | Consumer Durables & Apparel | ||||||||||||||||||||||||||||||||||||||||||||||||
| Galaxy Universal LLC, Trade Claim | (ac)(v)(y) | Consumer Durables & Apparel | ||||||||||||||||||||||||||||||||||||||||||||||||
| Gracent LLC, Class A Common Stock | (ad)(n)(y) | Health Care Equipment & Services | ||||||||||||||||||||||||||||||||||||||||||||||||
| Gracent LLC, Preferred Equity | (ad)(n)(y) | Health Care Equipment & Services | ||||||||||||||||||||||||||||||||||||||||||||||||
| Gracent LLC, Preferred Stock B | (ad)(n)(y) | Health Care Equipment & Services | ||||||||||||||||||||||||||||||||||||||||||||||||
| HM Dunn Co Inc, Preferred Stock, Series A | (ad)(s)(v)(y) | Capital Goods | ||||||||||||||||||||||||||||||||||||||||||||||||
| HM Dunn Co Inc, Preferred Stock, Series B | (ad)(s)(v)(y) | Capital Goods | ||||||||||||||||||||||||||||||||||||||||||||||||
| Imagine Communications Corp, Common Stock | (v)(y) | Media & Entertainment | ||||||||||||||||||||||||||||||||||||||||||||||||
| JW Aluminum Co, Common Stock | (ad)(j)(u)(v)(y) | Materials | ||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Number of Shares | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||
| JW Aluminum Co, Preferred Stock | (ad)(j)(u)(v)(y)(z) | Materials | 2/15/28 | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||
| Kellermeyer Bergensons Services LLC, Common Stock | (ad)(m)(s)(v)(y) | Commercial & Professional Services | ||||||||||||||||||||||||||||||||||||||||||||||||
| Kellermeyer Bergensons Services LLC, Preferred Stock | (ad)(m)(s)(v)(y) | Commercial & Professional Services | ||||||||||||||||||||||||||||||||||||||||||||||||
| Lipari Foods LLC, Common Stock | (v)(y) | Consumer Staples Distribution & Retail | ||||||||||||||||||||||||||||||||||||||||||||||||
| Magna Legal Services LLC, Common Stock | (h)(y) | Commercial & Professional Services | ||||||||||||||||||||||||||||||||||||||||||||||||
| Maverick Natural Resources LLC, Common Stock | (n)(o) | Energy | ||||||||||||||||||||||||||||||||||||||||||||||||
| Med-Metrix, Common Stock | (h) | Software & Services | ||||||||||||||||||||||||||||||||||||||||||||||||
| Med-Metrix, Preferred Stock | (h) | Software & Services | ||||||||||||||||||||||||||||||||||||||||||||||||
| Misys Ltd, Preferred Stock | (v)(w) | Software & Services | L+ | |||||||||||||||||||||||||||||||||||||||||||||||
| NCI Inc, Class A-1 Common Stock | (ad)(v)(y) | Software & Services | ||||||||||||||||||||||||||||||||||||||||||||||||
| NCI Inc, Class B-1 Common Stock | (ad)(v)(y) | Software & Services | ||||||||||||||||||||||||||||||||||||||||||||||||
| NCI Inc, Class C Common Stock | (ad)(v)(y) | Software & Services | ||||||||||||||||||||||||||||||||||||||||||||||||
| NCI Inc, Class I-1 Common Stock | (ad)(v)(y) | Software & Services | ||||||||||||||||||||||||||||||||||||||||||||||||
| One Call Care Management Inc, Common Stock | (ac)(v)(y) | Health Care Equipment & Services | ||||||||||||||||||||||||||||||||||||||||||||||||
| One Call Care Management Inc, Preferred Stock A | (ac)(v)(y) | Health Care Equipment & Services | ||||||||||||||||||||||||||||||||||||||||||||||||
| One Call Care Management Inc, Preferred Stock B | (ac)(v) | Health Care Equipment & Services | 10/25/2029 | |||||||||||||||||||||||||||||||||||||||||||||||
| Polyconcept North America Inc, Class A - 1 Units | (v) | Household & Personal Products | ||||||||||||||||||||||||||||||||||||||||||||||||
| PRG III LLC, Preferred Stock, Series A PIK | (ad)(v)(y) | Media & Entertainment | ||||||||||||||||||||||||||||||||||||||||||||||||
| PRG III LLC, Preferred Stock, Series B PIK | (ad)(v)(y) | Media & Entertainment | ||||||||||||||||||||||||||||||||||||||||||||||||
| Proserv Acquisition LLC, Class A Preferred Units | (ac)(v)(w)(y) | Energy | ||||||||||||||||||||||||||||||||||||||||||||||||
| Quoizel, LLC, Common Stock | (ad)(v)(y) | Consumer Durables & Apparel | ||||||||||||||||||||||||||||||||||||||||||||||||
| Quorum Health Corp, Private Equity | (ad)(v)(y) | Health Care Equipment & Services | ||||||||||||||||||||||||||||||||||||||||||||||||
| Quorum Health Corp, Trade Claim | (ad)(v)(y) | Health Care Equipment & Services | ||||||||||||||||||||||||||||||||||||||||||||||||
| Quorum Health Corp, Trust Initial Funding Units | (ad)(v)(y) | Health Care Equipment & Services | ||||||||||||||||||||||||||||||||||||||||||||||||
| Saturn Oil & Gas Inc, Common Stock | (aa)(j)(u)(v)(w)(y) | Energy | ||||||||||||||||||||||||||||||||||||||||||||||||
| Sorenson Communications LLC, Common Stock | (j)(u)(v)(y) | Telecommunication Services | ||||||||||||||||||||||||||||||||||||||||||||||||
| Stuart Weitzman Inc, Common Stock | (v)(y) | Consumer Durables & Apparel | ||||||||||||||||||||||||||||||||||||||||||||||||
| Ultra Electronics Holdings PLC, Private Equity | (v)(w)(y) | Capital Goods | ||||||||||||||||||||||||||||||||||||||||||||||||
| Ultra Electronics Holdings PLC, Private Equity | (v)(w)(y) | Capital Goods | ||||||||||||||||||||||||||||||||||||||||||||||||
| Wittur Holding GmbH, Common Stock | (ad)(v)(w)(y) | Capital Goods | ||||||||||||||||||||||||||||||||||||||||||||||||
| Worldwise Inc, Common Stock | (ad)(v)(y) | Household & Personal Products | ||||||||||||||||||||||||||||||||||||||||||||||||
| Total Equity/Other | ||||||||||||||||||||||||||||||||||||||||||||||||||
TOTAL INVESTMENTS— | $ | |||||||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS—( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
| NET ASSETS—100% | $ | |||||||||||||||||||||||||||||||||||||||||||||||||
| Foreign Currency | Settlement Date | Counterparty | Amount and Transaction | US$ Value at Settlement Date | US$ Value at December 31, 2024 | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||||||||||||||||||||||
| CAD | 3/25/2026 | JP Morgan Chase Bank | C$ | Sold | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
| EUR | 2/15/2028 | JP Morgan Chase Bank | € | Sold | ||||||||||||||||||||||||||||||||||||||||||||||
| EUR | 12/28/2029 | JP Morgan Chase Bank | € | Sold | ||||||||||||||||||||||||||||||||||||||||||||||
| GBP | 4/3/2025 | JP Morgan Chase Bank | £ | Sold | ||||||||||||||||||||||||||||||||||||||||||||||
| GBP | 1/20/2026 | JP Morgan Chase Bank | £ | Sold | ( | |||||||||||||||||||||||||||||||||||||||||||||
| GBP | 3/31/2026 | JP Morgan Chase Bank | £ | Sold | ( | |||||||||||||||||||||||||||||||||||||||||||||
| GBP | 4/2/2026 | JP Morgan Chase Bank | £ | Sold | ||||||||||||||||||||||||||||||||||||||||||||||
| GBP | 8/28/2026 | JP Morgan Chase Bank | £ | Sold | ||||||||||||||||||||||||||||||||||||||||||||||
| GBP | 8/28/2026 | JP Morgan Chase Bank | £ | Sold | ||||||||||||||||||||||||||||||||||||||||||||||
| GBP | 2/15/2028 | JP Morgan Chase Bank | £ | Sold | ||||||||||||||||||||||||||||||||||||||||||||||
| SEK | 10/27/2025 | JP Morgan Chase Bank | SEK | Sold | ||||||||||||||||||||||||||||||||||||||||||||||
| SEK | 4/14/2027 | JP Morgan Chase Bank | SEK | Sold | ||||||||||||||||||||||||||||||||||||||||||||||
| SEK | 6/21/2027 | JP Morgan Chase Bank | SEK | Sold | ||||||||||||||||||||||||||||||||||||||||||||||
| SEK | 12/28/2029 | JP Morgan Chase Bank | SEK | Sold | ||||||||||||||||||||||||||||||||||||||||||||||
| Total | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
| Description | Hedged Item | Company Receives | Company Pays | Counterparty | Maturity Date | Notional Amount | Fair Value | Upfront Payments/Receipts | Change in Unrealized Appreciation/(Depreciation) | |||||||||||||||||||||||||||||||||||||||||||||||
| Interest Rate Swap | 6.875% Notes | SOFR + | ING Capital Markets LLC | 8/15/2029 | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||||||||||||||||||||||||||||
| Interest Rate Swap | 6.875% Notes | SOFR + | ING Capital Markets LLC | 8/15/2029 | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest Rate Swap | 6.125% Notes | SOFR + | ING Capital Markets LLC | 1/15/2030 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest Rate Swap | 6.125% Notes | SOFR + | ING Capital Markets LLC | 1/15/2030 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Portfolio Company | Fair Value at December 31, 2023 | Gross Additions(1) | Gross Reductions(2) | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Fair Value at December 31, 2024 | Interest Income(3) | PIK Income(3) | Fee Income(3) | Dividend and Other Income(3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Senior Secured Loans—First Lien | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
48Forty Solutions LLC(4) | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||
48Forty Solutions LLC(4) | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Affordable Care Inc | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Affordable Care Inc | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Belk Inc | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Belk Inc | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Belk Inc | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Constellis Holdings LLC | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Galaxy Universal LLC | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Galaxy Universal LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| One Call Care Management Inc | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Portfolio Company | Fair Value at December 31, 2023 | Gross Additions(1) | Gross Reductions(2) | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Fair Value at December 31, 2024 | Interest Income(3) | PIK Income(3) | Fee Income(3) | Dividend and Other Income(3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Senior Secured Loans—Second Lien | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Belk Inc | $ | $ | $ | ( | $ | ( | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Constellis Holdings LLC | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Constellis Holdings LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Senior Secured Debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
One Call Care Management Inc | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Asset Based Finance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accelerator Investments Aggregator LP, Private Equity4) | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Altavair AirFinance, Private Equity | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| GreenSky Holdings LLC, ABF Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| GreenSky Holdings LLC, ABF Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| GreenSky Holdings LLC, Term Loan | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Home Partners JV 2, Structured Mezzanine | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Home Partners JV 2, ABF Equity | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Home Partners JV 2, ABF Equity | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity/Other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 48Forty Solutions LLC, Common Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Affordable Care Inc, Preferred Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| athenahealth Inc, Preferred Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Belk Inc, Common Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Belk Inc, Common Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borden (New Dairy Opco), Common Stock(4) | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Constellis Holdings LLC, Private Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Constellis Holdings LLC, Preferred Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fronton BV, Common Stock | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Galaxy Universal LLC, Common Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Galaxy Universal LLC, Trade Claim | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Galaxy Universal LLC, Preferred Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| One Call Care Management Inc, Preferred Stock A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| One Call Care Management Inc, Common Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| One Call Care Management Inc, Preferred Stock B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Proserv Acquisition LLC, Class A Common Units | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Proserv Acquisition LLC, Class A Preferred Units | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ThermaSys Corp, Common Stock | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total | $ | $ | $ | ( | $ | ( | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Portfolio Company | Fair Value at December 31, 2023 | Gross Additions(1) | Gross Reductions(2) | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Fair Value at December 31, 2024 | Interest Income(3) | PIK Income(3) | Fee Income(3) | Dividend and Other Income(3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Senior Secured Loans—First Lien | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ATX Networks Corp | $ | $ | $ | ( | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||
| ATX Networks Corp | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ATX Networks Corp | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ATX Networks Corp | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gracent LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| H.M. Dunn Co., Inc., L+875 | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| H.M. Dunn Co., 15% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Kellermeyer Bergensons Services LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Kellermeyer Bergensons Services LLC | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Kellermeyer Bergensons Services LLC | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCI Inc | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Production Resource Group LLC | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Production Resource Group LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Production Resource Group LLC | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Production Resource Group LLC | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Production Resource Group LLC | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Warren Resources Inc | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Wittur Holding GmbH | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Worldwise Inc | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Senior Secured Loans—Second Lien | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Quoizel, LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Quoizel, LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Senior Secured Debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| JW Aluminum Co | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Subordinated Debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ATX Networks Corp | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Portfolio Company | Fair Value at December 31, 2023 | Gross Additions(1) | Gross Reductions(2) | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Fair Value at December 31, 2024 | Interest Income(3) | PIK Income(3) | Fee Income(3) | Dividend and Other Income(3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Asset Based Finance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 801 5th Ave, Seattle, Structure Mezzanine | $ | $ | $ | $ | $ | ( | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||
| 801 5th Ave, Seattle, ABF Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Abacus JV, ABF Equity | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Australis Maritime, Common Stock | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Australis Maritime II, ABF Equity | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Avenue One PropCo, ABF Equity | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Avenue One PropCo, ABF Equity | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Avenue One PropCo, Term Loan | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Avida Holding AB, Common Stock | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Avida Holding AB, Subordinated Bond | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital Automotive LP, ABF Equity | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital Automotive LP, Structured Mezzanine | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Discover Financial Services, Subordinated Loan | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Discover Financial Services, ABF Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Kilter Finance, Preferred Stock | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Kilter Finance, ABF Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| KKR Altitude II Offshore Aggregator LP, Partnership Interest | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| KKR Central Park Leasing Aggregator L.P., Partnership Interest | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| KKR Chord IP Aggregator LP, Partnership Interest | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| KKR Rocket Loans Aggregator LLC, Partnership Interest | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| KKR Zeno Aggregator LP (K2 Aviation), Partnership Interest | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| My Community Homes PropCo 2, ABF Equity | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| My Community Homes PropCo 2, ABF Equity | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| My Community Homes PropCo 2, Term Loan | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Prime St LLC, ABF Equity | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Prime St LLC, Structured Mezzanine | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Roemanu LLC (FKA Toorak Capital Partners LLC), ABF Equity | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| TDC LLP, Preferred Equity | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| TDC LLP, Preferred Equity | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Credit Opportunities Partners JV, LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Credit Opportunities Partners JV, LLC | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity/Other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ATX Networks Corp, Common Stock | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Portfolio Company | Fair Value at December 31, 2023 | Gross Additions(1) | Gross Reductions(2) | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Fair Value at December 31, 2024 | Interest Income(3) | PIK Income(3) | Fee Income(3) | Dividend and Other Income(3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| ATX Networks Corp, Class B-1 Common Stock | $ | $ | $ | $ | $ | ( | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||
| ATX Networks Corp, Class B-2 Common Stock | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Borden (New Dairy Opco), Common Stock | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gracent LLC, Preferred Stock A | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gracent LLC, Preferred Stock B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gracent LLC, Class A Common Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gracent LLC, Preferred Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| HM Dunn Co Inc, Preferred Stock, Series A | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| HM Dunn Co Inc, Preferred Stock, Series B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| JW Aluminum Co, Common Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| JW Aluminum Co, Preferred Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Kellermeyer Bergensons Services LLC, Common Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Kellermeyer Bergensons Services LLC, Preferred Stock | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCI Inc, Class A-1 Common Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCI Inc, Class B-1 Common Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCI Inc, Class C Common Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCI Inc, Class I-1 Common Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Production Resource Group LLC, Preferred Stock, Series A PIK | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Production Resource Group LLC, Preferred Stock, Series B PIK | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Quoizel, LLC, Common Stock | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Quorum Health Corp, Trade Claim | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Quorum Health Corp, Trust Initial Funding Units | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Quorum Health Corp, Private Equity | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Warren Resources Inc, Common Stock | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Wittur Holding GmbH, Common Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Worldwise Inc, Common Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total | $ | $ | $ | ( | $ | $ | ( | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Six Months Ended June 30, | ||||||||||||||||||||||||||
| 2025 | 2024 | |||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||||||||||||
| Share Repurchase Program | ||||||||||||||||||||||||||
| Net Proceeds from Share Transactions | ||||||||||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||
| Related Party | June 30, | June 30, | ||||||||||||||||||||||||||||||||||||
| Source Agreement | Description | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||||||||||||
| The Adviser | Investment advisory agreement | Base Management Fee(1) | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
| The Adviser | Investment advisory agreement | Subordinated Incentive Fee on Income(2) | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
| The Adviser | Administration agreement | Administrative Services Expenses(3) | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2025 | ||||||||||||||||||||||||||
| Date Declared | Dividend | Record Date | Payment Date | Dividend per Share | ||||||||||||||||||||||
| February 25, 2025 | Base | March 19, 2025 | April 2, 2025 | $ | ||||||||||||||||||||||
| February 25, 2025 | Supplemental | March 19, 2025 | April 2, 2025 | |||||||||||||||||||||||
| May 5, 2025 | Base | June 18, 2025 | July 2, 2025 | |||||||||||||||||||||||
| May 5, 2025 | Supplemental | June 18, 2025 | July 2, 2025 | |||||||||||||||||||||||
| Total Dividends Declared | $ | |||||||||||||||||||||||||
For the Six Months Ended June 30, 2024 | ||||||||||||||||||||||||||
| Date Declared | Dividend | Record Date | Payment Date | Dividend per Share | ||||||||||||||||||||||
| November 2, 2023 | Special | February 14, 2024 | February 28, 2024 | $ | ||||||||||||||||||||||
| February 20, 2024 | Base | March 13, 2024 | April 2, 2024 | |||||||||||||||||||||||
| February 20, 2024 | Supplemental | March 13, 2024 | April 2, 2024 | |||||||||||||||||||||||
| November 2, 2023 | Special | May 15, 2024 | May 29, 2024 | |||||||||||||||||||||||
| May 2, 2024 | Base | June 12, 2024 | July 2, 2024 | |||||||||||||||||||||||
| May 2, 2024 | Supplemental | June 12, 2024 | July 2, 2024 | |||||||||||||||||||||||
| Total Dividends Declared | $ | |||||||||||||||||||||||||
| Six Months Ended June 30, | ||||||||||||||||||||||||||
| 2025 | 2024 | |||||||||||||||||||||||||
| Source of Distribution | Distribution Amount | Percentage | Distribution Amount | Percentage | ||||||||||||||||||||||
| Return of capital | $ | $ | ||||||||||||||||||||||||
Net investment income(1) | % | % | ||||||||||||||||||||||||
| Short-term capital gains proceeds from the sale of assets | ||||||||||||||||||||||||||
| Long-term capital gains proceeds from the sale of assets | ||||||||||||||||||||||||||
| Total | $ | % | $ | % | ||||||||||||||||||||||
| June 30, 2025 | ||||||||||||||||||||||||||||||||||||||
| (Unaudited) | December 31, 2024 | |||||||||||||||||||||||||||||||||||||
Amortized Cost(1) | Fair Value | Percentage of Portfolio | Amortized Cost(1) | Fair Value | Percentage of Portfolio | |||||||||||||||||||||||||||||||||
| Senior Secured Loans—First Lien | $ | $ | % | $ | $ | % | ||||||||||||||||||||||||||||||||
| Senior Secured Loans—Second Lien | % | % | ||||||||||||||||||||||||||||||||||||
| Other Senior Secured Debt | % | % | ||||||||||||||||||||||||||||||||||||
| Subordinated Debt | % | % | ||||||||||||||||||||||||||||||||||||
| Asset Based Finance | % | % | ||||||||||||||||||||||||||||||||||||
| Credit Opportunities Partners JV, LLC | % | % | ||||||||||||||||||||||||||||||||||||
| Equity/Other | % | % | ||||||||||||||||||||||||||||||||||||
| Total | $ | $ | % | $ | $ | % | ||||||||||||||||||||||||||||||||
| June 30, 2025 | ||||||||||||||||||||||||||
| (Unaudited) | December 31, 2024 | |||||||||||||||||||||||||
Industry Classification(1) | Fair Value | Percentage of Portfolio | Fair Value | Percentage of Portfolio | ||||||||||||||||||||||
| Automobiles & Components | $ | % | $ | % | ||||||||||||||||||||||
| Banks | % | |||||||||||||||||||||||||
| Capital Goods | % | % | ||||||||||||||||||||||||
| Commercial & Professional Services | % | % | ||||||||||||||||||||||||
| Consumer Discretionary Distribution & Retail | % | % | ||||||||||||||||||||||||
| Consumer Durables & Apparel | % | % | ||||||||||||||||||||||||
| Consumer Services | % | % | ||||||||||||||||||||||||
| Consumer Staples Distribution & Retail | % | % | ||||||||||||||||||||||||
| Credit Opportunities Partners JV, LLC | % | % | ||||||||||||||||||||||||
| Energy | % | % | ||||||||||||||||||||||||
| Equity Real Estate Investment Trusts (REITs) | % | % | ||||||||||||||||||||||||
| Financial Services | % | % | ||||||||||||||||||||||||
| Food, Beverage & Tobacco | % | % | ||||||||||||||||||||||||
| Health Care Equipment & Services | % | % | ||||||||||||||||||||||||
| Household & Personal Products | % | % | ||||||||||||||||||||||||
| Insurance | % | % | ||||||||||||||||||||||||
| Materials | % | % | ||||||||||||||||||||||||
| Media & Entertainment | % | % | ||||||||||||||||||||||||
| Pharmaceuticals, Biotechnology & Life Sciences | % | % | ||||||||||||||||||||||||
| Real Estate Management & Development | % | % | ||||||||||||||||||||||||
| Software & Services | % | % | ||||||||||||||||||||||||
| Technology Hardware & Equipment | % | % | ||||||||||||||||||||||||
| Telecommunication Services | % | % | ||||||||||||||||||||||||
| Transportation | % | % | ||||||||||||||||||||||||
| Total | $ | % | $ | % | ||||||||||||||||||||||
| As of | ||||||||||||||
June 30, 2025 (Unaudited) | December 31, 2024 | |||||||||||||
| Selected Balance Sheet Information | ||||||||||||||
| Total investments, at fair value | $ | $ | ||||||||||||
| Cash and other assets | ||||||||||||||
| Total assets | ||||||||||||||
| Debt | ||||||||||||||
| Other liabilities | ||||||||||||||
| Total liabilities | ||||||||||||||
| Member’s equity | $ | $ | ||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||
| Selected Statement of Operations Information | ||||||||||||||||||||||||||
| Total investment income | $ | $ | $ | $ | ||||||||||||||||||||||
| Expenses | ||||||||||||||||||||||||||
| Interest expense | ||||||||||||||||||||||||||
| Custodian and accounting fees | ||||||||||||||||||||||||||
| Administrative services | ||||||||||||||||||||||||||
| Professional services | ||||||||||||||||||||||||||
| Other | ||||||||||||||||||||||||||
| Total expenses | ||||||||||||||||||||||||||
| Net investment income | ||||||||||||||||||||||||||
| Net realized and unrealized gain (loss) | ( | ( | ( | ( | ||||||||||||||||||||||
| Net increase in net assets resulting from operations | $ | $ | $ | $ | ||||||||||||||||||||||
| Derivative Instrument | Statement Location | June 30, 2025 (Unaudited) | December 31, 2024 | |||||||||||||||||
| Foreign currency forward contracts | Unrealized appreciation on foreign currency forward contracts | $ | $ | |||||||||||||||||
| Foreign currency forward contracts | Unrealized depreciation on foreign currency forward contracts | ( | ( | |||||||||||||||||
| Total | $ | ( | $ | |||||||||||||||||
| Six Months Ended June 30, | ||||||||||||||||||||
| Derivative Instrument | Statement Location | 2025 | 2024 | |||||||||||||||||
| Foreign currency forward contracts | Net realized gain (loss) on foreign currency forward contracts | $ | ( | $ | ||||||||||||||||
| Foreign currency forward contracts | Net change in unrealized appreciation (depreciation) on foreign currency forward contracts | ( | ( | |||||||||||||||||
| Total | $ | ( | $ | |||||||||||||||||
As of June 30, 2025 (Unaudited) | ||||||||||||||||||||||||||||||||
| Counterparty | Derivative Assets Subject to Master Netting Agreement | Derivatives Available for Offset | Non-cash Collateral Received(1) | Cash Collateral Received(1) | Net Amount of Derivative Assets(2) | |||||||||||||||||||||||||||
| JP Morgan Chase Bank | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
| Total | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
| Counterparty | Derivative Liabilities Subject to Master Netting Agreement | Derivatives Available for Offset | Non-cash Collateral Pledged(1) | Cash Collateral Pledged(1) | Net Amount of Derivative Liabilities(3) | |||||||||||||||||||||||||||
| JP Morgan Chase Bank | $ | ( | $ | $ | $ | $ | ( | |||||||||||||||||||||||||
| Total | $ | ( | $ | $ | $ | $ | ( | |||||||||||||||||||||||||
As of December 31, 2024 | ||||||||||||||||||||||||||||||||
| Counterparty | Derivative Assets Subject to Master Netting Agreement | Derivatives Available for Offset | Non-cash Collateral Received(1) | Cash Collateral Received(1) | Net Amount of Derivative Assets(2) | |||||||||||||||||||||||||||
| JP Morgan Chase Bank | $ | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||
| Total | $ | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||
| Counterparty | Derivative Liabilities Subject to Master Netting Agreement | Derivatives Available for Offset | Non-cash Collateral Pledged(1) | Cash Collateral Pledged(1) | Net Amount of Derivative Liabilities(3) | |||||||||||||||||||||||||||
| JP Morgan Chase Bank | $ | ( | $ | $ | $ | $ | ||||||||||||||||||||||||||
| Total | $ | ( | $ | $ | $ | $ | ||||||||||||||||||||||||||
| Derivative Instrument | Notional Amount | Maturity Date | Gross Amount of Recognized Assets | Gross Amount of Recognized Liabilities | Statement Location | |||||||||||||||||||||||||||
Interest rate swap(1) | $ | 8/15/2029 | $ | $ | Prepaid expenses and other assets | |||||||||||||||||||||||||||
Interest rate swap(1) | $ | 8/15/2029 | Prepaid expenses and other assets | |||||||||||||||||||||||||||||
Interest rate swap(2) | $ | 1/15/2030 | Prepaid expenses and other assets | |||||||||||||||||||||||||||||
Interest rate swap(2) | $ | 1/15/2030 | Prepaid expenses and other assets | |||||||||||||||||||||||||||||
| Total | $ | $ | ||||||||||||||||||||||||||||||
| June 30, 2025 | ||||||||||||||
| Valuation Inputs | (Unaudited) | December 31, 2024 | ||||||||||||
| Level 1—Price quotations in active markets | $ | $ | ||||||||||||
| Level 2—Significant other observable inputs | ||||||||||||||
| Level 3—Significant unobservable inputs | ||||||||||||||
Investments measured at net asset value(1) | ||||||||||||||
| $ | $ | |||||||||||||
| For the Six Months Ended June 30, 2025 | ||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loans—First Lien | Senior Secured Loans—Second Lien | Other Senior Secured Debt | Subordinated Debt | Asset Based Finance | Equity/Other | Total | ||||||||||||||||||||||||||||||||||||||
| Fair value at beginning of period | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
| Accretion of discount (amortization of premium) | ||||||||||||||||||||||||||||||||||||||||||||
| Net realized gain (loss) | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||
| Net change in unrealized appreciation (depreciation) | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||
| Purchases | ||||||||||||||||||||||||||||||||||||||||||||
| Paid-in-kind interest | ||||||||||||||||||||||||||||||||||||||||||||
| Sales and repayments | ( | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||
| Transfers into Level 3 | ||||||||||||||||||||||||||||||||||||||||||||
| Transfers out of Level 3 | ||||||||||||||||||||||||||||||||||||||||||||
| Fair value at end of period | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
| The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date | $ | ( | $ | ( | $ | $ | ( | $ | $ | ( | $ | ( | ||||||||||||||||||||||||||||||||
| For the Six Months Ended June 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loans—First Lien | Senior Secured Loans—Second Lien | Other Senior Secured Debt | Subordinated Debt | Asset Based Finance | Equity/Other | Total | ||||||||||||||||||||||||||||||||||||||
| Fair value at beginning of period | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
| Accretion of discount (amortization of premium) | ||||||||||||||||||||||||||||||||||||||||||||
| Net realized gain (loss) | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
| Net change in unrealized appreciation (depreciation) | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
| Purchases | ||||||||||||||||||||||||||||||||||||||||||||
| Paid-in-kind interest | ||||||||||||||||||||||||||||||||||||||||||||
| Sales and repayments | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||
| Transfers into Level 3 | ||||||||||||||||||||||||||||||||||||||||||||
| Transfers out of Level 3 | ||||||||||||||||||||||||||||||||||||||||||||
| Fair value at end of period | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
| The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date | $ | ( | $ | ( | $ | ( | $ | ( | $ | $ | ( | $ | ( | |||||||||||||||||||||||||||||||
| Type of Investment | Fair Value at June 30, 2025 (Unaudited) | Valuation Technique(1) | Unobservable Input | Range (Weighted Average) | Impact to Valuation from an Increase in Input(2) | |||||||||||||||||||||||||||
| Senior Debt | $ | Discounted Cash Flow | Discount Rate | Decrease | ||||||||||||||||||||||||||||
| Waterfall | EBITDA Multiple | Increase | ||||||||||||||||||||||||||||||
| Cost | ||||||||||||||||||||||||||||||||
Other(3) | ||||||||||||||||||||||||||||||||
| Subordinated Debt | Discounted Cash Flow | Discount Rate | Decrease | |||||||||||||||||||||||||||||
| Waterfall | EBITDA Multiple | Increase | ||||||||||||||||||||||||||||||
| Asset Based Finance | Discounted Cash Flow | Discount Rate | Decrease | |||||||||||||||||||||||||||||
| Waterfall | EBITDA Multiple | Increase | ||||||||||||||||||||||||||||||
Other(3) | ||||||||||||||||||||||||||||||||
| Indicative Dealer Quotes | Increase | |||||||||||||||||||||||||||||||
| Equity/Other | Discounted Cash Flow | Discount Rate | Decrease | |||||||||||||||||||||||||||||
| Waterfall | EBITDA Multiple | Increase | ||||||||||||||||||||||||||||||
Other(3) | ||||||||||||||||||||||||||||||||
| Option Pricing Model | Equity Illiquidity Discount | Decrease | ||||||||||||||||||||||||||||||
| Total | $ | |||||||||||||||||||||||||||||||
| Type of Investment | Fair Value at December 31, 2024 | Valuation Technique(1) | Unobservable Input | Range | Impact to Valuation from an Increase in Input(2) | |||||||||||||||||||||||||||
| Senior Debt | $ | Discounted Cash Flow | Discount Rate | Decrease | ||||||||||||||||||||||||||||
| Waterfall | EBITDA Multiple | Increase | ||||||||||||||||||||||||||||||
| Cost | ||||||||||||||||||||||||||||||||
Other(3) | ||||||||||||||||||||||||||||||||
| Subordinated Debt | Discounted Cash Flow | Discount Rate | Decrease | |||||||||||||||||||||||||||||
| Waterfall | EBITDA Multiple | Increase | ||||||||||||||||||||||||||||||
Other(3) | ||||||||||||||||||||||||||||||||
| Asset Based Finance | Discounted Cash Flow | Discount Rate | Decrease | |||||||||||||||||||||||||||||
| Waterfall | EBITDA Multiple | Increase | ||||||||||||||||||||||||||||||
| Cost | ||||||||||||||||||||||||||||||||
Other(3) | ||||||||||||||||||||||||||||||||
| Indicative Dealer Quotes | Increase | |||||||||||||||||||||||||||||||
| Equity/Other | Waterfall | EBITDA Multiple | Increase | |||||||||||||||||||||||||||||
| Discounted Cash Flow | Discount Rate | Decrease | ||||||||||||||||||||||||||||||
Other(3) | ||||||||||||||||||||||||||||||||
| Total | $ | |||||||||||||||||||||||||||||||
As of June 30, 2025 (Unaudited) | ||||||||||||||||||||||||||||||||
| Arrangement | Type of Arrangement | Rate | Amount Outstanding | Amount Available | Maturity Date | |||||||||||||||||||||||||||
Ambler Credit Facility(2) | Revolving Credit Facility | SOFR+ | $ | $ | November 13, 2029 | |||||||||||||||||||||||||||
Callowhill Credit Facility(2) | Revolving Credit Facility | SOFR+ | June 2, 2030 | |||||||||||||||||||||||||||||
CCT Tokyo Funding Credit Facility(2) | Revolving Credit Facility | SOFR+ | June 2, 2026 | |||||||||||||||||||||||||||||
Meadowbrook Run Credit Facility(2) | Revolving Credit Facility | SOFR+ | November 22, 2028 | |||||||||||||||||||||||||||||
Senior Secured Revolving Credit Facility(2) | Revolving Credit Facility | SOFR+ | October 31, 2028 | |||||||||||||||||||||||||||||
| Unsecured Notes | — | January 15, 2026 | ||||||||||||||||||||||||||||||
| Unsecured Notes | — | January 15, 2027 | ||||||||||||||||||||||||||||||
| Unsecured Notes | — | July 15, 2027 | ||||||||||||||||||||||||||||||
| Unsecured Notes | — | October 12, 2028 | ||||||||||||||||||||||||||||||
| Unsecured Notes | — | January 15, 2029 | ||||||||||||||||||||||||||||||
| Unsecured Notes | — | August 15, 2029 | ||||||||||||||||||||||||||||||
| Unsecured Notes | — | January 15, 2030 | ||||||||||||||||||||||||||||||
CLO-1 Notes(2)(9) | Collateralized Loan Obligation | — | January 15, 2031 | |||||||||||||||||||||||||||||
CLO-2 Notes(2)(10) | Collateralized Loan Obligation | SOFR+ | — | April 15, 2037 | ||||||||||||||||||||||||||||
| Total | $ | $ | ||||||||||||||||||||||||||||||
As of December 31, 2024 | ||||||||||||||||||||||||||||||||
| Arrangement | Type of Arrangement | Rate | Amount Outstanding | Amount Available | Maturity Date | |||||||||||||||||||||||||||
Ambler Credit Facility(2) | Revolving Credit Facility | SOFR+ | $ | $ | November 13, 2029 | |||||||||||||||||||||||||||
CCT Tokyo Funding Credit Facility(2) | Revolving Credit Facility | SOFR+ | June 2, 2026 | |||||||||||||||||||||||||||||
Darby Creek Credit Facility(2) | Revolving Credit Facility | SOFR+ | February 26, 2027 | |||||||||||||||||||||||||||||
Meadowbrook Run Credit Facility(2) | Revolving Credit Facility | SOFR+ | November 22, 2026 | |||||||||||||||||||||||||||||
Senior Secured Revolving Credit Facility(2) | Revolving Credit Facility | SOFR+ | October 31, 2028 | |||||||||||||||||||||||||||||
| Unsecured Notes | — | February 1, 2025 | ||||||||||||||||||||||||||||||
| Unsecured Notes | — | February 14, 2025 | ||||||||||||||||||||||||||||||
| Unsecured Notes | — | May 15, 2025 | ||||||||||||||||||||||||||||||
| Unsecured Notes | — | January 15, 2026 | ||||||||||||||||||||||||||||||
| Unsecured Notes | — | January 15, 2027 | ||||||||||||||||||||||||||||||
| Unsecured Notes | — | July 15, 2027 | ||||||||||||||||||||||||||||||
| Unsecured Notes | — | October 12, 2028 | ||||||||||||||||||||||||||||||
| Unsecured Notes | — | January 15, 2029 | ||||||||||||||||||||||||||||||
| Unsecured Notes | — | August 15, 2029 | ||||||||||||||||||||||||||||||
| Unsecured Notes | — | January 15, 2030 | ||||||||||||||||||||||||||||||
CLO-1 Notes(2)(9) | Collateralized Loan Obligation | — | January 15, 2031 | |||||||||||||||||||||||||||||
| Total | $ | $ | ||||||||||||||||||||||||||||||
| Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||
| 2025 | 2024 | |||||||||||||||||||||||||||||||||||||
Arrangement(1) | Direct Interest Expense | Amortization of Deferred Financing Costs and Discount / Premium | Total Interest Expense | Direct Interest Expense | Amortization of Deferred Financing Costs and Discount / Premium | Total Interest Expense | ||||||||||||||||||||||||||||||||
Ambler Credit Facility(2) | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Callowhill Credit Facility(2) | ||||||||||||||||||||||||||||||||||||||
CCT Tokyo Funding Credit Facility(2) | ||||||||||||||||||||||||||||||||||||||
Darby Creek Credit Facility(2) | ||||||||||||||||||||||||||||||||||||||
Meadowbrook Run Credit Facility(2) | ||||||||||||||||||||||||||||||||||||||
Senior Secured Revolving Credit Facility(2) | ||||||||||||||||||||||||||||||||||||||
| ( | ( | |||||||||||||||||||||||||||||||||||||
| CLO-1 Notes | ||||||||||||||||||||||||||||||||||||||
| CLO-2 Notes | ||||||||||||||||||||||||||||||||||||||
| Total | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Category / Company(1) | Commitment Amount | |||||||
| Senior Secured Loans—First Lien | ||||||||
| 3Pillar Global Inc | $ | |||||||
| 48Forty Solutions LLC | ||||||||
| Aareon AG | ||||||||
| Advanced Dermatology & Cosmetic Surgery | ||||||||
| Affordable Care Inc | ||||||||
| Alacrity Solutions Group LLC | ||||||||
| Alacrity Solutions Group LLC | ||||||||
| Alpha Financial Markets Consulting PLC | ||||||||
| American Vision Partners | ||||||||
| Amerivet Partners Management Inc | ||||||||
| Apex Service Partners LLC | ||||||||
| Arcfield Acquisition Corp | ||||||||
| Arcwood Environmental (fka Heritage Environmental Services Inc) | ||||||||
| Arcwood Environmental (fka Heritage Environmental Services Inc) | ||||||||
| Area Wide Protective Inc | ||||||||
| Avetta LLC | ||||||||
| Avetta LLC | ||||||||
| BGB Group LLC | ||||||||
| BGB Group LLC | ||||||||
| Bonterra LLC | ||||||||
| Bonterra LLC | ||||||||
| Cadence Education LLC | ||||||||
| Cadence Education LLC | ||||||||
| Cambrex Corp | ||||||||
| Cambrex Corp | ||||||||
| Carrier Fire Protection | ||||||||
| Carrier Fire Protection | ||||||||
| Circana Group (f.k.a. NPD Group) | ||||||||
| Civica Group Ltd | ||||||||
| Civica Group Ltd | ||||||||
| Clarience Technologies LLC | ||||||||
| Clarience Technologies LLC | ||||||||
| Clarience Technologies LLC | ||||||||
| CLEAResult Consulting Inc | ||||||||
| CLEAResult Consulting Inc | ||||||||
| Community Brands Inc | ||||||||
Category / Company(1) | Commitment Amount | |||||||
| Community Brands Inc | $ | |||||||
| Consilium Safety Group AB | ||||||||
| CSafe Global | ||||||||
| Cubic Corp | ||||||||
| Cyncly Refinancing | ||||||||
| Cyncly Refinancing | ||||||||
| Dental365 LLC | ||||||||
| Dental365 LLC | ||||||||
| DOXA Insurance Holdings LLC | ||||||||
| DOXA Insurance Holdings LLC | ||||||||
| DOXA Insurance Holdings LLC | ||||||||
| DuBois Chemicals Inc | ||||||||
| DuBois Chemicals Inc | ||||||||
| Eagle Railcar Services Roscoe Inc | ||||||||
| Eagle Railcar Services Roscoe Inc | ||||||||
| Envirotainer Ltd | ||||||||
| Excelitas Technologies Corp | ||||||||
| Excelitas Technologies Corp | ||||||||
| Follett Software Co | ||||||||
| Foundation Consumer Brands LLC | ||||||||
| Foundation Risk Partners Corp | ||||||||
| Foundation Risk Partners Corp | ||||||||
| Frontline Road Safety LLC | ||||||||
| Frontline Road Safety LLC | ||||||||
| Frontline Road Safety LLC | ||||||||
| Galway Partners Holdings LLC | ||||||||
| Galway Partners Holdings LLC | ||||||||
| Gigamon Inc | ||||||||
| Granicus Inc | ||||||||
| Granicus Inc | ||||||||
| Heniff Transportation Systems LLC | ||||||||
| Higginbotham Insurance Agency Inc | ||||||||
| Highgate Hotels Inc | ||||||||
| HM Dunn Co Inc | ||||||||
| Homrich & Berg Inc | ||||||||
| Horizon CTS Buyer LLC | ||||||||
| Horizon CTS Buyer LLC | ||||||||
| Individual FoodService | ||||||||
| Inhabit IQ | ||||||||
| Inhabit IQ | ||||||||
| iNova Pharmaceuticals (Australia) Pty Limited | ||||||||
| Insight Global LLC | ||||||||
| Insightsoftware.Com Inc | ||||||||
| Insightsoftware.Com Inc | ||||||||
| Integrity Marketing Group LLC | ||||||||
| Integrity Marketing Group LLC | ||||||||
| J S Held LLC | ||||||||
| J S Held LLC | ||||||||
| Laboratoires Vivacy SAS | ||||||||
| Lazer Logistics Inc | ||||||||
Category / Company(1) | Commitment Amount | |||||||
| Legends Hospitality LLC | $ | |||||||
| Legends Hospitality LLC | ||||||||
| Lloyd's Register Quality Assurance Ltd | ||||||||
| Magna Legal Services LLC | ||||||||
| Magna Legal Services LLC | ||||||||
| MAI Capital Management LLC | ||||||||
| MAI Capital Management LLC | ||||||||
| MAI Capital Management LLC | ||||||||
| MB2 Dental Solutions LLC | ||||||||
| MB2 Dental Solutions LLC | ||||||||
| Med-Metrix | ||||||||
| Mercer Advisors Inc | ||||||||
| Misys Ltd | ||||||||
| Model N Inc | ||||||||
| Model N Inc | ||||||||
| Net Documents | ||||||||
| Netsmart Technologies Inc | ||||||||
| Netsmart Technologies Inc | ||||||||
| Nordic Climate Group Holding AB | ||||||||
| OEConnection LLC | ||||||||
| OEConnection LLC | ||||||||
| Oxford Global Resources LLC | ||||||||
| PartsSource Inc | ||||||||
| PartsSource Inc | ||||||||
| PCI Pharma Services | ||||||||
| PCI Pharma Services | ||||||||
| PSC Group | ||||||||
| PSC Group | ||||||||
| Radwell International LLC | ||||||||
| Radwell International LLC | ||||||||
| Resa Power LLC | ||||||||
| Resa Power LLC | ||||||||
| Revere Superior Holdings Inc | ||||||||
| Rialto Capital Management LLC | ||||||||
| Rockefeller Capital Management LP | ||||||||
| RSC Insurance Brokerage Inc | ||||||||
| RSC Insurance Brokerage Inc | ||||||||
| Safe-Guard Products International LLC | ||||||||
| SAMBA Safety Inc | ||||||||
| Service Express Inc | ||||||||
| Service Express Inc | ||||||||
| Spins LLC | ||||||||
| Spotless Brands LLC | ||||||||
| STV Group Inc | ||||||||
| STV Group Inc | ||||||||
| Sweeping Corp of America Inc | ||||||||
| Time Manufacturing Co | ||||||||
| Trackunit ApS | ||||||||
| Trescal SA | ||||||||
| Turnpoint Services Inc | ||||||||
Category / Company(1) | Commitment Amount | |||||||
| Turnpoint Services Inc | $ | |||||||
| USIC Holdings Inc | ||||||||
| USIC Holdings Inc | ||||||||
| Veriforce LLC | ||||||||
| Veriforce LLC | ||||||||
| Vermont Information Processing Inc | ||||||||
| Vermont Information Processing Inc | ||||||||
| Version1 Software Ltd | ||||||||
| VetCor Professional Practices LLC | ||||||||
| VetCor Professional Practices LLC | ||||||||
| Vitu | ||||||||
| Waste Services Group Pty Ltd | ||||||||
| Wealth Enhancement Group LLC | ||||||||
| Wealth Enhancement Group LLC | ||||||||
| Wedgewood Weddings | ||||||||
| Wedgewood Weddings | ||||||||
| West Star Aviation Inc | ||||||||
| West Star Aviation Inc | ||||||||
| Woolpert Inc | ||||||||
| Woolpert Inc | ||||||||
| Worldwise Inc | ||||||||
| Xylem Kendall | ||||||||
| Xylem Kendall | ||||||||
| Zellis Holdings Ltd | ||||||||
| Zendesk Inc | ||||||||
| Zendesk Inc | ||||||||
| Zeus Industrial Products Inc | ||||||||
| Zeus Industrial Products Inc | ||||||||
| Senior Secured Loans—Second Lien | ||||||||
| Valeo Foods Group Ltd | ||||||||
| Subordinated Debt | ||||||||
| Cyncly Refinancing | ||||||||
| Asset Based Finance | ||||||||
| Altitude II IRL WH Borrower DAC, Revolver | ||||||||
| Bausch Health Cos Inc, Revolver | ||||||||
| Callodine Commercial Finance LLC, 2L Term Loan B | ||||||||
| Curia Global Inc, Revolver | ||||||||
| EW Scripps Co/The, Revolver | ||||||||
| Florida Food Products LLC, Revolver | ||||||||
| Fortna Group Inc, Revolver | ||||||||
| GreenSky Holdings LLC, Term Loan | ||||||||
| TalkTalk Telecom Group Ltd, Revolver | ||||||||
| Tropicana Products Inc, Revolver | ||||||||
| Weber-Stephen Products LLC, Revolver | ||||||||
| Equity/Other | ||||||||
| Kestra Financial Inc, Preferred Equity | ||||||||
| Total | $ | |||||||
| Unfunded Asset Based Finance/Other commitments | $ | |||||||
Six Months Ended June 30, | ||||||||||||||
| 2025 | 2024 | |||||||||||||
Per Share Data:(1) | ||||||||||||||
| Net asset value, beginning of period | $ | $ | ||||||||||||
Results of operations(2) | ||||||||||||||
| Net investment income (loss) | ||||||||||||||
| Net realized gain (loss) and unrealized appreciation (depreciation) | ( | ( | ||||||||||||
| Net increase (decrease) in net assets resulting from operations | ( | |||||||||||||
Stockholder distributions(3) | ||||||||||||||
| Distributions from net investment income | ( | ( | ||||||||||||
| Distributions from net realized gain on investments | ||||||||||||||
| Net decrease in net assets resulting from stockholder distributions | ( | ( | ||||||||||||
| Capital share transactions | ||||||||||||||
Repurchases of common stock(4) | ||||||||||||||
| Net increase (decrease) in net assets resulting from capital share transactions | ||||||||||||||
| Net asset value, end of period | $ | $ | ||||||||||||
| Per share market value, end of period | $ | $ | ||||||||||||
| Shares outstanding, end of period | ||||||||||||||
Total return based on net asset value(5) | ( | % | % | |||||||||||
Total return based on market value(6) | % | % | ||||||||||||
| Ratio/Supplemental Data: | ||||||||||||||
| Net assets, end of period | $ | $ | ||||||||||||
Ratio of net investment income to average net assets(7) | % | % | ||||||||||||
Ratio of total operating expenses to average net assets(7) | % | % | ||||||||||||
Ratio of net operating expenses to average net assets(7) | % | % | ||||||||||||
Portfolio turnover(8) | % | % | ||||||||||||
| Total amount of senior securities outstanding, exclusive of treasury securities | $ | $ | ||||||||||||
Asset coverage per unit(9) | ||||||||||||||
| Six Months Ended June 30, | ||||||||||||||
| 2025 | 2024 | |||||||||||||
| Ratio of subordinated income incentive fees to average net assets | % | % | ||||||||||||
| Ratio of interest expense to average net assets | % | % | ||||||||||||
For the Three Months Ended | For the Six Months Ended | |||||||||||||||||||||||||
| Net Investment Activity | June 30, 2025 | June 30, 2025 | ||||||||||||||||||||||||
| Purchases | $ | 1,400 | $ | 3,398 | ||||||||||||||||||||||
| Sales and Repayments | (1,650) | (3,057) | ||||||||||||||||||||||||
| Net Portfolio Activity | $ | (250) | $ | 341 | ||||||||||||||||||||||
For the Three Months Ended | For the Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
| June 30, 2025 | June 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||
| New Investment Activity by Asset Class | Purchases | Percentage | Sales and Repayments | Percentage | Purchases | Percentage | Sales and Repayments | Percentage | ||||||||||||||||||||||||||||||||||||||||||
| Senior Secured Loans—First Lien | $ | 1,163 | 83 | % | $ | (1,161) | 70 | % | $ | 2,419 | 71 | % | $ | (2,014) | 66 | % | ||||||||||||||||||||||||||||||||||
| Senior Secured Loans—Second Lien | — | — | (1) | 0 | % | — | — | (1) | 0 | % | ||||||||||||||||||||||||||||||||||||||||
| Other Senior Secured Debt | — | — | (16) | 1 | % | 21 | 1 | % | (112) | 4 | % | |||||||||||||||||||||||||||||||||||||||
| Subordinated Debt | 64 | 5 | % | (68) | 4 | % | 67 | 2 | % | (69) | 2 | % | ||||||||||||||||||||||||||||||||||||||
| Asset Based Finance | 173 | 12 | % | (356) | 22 | % | 558 | 16 | % | (695) | 23 | % | ||||||||||||||||||||||||||||||||||||||
| Credit Opportunities Partners JV, LLC | — | — | — | — | 297 | 9 | % | — | — | |||||||||||||||||||||||||||||||||||||||||
Equity/Other(1) | — | — | (48) | 3 | % | 36 | 1 | % | (166) | 5 | % | |||||||||||||||||||||||||||||||||||||||
| Total | $ | 1,400 | 100 | % | $ | (1,650) | 100 | % | $ | 3,398 | 100 | % | $ | (3,057) | 100 | % | ||||||||||||||||||||||||||||||||||
(1) Equity/Other includes investments in preferred equity investments. During the three and six months ended June 30, 2025, purchases of preferred equity investments were $0 and $5, respectively, and sales and repayments of preferred equity investments were $24 and $67, respectively. | ||||||||||||||||||||||||||||||||||||||||||||||||||
The following table summarizes the composition of our investment portfolio at cost and fair value as of June 30, 2025 and December 31, 2024: | |||||||||||||||||||||||||||||||||||||||||
| June 30, 2025 | |||||||||||||||||||||||||||||||||||||||||
| (Unaudited) | December 31, 2024 | ||||||||||||||||||||||||||||||||||||||||
Amortized Cost(1) | Fair Value | Percentage of Portfolio | Amortized Cost(1) | Fair Value | Percentage of Portfolio | ||||||||||||||||||||||||||||||||||||
| Senior Secured Loans—First Lien | $ | 8,397 | $ | 8,055 | 59.0 | % | $ | 7,995 | $ | 7,795 | 57.8 | % | |||||||||||||||||||||||||||||
| Senior Secured Loans—Second Lien | 692 | 673 | 4.9 | % | 690 | 693 | 5.1 | % | |||||||||||||||||||||||||||||||||
| Other Senior Secured Debt | 33 | 30 | 0.2 | % | 130 | 123 | 0.9 | % | |||||||||||||||||||||||||||||||||
| Subordinated Debt | 207 | 225 | 1.6 | % | 214 | 233 | 1.7 | % | |||||||||||||||||||||||||||||||||
| Asset Based Finance | 2,119 | 2,000 | 14.7 | % | 2,232 | 2,102 | 15.6 | % | |||||||||||||||||||||||||||||||||
| Credit Opportunities Partners JV, LLC | 1,869 | 1,632 | 12.0 | % | 1,572 | 1,363 | 10.1 | % | |||||||||||||||||||||||||||||||||
Equity/Other(2) | 1,054 | 1,033 | 7.6 | % | 1,211 | 1,181 | 8.8 | % | |||||||||||||||||||||||||||||||||
| Total | $ | 14,371 | $ | 13,648 | 100.0 | % | $ | 14,044 | $ | 13,490 | 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. | |||||||||||||||||||||||||||||||||||||||||
(2) As of June 30, 2025, Equity/Other included $788 of preferred equity investments at fair value. | |||||||||||||||||||||||||||||||||||||||||
The following table presents certain selected information regarding the composition of our investment portfolio as of June 30, 2025 and December 31, 2024: | ||||||||||||||||||||||||||||||||||||||
| June 30, 2025 | December 31, 2024 | |||||||||||||||||||||||||||||||||||||
| Number of Portfolio Companies | 218 | 214 | ||||||||||||||||||||||||||||||||||||
% Variable Rate Debt Investments (based on fair value)(1)(2) | 66.0% | 65.8% | ||||||||||||||||||||||||||||||||||||
% Fixed Rate Debt Investments (based on fair value)(1)(2) | 8.1% | 9.5% | ||||||||||||||||||||||||||||||||||||
% Other Income Producing Investments (based on fair value)(3) | 17.5% | 16.4% | ||||||||||||||||||||||||||||||||||||
% Non-Income Producing Investments (based on fair value)(2) | 5.4% | 6.1% | ||||||||||||||||||||||||||||||||||||
% of Investments on Non-Accrual (based on fair value) | 3.0% | 2.2% | ||||||||||||||||||||||||||||||||||||
Weighted Average Annual Yield on Accruing Debt Investments(2)(4) | 10.8% | 11.3% | ||||||||||||||||||||||||||||||||||||
Weighted Average Annual Yield on All Debt Investments(5) | 9.9% | 10.7% | ||||||||||||||||||||||||||||||||||||
Characteristics of All Direct Originations held in Portfolio | June 30, 2025 | December 31, 2024 | ||||||||||||||||||||||||
| Number of Portfolio Companies | 208 | 205 | ||||||||||||||||||||||||
% of Investments on Non-Accrual (based on fair value) | 2.9% | 0.8% | ||||||||||||||||||||||||
Total Cost of Direct Originations | $13,994.2 | $13,494.8 | ||||||||||||||||||||||||
Total Fair Value of Direct Originations | $13,305.2 | $13,010.9 | ||||||||||||||||||||||||
% of Total Investments, at Fair Value | 97.5% | 96.4% | ||||||||||||||||||||||||
Weighted Average Annual Yield on Accruing Debt Investments(1) | 10.8% | 11.3% | ||||||||||||||||||||||||
Weighted Average Annual Yield on All Debt Investments(2) | 9.9% | 10.9% | ||||||||||||||||||||||||
| As of | ||||||||||||||
June 30, 2025 | December 31, 2024 | |||||||||||||
Total debt investments(1) | $ | 3,706.6 | $ | 3,019.6 | ||||||||||
Weighted average annual yield on accruing debt investments(2) | 10.1 | % | 10.3 | % | ||||||||||
| Number of portfolio companies in COPJV | 136 | 117 | ||||||||||||
| Largest investment in a single portfolio company | $ | 129.8 | $ | 126.4 | ||||||||||
| Unfunded commitments | $ | 81.8 | $ | 45.6 | ||||||||||
| June 30, 2025 | ||||||||||||||||||||||||||
| (Unaudited) | December 31, 2024 | |||||||||||||||||||||||||
Industry Classification(1) | Fair Value | Percentage of Portfolio | Fair Value | Percentage of Portfolio | ||||||||||||||||||||||
| Automobiles & Components | $ | 4 | 0.0 | % | $ | 4 | 0.0 | % | ||||||||||||||||||
| Banks | — | — | 5 | 0.0 | % | |||||||||||||||||||||
| Capital Goods | 1,658 | 12.1 | % | 1,712 | 12.7 | % | ||||||||||||||||||||
| Commercial & Professional Services | 1,741 | 12.8 | % | 1,733 | 12.8 | % | ||||||||||||||||||||
| Consumer Discretionary Distribution & Retail | 94 | 0.7 | % | 174 | 1.3 | % | ||||||||||||||||||||
| Consumer Durables & Apparel | 279 | 2.0 | % | 229 | 1.7 | % | ||||||||||||||||||||
| Consumer Services | 323 | 2.4 | % | 244 | 1.8 | % | ||||||||||||||||||||
| Consumer Staples Distribution & Retail | 98 | 0.7 | % | 102 | 0.8 | % | ||||||||||||||||||||
| Credit Opportunities Partners JV, LLC | 1,632 | 12.0 | % | 1,363 | 10.1 | % | ||||||||||||||||||||
| Energy | 33 | 0.2 | % | 89 | 0.7 | % | ||||||||||||||||||||
| Equity Real Estate Investment Trusts (REITs) | 266 | 1.9 | % | 278 | 2.1 | % | ||||||||||||||||||||
| Financial Services | 936 | 6.9 | % | 998 | 7.4 | % | ||||||||||||||||||||
| Food, Beverage & Tobacco | 114 | 0.8 | % | 113 | 0.8 | % | ||||||||||||||||||||
| Health Care Equipment & Services | 1,611 | 11.8 | % | 1,667 | 12.4 | % | ||||||||||||||||||||
| Household & Personal Products | 119 | 0.9 | % | 134 | 1.0 | % | ||||||||||||||||||||
| Insurance | 679 | 5.0 | % | 735 | 5.4 | % | ||||||||||||||||||||
| Materials | 306 | 2.2 | % | 334 | 2.5 | % | ||||||||||||||||||||
| Media & Entertainment | 612 | 4.5 | % | 699 | 5.2 | % | ||||||||||||||||||||
| Pharmaceuticals, Biotechnology & Life Sciences | 381 | 2.8 | % | 298 | 2.2 | % | ||||||||||||||||||||
| Real Estate Management & Development | 13 | 0.1 | % | 27 | 0.2 | % | ||||||||||||||||||||
| Software & Services | 2,331 | 17.1 | % | 2,187 | 16.2 | % | ||||||||||||||||||||
| Technology Hardware & Equipment | 2 | 0.0 | % | 2 | 0.0 | % | ||||||||||||||||||||
| Telecommunication Services | 65 | 0.5 | % | 69 | 0.5 | % | ||||||||||||||||||||
| Transportation | 351 | 2.6 | % | 294 | 2.2 | % | ||||||||||||||||||||
| Total | $ | 13,648 | 100.0 | % | $ | 13,490 | 100.0 | % | ||||||||||||||||||
| Investment Rating | Summary Description | |||||||
| 1 | Performing investment—generally executing in accordance with plan and there are no concerns about the portfolio company’s performance or ability to meet covenant requirements. | |||||||
| 2 | Performing investment—no concern about repayment of both interest and our cost basis but company’s recent performance or trends in the industry require closer monitoring. | |||||||
| 3 | Underperforming investment—some loss of interest or dividend possible, but still expecting a positive return on investment. | |||||||
| 4 | Underperforming investment—concerns about the recoverability of principal or interest. | |||||||
| June 30, 2025 | December 31, 2024 | |||||||||||||||||||||||||
| Investment Rating | Fair Value | Percentage of Portfolio | Fair Value | Percentage of Portfolio | ||||||||||||||||||||||
| 1 | $ | 9,247 | 68 | % | $ | 9,316 | 69 | % | ||||||||||||||||||
| 2 | 3,423 | 25 | % | 3,454 | 26 | % | ||||||||||||||||||||
| 3 | 691 | 5 | % | 568 | 4 | % | ||||||||||||||||||||
| 4 | 287 | 2 | % | 152 | 1 | % | ||||||||||||||||||||
| Total | $ | 13,648 | 100 | % | $ | 13,490 | 100 | % | ||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||||||||||||||||||||||||||
| Amount | Percentage of Total Income | Amount | Percentage of Total Income | Amount | Percentage of Total Income | Amount | Percentage of Total Income | |||||||||||||||||||||||||||||||||||||||||||
| Interest income | $ | 245 | 61.6 | % | $ | 310 | 70.6 | % | $ | 485 | 60.7 | % | $ | 625 | 71.6 | % | ||||||||||||||||||||||||||||||||||
| Paid-in-kind interest income | 53 | 13.3 | % | 43 | 9.8 | % | 115 | 14.4 | % | 78 | 8.9 | % | ||||||||||||||||||||||||||||||||||||||
| Fee income | 9 | 2.2 | % | 18 | 4.1 | % | 26 | 3.3 | % | 35 | 4.0 | % | ||||||||||||||||||||||||||||||||||||||
| Dividend income | 91 | 22.9 | % | 68 | 15.5 | % | 172 | 21.6 | % | 135 | 15.5 | % | ||||||||||||||||||||||||||||||||||||||
Total investment income(1) | $ | 398 | 100.0 | % | $ | 439 | 100.0 | % | $ | 798 | 100.0 | % | $ | 873 | 100.0 | % | ||||||||||||||||||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||
| Management fees | $ | 53 | $ | 54 | $ | 105 | $ | 109 | ||||||||||||||||||
| Subordinated income incentive fees | 36 | 45 | 75 | 88 | ||||||||||||||||||||||
| Administrative services expenses | 2 | 2 | 5 | 5 | ||||||||||||||||||||||
| Accounting and administrative fees | 1 | 1 | 2 | 2 | ||||||||||||||||||||||
| Interest expense | 125 | 115 | 238 | 231 | ||||||||||||||||||||||
| Other expenses | 8 | 7 | 13 | 11 | ||||||||||||||||||||||
| Total operating expenses | $ | 225 | $ | 224 | $ | 438 | $ | 446 | ||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||
| Ratio of operating expenses to average net assets | 3.43 | % | 3.26 | % | 6.62 | % | 6.46 | % | ||||||||||||||||||
Ratio of incentive fees, interest expense and excise taxes to average net assets(1) | 2.45 | % | 2.33 | % | 4.73 | % | 4.62 | % | ||||||||||||||||||
| Ratio of net operating expenses, excluding certain expenses, to average net assets | 0.98 | % | 0.93 | % | 1.89 | % | 1.84 | % | ||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||
Net realized gain (loss) on investments(1) | $ | (135) | $ | (64) | $ | (153) | $ | (307) | ||||||||||||||||||
| Net realized gain (loss) on foreign currency forward contracts | (3) | 19 | (3) | 19 | ||||||||||||||||||||||
| Net realized gain (loss) on foreign currency | (6) | 0 | (5) | (3) | ||||||||||||||||||||||
| Total net realized gain (loss) | $ | (144) | $ | (45) | $ | (161) | $ | (291) | ||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||
| Net change in unrealized appreciation (depreciation) on investments | $ | (155) | $ | (48) | $ | (169) | $ | 138 | ||||||||||||||||||
| Net change in unrealized appreciation (depreciation) on foreign currency forward contracts | (10) | (21) | (20) | (13) | ||||||||||||||||||||||
| Net change in unrealized gain (loss) on foreign currency | (59) | 4 | (85) | 17 | ||||||||||||||||||||||
| Total net change in unrealized appreciation (depreciation) | $ | (224) | $ | (65) | $ | (274) | $ | 142 | ||||||||||||||||||
As of June 30, 2025 (Unaudited) | ||||||||||||||||||||||||||||||||
| Arrangement | Type of Arrangement | Rate | Amount Outstanding | Amount Available | Maturity Date | |||||||||||||||||||||||||||
Ambler Credit Facility(2) | Revolving Credit Facility | SOFR+2.25%(1) | $ | 188 | $ | 12 | November 13, 2029 | |||||||||||||||||||||||||
Callowhill Credit Facility(2) | Revolving Credit Facility | SOFR+1.75%(1) | 368 | 32 | June 2, 2030 | |||||||||||||||||||||||||||
CCT Tokyo Funding Credit Facility(2) | Revolving Credit Facility | SOFR+1.90% - 2.05%(1)(3) | 90 | — | June 2, 2026 | |||||||||||||||||||||||||||
Meadowbrook Run Credit Facility(2) | Revolving Credit Facility | SOFR+1.95%(1) | 296 | 4 | November 22, 2028 | |||||||||||||||||||||||||||
Senior Secured Revolving Credit Facility(2) | Revolving Credit Facility | SOFR+1.75% - 1.88%(1)(4) | 2,188(5) | 2,377(6) | October 31, 2028 | |||||||||||||||||||||||||||
3.400% Notes due 2026(7) | Unsecured Notes | 3.40% | 1,000 | — | January 15, 2026 | |||||||||||||||||||||||||||
2.625% Notes due 2027(7) | Unsecured Notes | 2.63% | 400 | — | January 15, 2027 | |||||||||||||||||||||||||||
3.250% Notes due 2027(7) | Unsecured Notes | 3.25% | 500 | — | July 15, 2027 | |||||||||||||||||||||||||||
3.125% Notes due 2028(7) | Unsecured Notes | 3.13% | 750 | — | October 12, 2028 | |||||||||||||||||||||||||||
7.875% Notes due 2029(7) | Unsecured Notes | 7.88% | 400 | — | January 15, 2029 | |||||||||||||||||||||||||||
6.875% Notes due 2029(7)(8) | Unsecured Notes | 6.88% | 600 | — | August 15, 2029 | |||||||||||||||||||||||||||
6.125% Notes due 2030(7)(8) | Unsecured Notes | 6.13% | 700 | — | January 15, 2030 | |||||||||||||||||||||||||||
CLO-1 Notes(2)(9) | Collateralized Loan Obligation | 3.01% - SOFR+1.850%(1) | 162 | — | January 15, 2031 | |||||||||||||||||||||||||||
CLO-2 Notes(2)(10) | Collateralized Loan Obligation | SOFR+1.48% - 2.15%(1) | 380 | — | April 15, 2037 | |||||||||||||||||||||||||||
| Total | $ | 8,022 | $ | 2,425 | ||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2025 | ||||||||||||||||||||||||||
| Date Declared | Dividend | Record Date | Payment Date | Dividend per Share | ||||||||||||||||||||||
| February 25, 2025 | Base | March 19, 2025 | April 2, 2025 | $ | 0.64 | |||||||||||||||||||||
| February 25, 2025 | Supplemental | March 19, 2025 | April 2, 2025 | 0.06 | ||||||||||||||||||||||
| May 5, 2025 | Base | June 18, 2025 | July 2, 2025 | 0.64 | ||||||||||||||||||||||
| May 5, 2025 | Supplemental | June 18, 2025 | July 2, 2025 | 0.06 | ||||||||||||||||||||||
| Total Dividends Declared | $ | 1.40 | ||||||||||||||||||||||||
For the Six Months Ended June 30, 2024 | ||||||||||||||||||||||||||
| Date Declared | Dividend | Record Date | Payment Date | Dividend per Share | ||||||||||||||||||||||
| November 2, 2023 | Special | February 14, 2024 | February 28, 2024 | $ | 0.05 | |||||||||||||||||||||
| February 20, 2024 | Base | March 13, 2024 | April 2, 2024 | 0.64 | ||||||||||||||||||||||
| February 20, 2024 | Supplemental | March 13, 2024 | April 2, 2024 | 0.06 | ||||||||||||||||||||||
| November 2, 2023 | Special | May 15, 2024 | May 29, 2024 | 0.05 | ||||||||||||||||||||||
| May 2, 2024 | Base | June 12, 2024 | July 2, 2024 | 0.64 | ||||||||||||||||||||||
| May 2, 2024 | Supplemental | June 12, 2024 | July 2, 2024 | 0.06 | ||||||||||||||||||||||
| Total Dividends Declared | $ | 1.50 | ||||||||||||||||||||||||
| Basis Point Change in Interest Rates | Increase (Decrease) in Interest Income(1) | Increase (Decrease) in Interest Expense(2) | Increase (Decrease) in Net Interest Income | Percentage Change in Net Interest Income | ||||||||||||||||||||||
| Down 250 basis points | $ | (229) | $ | (125) | $ | (104) | (15.7) | % | ||||||||||||||||||
| Down 200 basis points | (184) | (100) | (84) | (12.7) | % | |||||||||||||||||||||
| Down 150 basis points | (138) | (75) | (63) | (9.5) | % | |||||||||||||||||||||
| Down 100 basis points | (92) | (50) | (42) | (6.3) | % | |||||||||||||||||||||
| Down 50 basis points | (46) | (25) | (21) | (3.2) | % | |||||||||||||||||||||
| Up 50 basis points | 46 | 25 | 21 | 3.2 | % | |||||||||||||||||||||
| Up 100 basis points | 92 | 50 | 42 | 6.3 | % | |||||||||||||||||||||
| Up 150 basis points | 138 | 75 | 63 | 9.5 | % | |||||||||||||||||||||
| Up 200 basis points | 184 | 100 | 84 | 12.7 | % | |||||||||||||||||||||
| Up 250 basis points | 229 | 125 | 104 | 15.7 | % | |||||||||||||||||||||
Investments Denominated in Foreign Currencies As of June 30, 2025 | Economic Hedging As of June 30, 2025 | |||||||||||||||||||||||||||||||||||||
| Cost in Local Currency | Cost in US$ | Fair Value | Reduction in Fair Value as of June 30, 2025 if 10% Adverse Change in Exchange Rate(1) | Net Foreign Currency Hedge Amount in Local Currency | Net Foreign Currency Hedge Amount in U.S. Dollars | |||||||||||||||||||||||||||||||||
| Australian Dollars | A$ | 10.0 | $ | 6.6 | $ | 6.9 | $ | 0.7 | — | — | ||||||||||||||||||||||||||||
| British Pound Sterling | £ | 261.9 | 359.3 | 386.1 | 38.6 | £ | 74.4 | 102.2 | ||||||||||||||||||||||||||||||
| Euros | € | 398.2 | 468.7 | 467.0 | 46.7 | € | 10.9 | 12.8 | ||||||||||||||||||||||||||||||
| Swedish Krona | SEK | 1,152.9 | 121.5 | 114.6 | 11.5 | SEK | 895.4 | 94.4 | ||||||||||||||||||||||||||||||
| Total | $ | 956.1 | $ | 974.6 | $ | 97.5 | $ | 209.4 | ||||||||||||||||||||||||||||||
| Period | Total Number of Shares Purchased | Average Price Paid per Share(1) | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(2) | Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs | ||||||||||||||||||||||
| April 1, 2025 through April 30, 2025 | — | $ | — | — | $ | — | ||||||||||||||||||||
| May 1, 2025 through May 31, 2025 | — | — | — | — | ||||||||||||||||||||||
| June 1, 2025 through June 30, 2025 | — | — | — | — | ||||||||||||||||||||||
| — | $ | — | — | |||||||||||||||||||||||
| FS KKR CAPITAL CORP. | |||||
By: | /s/ Michael C. Forman | ||||
Michael C. Forman Chief Executive Officer (Principal Executive Officer) | |||||
By: | /s/ Steven Lilly | ||||
Steven Lilly Chief Financial Officer (Principal Financial Officer) | |||||
By: | /s/ William Goebel | ||||
| William Goebel Chief Accounting Officer | |||||
| /s/ Michael C. Forman | |||||
Michael C. Forman Chief Executive Officer | |||||
| /s/ Steven Lilly | |||||
Steven Lilly Chief Financial Officer | |||||
| Dated: August 6, 2025 | |||||
| /s/ Michael C. Forman | |||||
Michael C. Forman Chief Executive Officer | |||||
| /s/ Steven Lilly | |||||
Steven Lilly Chief Financial Officer | |||||
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions |
6 Months Ended | 12 Months Ended |
|---|---|---|
Jun. 30, 2025 |
Dec. 31, 2024 |
|
| Assets | ||
| Investment owned, cost | $ 14,371.0 | $ 14,044.0 |
| Foreign currency, cost | 68.0 | 17.0 |
| Liabilities | ||
| Debt financing costs | $ 44.0 | $ 49.0 |
| Stockholders’ equity | ||
| Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
| Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
| Preferred stock, shares issued (in shares) | 0 | 0 |
| Preferred stock, shares outstanding (in shares) | 0 | 0 |
| Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
| Common stock, shares authorized (in shares) | 750,000,000 | 750,000,000 |
| Common stock, shares issued (in shares) | 280,066,433 | 280,066,433 |
| Common stock, shares outstanding (in shares) | 280,066,433 | 280,066,433 |
| Non-controlled/unaffiliated | ||
| Assets | ||
| Investment owned, cost | $ 9,072.0 | $ 8,830.0 |
| Non-controlled/affiliated | ||
| Assets | ||
| Investment owned, cost | 1,180.0 | 1,128.0 |
| Controlled/affiliated | ||
| Assets | ||
| Investment owned, cost | $ 4,119.0 | $ 4,086.0 |
Unaudited Consolidated Statements of Operations - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
Jun. 30, 2025 |
Jun. 30, 2024 |
||||||||||
| Investment income | |||||||||||||
| Paid-in-kind interest income | $ 116.0 | $ 63.0 | |||||||||||
| Total investment income | $ 398.0 | $ 439.0 | 798.0 | 873.0 | |||||||||
| Operating expenses | |||||||||||||
| Management fees | 53.0 | 54.0 | 105.0 | 109.0 | |||||||||
| Subordinated income incentive fees | [1] | 36.0 | 45.0 | 75.0 | 88.0 | ||||||||
| Administrative services expenses | 2.0 | 2.0 | 5.0 | 5.0 | |||||||||
| Accounting and administrative fees | 1.0 | 1.0 | 2.0 | 2.0 | |||||||||
| Interest expense | [2] | 125.0 | 115.0 | 238.0 | 231.0 | ||||||||
| Other general and administrative expenses | 8.0 | 7.0 | 13.0 | 11.0 | |||||||||
| Total operating expenses | 225.0 | 224.0 | 438.0 | 446.0 | |||||||||
| Net investment income | 173.0 | 215.0 | 360.0 | 427.0 | |||||||||
| Realized and unrealized gain/loss | |||||||||||||
| Net realized gain (loss) on investments: | (153.0) | (307.0) | |||||||||||
| Net realized gain (loss) on foreign currency forward contracts | (3.0) | 19.0 | (3.0) | 19.0 | |||||||||
| Net realized gain (loss) on foreign currency | (6.0) | 0.0 | (5.0) | (3.0) | |||||||||
| Net change in unrealized appreciation (depreciation) on investments: | (169.0) | 138.0 | |||||||||||
| Net change in unrealized appreciation (depreciation) on foreign currency forward contracts | (10.0) | (21.0) | (20.0) | (13.0) | |||||||||
| Net change in unrealized gain (loss) on foreign currency | (59.0) | 4.0 | (85.0) | 17.0 | |||||||||
| Total net realized and unrealized gain (loss) | (368.0) | (110.0) | (435.0) | (149.0) | |||||||||
| Provision for taxes on investments | (11.0) | 0.0 | (11.0) | 0.0 | |||||||||
| Realized loss on extinguishment of debt | (3.0) | 0.0 | (3.0) | 0.0 | |||||||||
| Net increase (decrease) in net assets resulting from operations | $ (209.0) | $ 105.0 | $ (89.0) | $ 278.0 | |||||||||
| Per share information—basic and diluted | |||||||||||||
| Net increase (decrease) in net assets resulting from operations (Earnings (Losses) per Share) - basic (in dollars per share) | $ (0.75) | $ 0.37 | $ (0.32) | $ 0.99 | |||||||||
| Net increase (decrease) in net assets resulting from operations (Earnings (Losses) per Share) - diluted (in dollars per share) | $ (0.75) | $ 0.37 | $ (0.32) | $ 0.99 | |||||||||
| Weighted average shares outstanding - basic (in shares) | 280,066,433 | 280,066,433 | 280,066,433 | 280,066,433 | |||||||||
| Weighted average shares outstanding - diluted (in shares) | 280,066,433 | 280,066,433 | 280,066,433 | 280,066,433 | |||||||||
| Non-controlled/unaffiliated | |||||||||||||
| Investment income | |||||||||||||
| Interest income | $ 224.0 | $ 276.0 | $ 441.0 | $ 564.0 | |||||||||
| Paid-in-kind interest income | 15.0 | 17.0 | 31.0 | 34.0 | |||||||||
| Fee income | 9.0 | 9.0 | 23.0 | 26.0 | |||||||||
| Dividend and other income | 12.0 | 7.0 | 24.0 | 13.0 | |||||||||
| Realized and unrealized gain/loss | |||||||||||||
| Net realized gain (loss) on investments: | (66.0) | (65.0) | (106.0) | (290.0) | |||||||||
| Net change in unrealized appreciation (depreciation) on investments: | 58.0 | (5.0) | 116.0 | 167.0 | |||||||||
| Non-controlled/affiliated | |||||||||||||
| Investment income | |||||||||||||
| Interest income | 8.0 | 7.0 | 16.0 | 13.0 | |||||||||
| Paid-in-kind interest income | 18.0 | 10.0 | 36.2 | [3] | 20.0 | ||||||||
| Fee income | 0.0 | 0.0 | 3.4 | [3] | 0.0 | ||||||||
| Dividend and other income | 6.0 | 5.0 | 15.3 | [3] | 9.0 | ||||||||
| Realized and unrealized gain/loss | |||||||||||||
| Net realized gain (loss) on investments: | (1.0) | 2.0 | 8.4 | (8.0) | |||||||||
| Net change in unrealized appreciation (depreciation) on investments: | (62.0) | 0.0 | (81.7) | 20.0 | |||||||||
| Controlled/affiliated | |||||||||||||
| Investment income | |||||||||||||
| Interest income | 13.0 | 27.0 | 28.0 | 48.0 | |||||||||
| Paid-in-kind interest income | 20.0 | 16.0 | 48.0 | [4] | 24.0 | ||||||||
| Fee income | 0.0 | 9.0 | 0.0 | [4] | 9.0 | ||||||||
| Dividend and other income | 73.0 | 56.0 | 133.3 | [4] | 113.0 | ||||||||
| Realized and unrealized gain/loss | |||||||||||||
| Net realized gain (loss) on investments: | (68.0) | (1.0) | (54.7) | (9.0) | |||||||||
| Net change in unrealized appreciation (depreciation) on investments: | $ (151.0) | $ (43.0) | $ (203.0) | $ (49.0) | |||||||||
| |||||||||||||
Unaudited Consolidated Statements of Changes in Net Assets - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
Jun. 30, 2025 |
Jun. 30, 2024 |
|||||||
| Operations | ||||||||||
| Net investment income (loss) | $ 173 | $ 215 | $ 360 | $ 427 | ||||||
| Net realized gain (loss) on investments, foreign currency forward contracts and foreign currency | (158) | (45) | (175) | (291) | ||||||
| Net change in unrealized appreciation (depreciation) on investments and foreign currency forward contracts | [1] | (165) | (69) | (189) | 125 | |||||
| Net change in unrealized gain (loss) on foreign currency | (59) | 4 | (85) | 17 | ||||||
| Net increase (decrease) in net assets resulting from operations | (209) | 105 | (89) | 278 | ||||||
| Stockholder distributions | ||||||||||
| Distributions to stockholders | [2] | (196) | (210) | (392) | (420) | |||||
| Net decrease in net assets resulting from stockholder distributions | [2] | (196) | (210) | (392) | (420) | |||||
| Capital share transactions | ||||||||||
| Repurchases of common stock | [3] | 0 | 0 | 0 | 0 | |||||
| Net increase (decrease) in net assets resulting from capital share transactions | [3] | 0 | 0 | 0 | 0 | |||||
| Total increase (decrease) in net assets | (405) | (105) | (481) | (142) | ||||||
| Net assets at beginning of period | 6,546 | 6,812 | 6,622 | 6,849 | ||||||
| Net assets at end of period | $ 6,141 | $ 6,707 | $ 6,141 | $ 6,707 | ||||||
| ||||||||||
Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
Jun. 30, 2025 |
Jun. 30, 2024 |
Dec. 31, 2024 |
|
| Cash flows from operating activities | |||||
| Net increase (decrease) in net assets resulting from operations | $ (209) | $ 105 | $ (89) | $ 278 | |
| Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: | |||||
| Purchases of investments | (3,104) | (2,704) | |||
| Paid-in-kind interest | (116) | (63) | |||
| Proceeds from sales and repayments of investments | 2,763 | 3,191 | |||
| Net realized (gain) loss on investments | 153 | 307 | |||
| Net change in unrealized (appreciation) depreciation on investments | 169 | (138) | |||
| Net change in unrealized (appreciation) depreciation on foreign currency forward contracts | 20 | 13 | |||
| Realized loss on extinguishment of debt | 3 | 0 | 3 | 0 | |
| Accretion of discount | (23) | (31) | |||
| Amortization of deferred financing costs and discount | 11 | 9 | |||
| Unrealized (gain)/loss on borrowings in foreign currency | 108 | (17) | |||
| (Increase) decrease in receivable for investments sold and repaid | (134) | 21 | |||
| (Increase) decrease in income receivable | (7) | (27) | |||
| (Increase) decrease in prepaid expenses and other assets | (16) | (2) | |||
| Increase (decrease) in payable for investments purchased | 1 | 1 | |||
| Increase (decrease) in management fees payable | 0 | (2) | |||
| Increase (decrease) in subordinated income incentive fees payable | 1 | 3 | |||
| Increase (decrease) in administrative services expense payable | 3 | 2 | |||
| Increase (decrease) in interest payable | (28) | 19 | |||
| Increase (decrease) in other accrued expenses and liabilities | (25) | (18) | |||
| Net cash provided by (used in) operating activities | (310) | 842 | |||
| Cash flows from financing activities | |||||
| Stockholder distributions | (196) | (420) | |||
| Borrowings under financing arrangements | 5,500 | 2,355 | |||
| Repayments of financing arrangements | (4,971) | (2,560) | |||
| Deferred financing costs paid | (7) | (15) | |||
| Net cash provided by (used in) financing activities | 326 | (640) | |||
| Total increase (decrease) in cash | 16 | 202 | |||
| Cash, cash equivalents and foreign currency at beginning of period | 296 | 231 | $ 231 | ||
| Cash, cash equivalents and foreign currency at end of period | $ 312 | $ 433 | 312 | 433 | $ 296 |
| Supplemental disclosure | |||||
| Federal income taxes paid during the period | 7 | 1 | |||
| Interest paid during the period | $ 255 | $ 203 | |||
Unaudited Consolidated Statements of Cash Flows (Parenthetical) $ in Millions |
6 Months Ended |
|---|---|
|
Jun. 30, 2025
USD ($)
| |
| Statement of Cash Flows [Abstract] | |
| Contribution of investments at fair value | $ 294 |
Unaudited Consolidated Schedule of Investments (Additional Information - Interest Rate Swaps) - USD ($) $ in Millions |
6 Months Ended | 12 Months Ended | ||||||
|---|---|---|---|---|---|---|---|---|
Jun. 30, 2025 |
Dec. 31, 2024 |
|||||||
| Notional Amount | $ 14,371.0 | $ 14,044.0 | ||||||
| Fair Value | 13,647.8 | [1] | 13,490.4 | [2] | ||||
| Interest Rate Swap | ||||||||
| Notional Amount | 1,300.0 | 1,300.0 | ||||||
| Fair Value | 63.0 | (15.0) | ||||||
| Upfront Payments/Receipts | 0.0 | 0.0 | ||||||
| Change in Unrealized Appreciation/(Depreciation) | $ 48.0 | $ (15.0) | ||||||
| Interest Rate Swap One | ||||||||
| Company Receives | 6.875% | 6.875% | ||||||
| Company Pays | 2.754% | 2.754% | ||||||
| Notional Amount | $ 200.0 | $ 200.0 | ||||||
| Fair Value | 8.0 | (5.0) | ||||||
| Upfront Payments/Receipts | 0.0 | 0.0 | ||||||
| Change in Unrealized Appreciation/(Depreciation) | $ 3.0 | $ (5.0) | ||||||
| Interest Rate Swap Two | ||||||||
| Company Receives | 6.875% | 6.875% | ||||||
| Company Pays | 2.788% | 2.788% | ||||||
| Notional Amount | $ 400.0 | $ 400.0 | ||||||
| Fair Value | 16.0 | (10.0) | ||||||
| Upfront Payments/Receipts | 0.0 | 0.0 | ||||||
| Change in Unrealized Appreciation/(Depreciation) | $ 6.0 | $ (10.0) | ||||||
| Interest Rate Swap Three | ||||||||
| Company Receives | 6.125% | 6.125% | ||||||
| Company Pays | 2.137% | 2.137% | ||||||
| Notional Amount | $ 600.0 | $ 600.0 | ||||||
| Fair Value | 34.0 | 0.0 | ||||||
| Upfront Payments/Receipts | 0.0 | 0.0 | ||||||
| Change in Unrealized Appreciation/(Depreciation) | $ 34.0 | $ 0.0 | ||||||
| Interest Rate Swap Four | ||||||||
| Company Receives | 6.125% | 6.125% | ||||||
| Company Pays | 2.061% | 2.061% | ||||||
| Notional Amount | $ 100.0 | $ 100.0 | ||||||
| Fair Value | 5.0 | 0.0 | ||||||
| Upfront Payments/Receipts | 0.0 | 0.0 | ||||||
| Change in Unrealized Appreciation/(Depreciation) | $ 5.0 | $ 0.0 | ||||||
| ||||||||
Principal Business and Organization |
6 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Principal Business and Organization | Principal Business and Organization FS KKR Capital Corp. (NYSE: FSK), or the Company, was incorporated under the general corporation laws of the State of Maryland on December 21, 2007 and formally commenced investment operations on January 2, 2009. The Company is an externally managed, non-diversified, closed-end management investment company that has elected to be regulated as a business development company, or BDC, under the Investment Company Act of 1940, as amended, or the 1940 Act. In addition, the Company has elected to be treated for U.S. federal income tax purposes, and intends to qualify annually, as a regulated investment company, or RIC, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, or the Code. The Company has various wholly-owned subsidiaries, including special-purpose financing subsidiaries and subsidiaries through which it holds interests in portfolio companies. The unaudited consolidated financial statements include both the Company’s accounts and the accounts of its wholly-owned subsidiaries as of June 30, 2025. All intercompany transactions have been eliminated in consolidation. Certain of the Company’s consolidated subsidiaries are subject to U.S. federal and state income taxes. The Company’s investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation. The Company’s portfolio is comprised primarily of investments in senior secured loans and second lien secured loans of private middle-market U.S. companies and, to a lesser extent, subordinated loans and certain asset-based financing loans of private U.S. companies. In addition, a portion of the Company’s portfolio may be comprised of equity and equity-related securities, corporate bonds, structured products, other debt securities and derivatives, including total return swaps and credit default swaps. The Company is externally managed by FS/KKR Advisor, LLC, or the Adviser, pursuant to an investment advisory agreement, dated as of June 16, 2021, or the investment advisory agreement.
|
Summary of Significant Accounting Policies |
6 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Accounting Policies [Abstract] | |
| Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation: The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP, for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. For a more complete discussion of significant accounting policies and certain other information, the Company’s interim unaudited consolidated financial statements should be read in conjunction with its audited consolidated financial statements as of and for the year ended December 31, 2024 included in the Company’s annual report on Form 10-K for the year ended December 31, 2024. Operating results for the six months ended June 30, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025. The December 31, 2024 consolidated balance sheet and consolidated schedule of investments are derived from the Company’s audited consolidated financial statements as of and for the year ended December 31, 2024. The Company is considered an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies under Financial Accounting Standards Board, or the FASB, Accounting Standards Codification Topic 946, Financial Services—Investment Companies. The Company has evaluated the impact of subsequent events through the date the consolidated financial statements were issued and filed with the U.S. Securities and Exchange Commission, or the SEC. The Company has concluded that there are no subsequent events that would require adjustment or disclosure in the consolidated financial statements. Use of Estimates: The preparation of the unaudited consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Segment Reporting: In accordance with ASC Topic 280, Segment Reporting, or ASC 280, the Company has determined that it has a single operating and reporting segment. As a result, the Company’s segment accounting policies are the same as described herein and the Company does not have any intra-segment sales and transfers of assets. Capital Gains Incentive Fee: Pursuant to the terms of the investment advisory agreement, the incentive fee on capital gains is determined and payable in arrears as of the end of each calendar year (or upon termination of the investment advisory agreement). This fee equals 20.0% of the Company’s incentive fee capital gains, which shall equal the realized capital gains of Corporate Capital Trust, Inc., or CCT, (as predecessor-by-merger to the Company), FS KKR Capital Corp. II, or FSKR, (as predecessor-by-merger to the Company) and the Company (without duplication) on a cumulative basis from inception, calculated as of the end of each calendar year, computed net of all realized capital losses and unrealized capital depreciation (without duplication) on a cumulative basis, less the aggregate amount of any capital gain incentive fees previously paid by CCT, FSKR and the Company. On a quarterly basis, the Company accrues for the capital gains incentive fee by calculating such fee as if it were due and payable as of the end of such period. The Company includes unrealized gains in the calculation of the capital gains incentive fee expense and related accrued capital gains incentive fee. This accrual reflects the incentive fees that would be payable to the Adviser if the Company’s entire portfolio was liquidated at its fair value as of the balance sheet date even though the Adviser is not entitled to an incentive fee with respect to unrealized gains unless and until such gains are actually realized. Subordinated Income Incentive Fee: Pursuant to the terms of the investment advisory agreement, the Adviser may also be entitled to receive a subordinated incentive fee on income. The subordinated incentive fee on income under the investment advisory agreement, which is calculated and payable quarterly in arrears, equals 17.5% of the Company’s “pre-incentive fee net investment income” for the immediately preceding quarter and is subject to a hurdle rate, expressed as a rate of return on the value of the Company’s net assets, equal to 1.75% per quarter, or an annualized hurdle rate of 7.0%. As a result, the Adviser will not earn this incentive fee for any quarter until the Company’s pre-incentive fee net investment income for such quarter exceeds the hurdle rate of 1.75%. Once the Company’s pre-incentive fee net investment income in any quarter exceeds the hurdle rate, the Adviser will be entitled to a “catch-up” fee equal to the amount of the pre-incentive fee net investment income in excess of the hurdle rate, until the Company’s pre-incentive fee net investment income for such quarter equals 2.12%, or 8.48% annually, of net assets. Thereafter, the Adviser will be entitled to receive 17.5% of pre-incentive fee net investment income. Revenue Recognition: Security transactions are accounted for on the trade date. The Company records interest income on an accrual basis to the extent that it expects to collect such amounts. The Company records dividend income on the ex-dividend date. Distributions received from limited liability company, or LLC, and limited partnership, or LP, investments are evaluated to determine if the distribution should be recorded as dividend income or a return of capital. The Company holds investments in certain preferred securities that accumulate paid-in-kind interest income, or PIK income, to be paid upon the redemption, liquidation or maturity of the underlying investment. Such PIK income is accumulated onto the principal balance of the respective security. The Company does not accrue as a receivable interest or dividends on loans and securities if it has reason to doubt its ability to collect such income. The Company’s policy is to place investments on non-accrual status when there is reasonable doubt that interest income will be collected. The Company considers many factors relevant to an investment when placing it on or removing it from non-accrual status including, but not limited to, the delinquency status of the investment, economic and business conditions, the overall financial condition of the underlying investment, the value of the underlying collateral, bankruptcy status, if any, and any other facts or circumstances relevant to the investment. If there is reasonable doubt that the Company will receive any previously accrued interest, then the accrued interest will be written-off. When a PIK income-paying investment is placed on non-accrual status, the accrued, uncapitalized interest is generally reversed through PIK income. Payments received on non-accrual investments may be recognized as income or applied to principal depending upon the collectability of the remaining principal and interest. Non-accrual investments may be restored to accrual status when principal and interest become current and are likely to remain current based on the Company’s judgment. Loan origination fees, original issue discount and market discount are capitalized and the Company amortizes such amounts as interest income over the respective term of the loan or security. Upon the prepayment of a loan or security, any unamortized loan origination fees and original issue discount are recorded as interest income. Structuring and other non-recurring upfront fees are recorded as fee income when earned. The Company records prepayment premiums on loans and securities as fee income when it receives such amounts. For the six months ended June 30, 2025 and 2024, the Company recognized $15 and $21, respectively, in structuring fee revenue and included such revenue in the fee income line item on its consolidated statements of operations. Derivative Instruments: The Company’s derivative instruments include foreign currency forward contracts and interest rate swaps. The Company has designated certain interest rate swaps as hedging instruments in a qualifying fair value hedge accounting relationship, and as a result, the change in fair value of the hedging instruments and hedged items are recorded in and recognized as components of interest expense in the Company’s consolidated statements of operations. The change in fair value of the interest rate swaps is offset by a change in the carrying value of the corresponding fixed rate debt. For all other derivatives, the Company does not utilize hedge accounting and recognizes such derivative instruments as assets or liabilities at fair value in its consolidated financial statements. Changes in fair value of derivative contracts entered into by the Company which have not been designated as hedging instruments are recognized through the net change in unrealized appreciation (depreciation) on derivative instruments in the consolidated statements of operations. Realized gains and losses on the derivative instruments are included in net realized gains (losses) on derivative instruments in the consolidated statements of operations. Recent Accounting Pronouncements: In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, or ASU 2023-09, which requires additional disaggregated disclosures on the entity’s effective tax rate reconciliation and additional details on income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024 and is to be adopted on a prospective basis with the option to apply retrospectively. The Company is currently assessing the impact of this guidance, however, the Company does not expect a material impact on its consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures, or ASU 2024-03, which requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, within relevant income statement captions. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods beginning with the first quarter ended March 31, 2028. Early adoption and retrospective application is permitted. The Company is currently assessing the impact of this guidance, however, the Company does not expect a material impact on its consolidated financial statements.
|
Share Transactions |
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| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share Transactions | Share Transactions Below is a summary of transactions with respect to shares of the Company’s common stock during the six months ended June 30, 2025 and 2024:
During the six months ended June 30, 2025, the administrator for the Company’s distribution reinvestment plan, or DRP, purchased 351,873 shares of common stock in the open market at an average price per share of $21.03 (totaling $7) pursuant to the DRP, and distributed such shares to participants in the DRP. During the six months ended June 30, 2024, the administrator for the Company’s DRP purchased 1,628,448 shares of common stock in the open market at an average price per share of $19.95 (totaling $32) pursuant to the DRP, and distributed such shares to participants in the DRP. During the period from July 1, 2025 to July 31, 2025, the administrator for the DRP purchased 343,451 shares of common stock in the open market at an average price per share of $21.36 (totaling $7) pursuant to the DRP, and distributed such shares to participants in the DRP. For additional information regarding the terms of the DRP, see Note 5. “At the Market” Offering On May 9, 2025, the Company entered into equity distribution agreements, or the Equity Distribution Agreements, by and among the Company and the Adviser, and each of Truist Securities, Inc., RBC Capital Markets, LLC, KKR Capital Markets LLC, and SMBC Nikko Securities America, Inc., or the Sales Agents. The Equity Distribution Agreements provide that the Company may, from time to time, issue and sell shares of its common stock, par value $0.001 per share, having an aggregate offering price of up to $750, through the Sales Agents or to them as principals for their own respective accounts, in an “at the market offering,” as defined in Rule 415 under the Securities Act of 1933, as amended, or the Securities Act. Sales of shares, if any, may be made in negotiated transactions or transactions that are deemed to be “at the market,” as defined in Rule 415 under the Securities Act, including sales made directly on The New York Stock Exchange or a similar securities exchange or sales made to or through a market maker other than on an exchange and by any other method permitted by law, which may include block trades, at prices related to prevailing market prices or negotiated prices. The Sales Agents will receive a commission from the Company of up to 1.5% of the gross sales price of any shares sold through such Sales Agent under the Equity Distribution Agreements. The offering price per share of shares less commissions payable under the Equity Distribution Agreements and discounts, if any, will not be less than the net asset value per share of the Company’s common stock at the time of such sale, provided, that the Adviser may, but is not obligated to, from time to time, in its sole discretion, pay some or all of the commissions payable under the Equity Distribution Agreements or make additional supplemental payments to ensure that the sales price per share of any shares sold in the offering will not be less than the Company’s then-current net asset value per share. Any such payments made by the Adviser will not be subject to reimbursement by the Company. During the three and six months ended June 30, 2025, the Company did not issue or sell shares of its common stock under the Equity Distribution Agreements.
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Related Party Transactions |
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| Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Related Party Transactions | Related Party Transactions Compensation of the Investment Adviser Pursuant to the investment advisory agreement, the Adviser is entitled to a base management fee calculated at an annual rate of 1.50% of the average weekly value of the Company’s gross assets excluding cash and cash equivalents (gross assets equal the total assets of the Company as set forth on the Company’s consolidated balance sheets) and an incentive fee based on the Company’s performance. Effective June 15, 2019, in connection with stockholder approval of the modification of the asset coverage requirement applicable to senior securities from 200% to 150%, the Adviser reduced (by permanent waiver) the annual base management fee payable under the investment advisory agreement from 1.5% to 1.0% on all assets financed using leverage over 1.0x debt-to-equity. The base management fee is payable quarterly in arrears. All or any part of the base management fee not taken as to any quarter will be deferred without interest and may be taken in such other quarter as the Adviser determines. See Note 2 for a discussion of the capital gains and subordinated income incentive fees that the Adviser may be entitled to under the investment advisory agreement. The Adviser has agreed to exclude from the calculation of the subordinated incentive fee on income and the incentive fee on capital gains any changes to the fair value recorded for the assets and liabilities of FSKR resulting solely from the new cost basis of the acquired FSKR investments determined in accordance with Accounting Standards Codification Topic 805-50, Business Combinations—Related Issues as a result of the June 16, 2021 merger of FSKR. On April 9, 2018, the Company entered into an administration agreement with the Adviser, or the administration agreement. Pursuant to the administration agreement, the Adviser oversees the Company’s day-to-day operations, including the provision of general ledger accounting, fund accounting, legal services, investor relations, certain government and regulatory affairs activities, and other administrative services. The Adviser also performs, or oversees the performance of, the Company’s corporate operations and required administrative services, which includes being responsible for the financial records that the Company is required to maintain and preparing reports for the Company’s stockholders and reports filed with the SEC. In addition, the Adviser assists the Company in calculating its net asset value, overseeing the preparation and filing of tax returns and the printing and dissemination of reports to the Company’s stockholders, and generally overseeing the payment of the Company’s expenses and the performance of administrative and professional services rendered to the Company by others. Pursuant to the administration agreement, the Company reimburses the Adviser for expenses necessary to perform services related to its administration and operations, including the Adviser’s allocable portion of the compensation and related expenses of certain personnel of Franklin Square Holdings, L.P., which does business as Future Standard, or Future Standard, and KKR Credit Advisors (US), LLC, or KKR Credit, providing administrative services to the Company on behalf of the Adviser. The Company reimburses the Adviser no less than quarterly for all costs and expenses incurred by the Adviser in performing its obligations and providing personnel and facilities under the administration agreement. The Adviser allocates the cost of such services to the Company based on factors such as total assets, revenues, time allocations and/or other reasonable metrics. The Company’s board of directors reviews the methodology employed in determining how the expenses are allocated to the Company and the proposed allocation of administrative expenses among the Company and certain affiliates of the Adviser. The Company’s board of directors then assesses the reasonableness of such reimbursements for expenses allocated to it based on the breadth, depth and quality of such services as compared to the estimated cost to the Company of obtaining similar services from third-party service providers known to be available. In addition, the Company’s board of directors considers whether any single third-party service provider would be capable of providing all such services at comparable cost and quality. Finally, the Company’s board of directors compares the total amount paid to the Adviser for such services as a percentage of the Company’s net assets to the same ratio as reported by other comparable BDCs. The following table describes the fees and expenses accrued under the investment advisory agreement and the administration agreement, as applicable, during the three and six months ended June 30, 2025 and 2024:
________________ (1)During the six months ended June 30, 2025 and 2024, $105 and $111 in base management fees were paid to the Adviser. As of June 30, 2025, $53 in base management fees were payable to the Adviser. (2)During the six months ended June 30, 2025 and 2024, $74 and $85, respectively, of subordinated incentive fees on income were paid to the Adviser. As of June 30, 2025, subordinated incentive fees on income of $36 were payable to the Adviser. (3)During the six months ended June 30, 2025 and 2024, $4 and $4, respectively, of administrative services expenses related to the allocation of costs of administrative personnel for services rendered to the Company by the Adviser and the remainder related to other reimbursable expenses, including reimbursement of fees related to transactional expenses for prospective investments, such as fees and expenses associated with performing due diligence reviews of investments that do not close, often referred to as “broken deal” costs. Broken deal costs were $0.4 for the six months ended June 30, 2025. The Company paid $2 and $3, respectively, in administrative services expenses to the Adviser during the six months ended June 30, 2025 and 2024. Potential Conflicts of Interest The members of the senior management and investment teams of the Adviser serve or may serve as officers, directors or principals of entities that operate in the same or a related line of business as the Company does, or of investment vehicles managed by the same personnel. For example, the Adviser is the investment adviser to KKR FS Income Trust and KKR FS Income Trust Select, and the officers, managers and other personnel of the Adviser may serve in similar or other capacities for the investment advisers to future investment vehicles affiliated with Future Standard or KKR Credit. In serving in these multiple and other capacities, they may have obligations to other clients or investors in those entities, the fulfillment of which may not be in the Company’s best interests or in the best interest of the Company’s stockholders. The Company’s investment objectives may overlap with the investment objectives of such investment funds, accounts or other investment vehicles. For additional information regarding potential conflicts of interest, see the Company’s annual report on Form 10-K for the year ended December 31, 2024. Exemptive Relief As a BDC, the Company is subject to certain regulatory restrictions in making its investments. For example, BDCs generally are not permitted to co-invest with certain affiliated entities in transactions originated by the BDC or its affiliates in the absence of an exemptive order from the SEC. However, BDCs are permitted to, and may, simultaneously co-invest in transactions where price is the only negotiated term. In an order dated June 4, 2013, or the FS Order, the SEC granted exemptive relief permitting the Company, subject to the satisfaction of certain conditions, to co-invest in certain privately negotiated investment transactions with certain affiliates of its former investment adviser and any future BDCs that are advised by its former investment adviser or its affiliated investment advisers. However, in connection with the investment advisory relationship with the Adviser, and in an effort to mitigate potential future conflicts of interest, the Company’s board of directors authorized and directed that the Company (i) withdraw from the FS Order, except with respect to any transaction in which the Company participated in reliance on the FS Order prior to April 9, 2018, and (ii) rely on an exemptive relief order, dated January 5, 2021, that permits the Company, subject to the satisfaction of certain conditions, to co-invest in certain privately negotiated investment transactions, including investments originated and directly negotiated by the Adviser or KKR Credit, with certain affiliates of the Adviser. On June 16, 2025, the Company applied for streamlined co-investment exemptive relief, which, if granted by the SEC, would similarly permit co-investments with certain affiliates but would simplify certain of the conditions under the current order and provide more flexibility than the current order. The streamlined co-investment exemptive relief would supersede the exemptive order issued by the SEC on January 5, 2021, except to the extent the Company continues to rely on the FS Order solely with respect to any transaction in which the Company participated in reliance on the FS Order prior to April 9, 2018. Affiliated Purchaser Program As previously disclosed, certain affiliates of the owners of the Adviser committed $100 to a $350 investment vehicle that may invest from time to time in shares of the Company’s common stock. In August 2023 and March 2024, that investment vehicle entered into a written trading plan with a third-party broker in accordance with Rule 10b5-1 and Rule 10b-18 promulgated under the Exchange Act to facilitate the sale of shares of the Company’s common stock pursuant to the terms and conditions of such plan. The Company is not a party to any transaction with the investment vehicle.
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| Investment Company [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Distributions | Distributions The following tables reflect the distributions per share that the Company has declared on its common stock during the six months ended June 30, 2025 and 2024:
On July 31, 2025, the Company’s board of directors declared a regular quarterly distribution of $0.70 per share consisting of a $0.64 base distribution and a $0.06 supplemental distribution, which will be paid on or about October 2, 2025 to stockholders of record as of the close of business on September 17, 2025. The timing and amount of any future distributions to stockholders are subject to applicable legal restrictions and the sole discretion of the Company’s board of directors. Pursuant to the DRP, the Company will reinvest all cash dividends or distributions declared by the Company’s board of directors on behalf of stockholders who do not elect to receive their distributions in cash. As a result, if the Company’s board of directors declares a distribution, then stockholders who have not elected to “opt out” of the DRP will have their distributions automatically reinvested in additional shares of the Company’s common stock. With respect to each distribution pursuant to the DRP, the Company reserves the right to either issue new shares of common stock or purchase shares of common stock in the open market in connection with implementation of the DRP. Unless the Company, in its sole discretion, otherwise directs the plan administrator, (A) if the per share market price (as defined in the DRP) is equal to or greater than the estimated net asset value per share (rounded up to the nearest whole cent) of the Company’s common stock on the payment date for the distribution, then the Company will issue shares of common stock at the greater of (i) net asset value per share of common stock or (ii) 95% of the market price; or (B) if the market price is less than the net asset value per share, then, in the sole discretion of the Company, (i) shares of common stock will be purchased in open market transactions for the accounts of participants to the extent practicable, or (ii) the Company will issue shares of common stock at net asset value per share. Pursuant to the terms of the DRP, the number of shares of common stock to be issued to a participant will be determined by dividing the total dollar amount of the distribution payable to a participant by the price per share at which the Company issues such shares; provided, however, that shares purchased in open market transactions by the plan administrator will be allocated to a participant based on the average purchase price, excluding any brokerage charges or other charges, of all shares of common stock purchased in the open market. If a stockholder receives distributions in the form of common stock pursuant to the DRP, such stockholder generally will be subject to the same federal, state and local tax consequences as if it elected to receive distributions in cash. If the Company’s common stock is trading at or below net asset value, a stockholder receiving distributions in the form of additional common stock will be treated as receiving a distribution in the amount of cash that they would have received if they had elected to receive the distribution in cash. If the Company’s common stock is trading above net asset value, a stockholder receiving distributions in the form of additional common stock will be treated as receiving a distribution in the amount of the fair market value of the Company’s common stock. The stockholder’s basis for determining gain or loss upon the sale of common stock received in a distribution will be equal to the total dollar amount of the distribution payable to the stockholder. Any stock received in a distribution will have a holding period for tax purposes commencing on the day following the day on which the shares of common stock are credited to the stockholder’s account. The Company may fund its cash distributions to stockholders from any sources of funds legally available to it, including proceeds from the sale of shares of the Company’s common stock, borrowings, net investment income from operations, capital gains proceeds from the sale of assets, non-capital gains proceeds from the sale of assets, and dividends or other distributions paid to the Company on account of preferred and common equity investments in portfolio companies. The Company has not established limits on the amount of funds it may use from available sources to make distributions. During certain periods, the Company’s distributions may exceed its earnings. As a result, it is possible that a portion of the distributions the Company makes may represent a return of capital. A return of capital generally is a return of a stockholder’s investment rather than a return of earnings or gains derived from the Company’s investment activities. Each year a statement on Form 1099-DIV identifying the sources of the distributions (i.e., paid from ordinary income, paid from net capital gains on the sale of securities, and/or a return of capital, which is a nontaxable distribution) will be mailed to the Company’s stockholders. There can be no assurance that the Company will be able to pay distributions at a specific rate or at all. The following table reflects the sources of the cash distributions on a tax basis that the Company has paid on its common stock during the six months ended June 30, 2025 and 2024:
________________ (1)During the six months ended June 30, 2025 and 2024, 83.6% and 88.3%, respectively, of the Company’s gross investment income was attributable to cash income earned, 2.0% and 2.8%, respectively, was attributable to non-cash accretion of discount and 14.4% and 8.9%, respectively, was attributable to PIK interest. The determination of the tax attributes of the Company’s distributions is made annually as of the end of the Company’s fiscal year based upon the Company’s taxable income for the full year and distributions paid for the full year. Therefore, a determination made on a quarterly basis may not be representative of the actual tax attributes of the Company’s distributions for a full year. The actual tax characteristics of distributions to stockholders are reported to stockholders annually on Form 1099-DIV. Net capital losses may be carried forward indefinitely, and their character is retained as short-term or long-term losses. As of June 30, 2025, the Company had capital loss carryforwards available to offset future realized capital gains of approximately $2,871. Because of the loss limitation rules of the Code, some of the tax basis losses may be limited in their use. Any unused balances resulting from such limitations may be carried forward into future years indefinitely. As of June 30, 2025 and December 31, 2024, the Company’s gross unrealized appreciation on a tax basis was $1,195 and $1,254, respectively. As of June 30, 2025 and December 31, 2024, the Company’s gross unrealized depreciation on a tax basis was $1,912 and $1,762, respectively. The aggregate cost of the Company’s investments for U.S. federal income tax purposes totaled $15,023 and $14,760 as of June 30, 2025 and December 31, 2024, respectively. The aggregate net unrealized appreciation (depreciation) on investments on a tax basis was $(1,375) and $(1,270) as of June 30, 2025 and December 31, 2024, respectively. The aggregate net unrealized appreciation (depreciation) on investments on a tax basis excludes net unrealized appreciation (depreciation) from merger accounting, foreign currency forward contracts and foreign currency transactions. As of June 30, 2025, the Company had a gross deferred tax liability of $5 and net deferred tax liability of $0 resulting from unrealized appreciation on investments held by the Company’s wholly-owned taxable subsidiaries, a deferred tax asset of $130 resulting from a combination of unrealized depreciation on investments held by and net operating losses and other tax attributes of the Company’s wholly-owned taxable subsidiaries. As of June 30, 2025, certain wholly-owned taxable subsidiaries anticipated that they would be unable to fully utilize their generated net operating losses, therefore the deferred tax asset was offset by a valuation allowance of $125. During the six months ended June 30, 2025, the Company recorded a provision for taxes related to wholly-owned taxable subsidiaries of $11 related to current taxes.
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| 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 June 30, 2025 and December 31, 2024:
________________ (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. 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 June 30, 2025, the Company held investments in thirty-two portfolio companies of which it is deemed to “control.” As of June 30, 2025, 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 unaudited consolidated schedule of investments as of June 30, 2025 in this quarterly report on Form 10-Q. 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 in this quarterly report on Form 10-Q. 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 June 30, 2025, the Company had unfunded debt investments with aggregate unfunded commitments of $1,730.1, unfunded equity/other commitments of $369.7 and unfunded commitments of $577.5 to Credit Opportunities Partners JV, LLC, or COPJV. 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 COPJV. 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 unaudited consolidated schedule of investments as of June 30, 2025 and the Company’s audited consolidated schedule of investments as of December 31, 2024. 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, 2025 and December 31, 2024:
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 $2,800 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 June 30, 2025, the Company and SCRS have funded approximately $2,140.0 to COPJV, of which $1,872.5 was from the Company. During the six months ended June 30, 2025, the Company sold investments with a cost of $836.6 for proceeds of $850.5 to COPJV and recognized a net realized gain (loss) of $13.9 in connection with the transactions. As of June 30, 2025, $355.4 of these sales to COPJV are included in the Company’s 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 six months ended June 30, 2025 and 2024, the Company earned $5.1 and $4.7 of administrative services fees, respectively. Below is selected balance sheet information for COPJV as of June 30, 2025 and December 31, 2024:
Below is selected statement of operations information for COPJV for the three and six months ended June 30, 2025 and 2024:
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Financial Instruments |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Financial Instruments | Financial Instruments The following is a summary of the fair value and location of the Company’s derivative instruments not designated as a qualifying hedge accounting relationship in the consolidated balance sheets held as of June 30, 2025 and December 31, 2024:
Net realized and unrealized gains and losses on derivative instruments not designated as a qualifying hedge accounting relationship recorded by the Company for the six months ended June 30, 2025 and 2024 are in the following locations in the consolidated statements of operations:
Offsetting of Derivative Instruments The Company has derivative instruments that are subject to master netting agreements. These agreements include provisions to offset positions with the same counterparty in the event of default by one of the parties. The Company’s unrealized appreciation and depreciation on derivative instruments are reported as gross assets and liabilities, respectively, in the consolidated balance sheets. The following tables present the Company’s assets and liabilities related to derivatives by counterparty, net of amounts available for offset under a master netting arrangement and net of any collateral received or pledged by the Company for such assets and liabilities as of June 30, 2025 and December 31, 2024:
___________ (1)In some instances, the actual amount of the collateral received and/or pledged may be more than the amount shown due to overcollateralization. (2)Net amount of derivative assets represents the net amount due from the counterparty to the Company. (3)Net amount of derivative liabilities represents the net amount due from the Company to the counterparty. Foreign Currency Forward Contracts and Cross Currency Swaps The Company may enter into foreign currency forward contracts and cross currency swaps from time to time to facilitate settlement of purchases and sales of investments denominated in foreign currencies and to economically hedge the impact that an adverse change in foreign exchange rates would have on the value of the Company’s investments denominated in foreign currencies. A foreign currency forward contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. These contracts are marked-to-market by recognizing the difference between the contract forward exchange rate and the forward market exchange rate on the last day of the period presented as unrealized appreciation or depreciation. Realized gains or losses are recognized when forward contracts are settled. Risks arise as a result of the potential inability of the counterparties to meet the terms of their contracts. The Company attempts to limit counterparty risk by only dealing with well-known counterparties. Cross currency swaps are interest rate swaps in which interest cash flows are exchanged between two parties based on the notional amounts of two different currencies. These swaps are marked-to-market by recognizing the difference between the present value of cash flows of each leg of the swaps as unrealized appreciation or depreciation. Realized gain or loss is recognized when periodic payments are received or paid and the swaps are terminated. The entire notional value of a cross currency swap is subject to the risk that the counterparty to the swap will default on its contractual delivery obligations. The Company attempts to limit counterparty risk by only dealing with well-known counterparties. The Company utilizes cross currency swaps from time to time in order to hedge a portion of its investments in foreign currency. The average notional balance for foreign currency forward contracts during the six months ended June 30, 2025 and 2024 was $174.4 and $188.0, respectively. See consolidated schedules of investments for the Company’s open foreign currency forward contracts. Interest Rate Swaps In connection with the Company’s issuance of $600 aggregate principal amount of its 6.875% Notes due 2029, or the 6.875% Notes, the Company entered into interest rate swap agreements for a total notional amount of $600 that mature on August 15, 2029, to reduce the exposure to changes in fair value associated with the 6.875% Notes. Under an interest rate swap agreement entered into on June 13, 2024, the Company receives a fixed interest rate of 6.875% and pays a floating interest rate of one-month SOFR plus 2.754% on a notional amount of $200; and under an interest rate swap agreement entered into on June 27, 2024, the Company receives a fixed interest rate of 6.875% and pays a floating interest rate of one-month SOFR plus 2.788% on a notional amount of $400. The Company designated these interest rate swaps and the 6.875% Notes as a qualifying fair value hedge accounting relationship. See Note 9 for more information on the 6.875% Notes. In connection with the Company’s issuance of $700 aggregate principal amount of its 6.125% Notes due 2030, or the 6.125% Notes, the Company entered into interest rate swap agreements for a total notional amount of $700 that mature on January 15, 2030, to reduce the exposure to changes in fair value associated with the 6.125% Notes. Under an interest rate swap agreement entered into on November 13, 2024, the Company receives a fixed interest rate of 6.125% and pays a floating interest rate of daily compounded SOFR plus 2.1374% on a notional amount of $600; and under an interest rate swap agreement entered into on December 20, 2024, the Company receives a fixed interest rate of 6.125% and pays a floating interest rate of daily compounded SOFR plus 2.0614% on a notional amount of $100. The Company designated these interest rate swaps and the 6.125% Notes as a qualifying fair value hedge accounting relationship. See Note 9 for more information on the 6.125% Notes. As of June 30, 2025, the counterparty to the Company’s interest rate swap agreements was ING Capital Markets LLC. As a result of the Company’s designation of the interest rate swaps as hedging instruments in a qualifying fair value hedge accounting relationship, the Company is required to fair value the hedging instruments and the related hedged items, with the changes in the fair value of each being recorded in interest expense. The following is a summary of the fair value and location of the Company’s derivative instruments in the consolidated balance sheets held as of June 30, 2025:
___________ (1)The asset related to the fair value of the interest rate swaps was offset by a $24 increase to the carrying value of the 6.875% Notes. (2)The asset related to the fair value of the interest rate swaps was offset by a $39 increase to the carrying value of the 6.125% Notes.
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Fair Value of Financial Instruments |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value of Financial Instruments | Fair Value of Financial Instruments Under existing accounting guidance, fair value is defined as the price that the Company would receive upon selling an investment or pay to transfer a liability in an orderly transaction to a market participant in the principal or most advantageous market for the investment. This accounting guidance emphasizes valuation techniques that maximize the use of observable market inputs and minimize the use of unobservable inputs. Inputs refer broadly to the assumptions that market participants would use in pricing an asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances. The Company classifies the inputs used to measure these fair values into the following hierarchy as defined by current accounting guidance: Level 1: Inputs that are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Inputs that are quoted prices for similar assets or liabilities in active markets. Level 3: Inputs that are unobservable for an asset or liability. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. As of June 30, 2025 and December 31, 2024, the Company’s investments were categorized as follows in the fair value hierarchy:
(1)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheets. In addition, the Company had foreign currency forward contracts and interest rate swaps, as described in Note 7, which were categorized as Level 2 in the fair value hierarchy as of June 30, 2025 and December 31, 2024. The Company’s board of directors is responsible for overseeing the valuation of the Company’s portfolio investments at fair value as determined in good faith pursuant to the Adviser’s valuation policy. The Company’s board of directors has designated the Adviser with day-to-day responsibility for implementing the portfolio valuation process set forth in the Adviser’s valuation policy. The Company’s investments consist primarily of debt investments that were acquired directly from the issuer. Debt investments, for which broker quotes are not available, are valued by independent valuation firms, which determine the fair value of such investments by considering, among other factors, the borrower’s ability to adequately service its debt, prevailing interest rates for like investments, expected cash flows, call features, anticipated repayments and other relevant terms of the investments. Except as described below, all of the Company’s equity/other investments are also valued by independent valuation firms, which determine the fair value of such investments by considering, among other factors, contractual rights ascribed to such investments, as well as various income scenarios and multiples of earnings before interest, taxes, depreciation and amortization, or EBITDA, cash flows, net income, revenues or, in limited instances, book value or liquidation value. An investment that is newly issued and purchased near the date of the financial statements is valued at cost if the Adviser determines that the cost of such investment is the best indication of its fair value. Such investments described above are typically classified as Level 3 within the fair value hierarchy. Investments that are traded on an active public market are valued at their closing price as of the date of the financial statements and are classified as Level 1 within the fair value hierarchy. Except as described above, the Adviser typically values the Company’s other investments by using the midpoint of the prevailing bid and ask prices from dealers on the date of the relevant period end, which are provided by independent third-party pricing services and screened for validity by such services and are typically classified as Level 2 within the fair value hierarchy. The Adviser periodically benchmarks the bid and ask prices it receives from the third-party pricing services and/or dealers and independent valuation firms as applicable, against the actual prices at which the Company purchases and sells its investments. Based on the results of the benchmark analysis and the experience of the Company’s management in purchasing and selling these investments, the Adviser believes that these prices are reliable indicators of fair value. The Adviser reviewed and approved the valuation determinations made with respect to these investments in a manner consistent with the Adviser’s valuation policy. The following is a reconciliation for the six months ended June 30, 2025 and 2024 of investments for which significant unobservable inputs (Level 3) were used in determining fair value:
The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements as of June 30, 2025 and December 31, 2024 were as follows:
(1)Investments using a market quotes valuation technique were primarily valued by using the midpoint of the prevailing bid and ask prices from dealers on the date of the relevant period end, which were provided by independent third-party pricing services and screened for validity by such services. Investments valued using an EBITDA multiple or a revenue multiple pursuant to the market comparables valuation technique may be conducted using an enterprise valuation waterfall analysis. (2)Represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the input would have the opposite effect. Significant changes in these inputs in isolation could result in significantly higher or lower fair value measurements. (3)Fair value based on expected outcome of proposed corporate transactions and/or other factors.
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Financing Arrangements |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Financing Arrangements | Financing Arrangements Prior to June 14, 2019, in accordance with the 1940 Act, the Company was allowed to borrow amounts such that its asset coverage, calculated pursuant to the 1940 Act, was at least 200% after such borrowing. Effective June 15, 2019, the Company’s asset coverage requirement applicable to senior securities was reduced from 200% to 150%. As of June 30, 2025, the aggregate amount outstanding of the senior securities issued by the Company was $8,022. As of June 30, 2025, the Company’s asset coverage was 177%. The following tables present summary information with respect to the Company’s outstanding financing arrangements as of June 30, 2025 and December 31, 2024. For additional information regarding these financing arrangements, see the notes to the Company’s audited consolidated financial statements contained in its annual report on Form 10-K for the year ended December 31, 2024. See Note 9 to the financial statements included in the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 for a description of amendments or other changes to the financing arrangements during the three months ended March 31, 2025. Any significant changes to the Company’s financing arrangements during the three months ended June 30, 2025 are discussed below.
___________ (1)The benchmark rate is subject to a 0% floor. (2)The carrying amount outstanding under the facility approximates its fair value. (3)As of June 30, 2025, there was $60 term loan outstanding at SOFR+1.90% and $30 revolving commitment outstanding at SOFR+2.05%. (4)The spread over the benchmark rate is determined by reference to the ratio of the value of the borrowing base to the aggregate amount of certain outstanding indebtedness of the Company. In addition to the spread over the benchmark rate, a credit spread adjustment of 0.10% and 0.0326% is applicable to borrowings in U.S. dollars and pounds sterling, respectively. (5)Amount includes borrowing in Euros, pounds sterling and Australian dollars. Euro balance outstanding of €467 has been converted to U.S. dollars at an exchange rate of €1.00 to $1.18 as of June 30, 2025 to reflect total amount outstanding in U.S. dollars. Pounds sterling balance outstanding of £288 has been converted to U.S dollars at an exchange rate of £1.00 to $1.37 as of June 30, 2025 to reflect total amount outstanding in U.S. dollars. Australian dollar balance outstanding of AUD36 has been converted to U.S dollars at an exchange rate of AUD1.00 to $0.66 as of June 30, 2025 to reflect total amount outstanding in U.S. dollars. (6)The amount available for borrowing under the Senior Secured Revolving Credit Facility is reduced by any standby letters of credit issued under the Senior Secured Revolving Credit Facility. As of June 30, 2025, $30 of such letters of credit have been issued. (7)As of June 30, 2025, the fair value of the 3.400% Notes, the 2.625% Notes, the 3.250% Notes, the 3.125% Notes, the 7.875% Notes, the 6.875% Notes and the 6.125% Notes was approximately $991, $384, $480, $688, $422, $624 and $739, respectively. These valuations are considered Level 2 valuations within the fair value hierarchy. (8)The carrying value of the 6.875% Notes and 6.125% Notes as of June 30, 2025 includes a $24 and $39 increase, respectively, as a result of an effective hedge accounting relationship. See Note 7 for additional information. (9)As of June 30, 2025, there were $91.2 of Class A-1R notes outstanding at SOFR+1.85%, $20.5 of Class A-2R notes outstanding at SOFR+2.25%, $32.4 of Class B-1R notes outstanding at SOFR+2.60% and $17.4 of Class B-2R notes outstanding at 3.011%. In addition to the spread over the benchmark rate, a credit spread adjustment of 0.26161% is applicable to Class A-1R, Class A-2R and Class B-1R notes outstanding. (10)As of June 30, 2025, there were $160.0 of Class A-1 notes outstanding at SOFR+1.48%, $100.0 of Class A-1L notes outstanding at SOFR+1.48%, $30.0 of Class A-1W notes outstanding at SOFR+1.48%, $20.0 of Class A-2L notes outstanding at SOFR+1.60%, $30.0 of Class B notes outstanding at SOFR+1.75% and $40.0 of Class C notes outstanding at SOFR+2.15%.
(1)The benchmark rate is subject to a 0% floor. (2)The carrying amount outstanding under the facility approximates its fair value. (3)As of December 31, 2024, there was $98 term loan outstanding at SOFR+1.90% and $49 revolving commitment outstanding at SOFR+2.05%. (4)The spread over the benchmark rate is determined by reference to the ratio of the value of the borrowing base to the aggregate amount of certain outstanding indebtedness of the Company. In addition to the spread over the benchmark rate, a credit spread adjustment of 0.10% and 0.0326% is applicable to borrowings in U.S. dollars and pounds sterling, respectively. (5)Amount includes borrowing in Euros, Canadian dollars, pounds sterling and Australian dollars. Euro balance outstanding of €455 has been converted to U.S. dollars at an exchange rate of €1.00 to $1.04 as of December 31, 2024 to reflect total amount outstanding in U.S. dollars. Canadian dollar balance outstanding of CAD3 has been converted to U.S dollars at an exchange rate of CAD1.00 to $0.69 as of December 31, 2024 to reflect total amount outstanding in U.S. dollars. Pounds sterling balance outstanding of £165 has been converted to U.S dollars at an exchange rate of £1.00 to $1.25 as of December 31, 2024 to reflect total amount outstanding in U.S. dollars. Australian dollar balance outstanding of AUD4 has been converted to U.S dollars at an exchange rate of AUD1.00 to $0.62 as of December 31, 2024 to reflect total amount outstanding in U.S. dollars. (6)The amount available for borrowing under the Senior Secured Revolving Credit Facility is reduced by any standby letters of credit issued under the Senior Secured Revolving Credit Facility. As of December 31, 2024, $21 of such letters of credit have been issued. (7)As of December 31, 2024, the fair value of the 4.125% Notes, the 4.250% Notes, the 8.625% Notes, the 3.400% Notes, the 2.625% Notes, the 3.250% Notes, 3.125% Notes, the 7.875% Notes, the 6.875% Notes and the 6.125% Notes was approximately $469, $474, $251, $981, $379, $474, $680, $426, $615 and $700, respectively. These valuations are considered Level 2 valuations within the fair value hierarchy. (8)As of December 31, 2024, the carrying values of the 6.875% Notes and 6.125% Notes include a $15 and $0 increase, respectively, as a result of an effective hedge accounting relationship. See Note 7 for additional information. (9)As of December 31, 2024, there were $161.8 of Class A-1R notes outstanding at SOFR+1.85%, $20.5 of Class A-2R notes outstanding at SOFR+2.25%, $32.4 of Class B-1R notes outstanding at SOFR+2.60% and $17.4 of Class B-2R notes outstanding at 3.011%. For the six months ended June 30, 2025 and 2024, the components of total interest expense for the Company’s financing arrangements were as follows:
______________________ (1)Borrowings of each of the Company’s wholly-owned, special-purpose financing subsidiaries are considered borrowings of the Company for purposes of complying with the asset coverage requirements applicable to BDCs under the 1940 Act. (2)Direct interest expense includes the effect of non-usage fees. (3)Direct interest expense includes the impact of interest rate swaps. The Company’s average borrowings and weighted average interest rate, including the effect of non-usage fees, for the six months ended June 30, 2025 were $8,212 and 5.51%, respectively. As of June 30, 2025, the Company’s weighted average effective interest rate on borrowings, including the effect of non-usage fees, was 5.34%. The Company’s average borrowings and weighted average interest rate, including the effect of non-usage fees, for the six months ended June 30, 2024 were $8,176 and 5.42%, respectively. As of June 30, 2024, the Company’s weighted average effective interest rate on borrowings, including the effect of non-usage fees, was 5.34%. Under its financing arrangements, the Company has made certain representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar financing arrangements. The Company was in compliance with all covenants required by its financing arrangements as of June 30, 2025 and December 31, 2024. Callowhill Credit Facility On June 2, 2025, Callowhill Street Funding LLC, or Callowhill, a wholly-owned, special purpose financing subsidiary of the Company, entered into a revolving credit facility, or the Callowhill Credit Facility, pursuant to a Loan and Security Agreement, the Loan Agreement, by and among Callowhill, as borrower, Canadian Imperial Bank of Commerce, or CIBC, as administrative agent, each of the lenders from time to time party thereto, and Computershare Trust Company, N.A., as securities intermediary, collateral agent, collateral administrator and collateral custodian. The Callowhill Credit Facility provides for, among other things, borrowings in an initial aggregate amount of up to $400. The revolving period during which Callowhill is permitted to borrow, repay and re-borrow advances will terminate on June 2, 2028. Advances under the Callowhill Credit Facility are subject to satisfaction of certain conditions, including maintenance of the required borrowing base. Any amounts borrowed under the Callowhill Credit Facility will mature, and all accrued and unpaid interest thereunder will be due and payable, on June 3, 2030. Borrowings under the Callowhill Credit Facility accrue interest at a rate equal to a spread of 1.75% per annum plus (i) in the case of borrowings in Dollars, at the option of Callowhill either (x) Daily Simple SOFR or (y) Term SOFR, as applicable, (ii) in the case of borrowings in Sterling, Daily Simple SONIA, (iii) in the case of borrowings in Australian Dollars, BBSY and (iv) in the case of borrowings in Canadian Dollars, Term CORRA. In addition, Callowhill will pay a non-usage fee on the unused facility amount, for each day following the three-month anniversary of the Closing Date, equal to the sum of the products of (i) 0.50% and (ii) the positive difference, if any, of the aggregate commitments minus the greater of (x) the advances outstanding and (y) the minimum utilization. Darby Creek Credit Facility On June 5, 2025, Darby Creek LLC, or Darby, repaid all outstanding borrowings under, and terminated the loan financing and servicing agreement, or Darby Creek Facility, by and among Darby, as borrower, Deutsche Bank AG, New York Branch, as facility agent, each other lender from time to time party thereto, and Wells Fargo Bank, N.A., as collateral agent and collateral custodian, which resulted in a realized loss on the extinguishment of debt of $3.
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Commitments and Contingencies |
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| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies | Commitments and Contingencies The Company enters into contracts that contain a variety of indemnification provisions. The Company’s maximum exposure under these arrangements is unknown; however, the Company has not had prior claims or losses pursuant to these contracts. The Adviser has reviewed the Company’s existing contracts and expects the risk of loss to the Company to be remote. The Company is not currently subject to any material legal proceedings and, to the Company’s knowledge, no material legal proceedings are threatened against the Company. From time to time, the Company may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Company’s rights under contracts with its portfolio companies. While the outcome of these legal proceedings cannot be predicted with certainty, the Company does not expect that any such proceedings will have a material effect upon its financial condition or results of operations. Unfunded commitments to provide funds to portfolio companies are not recorded in the Company’s consolidated balance sheets. Since these commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. The Company has sufficient liquidity to fund these commitments. As of June 30, 2025, the Company’s unfunded commitments consisted of the following:
_____________ (1)May be commitments to one or more entities affiliated with the named company. As of June 30, 2025, the Company’s debt commitments are comprised of $841.3 revolving credit facilities and $888.8 delayed draw term loans, which generally are used for acquisitions or capital expenditures and are subject to certain performance tests. Such unfunded debt commitments have a fair value representing unrealized appreciation (depreciation) of $(2.1). The Company’s unfunded Asset Based Finance/Other commitments generally require certain conditions to be met or actual approval from the Adviser prior to funding. The Senior Secured Revolving Credit Facility provides for the issuance of letters of credit in an initial aggregate face amount of up to $175, subject to increase or reduction from time to time pursuant to the terms of the Senior Secured Revolving Credit Facility. As of June 30, 2025, $30 of such letters of credit have been issued. As of June 30, 2025, the Company also has an unfunded commitment to provide $577.5 of capital to COPJV. The capital commitment can be satisfied with contributions of cash and/or investments. The capital commitments cannot be drawn without an affirmative vote by both the Company’s and SCRS’s representatives on COPJV’s board of managers. While the Company does not expect to fund all of its unfunded commitments, there can be no assurance that it will not be required to do so. In the normal course of business, the Company may enter into guarantees on behalf of portfolio companies. Under such arrangements, the Company would be required to make payments to third parties if the portfolio companies were to default on their related payment obligations. The Company has no such guarantees outstanding at June 30, 2025 and December 31, 2024.
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Financial Highlights |
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| Investment Company [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Financial Highlights | Financial Highlights The following is a schedule of financial highlights of the Company for the six months ended June 30, 2025 and 2024:
_______________ (1)Per share data may be rounded in order to recompute the ending net asset value per share. (2)The per share data was derived by using the weighted average shares outstanding during the applicable period. (3)The per share data for distributions reflect the actual amount of distributions declared per share during the applicable period. (4)Represents the incremental impact of the Company’s respective stock repurchase programs by buying shares in the open market at a price lower than net asset value per share. (5)The total return based on net asset value for each period presented was calculated by taking the net asset value per share as of the end of the applicable period, adding the distributions per share that were declared during the period and dividing the total by the net asset value per share at the beginning of the period. Total return based on net asset value does not consider the effect of any sales commissions or charges that may be incurred in connection with the sale of shares of the Company’s common stock. The historical calculation of total return based on net asset value in the table should not be considered a representation of the Company’s future total return based on net asset value, which may be greater or less than the return shown in the table due to a number of factors, including the Company’s ability or inability to make investments in companies that meet its investment criteria, the interest rates payable on the debt securities the Company acquires, the level of the Company’s expenses, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which the Company encounters competition in its markets and general economic conditions. As a result of these factors, results for any previous period should not be relied upon as being indicative of performance in future periods. The total return calculations set forth above represent the total return on the Company’s investment portfolio during the applicable period and do not represent an actual return to stockholders. (6)The total return based on market value for each period presented was calculated based on the change in market price during the applicable period, including the impact of distributions reinvested in accordance with the Company’s DRP. Total return based on market value does not consider the effect of any sales commissions or charges that may be incurred in connection with the sale of shares of the Company’s common stock. The historical calculation of total return based on market value in the table should not be considered a representation of the Company’s future total return based on market value, which may be greater or less than the return shown in the table due to a number of factors, including the Company’s ability or inability to make investments in companies that meet its investment criteria, the interest rates payable on the debt securities the Company acquires, the level of the Company’s expenses, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which the Company encounters competition in its markets, general economic conditions and fluctuations in per share market value. As a result of these factors, results for any previous period should not be relied upon as being indicative of performance in future periods. (7)Weighted average net assets during the applicable period are used for this calculation. Ratios for the six months ended June 30, 2025 and 2024 are annualized. Annualized ratios for the six months ended June 30, 2025 are not necessarily indicative of the ratios that may be expected for the year ending December 31, 2025. The following is a schedule of supplemental ratios for the six months ended June 30, 2025 and 2024:
(8)Portfolio turnover for the six months ended June 30, 2025 and 2024 are not annualized. (9)Asset coverage per unit is the ratio of the carrying value of the Company’s total consolidated assets, less liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness.
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Segment Reporting |
6 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Segment Reporting [Abstract] | |
| Segment Reporting | Segment Reporting The Company operates through a single operating and reporting segment with an investment objective to generate current income and, to a lesser extent, long-term capital appreciation. The Chief Operating Decision Maker, or CODM, is comprised of the Company’s chief executive officer and chief investment officer. The CODM assesses the performance and makes operating decisions of the Company on a consolidated basis primarily based on the Company’s net increase in stockholders’ equity resulting from operations, or net income. In addition to numerous other factors and metrics, the CODM utilizes net income as a key metric in determining the amount of dividends to be distributed to the Company’s stockholders. As the Company’s operations comprise of a single reporting segment, the segment assets are reflected on the accompanying consolidated balance sheets as “total assets” and the significant segment expenses are listed on the accompanying consolidated statements of operations.
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Subsequent Events |
6 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | Subsequent Events Distribution On July 31, 2025, the Company’s board of directors declared a regular quarterly distribution of $0.70 per share consisting of a $0.64 base distribution and a $0.06 supplemental distribution, which will be paid on or about October 2, 2025 to stockholders of record as of the close of business on September 17, 2025. The timing and amount of any future distributions to stockholders are subject to applicable legal restrictions and the sole discretion of the Company’s board of directors. Senior Secured Revolving Credit Facility On July 16, 2025, the Company entered into a third amended and restated senior secured revolving credit agreement, or the Third Amended and Restated Senior Secured Revolving Credit Facility, with the Company, as borrower, JPMorgan Chase Bank, N.A., or JPMorgan, as administrative agent, ING Capital LLC, or ING, as collateral agent, and the lenders party thereto, which amended and restated the second amended and restated senior secured revolving credit facility originally entered into on December 23, 2020, which was subsequently amended by Amendment No. 1 on September 27, 2021, by Amendment No. 2 on May 17, 2022, by Amendment No. 3 on October 31, 2023, and by Amendment No. 4 on June 26, 2024. The Third Amended and Restated Senior Secured Revolving Credit Facility provides for borrowings in U.S. dollars and certain agreed upon foreign currencies in an initial aggregate amount of up to $4,700 with an option for the Company to request, at one or more times, that existing and/or new lenders, at their election, provide up to $2,350 of additional commitments. The Third Amended and Restated Senior Secured Revolving Credit Facility provides for the issuance of letters of credit in an initial aggregate face amount of up to $240, with a sublimit available for the Company to request the issuance of letters of credit in an aggregate face amount of up to $400, subject to increase or reduction from time to time pursuant to the terms of the Third Amended and Restated Senior Secured Revolving Credit Facility. Capitalized terms used herein shall have the meanings specified in the Third Amended and Restated Senior Secured Revolving Credit Facility. Availability under the Third Amended and Restated Senior Secured Revolving Credit Facility will terminate on July 16, 2029, or the Commitment Termination Date, and the outstanding loans under the Third Amended and Restated Senior Secured Revolving Credit Facility will mature on July 16, 2030. The Third Amended and Restated Senior Secured Revolving Credit Facility also requires mandatory prepayment of interest and principal upon certain events during the term-out period commencing on the Commitment Termination Date. Borrowings under the Third Amended and Restated Senior Secured Revolving Credit Facility are subject to compliance with a borrowing base test. With respect to lenders other than non-extending lenders, interest under the Third Amended and Restated Senior Secured Revolving Credit Facility for (i) ABR Loans, (A) if the value of the gross borrowing base is equal to or greater than 1.60 times the aggregate amount of certain outstanding indebtedness of the Company, or the Combined Debt Amount, is payable at an “alternate base rate” (which is the greatest of (a) the prime rate as publicly announced by the Wall Street Journal, (b) the sum of (x) the greater of (I) the federal funds effective rate and (II) the overnight bank funding rate plus (y) 0.5%, and (c) the one month Adjusted Term SOFR Rate plus 1%), plus 0.650% per annum, and (B) if the value of the gross borrowing base is less than 1.60 times the Combined Debt Amount, the alternate base rate plus 0.775% per annum; and (ii) Term Benchmark Loans or RFR Loans (A) if the value of the gross borrowing base is equal to or greater than 1.60 times the Combined Debt Amount, is payable at a rate equal to the applicable benchmark rate plus 1.650% per annum, and (B) if the value of the gross borrowing base is less than 1.60 times the Combined Debt Amount, is payable at a rate equal to the applicable benchmark rate plus 1.775% per annum. With respect to non-extending lenders, interest under the Third Amended and Restated Senior Secured Revolving Credit Facility for (i) ABR Loans, (A) if the value of the gross borrowing base is equal to or greater than 1.60 times the aggregate amount of certain outstanding indebtedness of the Company, or the Combined Debt Amount, is payable at the alternative base rate, plus 0.750% per annum, and (B) if the value of the gross borrowing base is less than 1.60 times the Combined Debt Amount, the alternate base rate plus 0.875% per annum; and (ii) Term Benchmark Loans or RFR Loans (A) if the value of the gross borrowing base is equal to or greater than 1.60 times the Combined Debt Amount, is payable at a rate equal to the applicable benchmark rate plus 1.750% per annum, and (B) if the value of the gross borrowing base is less than 1.60 times the Combined Debt Amount, is payable at a rate equal to the applicable benchmark rate plus 1.875% per annum. The Company will pay a commitment fee, with respect to lenders other than non-extending lenders, of 0.350% per annum and, with respect to non-extending lenders, and 0.375% per annum, on the daily unused portion of its sublimit under the Third Amended and Restated Senior Secured Revolving Credit Facility during the revolving period. The Company also will be required to pay letter of credit participation fees and a fronting fee on the average daily amount of any lender’s exposure with respect to any letters of credit issued at the request of the Company under the Third Amended and Restated Senior Secured Revolving Credit Facility. In connection with the Third Amended and Restated Senior Secured Revolving Credit Facility, the Company has made certain representations and warranties and must comply with various covenants and reporting requirements customary for facilities of this type. In addition, the Company must comply with the following financial covenants: (a) the Company must maintain a minimum shareholders’ equity, measured as of each fiscal quarter end; and (b) the Company must maintain at all times a 150% asset coverage ratio (or, if greater, the statutory requirement then applicable to the Company). The Third Amended and Restated Senior Secured Revolving Credit Facility contains events of default customary for facilities of this type. Upon the occurrence of an event of default, JPMorgan, at the instruction of the lenders, may terminate the commitments and declare the outstanding advances and all other obligations under the Third Amended and Restated Senior Secured Revolving Credit Facility immediately due and payable. The Company’s obligations under the Third Amended and Restated Senior Secured Revolving Credit Facility are guaranteed by certain of the Company’s subsidiaries. The Company’s obligations under the Third Amended and Restated Senior Secured Revolving Credit Facility are secured by a first priority security interest in substantially all of the assets of the Company and certain of the Company’s subsidiaries thereunder.
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Insider Trading Arrangements |
3 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Trading Arrangements, by Individual | |
| Rule 10b5-1 Arrangement Adopted | false |
| Non-Rule 10b5-1 Arrangement Adopted | false |
| Rule 10b5-1 Arrangement Terminated | false |
| Non-Rule 10b5-1 Arrangement Terminated | false |
N-2 - $ / shares |
6 Months Ended | |||
|---|---|---|---|---|
Jun. 30, 2025 |
Dec. 31, 2024 |
Jun. 30, 2024 |
Dec. 31, 2023 |
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| Cover [Abstract] | ||||
| Entity Central Index Key | 0001422183 | |||
| Amendment Flag | false | |||
| Securities Act File Number | 814-00757 | |||
| Document Type | 10-Q | |||
| Entity Registrant Name | FS KKR Capital Corp. | |||
| Entity Address, Address Line One | 201 Rouse Boulevard | |||
| Entity Address, City or Town | Philadelphia | |||
| Entity Address, State or Province | PA | |||
| Entity Address, Postal Zip Code | 19112 | |||
| City Area Code | 215 | |||
| Local Phone Number | 495-1150 | |||
| Entity Emerging Growth Company | false | |||
| General Description of Registrant [Abstract] | ||||
| Investment Objectives and Practices [Text Block] | Our investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation. We seek to meet our investment objectives by: •utilizing the experience and expertise of the management team of the Adviser; •employing a defensive investment approach focused on long-term credit performance and preservation of principal; •focusing primarily on debt investments in a broad array of private U.S. companies, including middle-market companies, which we define as companies with annual EBITDA of $50 million to $150 million at the time of investment; •investing primarily in established, stable enterprises with positive cash flows; and •maintaining rigorous portfolio monitoring in an attempt to anticipate and pre-empt negative credit events within our portfolio, such as an event of insolvency, liquidation, dissolution, reorganization or bankruptcy of a portfolio company. We pursue our investment objective by investing primarily in the debt of middle market U.S. companies with a focus on originated transactions sourced through the network of the Adviser and its affiliates. We define direct originations as any investment where the Company’s investment adviser, sub-adviser or their affiliates had negotiated the terms of the transaction beyond just the price, which, for example, may include negotiating financial covenants, maturity dates or interest rate terms. These directly originated transactions include participation in other originated transactions where there may be third parties involved, or a bank acting as an intermediary, for a closely held club, or similar transactions. Our portfolio is comprised primarily of investments in senior secured loans and second lien secured loans of private middle market U.S. companies and, to a lesser extent, subordinated loans and certain asset-based financing loans of private U.S. companies. Although we do not expect a significant portion of our portfolio to be comprised of subordinated loans, there is no limit on the amount of such loans in which we may invest. We may purchase interests in loans or make other debt investments, including investments in senior secured bonds, through secondary market transactions in the “over-the-counter” market or directly from our target companies as primary market or directly originated investments. In connection with our debt investments, we may on occasion receive equity interests such as warrants or options as additional consideration. We may also purchase or otherwise acquire interests in the form of common or preferred equity or equity-related securities, such as rights and warrants that may be converted into or exchanged for common stock or other equity or the cash value of common stock or other equity, including through a co-investment with a financial sponsor or possibly the restructuring of an investment. In addition, a portion of our portfolio may be comprised of corporate bonds, structured products, other debt securities and derivatives, including total return swaps and credit default swaps. The Adviser will seek to tailor our investment focus as market conditions evolve. Depending on market conditions, we may increase or decrease our exposure to less senior portions of the capital structures of our portfolio companies or otherwise make opportunistic investments, such as where the market price of loans, bonds or other securities reflects a lower value than deemed warranted by the Adviser’s fundamental analysis. Such investment opportunities may occur due to general dislocations in the markets, a misunderstanding by the market of a particular company or an industry being out of favor with the broader investment community and may include event driven investments, anchor orders and structured products. The senior secured loans, second lien secured loans and senior secured bonds in which we invest generally have stated terms of three to seven years and subordinated debt investments that we make generally have stated terms of up to ten years, but the expected average life of such securities is generally three to four years. However, we may invest in loans and securities with any maturity or duration. Our debt investments may be rated by a NRSRO and, in such case, generally will carry a rating below investment grade (rated lower than “Baa3” by Moody’s or lower than “BBB-” by S&P). We may invest without limit in debt or other securities of any rating, as well as debt or other securities that have not been rated by a NRSRO.
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| NAV Per Share | $ 21.93 | $ 23.64 | $ 23.95 | $ 24.46 |
Summary of Significant Accounting Policies (Policies) |
6 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Accounting Policies [Abstract] | |
| Basis of Presentation | Basis of Presentation: The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP, for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. For a more complete discussion of significant accounting policies and certain other information, the Company’s interim unaudited consolidated financial statements should be read in conjunction with its audited consolidated financial statements as of and for the year ended December 31, 2024 included in the Company’s annual report on Form 10-K for the year ended December 31, 2024. Operating results for the six months ended June 30, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025. The December 31, 2024 consolidated balance sheet and consolidated schedule of investments are derived from the Company’s audited consolidated financial statements as of and for the year ended December 31, 2024. The Company is considered an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies under Financial Accounting Standards Board, or the FASB, Accounting Standards Codification Topic 946, Financial Services—Investment Companies. The Company has evaluated the impact of subsequent events through the date the consolidated financial statements were issued and filed with the U.S. Securities and Exchange Commission, or the SEC. The Company has concluded that there are no subsequent events that would require adjustment or disclosure in the consolidated financial statements.
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| Use of Estimates | Use of Estimates: The preparation of the unaudited consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
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| Segment Reporting | Segment Reporting: In accordance with ASC Topic 280, Segment Reporting, or ASC 280, the Company has determined that it has a single operating and reporting segment. As a result, the Company’s segment accounting policies are the same as described herein and the Company does not have any intra-segment sales and transfers of assets.
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| Capital Gains Incentive Fee | Capital Gains Incentive Fee: Pursuant to the terms of the investment advisory agreement, the incentive fee on capital gains is determined and payable in arrears as of the end of each calendar year (or upon termination of the investment advisory agreement). This fee equals 20.0% of the Company’s incentive fee capital gains, which shall equal the realized capital gains of Corporate Capital Trust, Inc., or CCT, (as predecessor-by-merger to the Company), FS KKR Capital Corp. II, or FSKR, (as predecessor-by-merger to the Company) and the Company (without duplication) on a cumulative basis from inception, calculated as of the end of each calendar year, computed net of all realized capital losses and unrealized capital depreciation (without duplication) on a cumulative basis, less the aggregate amount of any capital gain incentive fees previously paid by CCT, FSKR and the Company. On a quarterly basis, the Company accrues for the capital gains incentive fee by calculating such fee as if it were due and payable as of the end of such period. The Company includes unrealized gains in the calculation of the capital gains incentive fee expense and related accrued capital gains incentive fee. This accrual reflects the incentive fees that would be payable to the Adviser if the Company’s entire portfolio was liquidated at its fair value as of the balance sheet date even though the Adviser is not entitled to an incentive fee with respect to unrealized gains unless and until such gains are actually realized.
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| Subordinated Income Incentive Fee | Subordinated Income Incentive Fee: Pursuant to the terms of the investment advisory agreement, the Adviser may also be entitled to receive a subordinated incentive fee on income. The subordinated incentive fee on income under the investment advisory agreement, which is calculated and payable quarterly in arrears, equals 17.5% of the Company’s “pre-incentive fee net investment income” for the immediately preceding quarter and is subject to a hurdle rate, expressed as a rate of return on the value of the Company’s net assets, equal to 1.75% per quarter, or an annualized hurdle rate of 7.0%. As a result, the Adviser will not earn this incentive fee for any quarter until the Company’s pre-incentive fee net investment income for such quarter exceeds the hurdle rate of 1.75%. Once the Company’s pre-incentive fee net investment income in any quarter exceeds the hurdle rate, the Adviser will be entitled to a “catch-up” fee equal to the amount of the pre-incentive fee net investment income in excess of the hurdle rate, until the Company’s pre-incentive fee net investment income for such quarter equals 2.12%, or 8.48% annually, of net assets. Thereafter, the Adviser will be entitled to receive 17.5% of pre-incentive fee net investment income. |
| Revenue Recognition | Revenue Recognition: Security transactions are accounted for on the trade date. The Company records interest income on an accrual basis to the extent that it expects to collect such amounts. The Company records dividend income on the ex-dividend date. Distributions received from limited liability company, or LLC, and limited partnership, or LP, investments are evaluated to determine if the distribution should be recorded as dividend income or a return of capital. The Company holds investments in certain preferred securities that accumulate paid-in-kind interest income, or PIK income, to be paid upon the redemption, liquidation or maturity of the underlying investment. Such PIK income is accumulated onto the principal balance of the respective security. The Company does not accrue as a receivable interest or dividends on loans and securities if it has reason to doubt its ability to collect such income. The Company’s policy is to place investments on non-accrual status when there is reasonable doubt that interest income will be collected. The Company considers many factors relevant to an investment when placing it on or removing it from non-accrual status including, but not limited to, the delinquency status of the investment, economic and business conditions, the overall financial condition of the underlying investment, the value of the underlying collateral, bankruptcy status, if any, and any other facts or circumstances relevant to the investment. If there is reasonable doubt that the Company will receive any previously accrued interest, then the accrued interest will be written-off. When a PIK income-paying investment is placed on non-accrual status, the accrued, uncapitalized interest is generally reversed through PIK income. Payments received on non-accrual investments may be recognized as income or applied to principal depending upon the collectability of the remaining principal and interest. Non-accrual investments may be restored to accrual status when principal and interest become current and are likely to remain current based on the Company’s judgment. Loan origination fees, original issue discount and market discount are capitalized and the Company amortizes such amounts as interest income over the respective term of the loan or security. Upon the prepayment of a loan or security, any unamortized loan origination fees and original issue discount are recorded as interest income. Structuring and other non-recurring upfront fees are recorded as fee income when earned. The Company records prepayment premiums on loans and securities as fee income when it receives such amounts. For the six months ended June 30, 2025 and 2024, the Company recognized $15 and $21, respectively, in structuring fee revenue and included such revenue in the fee income line item on its consolidated statements of operations.
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| Derivative Instruments | Derivative Instruments: The Company’s derivative instruments include foreign currency forward contracts and interest rate swaps. The Company has designated certain interest rate swaps as hedging instruments in a qualifying fair value hedge accounting relationship, and as a result, the change in fair value of the hedging instruments and hedged items are recorded in and recognized as components of interest expense in the Company’s consolidated statements of operations. The change in fair value of the interest rate swaps is offset by a change in the carrying value of the corresponding fixed rate debt. For all other derivatives, the Company does not utilize hedge accounting and recognizes such derivative instruments as assets or liabilities at fair value in its consolidated financial statements. Changes in fair value of derivative contracts entered into by the Company which have not been designated as hedging instruments are recognized through the net change in unrealized appreciation (depreciation) on derivative instruments in the consolidated statements of operations. Realized gains and losses on the derivative instruments are included in net realized gains (losses) on derivative instruments in the consolidated statements of operations.
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| Recent Accounting Pronouncements | Recent Accounting Pronouncements: In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, or ASU 2023-09, which requires additional disaggregated disclosures on the entity’s effective tax rate reconciliation and additional details on income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024 and is to be adopted on a prospective basis with the option to apply retrospectively. The Company is currently assessing the impact of this guidance, however, the Company does not expect a material impact on its consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures, or ASU 2024-03, which requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, within relevant income statement captions. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods beginning with the first quarter ended March 31, 2028. Early adoption and retrospective application is permitted. The Company is currently assessing the impact of this guidance, however, the Company does not expect a material impact on its consolidated financial statements.
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| Fair Value Measurement | Under existing accounting guidance, fair value is defined as the price that the Company would receive upon selling an investment or pay to transfer a liability in an orderly transaction to a market participant in the principal or most advantageous market for the investment. This accounting guidance emphasizes valuation techniques that maximize the use of observable market inputs and minimize the use of unobservable inputs. Inputs refer broadly to the assumptions that market participants would use in pricing an asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances. The Company classifies the inputs used to measure these fair values into the following hierarchy as defined by current accounting guidance: Level 1: Inputs that are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Inputs that are quoted prices for similar assets or liabilities in active markets. Level 3: Inputs that are unobservable for an asset or liability. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.
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Share Transactions (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Common Stock Transactions | Below is a summary of transactions with respect to shares of the Company’s common stock during the six months ended June 30, 2025 and 2024:
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Related Party Transactions (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of the Fees and Expenses Accrued | The following table describes the fees and expenses accrued under the investment advisory agreement and the administration agreement, as applicable, during the three and six months ended June 30, 2025 and 2024:
________________ (1)During the six months ended June 30, 2025 and 2024, $105 and $111 in base management fees were paid to the Adviser. As of June 30, 2025, $53 in base management fees were payable to the Adviser. (2)During the six months ended June 30, 2025 and 2024, $74 and $85, respectively, of subordinated incentive fees on income were paid to the Adviser. As of June 30, 2025, subordinated incentive fees on income of $36 were payable to the Adviser. (3)During the six months ended June 30, 2025 and 2024, $4 and $4, respectively, of administrative services expenses related to the allocation of costs of administrative personnel for services rendered to the Company by the Adviser and the remainder related to other reimbursable expenses, including reimbursement of fees related to transactional expenses for prospective investments, such as fees and expenses associated with performing due diligence reviews of investments that do not close, often referred to as “broken deal” costs. Broken deal costs were $0.4 for the six months ended June 30, 2025. The Company paid $2 and $3, respectively, in administrative services expenses to the Adviser during the six months ended June 30, 2025 and 2024.
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Distributions (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment Company [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Cash Distributions Paid on Common Stock Including Tax Basis | The following tables reflect the distributions per share that the Company has declared on its common stock during the six months ended June 30, 2025 and 2024:
The following table reflects the sources of the cash distributions on a tax basis that the Company has paid on its common stock during the six months ended June 30, 2025 and 2024:
________________ (1)During the six months ended June 30, 2025 and 2024, 83.6% and 88.3%, respectively, of the Company’s gross investment income was attributable to cash income earned, 2.0% and 2.8%, respectively, was attributable to non-cash accretion of discount and 14.4% and 8.9%, respectively, was attributable to PIK interest.
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Investment Portfolio (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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, 2025 and December 31, 2024:
________________ (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, 2025 and December 31, 2024:
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| Schedule of Nonconsolidated Subsidiary Portfolio | Below is selected balance sheet information for COPJV as of June 30, 2025 and December 31, 2024:
Below is selected statement of operations information for COPJV for the three and six months ended June 30, 2025 and 2024:
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Financial Instruments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Fair Value And Balance Sheet Location of Company's Derivative Instruments | The following is a summary of the fair value and location of the Company’s derivative instruments not designated as a qualifying hedge accounting relationship in the consolidated balance sheets held as of June 30, 2025 and December 31, 2024:
___________ (1)The asset related to the fair value of the interest rate swaps was offset by a $24 increase to the carrying value of the 6.875% Notes. (2)The asset related to the fair value of the interest rate swaps was offset by a $39 increase to the carrying value of the 6.125% Notes.
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| Schedule of Net Realized and Unrealized Gain (Loss) on Derivative Instruments | Net realized and unrealized gains and losses on derivative instruments not designated as a qualifying hedge accounting relationship recorded by the Company for the six months ended June 30, 2025 and 2024 are in the following locations in the consolidated statements of operations:
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| Schedule of Offsetting Assets | The following tables present the Company’s assets and liabilities related to derivatives by counterparty, net of amounts available for offset under a master netting arrangement and net of any collateral received or pledged by the Company for such assets and liabilities as of June 30, 2025 and December 31, 2024:
___________ (1)In some instances, the actual amount of the collateral received and/or pledged may be more than the amount shown due to overcollateralization. (2)Net amount of derivative assets represents the net amount due from the counterparty to the Company. (3)Net amount of derivative liabilities represents the net amount due from the Company to the counterparty.
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| Schedule of Offsetting Liabilities | The following tables present the Company’s assets and liabilities related to derivatives by counterparty, net of amounts available for offset under a master netting arrangement and net of any collateral received or pledged by the Company for such assets and liabilities as of June 30, 2025 and December 31, 2024:
___________ (1)In some instances, the actual amount of the collateral received and/or pledged may be more than the amount shown due to overcollateralization. (2)Net amount of derivative assets represents the net amount due from the counterparty to the Company. (3)Net amount of derivative liabilities represents the net amount due from the Company to the counterparty.
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Fair Value of Financial Instruments (Tables) |
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Fair Value Hierarchy Investments | As of June 30, 2025 and December 31, 2024, the Company’s investments were categorized as follows in the fair value hierarchy:
(1)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheets.
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| Schedule of Reconciliation Fair Value, Assets | The following is a reconciliation for the six months ended June 30, 2025 and 2024 of investments for which significant unobservable inputs (Level 3) were used in determining fair value:
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| Schedule of Valuation Techniques and Significant Unobservable Inputs Used in Recurring Level 3 Fair Value | The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements as of June 30, 2025 and December 31, 2024 were as follows:
(1)Investments using a market quotes valuation technique were primarily valued by using the midpoint of the prevailing bid and ask prices from dealers on the date of the relevant period end, which were provided by independent third-party pricing services and screened for validity by such services. Investments valued using an EBITDA multiple or a revenue multiple pursuant to the market comparables valuation technique may be conducted using an enterprise valuation waterfall analysis. (2)Represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the input would have the opposite effect. Significant changes in these inputs in isolation could result in significantly higher or lower fair value measurements. (3)Fair value based on expected outcome of proposed corporate transactions and/or other factors.
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Financing Arrangements (Tables) |
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Jun. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Outstanding Financing Arrangements | The following tables present summary information with respect to the Company’s outstanding financing arrangements as of June 30, 2025 and December 31, 2024. For additional information regarding these financing arrangements, see the notes to the Company’s audited consolidated financial statements contained in its annual report on Form 10-K for the year ended December 31, 2024. See Note 9 to the financial statements included in the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 for a description of amendments or other changes to the financing arrangements during the three months ended March 31, 2025. Any significant changes to the Company’s financing arrangements during the three months ended June 30, 2025 are discussed below.
___________ (1)The benchmark rate is subject to a 0% floor. (2)The carrying amount outstanding under the facility approximates its fair value. (3)As of June 30, 2025, there was $60 term loan outstanding at SOFR+1.90% and $30 revolving commitment outstanding at SOFR+2.05%. (4)The spread over the benchmark rate is determined by reference to the ratio of the value of the borrowing base to the aggregate amount of certain outstanding indebtedness of the Company. In addition to the spread over the benchmark rate, a credit spread adjustment of 0.10% and 0.0326% is applicable to borrowings in U.S. dollars and pounds sterling, respectively. (5)Amount includes borrowing in Euros, pounds sterling and Australian dollars. Euro balance outstanding of €467 has been converted to U.S. dollars at an exchange rate of €1.00 to $1.18 as of June 30, 2025 to reflect total amount outstanding in U.S. dollars. Pounds sterling balance outstanding of £288 has been converted to U.S dollars at an exchange rate of £1.00 to $1.37 as of June 30, 2025 to reflect total amount outstanding in U.S. dollars. Australian dollar balance outstanding of AUD36 has been converted to U.S dollars at an exchange rate of AUD1.00 to $0.66 as of June 30, 2025 to reflect total amount outstanding in U.S. dollars. (6)The amount available for borrowing under the Senior Secured Revolving Credit Facility is reduced by any standby letters of credit issued under the Senior Secured Revolving Credit Facility. As of June 30, 2025, $30 of such letters of credit have been issued. (7)As of June 30, 2025, the fair value of the 3.400% Notes, the 2.625% Notes, the 3.250% Notes, the 3.125% Notes, the 7.875% Notes, the 6.875% Notes and the 6.125% Notes was approximately $991, $384, $480, $688, $422, $624 and $739, respectively. These valuations are considered Level 2 valuations within the fair value hierarchy. (8)The carrying value of the 6.875% Notes and 6.125% Notes as of June 30, 2025 includes a $24 and $39 increase, respectively, as a result of an effective hedge accounting relationship. See Note 7 for additional information. (9)As of June 30, 2025, there were $91.2 of Class A-1R notes outstanding at SOFR+1.85%, $20.5 of Class A-2R notes outstanding at SOFR+2.25%, $32.4 of Class B-1R notes outstanding at SOFR+2.60% and $17.4 of Class B-2R notes outstanding at 3.011%. In addition to the spread over the benchmark rate, a credit spread adjustment of 0.26161% is applicable to Class A-1R, Class A-2R and Class B-1R notes outstanding. (10)As of June 30, 2025, there were $160.0 of Class A-1 notes outstanding at SOFR+1.48%, $100.0 of Class A-1L notes outstanding at SOFR+1.48%, $30.0 of Class A-1W notes outstanding at SOFR+1.48%, $20.0 of Class A-2L notes outstanding at SOFR+1.60%, $30.0 of Class B notes outstanding at SOFR+1.75% and $40.0 of Class C notes outstanding at SOFR+2.15%.
(1)The benchmark rate is subject to a 0% floor. (2)The carrying amount outstanding under the facility approximates its fair value. (3)As of December 31, 2024, there was $98 term loan outstanding at SOFR+1.90% and $49 revolving commitment outstanding at SOFR+2.05%. (4)The spread over the benchmark rate is determined by reference to the ratio of the value of the borrowing base to the aggregate amount of certain outstanding indebtedness of the Company. In addition to the spread over the benchmark rate, a credit spread adjustment of 0.10% and 0.0326% is applicable to borrowings in U.S. dollars and pounds sterling, respectively. (5)Amount includes borrowing in Euros, Canadian dollars, pounds sterling and Australian dollars. Euro balance outstanding of €455 has been converted to U.S. dollars at an exchange rate of €1.00 to $1.04 as of December 31, 2024 to reflect total amount outstanding in U.S. dollars. Canadian dollar balance outstanding of CAD3 has been converted to U.S dollars at an exchange rate of CAD1.00 to $0.69 as of December 31, 2024 to reflect total amount outstanding in U.S. dollars. Pounds sterling balance outstanding of £165 has been converted to U.S dollars at an exchange rate of £1.00 to $1.25 as of December 31, 2024 to reflect total amount outstanding in U.S. dollars. Australian dollar balance outstanding of AUD4 has been converted to U.S dollars at an exchange rate of AUD1.00 to $0.62 as of December 31, 2024 to reflect total amount outstanding in U.S. dollars. (6)The amount available for borrowing under the Senior Secured Revolving Credit Facility is reduced by any standby letters of credit issued under the Senior Secured Revolving Credit Facility. As of December 31, 2024, $21 of such letters of credit have been issued. (7)As of December 31, 2024, the fair value of the 4.125% Notes, the 4.250% Notes, the 8.625% Notes, the 3.400% Notes, the 2.625% Notes, the 3.250% Notes, 3.125% Notes, the 7.875% Notes, the 6.875% Notes and the 6.125% Notes was approximately $469, $474, $251, $981, $379, $474, $680, $426, $615 and $700, respectively. These valuations are considered Level 2 valuations within the fair value hierarchy. (8)As of December 31, 2024, the carrying values of the 6.875% Notes and 6.125% Notes include a $15 and $0 increase, respectively, as a result of an effective hedge accounting relationship. See Note 7 for additional information. (9)As of December 31, 2024, there were $161.8 of Class A-1R notes outstanding at SOFR+1.85%, $20.5 of Class A-2R notes outstanding at SOFR+2.25%, $32.4 of Class B-1R notes outstanding at SOFR+2.60% and $17.4 of Class B-2R notes outstanding at 3.011%.
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| Schedule of Interest Expense | For the six months ended June 30, 2025 and 2024, the components of total interest expense for the Company’s financing arrangements were as follows:
______________________ (1)Borrowings of each of the Company’s wholly-owned, special-purpose financing subsidiaries are considered borrowings of the Company for purposes of complying with the asset coverage requirements applicable to BDCs under the 1940 Act. (2)Direct interest expense includes the effect of non-usage fees. (3)Direct interest expense includes the impact of interest rate swaps.
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Commitments and Contingencies (Tables) |
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| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Unfunded Commitments | As of June 30, 2025, the Company’s unfunded commitments consisted of the following:
_____________ (1)May be commitments to one or more entities affiliated with the named company.
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Financial Highlights (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment Company [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Financial Highlights | The following is a schedule of financial highlights of the Company for the six months ended June 30, 2025 and 2024:
_______________ (1)Per share data may be rounded in order to recompute the ending net asset value per share. (2)The per share data was derived by using the weighted average shares outstanding during the applicable period. (3)The per share data for distributions reflect the actual amount of distributions declared per share during the applicable period. (4)Represents the incremental impact of the Company’s respective stock repurchase programs by buying shares in the open market at a price lower than net asset value per share. (5)The total return based on net asset value for each period presented was calculated by taking the net asset value per share as of the end of the applicable period, adding the distributions per share that were declared during the period and dividing the total by the net asset value per share at the beginning of the period. Total return based on net asset value does not consider the effect of any sales commissions or charges that may be incurred in connection with the sale of shares of the Company’s common stock. The historical calculation of total return based on net asset value in the table should not be considered a representation of the Company’s future total return based on net asset value, which may be greater or less than the return shown in the table due to a number of factors, including the Company’s ability or inability to make investments in companies that meet its investment criteria, the interest rates payable on the debt securities the Company acquires, the level of the Company’s expenses, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which the Company encounters competition in its markets and general economic conditions. As a result of these factors, results for any previous period should not be relied upon as being indicative of performance in future periods. The total return calculations set forth above represent the total return on the Company’s investment portfolio during the applicable period and do not represent an actual return to stockholders. (6)The total return based on market value for each period presented was calculated based on the change in market price during the applicable period, including the impact of distributions reinvested in accordance with the Company’s DRP. Total return based on market value does not consider the effect of any sales commissions or charges that may be incurred in connection with the sale of shares of the Company’s common stock. The historical calculation of total return based on market value in the table should not be considered a representation of the Company’s future total return based on market value, which may be greater or less than the return shown in the table due to a number of factors, including the Company’s ability or inability to make investments in companies that meet its investment criteria, the interest rates payable on the debt securities the Company acquires, the level of the Company’s expenses, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which the Company encounters competition in its markets, general economic conditions and fluctuations in per share market value. As a result of these factors, results for any previous period should not be relied upon as being indicative of performance in future periods. (7)Weighted average net assets during the applicable period are used for this calculation. Ratios for the six months ended June 30, 2025 and 2024 are annualized. Annualized ratios for the six months ended June 30, 2025 are not necessarily indicative of the ratios that may be expected for the year ending December 31, 2025. The following is a schedule of supplemental ratios for the six months ended June 30, 2025 and 2024:
(8)Portfolio turnover for the six months ended June 30, 2025 and 2024 are not annualized. (9)Asset coverage per unit is the ratio of the carrying value of the Company’s total consolidated assets, less liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness.
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| Schedule of Supplemental Ratios | The following is a schedule of supplemental ratios for the six months ended June 30, 2025 and 2024:
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Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions |
6 Months Ended | |
|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
|
| Structuring Fees | ||
| Related Party Transaction [Line Items] | ||
| Structuring fee revenue | $ 15 | $ 21 |
| FS/KKR Advisor, LLC | Investment Advisory Agreement - Incentive Rate, Realized Capital Gains | ||
| Related Party Transaction [Line Items] | ||
| Incentive fee (in percent) | 20.00% | |
| FS/KKR Advisor, LLC | Investment Advisory Agreement - Incentive Rate, Quarterly In Arrears Catch-up Threshold | ||
| Related Party Transaction [Line Items] | ||
| Incentive fee (in percent) | 17.50% | |
| FS/KKR Advisor, LLC | Investment Advisory Agreement - Incentive Rate, Quarterly Catch-up Threshold | ||
| Related Party Transaction [Line Items] | ||
| Incentive fee (in percent) | 1.75% | |
| FS/KKR Advisor, LLC | Investment Advisory Agreement - Incentive Rate, Annualized Hurdle Rate | ||
| Related Party Transaction [Line Items] | ||
| Incentive fee (in percent) | 7.00% | |
| FS/KKR Advisor, LLC | Investment Advisory Agreement - Incentive Rate, Pre-Incentive Fee Net Investment Income Below Catch-Up Threshold | ||
| Related Party Transaction [Line Items] | ||
| Incentive fee (in percent) | 2.12% | |
| FS/KKR Advisor, LLC | Investment Advisory Agreement - Incentive Rate, Annualized Catch-Up Threshold | ||
| Related Party Transaction [Line Items] | ||
| Incentive fee (in percent) | 8.48% | |
Share Transactions - Schedule of Common Stock Transactions (Details) - USD ($) $ in Millions |
6 Months Ended | |
|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
|
| Class of Stock [Line Items] | ||
| Net Proceeds from Share Transactions (in shares) | 0 | 0 |
| Net Proceeds from Share Transactions | $ 0 | $ 0 |
| Stock Repurchase Program | ||
| Class of Stock [Line Items] | ||
| Share Repurchase Program (in shares) | 0 | 0 |
| Share Repurchase Program | $ 0 | $ 0 |
Share Transactions - Narrative (Details) - USD ($) |
1 Months Ended | 6 Months Ended | |||
|---|---|---|---|---|---|
Jul. 31, 2025 |
Jun. 30, 2025 |
Jun. 30, 2024 |
May 09, 2025 |
Dec. 31, 2024 |
|
| Class of Stock [Line Items] | |||||
| Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | |||
| Distribution Reinvestment Plan | |||||
| Class of Stock [Line Items] | |||||
| Stock repurchased and distributed (in shares) | 351,873 | 1,628,448 | |||
| Average cost per share of stock repurchased and distributed (in dollars per share) | $ 21.03 | $ 19.95 | |||
| Stock repurchased and distributed | $ 7,000,000 | $ 32,000,000 | |||
| Distribution Reinvestment Plan | Subsequent Event | |||||
| Class of Stock [Line Items] | |||||
| Stock repurchased and distributed (in shares) | 343,451 | ||||
| Average cost per share of stock repurchased and distributed (in dollars per share) | $ 21.36 | ||||
| Stock repurchased and distributed | $ 7,000,000 | ||||
| Equity Distribution Agreements | |||||
| Class of Stock [Line Items] | |||||
| Common stock, par value (in dollars per share) | $ 0.001 | ||||
| Amount of stock authorized to sell | $ 750,000,000 | ||||
| Sale of stock, sales commission (as percent) | 1.50% | ||||
Related Party Transactions - Narrative (Details) - USD ($) $ in Millions |
6 Months Ended | ||||
|---|---|---|---|---|---|
Jun. 16, 2021 |
Jun. 15, 2019 |
Jun. 14, 2019 |
Jun. 30, 2025 |
Jun. 30, 2024 |
|
| Related Party Transaction [Line Items] | |||||
| Asset coverage per ratio (as percent) | 177.00% | 184.00% | |||
| Investment Advisory Agreement | FS/KKR Advisor, LLC | |||||
| Related Party Transaction [Line Items] | |||||
| Management and service fees, base rate | 1.50% | 1.00% | 1.50% | ||
| Asset coverage per ratio (as percent) | 150.00% | 200.00% | |||
| Affiliated Purchaser Program | FS/KKR Advisor, LLC | |||||
| Related Party Transaction [Line Items] | |||||
| Commitment to investment vehicle | $ 100 | ||||
| Investment vehicle | $ 350 |
Related Party Transactions - Schedule of Fees And Expenses Accrued Under The Investment Advisory Agreement (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
Jun. 30, 2025 |
Jun. 30, 2024 |
Dec. 31, 2024 |
|||||
| Related Party Transaction [Line Items] | |||||||||
| Base Management Fee | $ 53.0 | $ 54.0 | $ 105.0 | $ 109.0 | |||||
| Subordinated Incentive Fee on Income | [1] | 36.0 | 45.0 | 75.0 | 88.0 | ||||
| Administrative Services Expenses | 1.0 | 1.0 | 2.0 | 2.0 | |||||
| Management fees payable | 53.0 | 53.0 | $ 53.0 | ||||||
| Subordinated income incentive fees payable | [2] | 36.0 | 36.0 | $ 35.0 | |||||
| FS/KKR Advisor, LLC | |||||||||
| Related Party Transaction [Line Items] | |||||||||
| Base Management Fee | 53.0 | 54.0 | 105.0 | 109.0 | |||||
| Subordinated Incentive Fee on Income | 36.0 | 45.0 | 75.0 | 88.0 | |||||
| Administrative Services Expenses | 2.0 | $ 2.0 | 5.0 | 5.0 | |||||
| Base management fees | 105.0 | 111.0 | |||||||
| Management fees payable | 53.0 | 53.0 | |||||||
| Incentive fee paid | 74.0 | 85.0 | |||||||
| Subordinated income incentive fees payable | $ 36.0 | 36.0 | |||||||
| Allocation of costs of administrative personnel for services rendered | 4.0 | 4.0 | |||||||
| Broken deal cost | 0.4 | ||||||||
| Payment for administrative services expenses | $ 2.0 | $ 3.0 | |||||||
| |||||||||
Distributions - Schedule of Cash Distributions (Details) - $ / shares |
6 Months Ended | |
|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
|
| Schedule of Distributions [Line Items] | ||
| Total Dividends Declared | $ 1.40 | $ 1.50 |
| O 2025 M2 Aggregate Dividends | ||
| Schedule of Distributions [Line Items] | ||
| Base | 0.64 | |
| Supplemental | 0.06 | |
| O 2025 M5 Aggregate Dividends | ||
| Schedule of Distributions [Line Items] | ||
| Base | 0.64 | |
| Supplemental | $ 0.06 | |
| O 2023 M11 Dividends 1 | ||
| Schedule of Distributions [Line Items] | ||
| Special | 0.05 | |
| O 2024 M2 Aggregate Dividends | ||
| Schedule of Distributions [Line Items] | ||
| Base | 0.64 | |
| Supplemental | 0.06 | |
| O 2023 M11 Dividends 2 | ||
| Schedule of Distributions [Line Items] | ||
| Special | 0.05 | |
| O 2024 M5 Aggregate Dividends | ||
| Schedule of Distributions [Line Items] | ||
| Base | 0.64 | |
| Supplemental | $ 0.06 | |
Distributions - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions |
6 Months Ended | |||
|---|---|---|---|---|
Jul. 31, 2025 |
Jun. 30, 2025 |
Jun. 30, 2024 |
Dec. 31, 2024 |
|
| Schedule of Distributions [Line Items] | ||||
| Distributions declared per share (in dollars per share) | $ 1.40 | $ 1.50 | ||
| Percent of market price | 95.00% | |||
| Capital loss carryforwards | $ 2,871 | |||
| Unrealized appreciation | 1,195 | $ 1,254 | ||
| Unrealized depreciation | 1,912 | 1,762 | ||
| Income tax purposes | 15,023 | 14,760 | ||
| Net unrealized appreciation (depreciation) | (1,375) | $ (1,270) | ||
| Subsidiaries | ||||
| Schedule of Distributions [Line Items] | ||||
| Gross deferred tax liability | 5 | |||
| Deferred tax liability | 0 | |||
| Deferred tax asset | 130 | |||
| Deferred tax asset offset by valuation allowance | 125 | |||
| Current provision for taxes | $ 11 | |||
| Subsequent Event | ||||
| Schedule of Distributions [Line Items] | ||||
| Distributions declared per share (in dollars per share) | $ 0.70 | |||
| Subsequent Event | O 2025 Q3 Regular Dividends | ||||
| Schedule of Distributions [Line Items] | ||||
| Distributions declared per share (in dollars per share) | 0.64 | |||
| Subsequent Event | O 2025 Q3 Supplemental Dividends | ||||
| Schedule of Distributions [Line Items] | ||||
| Distributions declared per share (in dollars per share) | $ 0.06 | |||
Distributions - Schedule of Cash Distributions on Common Stock (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||
|---|---|---|---|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
Jun. 30, 2025 |
Jun. 30, 2024 |
|||
| Distribution Amount | ||||||
| Return of capital | $ 0 | $ 0 | ||||
| Net investment income | 392 | 420 | ||||
| Short-term capital gains proceeds from the sale of assets | 0 | 0 | ||||
| Long-term capital gains proceeds from the sale of assets | 0 | 0 | ||||
| Total | [1] | $ 196 | $ 210 | $ 392 | $ 420 | |
| Percentage | ||||||
| Return of capital | 0.00% | 0.00% | ||||
| Net investment income | 100.00% | 100.00% | ||||
| Short-term capital gains proceeds from the sale of assets | 0.00% | 0.00% | ||||
| Long-term capital gains proceeds from the sale of assets | 0.00% | 0.00% | ||||
| Total | 100.00% | 100.00% | ||||
| Gross investment income attributable to cash income earned | 83.60% | 88.30% | ||||
| Gross investment income attributable to non-cash accretion of discount | 2.00% | 2.80% | ||||
| Gross investment income attributable to paid-in-kind interest | 14.40% | 8.90% | ||||
| ||||||
Investment Portfolio - Schedule of Investment Portfolio At Cost And Fair Value (Details) - USD ($) $ in Millions |
6 Months Ended | 12 Months Ended | ||||||
|---|---|---|---|---|---|---|---|---|
Jun. 30, 2025 |
Dec. 31, 2024 |
|||||||
| Schedule of Investments [Line Items] | ||||||||
| Notional Amount | $ 14,371.0 | $ 14,044.0 | ||||||
| Fair Value | $ 13,647.8 | [1] | $ 13,490.4 | [2] | ||||
| Percentage of Portfolio | Customer Concentration Risk | ||||||||
| Schedule of Investments [Line Items] | ||||||||
| Percentage of Portfolio | 100.00% | 100.00% | ||||||
| Senior Secured Loans—First Lien | ||||||||
| Schedule of Investments [Line Items] | ||||||||
| Notional Amount | $ 8,397.0 | $ 7,995.0 | ||||||
| Fair Value | $ 8,055.0 | $ 7,795.0 | ||||||
| Senior Secured Loans—First Lien | Percentage of Portfolio | Customer Concentration Risk | ||||||||
| Schedule of Investments [Line Items] | ||||||||
| Percentage of Portfolio | 59.00% | 57.80% | ||||||
| Senior Secured Loans—Second Lien | ||||||||
| Schedule of Investments [Line Items] | ||||||||
| Notional Amount | $ 692.0 | $ 690.0 | ||||||
| Fair Value | $ 673.0 | $ 693.0 | ||||||
| Senior Secured Loans—Second Lien | Percentage of Portfolio | Customer Concentration Risk | ||||||||
| Schedule of Investments [Line Items] | ||||||||
| Percentage of Portfolio | 4.90% | 5.10% | ||||||
| Other Senior Secured Debt | ||||||||
| Schedule of Investments [Line Items] | ||||||||
| Notional Amount | $ 33.0 | $ 130.0 | ||||||
| Fair Value | $ 30.0 | $ 123.0 | ||||||
| Other Senior Secured Debt | Percentage of Portfolio | Customer Concentration Risk | ||||||||
| Schedule of Investments [Line Items] | ||||||||
| Percentage of Portfolio | 0.20% | 0.90% | ||||||
| Subordinated Debt | ||||||||
| Schedule of Investments [Line Items] | ||||||||
| Notional Amount | $ 207.0 | $ 214.0 | ||||||
| Fair Value | $ 225.0 | $ 233.0 | ||||||
| Subordinated Debt | Percentage of Portfolio | Customer Concentration Risk | ||||||||
| Schedule of Investments [Line Items] | ||||||||
| Percentage of Portfolio | 1.60% | 1.70% | ||||||
| Asset Based Finance | ||||||||
| Schedule of Investments [Line Items] | ||||||||
| Notional Amount | $ 2,119.0 | $ 2,232.0 | ||||||
| Fair Value | $ 2,000.0 | $ 2,102.0 | ||||||
| Asset Based Finance | Percentage of Portfolio | Customer Concentration Risk | ||||||||
| Schedule of Investments [Line Items] | ||||||||
| Percentage of Portfolio | 14.70% | 15.60% | ||||||
| Credit Opportunities Partners JV, LLC | ||||||||
| Schedule of Investments [Line Items] | ||||||||
| Notional Amount | $ 1,869.0 | $ 1,572.0 | ||||||
| Fair Value | $ 1,632.0 | $ 1,363.0 | ||||||
| Credit Opportunities Partners JV, LLC | Percentage of Portfolio | Customer Concentration Risk | ||||||||
| Schedule of Investments [Line Items] | ||||||||
| Percentage of Portfolio | 12.00% | 10.10% | ||||||
| Equity/Other | ||||||||
| Schedule of Investments [Line Items] | ||||||||
| Notional Amount | $ 1,054.0 | $ 1,211.0 | ||||||
| Fair Value | $ 1,033.0 | $ 1,181.0 | ||||||
| Equity/Other | Percentage of Portfolio | Customer Concentration Risk | ||||||||
| Schedule of Investments [Line Items] | ||||||||
| Percentage of Portfolio | 7.60% | 8.80% | ||||||
| ||||||||
Investment Portfolio - Narrative (Details) $ in Millions |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|---|
|
Jun. 30, 2025
USD ($)
company
|
Jun. 30, 2024
USD ($)
|
Jun. 30, 2025
USD ($)
company
|
Jun. 30, 2024
USD ($)
|
Dec. 31, 2024
USD ($)
company
|
|
| Schedule of Investments [Line Items] | |||||
| Amount funded to joint venture | $ 2,140.0 | ||||
| Net realized gain (loss) on investments: | (153.0) | $ (307.0) | |||
| Receivable for investments sold and repaid | $ 320.0 | 320.0 | $ 186.0 | ||
| Credit Opportunities Partners JV, LLC | |||||
| Schedule of Investments [Line Items] | |||||
| Aggregate credit opportunities partners | 2,800.0 | ||||
| Cost basis of investments sold | 836.6 | ||||
| Proceeds from sale of investments | 850.5 | ||||
| Net realized gain (loss) on investments: | 13.9 | ||||
| Receivable for investments sold and repaid | 355.4 | $ 355.4 | |||
| Credit opportunities partners JV, LLC, entitled to a fee percentage | 0.25% | ||||
| Administrative services | 2.8 | $ 2.3 | $ 5.1 | 4.7 | |
| FS KKR Capital Corp. | |||||
| Schedule of Investments [Line Items] | |||||
| Contributed capital to committed capital ratio | 87.50% | ||||
| Joint venture voting control, percentage | 50.00% | ||||
| Amount funded to joint venture | $ 1,872.5 | ||||
| SCRS | |||||
| Schedule of Investments [Line Items] | |||||
| Contributed capital to committed capital ratio | 12.50% | ||||
| Joint venture voting control, percentage | 50.00% | ||||
| Unfunded Debt Securities | |||||
| Schedule of Investments [Line Items] | |||||
| Unfunded commitments | 1,730.1 | $ 1,730.1 | 1,534.1 | ||
| Unfunded Equity/Other Commitments | |||||
| Schedule of Investments [Line Items] | |||||
| Unfunded commitments | $ 369.7 | $ 369.7 | 387.1 | ||
| Partnership Interest | |||||
| Schedule of Investments [Line Items] | |||||
| Unfunded commitments | $ 735.2 | ||||
| Controlled/affiliated | |||||
| Schedule of Investments [Line Items] | |||||
| Number of investments in portfolio companies | company | 32 | 32 | 31 | ||
| Net realized gain (loss) on investments: | $ (68.0) | (1.0) | $ (54.7) | (9.0) | $ 23.2 |
| Non-controlled/affiliated | |||||
| Schedule of Investments [Line Items] | |||||
| Number of investments in portfolio companies | company | 11 | 11 | 11 | ||
| Net realized gain (loss) on investments: | $ (1.0) | $ 2.0 | $ 8.4 | $ (8.0) | $ (60.7) |
Investment Portfolio - Schedule of Investment Portfolio, at Fair Value and Percentage (Details) - USD ($) $ in Millions |
6 Months Ended | 12 Months Ended | ||||||
|---|---|---|---|---|---|---|---|---|
Jun. 30, 2025 |
Dec. 31, 2024 |
|||||||
| Investment Company, Nonconsolidated Subsidiary [Line Items] | ||||||||
| Fair Value | $ 13,647.8 | [1] | $ 13,490.4 | [2] | ||||
| Percentage of Portfolio | Industry Concentration Risk | ||||||||
| Investment Company, Nonconsolidated Subsidiary [Line Items] | ||||||||
| Percentage of Portfolio | 100.00% | 100.00% | ||||||
| Automobiles & Components | ||||||||
| Investment Company, Nonconsolidated Subsidiary [Line Items] | ||||||||
| Fair Value | $ 4.0 | $ 4.0 | ||||||
| Automobiles & Components | Percentage of Portfolio | Industry Concentration Risk | ||||||||
| Investment Company, Nonconsolidated Subsidiary [Line Items] | ||||||||
| Percentage of Portfolio | 0.00% | 0.00% | ||||||
| Banks | ||||||||
| Investment Company, Nonconsolidated Subsidiary [Line Items] | ||||||||
| Fair Value | $ 0.0 | $ 5.0 | ||||||
| Banks | Percentage of Portfolio | Industry Concentration Risk | ||||||||
| Investment Company, Nonconsolidated Subsidiary [Line Items] | ||||||||
| Percentage of Portfolio | 0.00% | 0.00% | ||||||
| Capital Goods | ||||||||
| Investment Company, Nonconsolidated Subsidiary [Line Items] | ||||||||
| Fair Value | $ 1,658.0 | $ 1,712.0 | ||||||
| Capital Goods | Percentage of Portfolio | Industry Concentration Risk | ||||||||
| Investment Company, Nonconsolidated Subsidiary [Line Items] | ||||||||
| Percentage of Portfolio | 12.10% | 12.70% | ||||||
| Commercial & Professional Services | ||||||||
| Investment Company, Nonconsolidated Subsidiary [Line Items] | ||||||||
| Fair Value | $ 1,741.0 | $ 1,733.0 | ||||||
| Commercial & Professional Services | Percentage of Portfolio | Industry Concentration Risk | ||||||||
| Investment Company, Nonconsolidated Subsidiary [Line Items] | ||||||||
| Percentage of Portfolio | 12.80% | 12.80% | ||||||
| Consumer Discretionary Distribution & Retail | ||||||||
| Investment Company, Nonconsolidated Subsidiary [Line Items] | ||||||||
| Fair Value | $ 94.0 | $ 174.0 | ||||||
| Consumer Discretionary Distribution & Retail | Percentage of Portfolio | Industry Concentration Risk | ||||||||
| Investment Company, Nonconsolidated Subsidiary [Line Items] | ||||||||
| Percentage of Portfolio | 0.70% | 1.30% | ||||||
| Consumer Durables & Apparel | ||||||||
| Investment Company, Nonconsolidated Subsidiary [Line Items] | ||||||||
| Fair Value | $ 279.0 | $ 229.0 | ||||||
| Consumer Durables & Apparel | Percentage of Portfolio | Industry Concentration Risk | ||||||||
| Investment Company, Nonconsolidated Subsidiary [Line Items] | ||||||||
| Percentage of Portfolio | 2.00% | 1.70% | ||||||
| Consumer Services | ||||||||
| Investment Company, Nonconsolidated Subsidiary [Line Items] | ||||||||
| Fair Value | $ 323.0 | $ 244.0 | ||||||
| Consumer Services | Percentage of Portfolio | Industry Concentration Risk | ||||||||
| Investment Company, Nonconsolidated Subsidiary [Line Items] | ||||||||
| Percentage of Portfolio | 2.40% | 1.80% | ||||||
| Consumer Staples Distribution & Retail | ||||||||
| Investment Company, Nonconsolidated Subsidiary [Line Items] | ||||||||
| Fair Value | $ 98.0 | $ 102.0 | ||||||
| Consumer Staples Distribution & Retail | Percentage of Portfolio | Industry Concentration Risk | ||||||||
| Investment Company, Nonconsolidated Subsidiary [Line Items] | ||||||||
| Percentage of Portfolio | 0.70% | 0.80% | ||||||
| Credit Opportunities Partners JV, LLC | ||||||||
| Investment Company, Nonconsolidated Subsidiary [Line Items] | ||||||||
| Fair Value | $ 1,632.0 | $ 1,363.0 | ||||||
| Credit Opportunities Partners JV, LLC | Percentage of Portfolio | Industry Concentration Risk | ||||||||
| Investment Company, Nonconsolidated Subsidiary [Line Items] | ||||||||
| Percentage of Portfolio | 12.00% | 10.10% | ||||||
| Energy | ||||||||
| Investment Company, Nonconsolidated Subsidiary [Line Items] | ||||||||
| Fair Value | $ 33.0 | $ 89.0 | ||||||
| Energy | Percentage of Portfolio | Industry Concentration Risk | ||||||||
| Investment Company, Nonconsolidated Subsidiary [Line Items] | ||||||||
| Percentage of Portfolio | 0.20% | 0.70% | ||||||
| Equity Real Estate Investment Trusts (REITs) | ||||||||
| Investment Company, Nonconsolidated Subsidiary [Line Items] | ||||||||
| Fair Value | $ 266.0 | $ 278.0 | ||||||
| Equity Real Estate Investment Trusts (REITs) | Percentage of Portfolio | Industry Concentration Risk | ||||||||
| Investment Company, Nonconsolidated Subsidiary [Line Items] | ||||||||
| Percentage of Portfolio | 1.90% | 2.10% | ||||||
| Financial Services | ||||||||
| Investment Company, Nonconsolidated Subsidiary [Line Items] | ||||||||
| Fair Value | $ 936.0 | $ 998.0 | ||||||
| Financial Services | Percentage of Portfolio | Industry Concentration Risk | ||||||||
| Investment Company, Nonconsolidated Subsidiary [Line Items] | ||||||||
| Percentage of Portfolio | 6.90% | 7.40% | ||||||
| Food, Beverage & Tobacco | ||||||||
| Investment Company, Nonconsolidated Subsidiary [Line Items] | ||||||||
| Fair Value | $ 114.0 | $ 113.0 | ||||||
| Food, Beverage & Tobacco | Percentage of Portfolio | Industry Concentration Risk | ||||||||
| Investment Company, Nonconsolidated Subsidiary [Line Items] | ||||||||
| Percentage of Portfolio | 0.80% | 0.80% | ||||||
| Health Care Equipment & Services | ||||||||
| Investment Company, Nonconsolidated Subsidiary [Line Items] | ||||||||
| Fair Value | $ 1,611.0 | $ 1,667.0 | ||||||
| Health Care Equipment & Services | Percentage of Portfolio | Industry Concentration Risk | ||||||||
| Investment Company, Nonconsolidated Subsidiary [Line Items] | ||||||||
| Percentage of Portfolio | 11.80% | 12.40% | ||||||
| Household & Personal Products | ||||||||
| Investment Company, Nonconsolidated Subsidiary [Line Items] | ||||||||
| Fair Value | $ 119.0 | $ 134.0 | ||||||
| Household & Personal Products | Percentage of Portfolio | Industry Concentration Risk | ||||||||
| Investment Company, Nonconsolidated Subsidiary [Line Items] | ||||||||
| Percentage of Portfolio | 0.90% | 1.00% | ||||||
| Insurance | ||||||||
| Investment Company, Nonconsolidated Subsidiary [Line Items] | ||||||||
| Fair Value | $ 679.0 | $ 735.0 | ||||||
| Insurance | Percentage of Portfolio | Industry Concentration Risk | ||||||||
| Investment Company, Nonconsolidated Subsidiary [Line Items] | ||||||||
| Percentage of Portfolio | 5.00% | 5.40% | ||||||
| Materials | ||||||||
| Investment Company, Nonconsolidated Subsidiary [Line Items] | ||||||||
| Fair Value | $ 306.0 | $ 334.0 | ||||||
| Materials | Percentage of Portfolio | Industry Concentration Risk | ||||||||
| Investment Company, Nonconsolidated Subsidiary [Line Items] | ||||||||
| Percentage of Portfolio | 2.20% | 2.50% | ||||||
| Media & Entertainment | ||||||||
| Investment Company, Nonconsolidated Subsidiary [Line Items] | ||||||||
| Fair Value | $ 612.0 | $ 699.0 | ||||||
| Media & Entertainment | Percentage of Portfolio | Industry Concentration Risk | ||||||||
| Investment Company, Nonconsolidated Subsidiary [Line Items] | ||||||||
| Percentage of Portfolio | 4.50% | 5.20% | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | ||||||||
| Investment Company, Nonconsolidated Subsidiary [Line Items] | ||||||||
| Fair Value | $ 381.0 | $ 298.0 | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | Percentage of Portfolio | Industry Concentration Risk | ||||||||
| Investment Company, Nonconsolidated Subsidiary [Line Items] | ||||||||
| Percentage of Portfolio | 2.80% | 2.20% | ||||||
| Real Estate Management & Development | ||||||||
| Investment Company, Nonconsolidated Subsidiary [Line Items] | ||||||||
| Fair Value | $ 13.0 | $ 27.0 | ||||||
| Real Estate Management & Development | Percentage of Portfolio | Industry Concentration Risk | ||||||||
| Investment Company, Nonconsolidated Subsidiary [Line Items] | ||||||||
| Percentage of Portfolio | 0.10% | 0.20% | ||||||
| Software & Services | ||||||||
| Investment Company, Nonconsolidated Subsidiary [Line Items] | ||||||||
| Fair Value | $ 2,331.0 | $ 2,187.0 | ||||||
| Software & Services | Percentage of Portfolio | Industry Concentration Risk | ||||||||
| Investment Company, Nonconsolidated Subsidiary [Line Items] | ||||||||
| Percentage of Portfolio | 17.10% | 16.20% | ||||||
| Technology Hardware & Equipment | ||||||||
| Investment Company, Nonconsolidated Subsidiary [Line Items] | ||||||||
| Fair Value | $ 2.0 | $ 2.0 | ||||||
| Technology Hardware & Equipment | Percentage of Portfolio | Industry Concentration Risk | ||||||||
| Investment Company, Nonconsolidated Subsidiary [Line Items] | ||||||||
| Percentage of Portfolio | 0.00% | 0.00% | ||||||
| Telecommunication Services | ||||||||
| Investment Company, Nonconsolidated Subsidiary [Line Items] | ||||||||
| Fair Value | $ 65.0 | $ 69.0 | ||||||
| Telecommunication Services | Percentage of Portfolio | Industry Concentration Risk | ||||||||
| Investment Company, Nonconsolidated Subsidiary [Line Items] | ||||||||
| Percentage of Portfolio | 0.50% | 0.50% | ||||||
| Transportation | ||||||||
| Investment Company, Nonconsolidated Subsidiary [Line Items] | ||||||||
| Fair Value | $ 351.0 | $ 294.0 | ||||||
| Transportation | Percentage of Portfolio | Industry Concentration Risk | ||||||||
| Investment Company, Nonconsolidated Subsidiary [Line Items] | ||||||||
| Percentage of Portfolio | 2.60% | 2.20% | ||||||
| ||||||||
Investment Portfolio - Schedule of Balance Sheet Information for COPJV (Details) - USD ($) $ in Millions |
Jun. 30, 2025 |
Mar. 31, 2025 |
Dec. 31, 2024 |
Jun. 30, 2024 |
Mar. 31, 2024 |
Dec. 31, 2023 |
||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Investment Company, Nonconsolidated Subsidiary [Line Items] | ||||||||||||
| Investments, at fair value | $ 13,647.8 | [1] | $ 13,490.4 | [2] | ||||||||
| Total assets | 14,593.0 | 14,219.0 | ||||||||||
| Total liabilities | 8,452.0 | 7,597.0 | ||||||||||
| Member’s equity | 6,141.0 | $ 6,546.0 | 6,622.0 | $ 6,707.0 | $ 6,812.0 | $ 6,849.0 | ||||||
| Credit Opportunities Partners JV, LLC | ||||||||||||
| Investment Company, Nonconsolidated Subsidiary [Line Items] | ||||||||||||
| Investments, at fair value | 4,206.9 | 3,295.5 | ||||||||||
| Cash and other assets | 365.1 | 363.8 | ||||||||||
| Total assets | 4,572.0 | 3,659.3 | ||||||||||
| Debt | 2,251.5 | 1,828.6 | ||||||||||
| Other liabilities | 455.3 | 272.6 | ||||||||||
| Total liabilities | 2,706.8 | 2,101.2 | ||||||||||
| Member’s equity | $ 1,865.2 | $ 1,558.1 | ||||||||||
| ||||||||||||
Investment Portfolio - Schedule of Operations Information for COPJV (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
Jun. 30, 2025 |
Jun. 30, 2024 |
|
| Investment Company, Nonconsolidated Subsidiary [Line Items] | ||||
| Total investment income | $ 398.0 | $ 439.0 | $ 798.0 | $ 873.0 |
| Expenses | ||||
| Professional services | 2.0 | 2.0 | 5.0 | 5.0 |
| Credit Opportunities Partners JV, LLC | ||||
| Investment Company, Nonconsolidated Subsidiary [Line Items] | ||||
| Total investment income | 109.0 | 90.2 | 191.2 | 180.8 |
| Expenses | ||||
| Interest expense | 35.1 | 29.9 | 63.4 | 62.3 |
| Custodian and accounting fees | 0.3 | 0.4 | 0.7 | 0.8 |
| Administrative services | 2.8 | 2.3 | 5.1 | 4.7 |
| Professional services | 0.1 | 0.2 | 0.2 | 0.3 |
| Other | 1.6 | 0.4 | 1.8 | 0.6 |
| Total expenses | 39.9 | 33.2 | 71.2 | 68.7 |
| Net investment income | 69.1 | 57.0 | 120.0 | 112.1 |
| Net realized and unrealized gain (loss) | (34.2) | (0.6) | (33.1) | (3.2) |
| Net increase in net assets resulting from operations | $ 34.9 | $ 56.4 | $ 86.9 | $ 108.9 |
Financial Instruments - Schedule of Derivative Instruments Fair Value (Details) - USD ($) $ in Millions |
Jun. 30, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Derivative [Line Items] | ||
| Gross Amount of Recognized Assets | $ 0 | $ 3 |
| Derivative liabilities | (18) | (1) |
| Total | (18) | 2 |
| Foreign Exchange Forward | ||
| Derivative [Line Items] | ||
| Gross Amount of Recognized Assets | 0 | 3 |
| Derivative liabilities | $ (18) | $ (1) |
Financial Instruments - Schedule of Net Realized And Unrealized Gains And Losses On Derivative Instruments (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
Jun. 30, 2025 |
Jun. 30, 2024 |
|
| Derivative Instruments, Gain (Loss) [Line Items] | ||||
| Net realized gain (loss) on foreign currency forward contracts | $ (3) | $ 19 | $ (3) | $ 19 |
| Net change in unrealized appreciation (depreciation) on foreign currency forward contracts | $ (10) | $ (21) | (20) | (13) |
| Foreign Exchange Forward | ||||
| Derivative Instruments, Gain (Loss) [Line Items] | ||||
| Net realized gain (loss) on foreign currency forward contracts | (3) | 19 | ||
| Net change in unrealized appreciation (depreciation) on foreign currency forward contracts | (20) | (13) | ||
| Total | $ (23) | $ 6 | ||
Financial Instruments - Schedule of Gross Assets And Liabilities (Details) - USD ($) $ in Millions |
Jun. 30, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Derivative Asset [Abstract] | ||
| Gross Amount of Recognized Assets | $ 0 | $ 3 |
| Derivatives Available for Offset | 0 | (1) |
| Non-cash Collateral Received | 0 | 0 |
| Cash Collateral Received | 0 | 0 |
| Net Amount of Derivative Assets | 0 | 2 |
| Derivative Liability [Abstract] | ||
| Derivative Liabilities Subject to Master Netting Agreement | (18) | (1) |
| Derivatives Available for Offset | 0 | 1 |
| Non-cash Collateral Pledged | 0 | 0 |
| Cash Collateral Pledged | 0 | 0 |
| Net Amount of Derivative Liabilities | (18) | 0 |
| JP Morgan Chase Bank | ||
| Derivative Asset [Abstract] | ||
| Gross Amount of Recognized Assets | 0 | 3 |
| Derivatives Available for Offset | 0 | (1) |
| Non-cash Collateral Received | 0 | 0 |
| Cash Collateral Received | 0 | 0 |
| Net Amount of Derivative Assets | 0 | 2 |
| Derivative Liability [Abstract] | ||
| Derivative Liabilities Subject to Master Netting Agreement | (18) | (1) |
| Derivatives Available for Offset | 0 | 1 |
| Non-cash Collateral Pledged | 0 | 0 |
| Cash Collateral Pledged | 0 | 0 |
| Net Amount of Derivative Liabilities | $ (18) | $ 0 |
Financial Instruments - Narrative (Details) - USD ($) |
6 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
Dec. 31, 2024 |
Dec. 27, 2024 |
Dec. 20, 2024 |
Nov. 13, 2024 |
Jun. 27, 2024 |
Jun. 13, 2024 |
Jun. 06, 2024 |
|
| Derivative [Line Items] | |||||||||
| Derivative, notional amount | $ 209,400,000 | $ 146,800,000 | |||||||
| 6.875% Notes due 2029 | Unsecured Notes | |||||||||
| Derivative [Line Items] | |||||||||
| Principal amount | $ 600,000,000 | ||||||||
| Stated interest rate (as percent) | 6.875% | 6.875% | 6.875% | 6.875% | |||||
| 6.125% Notes due 2030 | Unsecured Notes | |||||||||
| Derivative [Line Items] | |||||||||
| Principal amount | $ 700,000,000 | ||||||||
| Stated interest rate (as percent) | 6.125% | 6.125% | 6.125% | 6.125% | |||||
| Foreign Exchange Forward | |||||||||
| Derivative [Line Items] | |||||||||
| Average notional balance | $ 174,400,000 | $ 188,000,000.0 | |||||||
| Interest Rate Swap | 6.875% Notes due 2029 | Unsecured Notes | |||||||||
| Derivative [Line Items] | |||||||||
| Stated interest rate (as percent) | 6.875% | 6.875% | |||||||
| Derivative, notional amount | $ 600,000,000 | ||||||||
| Interest Rate Swap | 6.125% Notes due 2030 | Unsecured Notes | |||||||||
| Derivative [Line Items] | |||||||||
| Stated interest rate (as percent) | 6.125% | 6.125% | |||||||
| Derivative, notional amount | $ 700,000,000 | ||||||||
| Interest Rate Swap One | |||||||||
| Derivative [Line Items] | |||||||||
| Derivative, notional amount | $ 200,000,000 | ||||||||
| Fixed interest rate (as percent) | 6.875% | 6.875% | |||||||
| Interest Rate Swap One | 6.875% Notes due 2029 | Unsecured Notes | |||||||||
| Derivative [Line Items] | |||||||||
| Derivative, notional amount | $ 200,000,000 | ||||||||
| Fixed interest rate (as percent) | 6.875% | ||||||||
| Floating interest rate (as percent) | 2.754% | ||||||||
| Interest Rate Swap Two | |||||||||
| Derivative [Line Items] | |||||||||
| Derivative, notional amount | $ 400,000,000 | ||||||||
| Fixed interest rate (as percent) | 6.875% | 6.875% | |||||||
| Interest Rate Swap Two | 6.875% Notes due 2029 | Unsecured Notes | |||||||||
| Derivative [Line Items] | |||||||||
| Derivative, notional amount | $ 400,000,000 | ||||||||
| Fixed interest rate (as percent) | 6.875% | ||||||||
| Floating interest rate (as percent) | 2.788% | ||||||||
| Interest Rate Swap Three | |||||||||
| Derivative [Line Items] | |||||||||
| Derivative, notional amount | $ 600,000,000 | ||||||||
| Fixed interest rate (as percent) | 6.125% | 6.125% | |||||||
| Interest Rate Swap Three | 6.125% Notes due 2030 | Unsecured Notes | |||||||||
| Derivative [Line Items] | |||||||||
| Derivative, notional amount | $ 600,000,000 | ||||||||
| Fixed interest rate (as percent) | 6.125% | ||||||||
| Floating interest rate (as percent) | 2.1374% | ||||||||
| Interest Rate Swap Four | |||||||||
| Derivative [Line Items] | |||||||||
| Derivative, notional amount | $ 100,000,000 | ||||||||
| Fixed interest rate (as percent) | 6.125% | 6.125% | |||||||
| Interest Rate Swap Four | 6.125% Notes due 2030 | Unsecured Notes | |||||||||
| Derivative [Line Items] | |||||||||
| Derivative, notional amount | $ 100,000,000 | ||||||||
| Fixed interest rate (as percent) | 6.125% | ||||||||
| Floating interest rate (as percent) | 2.0614% | ||||||||
Financial Instruments - Schedule of Derivative Instruments Fair Value (Details) - USD ($) $ in Millions |
Jun. 30, 2025 |
Dec. 31, 2024 |
Jun. 30, 2024 |
Jun. 27, 2024 |
Jun. 13, 2024 |
Jun. 06, 2024 |
|---|---|---|---|---|---|---|
| Derivative [Line Items] | ||||||
| Notional Amount | $ 209.4 | $ 146.8 | ||||
| Gross Amount of Recognized Assets | 0.0 | 3.0 | ||||
| Gross Amount of Recognized Liabilities | $ 18.0 | $ 1.0 | ||||
| 6.875% Notes due 2029 | Unsecured Notes | ||||||
| Derivative [Line Items] | ||||||
| Stated interest rate (as percent) | 6.875% | 6.875% | 6.875% | 6.875% | ||
| Interest Rate Swap | ||||||
| Derivative [Line Items] | ||||||
| Gross Amount of Recognized Assets | $ 63.0 | |||||
| Gross Amount of Recognized Liabilities | 0.0 | |||||
| Interest Rate Swap | 6.875% Notes due 2029 | Unsecured Notes | ||||||
| Derivative [Line Items] | ||||||
| Notional Amount | $ 600.0 | |||||
| Gross Amount of Recognized Assets | $ 24.0 | $ 15.0 | ||||
| Stated interest rate (as percent) | 6.875% | 6.875% | ||||
| Interest Rate Swap | 6.125% Notes due 2029 | Unsecured Notes | ||||||
| Derivative [Line Items] | ||||||
| Gross Amount of Recognized Assets | $ 39.0 | |||||
| Stated interest rate (as percent) | 6.125% | |||||
| Interest Rate Swap One | ||||||
| Derivative [Line Items] | ||||||
| Notional Amount | $ 200.0 | |||||
| Gross Amount of Recognized Assets | 8.0 | |||||
| Gross Amount of Recognized Liabilities | 0.0 | |||||
| Interest Rate Swap One | 6.875% Notes due 2029 | Unsecured Notes | ||||||
| Derivative [Line Items] | ||||||
| Notional Amount | $ 200.0 | |||||
| Interest Rate Swap Two | ||||||
| Derivative [Line Items] | ||||||
| Notional Amount | 400.0 | |||||
| Gross Amount of Recognized Assets | 16.0 | |||||
| Gross Amount of Recognized Liabilities | 0.0 | |||||
| Interest Rate Swap Two | 6.875% Notes due 2029 | Unsecured Notes | ||||||
| Derivative [Line Items] | ||||||
| Notional Amount | $ 400.0 | |||||
| Interest Rate Swap Three | ||||||
| Derivative [Line Items] | ||||||
| Notional Amount | 600.0 | |||||
| Gross Amount of Recognized Assets | 34.0 | |||||
| Gross Amount of Recognized Liabilities | 0.0 | |||||
| Interest Rate Swap Four | ||||||
| Derivative [Line Items] | ||||||
| Notional Amount | 100.0 | |||||
| Gross Amount of Recognized Assets | 5.0 | |||||
| Gross Amount of Recognized Liabilities | $ 0.0 |
Fair Value of Financial Instruments - Schedule of Fair Value Hierarchy (Details) - USD ($) $ in Millions |
Jun. 30, 2025 |
Dec. 31, 2024 |
||||||
|---|---|---|---|---|---|---|---|---|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
| Fair Value | $ 13,647.8 | [1] | $ 13,490.4 | [2] | ||||
| Level 1—Price quotations in active markets | ||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
| Fair Value | 3.0 | 1.0 | ||||||
| Level 2—Significant other observable inputs | ||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
| Fair Value | 23.0 | 91.0 | ||||||
| Level 3—Significant unobservable inputs | ||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
| Fair Value | 11,990.0 | 12,035.0 | ||||||
| Investments measured at net asset value | ||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
| Fair Value | $ 1,632.0 | $ 1,363.0 | ||||||
| ||||||||
Fair Value of Financial Instruments - Schedule of Roll Forward Level III (Details) - USD ($) $ in Millions |
6 Months Ended | |
|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
| Accretion of discount (amortization of premium) | $ 23 | $ 31 |
| Investments | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
| Fair value at beginning of period | 12,035 | 13,073 |
| Accretion of discount (amortization of premium) | 23 | 28 |
| Purchases | 3,201 | 3,428 |
| Paid-in-kind interest | 116 | 63 |
| Sales and repayments | (3,090) | (3,867) |
| Transfers into Level 3 | 0 | 0 |
| Transfers out of Level 3 | 0 | 0 |
| Fair value at end of period | 11,990 | 12,561 |
| The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date | (309) | (121) |
| Investments | Net realized gain (loss) | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
| Net realized gain (loss) | (153) | (306) |
| Investments | Net change in unrealized appreciation (depreciation) | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
| Net realized gain (loss) | (142) | 142 |
| Senior Secured Loans—First Lien | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
| Fair value at beginning of period | 7,780 | 8,429 |
| Accretion of discount (amortization of premium) | 16 | 25 |
| Purchases | 2,367 | 2,721 |
| Paid-in-kind interest | 64 | 34 |
| Sales and repayments | (1,985) | (3,007) |
| Transfers into Level 3 | 0 | 0 |
| Transfers out of Level 3 | 0 | 0 |
| Fair value at end of period | 8,039 | 8,122 |
| The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date | (200) | (35) |
| Senior Secured Loans—First Lien | Net realized gain (loss) | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
| Net realized gain (loss) | (62) | (125) |
| Senior Secured Loans—First Lien | Net change in unrealized appreciation (depreciation) | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
| Net realized gain (loss) | (141) | 45 |
| Senior Secured Loans—Second Lien | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
| Fair value at beginning of period | 693 | 1,090 |
| Accretion of discount (amortization of premium) | 2 | 2 |
| Purchases | 0 | 51 |
| Paid-in-kind interest | 1 | 1 |
| Sales and repayments | (1) | (203) |
| Transfers into Level 3 | 0 | 0 |
| Transfers out of Level 3 | 0 | 0 |
| Fair value at end of period | 674 | 925 |
| The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date | (21) | (7) |
| Senior Secured Loans—Second Lien | Net realized gain (loss) | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
| Net realized gain (loss) | 0 | (100) |
| Senior Secured Loans—Second Lien | Net change in unrealized appreciation (depreciation) | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
| Net realized gain (loss) | (21) | 84 |
| Other Senior Secured Debt | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
| Fair value at beginning of period | 46 | 21 |
| Accretion of discount (amortization of premium) | 0 | 0 |
| Purchases | 19 | 24 |
| Paid-in-kind interest | 1 | 1 |
| Sales and repayments | (36) | 0 |
| Transfers into Level 3 | 0 | 0 |
| Transfers out of Level 3 | 0 | 0 |
| Fair value at end of period | 26 | 43 |
| The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date | 0 | (3) |
| Other Senior Secured Debt | Net realized gain (loss) | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
| Net realized gain (loss) | (7) | (2) |
| Other Senior Secured Debt | Net change in unrealized appreciation (depreciation) | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
| Net realized gain (loss) | 3 | (1) |
| Subordinated Debt | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
| Fair value at beginning of period | 233 | 322 |
| Accretion of discount (amortization of premium) | 1 | 0 |
| Purchases | 72 | 27 |
| Paid-in-kind interest | 5 | 15 |
| Sales and repayments | (76) | 0 |
| Transfers into Level 3 | 0 | 0 |
| Transfers out of Level 3 | 0 | 0 |
| Fair value at end of period | 225 | 360 |
| The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date | (8) | (3) |
| Subordinated Debt | Net realized gain (loss) | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
| Net realized gain (loss) | (9) | 0 |
| Subordinated Debt | Net change in unrealized appreciation (depreciation) | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
| Net realized gain (loss) | (1) | (4) |
| Asset Based Finance | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
| Fair value at beginning of period | 2,102 | 2,077 |
| Accretion of discount (amortization of premium) | 1 | 1 |
| Purchases | 550 | 547 |
| Paid-in-kind interest | 9 | 5 |
| Sales and repayments | (691) | (619) |
| Transfers into Level 3 | 0 | 0 |
| Transfers out of Level 3 | 0 | 0 |
| Fair value at end of period | 1,996 | 2,025 |
| The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date | 12 | 8 |
| Asset Based Finance | Net realized gain (loss) | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
| Net realized gain (loss) | 14 | (63) |
| Asset Based Finance | Net change in unrealized appreciation (depreciation) | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
| Net realized gain (loss) | 11 | 77 |
| Equity/Other | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
| Fair value at beginning of period | 1,181 | 1,134 |
| Accretion of discount (amortization of premium) | 3 | 0 |
| Purchases | 193 | 58 |
| Paid-in-kind interest | 36 | 7 |
| Sales and repayments | (301) | (38) |
| Transfers into Level 3 | 0 | 0 |
| Transfers out of Level 3 | 0 | 0 |
| Fair value at end of period | 1,030 | 1,086 |
| The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date | (92) | (81) |
| Equity/Other | Net realized gain (loss) | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
| Net realized gain (loss) | (89) | (16) |
| Equity/Other | Net change in unrealized appreciation (depreciation) | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
| Net realized gain (loss) | $ 7 | $ (59) |
Fair Value of Financial Instruments - Schedule of Unobservable Inputs (Details) $ in Millions |
Jun. 30, 2025
USD ($)
|
Dec. 31, 2024
USD ($)
|
||||||
|---|---|---|---|---|---|---|---|---|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||
| Fair Value | $ 13,647.8 | [1] | $ 13,490.4 | [2] | ||||
| Asset Based Finance | ||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||
| Fair Value | 1,999.8 | [1] | 2,101.7 | [2] | ||||
| Level 3—Significant unobservable inputs | ||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||
| Fair Value | 11,990.0 | 12,035.0 | ||||||
| Level 3—Significant unobservable inputs | Senior Notes | Discounted Cash Flow | ||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||
| Fair Value | $ 7,280.0 | $ 7,115.0 | ||||||
| Level 3—Significant unobservable inputs | Senior Notes | Discounted Cash Flow | Minimum | Discount Rate | ||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||
| Measurement input | 0.068 | 0.058 | ||||||
| Level 3—Significant unobservable inputs | Senior Notes | Discounted Cash Flow | Maximum | Discount Rate | ||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||
| Measurement input | 0.201 | 0.238 | ||||||
| Level 3—Significant unobservable inputs | Senior Notes | Discounted Cash Flow | Weighted Average | Discount Rate | ||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||
| Measurement input | 0.105 | 0.106 | ||||||
| Level 3—Significant unobservable inputs | Senior Notes | Waterfall | ||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||
| Fair Value | $ 1,306.0 | $ 1,376.0 | ||||||
| Level 3—Significant unobservable inputs | Senior Notes | Waterfall | Minimum | EBITDA Multiple | ||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||
| Measurement input | 0.5 | 0.7 | ||||||
| Level 3—Significant unobservable inputs | Senior Notes | Waterfall | Maximum | EBITDA Multiple | ||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||
| Measurement input | 12.6 | 11.3 | ||||||
| Level 3—Significant unobservable inputs | Senior Notes | Waterfall | Weighted Average | EBITDA Multiple | ||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||
| Measurement input | 8.2 | 8.6 | ||||||
| Level 3—Significant unobservable inputs | Senior Notes | Cost | ||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||
| Fair Value | $ 149.0 | $ 14.0 | ||||||
| Level 3—Significant unobservable inputs | Senior Notes | Other | ||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||
| Fair Value | 4.0 | 14.0 | ||||||
| Level 3—Significant unobservable inputs | Subordinated Debt | Discounted Cash Flow | ||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||
| Fair Value | $ 196.0 | $ 188.0 | ||||||
| Level 3—Significant unobservable inputs | Subordinated Debt | Discounted Cash Flow | Minimum | Discount Rate | ||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||
| Measurement input | 0.090 | 0.113 | ||||||
| Level 3—Significant unobservable inputs | Subordinated Debt | Discounted Cash Flow | Maximum | Discount Rate | ||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||
| Measurement input | 0.155 | 0.154 | ||||||
| Level 3—Significant unobservable inputs | Subordinated Debt | Discounted Cash Flow | Weighted Average | Discount Rate | ||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||
| Measurement input | 0.119 | 0.127 | ||||||
| Level 3—Significant unobservable inputs | Subordinated Debt | Waterfall | ||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||
| Fair Value | $ 29.0 | $ 33.0 | ||||||
| Level 3—Significant unobservable inputs | Subordinated Debt | Waterfall | Minimum | EBITDA Multiple | ||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||
| Measurement input | 5.0 | 7.0 | ||||||
| Level 3—Significant unobservable inputs | Subordinated Debt | Waterfall | Maximum | EBITDA Multiple | ||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||
| Measurement input | 9.0 | 7.0 | ||||||
| Level 3—Significant unobservable inputs | Subordinated Debt | Waterfall | Weighted Average | EBITDA Multiple | ||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||
| Measurement input | 5.4 | 7.0 | ||||||
| Level 3—Significant unobservable inputs | Subordinated Debt | Other | ||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||
| Fair Value | $ 12.0 | |||||||
| Level 3—Significant unobservable inputs | Asset Based Finance | Discounted Cash Flow | ||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||
| Fair Value | $ 1,519.0 | $ 1,513.0 | ||||||
| Level 3—Significant unobservable inputs | Asset Based Finance | Discounted Cash Flow | Minimum | Discount Rate | ||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||
| Measurement input | 0.047 | 0.048 | ||||||
| Level 3—Significant unobservable inputs | Asset Based Finance | Discounted Cash Flow | Maximum | Discount Rate | ||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||
| Measurement input | 0.413 | 0.417 | ||||||
| Level 3—Significant unobservable inputs | Asset Based Finance | Discounted Cash Flow | Weighted Average | Discount Rate | ||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||
| Measurement input | 0.119 | 0.128 | ||||||
| Level 3—Significant unobservable inputs | Asset Based Finance | Waterfall | ||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||
| Fair Value | $ 435.0 | $ 516.0 | ||||||
| Level 3—Significant unobservable inputs | Asset Based Finance | Waterfall | Minimum | EBITDA Multiple | ||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||
| Measurement input | 1.0 | 1.0 | ||||||
| Level 3—Significant unobservable inputs | Asset Based Finance | Waterfall | Maximum | EBITDA Multiple | ||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||
| Measurement input | 1.3 | 1.4 | ||||||
| Level 3—Significant unobservable inputs | Asset Based Finance | Waterfall | Weighted Average | EBITDA Multiple | ||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||
| Measurement input | 1.2 | 1.2 | ||||||
| Level 3—Significant unobservable inputs | Asset Based Finance | Cost | ||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||
| Fair Value | $ 41.0 | |||||||
| Level 3—Significant unobservable inputs | Asset Based Finance | Other | ||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||
| Fair Value | $ 41.0 | 30.0 | ||||||
| Level 3—Significant unobservable inputs | Asset Based Finance | Indicative Dealer Quotes | ||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||
| Fair Value | $ 1.0 | $ 2.0 | ||||||
| Level 3—Significant unobservable inputs | Asset Based Finance | Indicative Dealer Quotes | Minimum | ||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||
| Measurement input | 0.165 | 0.230 | ||||||
| Level 3—Significant unobservable inputs | Asset Based Finance | Indicative Dealer Quotes | Maximum | ||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||
| Measurement input | 0.165 | 0.230 | ||||||
| Level 3—Significant unobservable inputs | Asset Based Finance | Indicative Dealer Quotes | Weighted Average | ||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||
| Measurement input | 0.165 | 0.230 | ||||||
| Level 3—Significant unobservable inputs | Equity/Other | Discounted Cash Flow | ||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||
| Fair Value | $ 529.0 | $ 538.0 | ||||||
| Level 3—Significant unobservable inputs | Equity/Other | Discounted Cash Flow | Minimum | Discount Rate | ||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||
| Measurement input | 0.040 | 0.043 | ||||||
| Level 3—Significant unobservable inputs | Equity/Other | Discounted Cash Flow | Maximum | Discount Rate | ||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||
| Measurement input | 0.210 | 0.248 | ||||||
| Level 3—Significant unobservable inputs | Equity/Other | Discounted Cash Flow | Weighted Average | Discount Rate | ||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||
| Measurement input | 0.135 | 0.143 | ||||||
| Level 3—Significant unobservable inputs | Equity/Other | Waterfall | ||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||
| Fair Value | $ 438.0 | $ 625.0 | ||||||
| Level 3—Significant unobservable inputs | Equity/Other | Waterfall | Minimum | EBITDA Multiple | ||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||
| Measurement input | 1.2 | 0.7 | ||||||
| Level 3—Significant unobservable inputs | Equity/Other | Waterfall | Maximum | EBITDA Multiple | ||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||
| Measurement input | 19.0 | 16.0 | ||||||
| Level 3—Significant unobservable inputs | Equity/Other | Waterfall | Weighted Average | EBITDA Multiple | ||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||
| Measurement input | 10.0 | 8.3 | ||||||
| Level 3—Significant unobservable inputs | Equity/Other | Other | ||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||
| Fair Value | $ 53.0 | $ 18.0 | ||||||
| Level 3—Significant unobservable inputs | Equity/Other | Option Pricing Model | ||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||
| Fair Value | $ 10.0 | |||||||
| Level 3—Significant unobservable inputs | Equity/Other | Option Pricing Model | Minimum | Equity Illiquidity Discount | ||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||
| Measurement input | 0.300 | |||||||
| Level 3—Significant unobservable inputs | Equity/Other | Option Pricing Model | Maximum | Equity Illiquidity Discount | ||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||
| Measurement input | 0.300 | |||||||
| Level 3—Significant unobservable inputs | Equity/Other | Option Pricing Model | Weighted Average | Equity Illiquidity Discount | ||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||
| Measurement input | 0.300 | |||||||
| ||||||||
Financing Arrangements - Narrative (Details) - USD ($) |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
|---|---|---|---|---|---|---|---|---|---|
Jun. 05, 2025 |
Jun. 02, 2025 |
Jun. 30, 2025 |
Jun. 30, 2024 |
Jun. 30, 2025 |
Jun. 30, 2024 |
Dec. 31, 2024 |
Jun. 15, 2019 |
Jun. 14, 2019 |
|
| Debt Instrument [Line Items] | |||||||||
| Asset coverage per ratio (as percent) | 177.00% | 184.00% | 177.00% | 184.00% | |||||
| Long term outstanding | $ 8,022,000,000 | $ 8,001,000,000 | $ 8,022,000,000 | $ 8,001,000,000 | $ 7,385,000,000 | ||||
| Average outstanding amount | $ 8,212,000,000 | $ 8,176,000,000 | |||||||
| Weighted average interest rate (as percent) | 5.51% | 5.42% | 5.51% | 5.42% | |||||
| Effective interest rate percentage (as percent) | 5.34% | 5.34% | 5.34% | 5.34% | |||||
| Realized loss on extinguishment of debt | $ 3,000,000 | $ 0 | $ 3,000,000 | $ 0 | |||||
| Revolving Credit Facility | Callowhill Street Funding LLC | Line of Credit | |||||||||
| Debt Instrument [Line Items] | |||||||||
| Maximum borrowing capacity | $ 400,000,000 | ||||||||
| Basis spread on variable rate (as percent) | 1.75% | ||||||||
| Commitment fee (as percent) | 0.50% | ||||||||
| Revolving Credit Facility | Darby Creek Credit Facility | Line of Credit | |||||||||
| Debt Instrument [Line Items] | |||||||||
| Long term outstanding | $ 500,000,000 | ||||||||
| Basis spread on variable rate (as percent) | 2.65% | ||||||||
| Realized loss on extinguishment of debt | $ 3,000,000 | ||||||||
| Investment Advisory Agreement | FS/KKR Advisor, LLC | |||||||||
| Debt Instrument [Line Items] | |||||||||
| Asset coverage per ratio (as percent) | 150.00% | 200.00% | |||||||
Financing Arrangements - Schedule of Outstanding Financing Arrangements (Details) € in Millions, £ in Millions, $ in Millions, $ in Millions |
6 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|
Jun. 30, 2025
USD ($)
|
Dec. 31, 2024
USD ($)
|
Jun. 30, 2025
EUR (€)
|
Jun. 30, 2025
GBP (£)
|
Dec. 31, 2024
EUR (€)
|
Dec. 31, 2024
GBP (£)
|
Dec. 31, 2024
CAD ($)
|
Dec. 31, 2024
AUD ($)
|
Dec. 27, 2024 |
Jun. 30, 2024
USD ($)
|
Jun. 06, 2024 |
|
| Debt Instrument [Line Items] | |||||||||||
| Long term outstanding | $ 8,022,000,000 | $ 7,385,000,000 | $ 8,001,000,000 | ||||||||
| Amount Available | 2,425,000,000 | 4,363,000,000 | |||||||||
| Gross Amount of Recognized Assets | 0 | 3,000,000 | |||||||||
| Interest Rate Swap | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Gross Amount of Recognized Assets | $ 63,000,000 | ||||||||||
| Unsecured Notes | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Credit spread adjustment (as percent) | 0.26161% | 0.26161% | 0.26161% | ||||||||
| 4.125% Notes due 2025 | Unsecured Notes | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Long term outstanding | $ 470,000,000 | ||||||||||
| Stated interest rate (as percent) | 4.125% | 4.125% | 4.125% | 4.125% | 4.125% | 4.125% | 4.125% | 4.125% | 4.125% | ||
| Fair value | $ 469,000,000 | ||||||||||
| 4.250% Notes due 2025 | Unsecured Notes | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Long term outstanding | $ 475,000,000 | ||||||||||
| Stated interest rate (as percent) | 4.25% | 4.25% | 4.25% | 4.25% | 4.25% | 4.25% | 4.25% | 4.25% | 4.25% | ||
| Fair value | $ 474,000,000 | ||||||||||
| 8.625% Notes due 2025 | Unsecured Notes | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Long term outstanding | $ 250,000,000 | ||||||||||
| Stated interest rate (as percent) | 8.625% | 8.625% | 8.625% | 8.625% | 8.625% | 8.625% | 8.625% | 8.625% | 8.625% | ||
| Fair value | $ 251,000,000 | ||||||||||
| 3.400% Notes due 2026 | Unsecured Notes | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Long term outstanding | $ 1,000,000,000 | $ 1,000,000,000 | |||||||||
| Stated interest rate (as percent) | 3.40% | 3.40% | 3.40% | 3.40% | 3.40% | 3.40% | 3.40% | 3.40% | 3.40% | ||
| Fair value | $ 991,000,000 | $ 981,000,000 | |||||||||
| 2.625% Notes due 2027 | Unsecured Notes | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Long term outstanding | $ 400,000,000 | $ 400,000,000 | |||||||||
| Stated interest rate (as percent) | 2.625% | 2.625% | 2.625% | 2.625% | 2.625% | 2.625% | 2.625% | 2.625% | 2.625% | ||
| Fair value | $ 384,000,000 | $ 379,000,000 | |||||||||
| 3.250% Notes due 2027 | Unsecured Notes | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Long term outstanding | $ 500,000,000 | $ 500,000,000 | |||||||||
| Stated interest rate (as percent) | 3.25% | 3.25% | 3.25% | 3.25% | 3.25% | 3.25% | 3.25% | 3.25% | 3.25% | ||
| Fair value | $ 480,000,000 | $ 474,000,000 | |||||||||
| 3.125% Notes due 2028 | Unsecured Notes | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Long term outstanding | $ 750,000,000 | $ 750,000,000 | |||||||||
| Stated interest rate (as percent) | 3.125% | 3.125% | 3.125% | 3.125% | 3.125% | 3.125% | 3.125% | 3.125% | 3.125% | ||
| Fair value | $ 688,000,000 | $ 680,000,000 | |||||||||
| 7.875% Notes due 2029 | Unsecured Notes | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Long term outstanding | $ 400,000,000 | $ 400,000,000 | |||||||||
| Stated interest rate (as percent) | 7.875% | 7.875% | 7.875% | 7.875% | 7.875% | 7.875% | 7.875% | 7.875% | 7.875% | ||
| Fair value | $ 422,000,000 | $ 426,000,000 | |||||||||
| 6.875% Notes due 2029 | Unsecured Notes | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Long term outstanding | $ 600,000,000 | $ 600,000,000 | |||||||||
| Stated interest rate (as percent) | 6.875% | 6.875% | 6.875% | 6.875% | 6.875% | 6.875% | 6.875% | 6.875% | 6.875% | 6.875% | |
| Fair value | $ 624,000,000 | $ 615,000,000 | |||||||||
| 6.875% Notes due 2029 | Unsecured Notes | Interest Rate Swap | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Stated interest rate (as percent) | 6.875% | 6.875% | 6.875% | 6.875% | |||||||
| Gross Amount of Recognized Assets | $ 24,000,000 | 15,000,000 | |||||||||
| 6.125% Notes due 2030 | Unsecured Notes | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Long term outstanding | $ 700,000,000 | $ 700,000,000 | |||||||||
| Stated interest rate (as percent) | 6.125% | 6.125% | 6.125% | 6.125% | 6.125% | 6.125% | 6.125% | 6.125% | 6.125% | 6.125% | |
| Fair value | $ 739,000,000 | $ 700,000,000 | |||||||||
| 6.125% Notes due 2030 | Unsecured Notes | Interest Rate Swap | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Stated interest rate (as percent) | 6.125% | 6.125% | |||||||||
| Gross Amount of Recognized Assets | 39,000,000 | 0 | |||||||||
| CLO-1 Notes | Collateralized Loan Obligation | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Long term outstanding | $ 162,000,000 | $ 232,000,000 | |||||||||
| Floor on benchmark rate (as percent) | 0.00% | 0.00% | |||||||||
| CLO-1 Notes | Collateralized Loan Obligation | Minimum | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Basis spread on variable rate (as percent) | 3.01% | 3.01% | |||||||||
| CLO-1 Notes | Collateralized Loan Obligation | Maximum | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Basis spread on variable rate (as percent) | 1.85% | 1.85% | |||||||||
| CLO-2 Notes | Collateralized Loan Obligation | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Long term outstanding | $ 380,000,000 | ||||||||||
| CLO-2 Notes | Collateralized Loan Obligation | Minimum | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Basis spread on variable rate (as percent) | 1.48% | ||||||||||
| CLO-2 Notes | Collateralized Loan Obligation | Maximum | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Basis spread on variable rate (as percent) | 2.15% | ||||||||||
| 1.90% Term Loan Outstanding | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Basis spread on variable rate (as percent) | 1.90% | 1.90% | |||||||||
| Term loan outstanding | $ 60,000,000 | $ 98,000,000 | |||||||||
| 2.05% Commitments Outstanding | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Basis spread on variable rate (as percent) | 2.05% | 2.05% | |||||||||
| 1.85% Class A-1R Notes Outstanding | Unsecured Notes | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Basis spread on variable rate (as percent) | 1.85% | ||||||||||
| Long term outstanding | $ 91,200,000 | ||||||||||
| 1.85% Class A-1R Notes Outstanding | Collateralized Loan Obligation | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Basis spread on variable rate (as percent) | 1.85% | ||||||||||
| Long term outstanding | $ 161,800,000 | ||||||||||
| 2.25% Class A-2R Notes Outstanding | Unsecured Notes | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Basis spread on variable rate (as percent) | 2.25% | ||||||||||
| Long term outstanding | $ 20,500,000 | ||||||||||
| 2.25% Class A-2R Notes Outstanding | Collateralized Loan Obligation | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Basis spread on variable rate (as percent) | 2.25% | ||||||||||
| Long term outstanding | $ 20,500,000 | ||||||||||
| 2.60% Class B-1R Notes Outstanding | Unsecured Notes | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Basis spread on variable rate (as percent) | 2.60% | ||||||||||
| Long term outstanding | $ 32,400,000 | ||||||||||
| 2.60% Class B-1R Notes Outstanding | Collateralized Loan Obligation | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Basis spread on variable rate (as percent) | 2.60% | ||||||||||
| Long term outstanding | $ 32,400,000 | ||||||||||
| 3.011% Class B-2R Notes Outstanding | Unsecured Notes | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Long term outstanding | $ 17,400,000 | ||||||||||
| Stated interest rate (as percent) | 3.011% | 3.011% | 3.011% | ||||||||
| 3.011% Class B-2R Notes Outstanding | Collateralized Loan Obligation | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Long term outstanding | $ 17,400,000 | ||||||||||
| Stated interest rate (as percent) | 3.011% | 3.011% | 3.011% | 3.011% | 3.011% | ||||||
| 1.48% Class A-1 Notes Outstanding | Unsecured Notes | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Basis spread on variable rate (as percent) | 1.48% | ||||||||||
| Long term outstanding | $ 160,000,000.0 | ||||||||||
| 1.48% Class A-1L Notes Outstanding | Unsecured Notes | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Basis spread on variable rate (as percent) | 1.48% | ||||||||||
| Long term outstanding | $ 100,000,000.0 | ||||||||||
| 1.48% Class A-1W Notes Outstanding | Unsecured Notes | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Basis spread on variable rate (as percent) | 1.48% | ||||||||||
| Long term outstanding | $ 30,000,000.0 | ||||||||||
| 1.60% Class A-2L Notes Outstanding | Unsecured Notes | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Basis spread on variable rate (as percent) | 1.60% | ||||||||||
| Long term outstanding | $ 20,000,000.0 | ||||||||||
| Class B Notes Outstanding | Unsecured Notes | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Basis spread on variable rate (as percent) | 1.75% | ||||||||||
| Long term outstanding | $ 30,000,000.0 | ||||||||||
| Class C Notes Outstanding | Unsecured Notes | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Long term outstanding | $ 40,000,000.0 | ||||||||||
| Stated interest rate (as percent) | 2.15% | 2.15% | 2.15% | ||||||||
| Revolving Credit Facility | Ambler Credit Facility | Line of Credit | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Basis spread on variable rate (as percent) | 2.25% | 2.25% | |||||||||
| Long term outstanding | $ 188,000,000 | $ 133,000,000 | |||||||||
| Amount Available | $ 12,000,000 | $ 67,000,000 | |||||||||
| Floor on benchmark rate (as percent) | 0.00% | 0.00% | |||||||||
| Revolving Credit Facility | Callowhill Credit Facility | Line of Credit | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Basis spread on variable rate (as percent) | 1.75% | ||||||||||
| Long term outstanding | $ 368,000,000 | ||||||||||
| Amount Available | 32,000,000 | ||||||||||
| Revolving Credit Facility | CCT Tokyo Funding Credit Facility | Line of Credit | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Long term outstanding | 90,000,000 | $ 147,000,000 | |||||||||
| Amount Available | $ 0 | $ 0 | |||||||||
| Floor on benchmark rate (as percent) | 0.00% | 0.00% | |||||||||
| Revolving Credit Facility | CCT Tokyo Funding Credit Facility | Line of Credit | Minimum | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Basis spread on variable rate (as percent) | 1.90% | 1.90% | |||||||||
| Revolving Credit Facility | CCT Tokyo Funding Credit Facility | Line of Credit | Maximum | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Basis spread on variable rate (as percent) | 2.05% | 2.05% | |||||||||
| Revolving Credit Facility | Darby Creek Credit Facility | Line of Credit | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Basis spread on variable rate (as percent) | 2.65% | ||||||||||
| Long term outstanding | $ 500,000,000 | ||||||||||
| Amount Available | $ 250,000,000 | ||||||||||
| Floor on benchmark rate (as percent) | 0.00% | ||||||||||
| Revolving Credit Facility | Meadowbrook Run Credit Facility | Line of Credit | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Basis spread on variable rate (as percent) | 1.95% | 2.70% | |||||||||
| Long term outstanding | $ 296,000,000 | $ 200,000,000 | |||||||||
| Amount Available | $ 4,000,000 | $ 100,000,000 | |||||||||
| Floor on benchmark rate (as percent) | 0.00% | 0.00% | |||||||||
| Revolving Credit Facility | Senior Secured Revolving Credit Facility | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Long term outstanding | € 455 | £ 165 | $ 3 | $ 4 | |||||||
| Long-term line of credit | $ 21,000,000 | ||||||||||
| Revolving Credit Facility | Senior Secured Revolving Credit Facility | United States of America, Dollars | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Exchange rate | 1.04 | 1.04 | 1.04 | 1.04 | 1.04 | ||||||
| Revolving Credit Facility | Senior Secured Revolving Credit Facility | GBP | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Basis spread on variable rate, credit spread adjustment (as percent) | 0.0326% | 0.0326% | |||||||||
| Exchange rate | 1.25 | 1.25 | 1.25 | 1.25 | 1.25 | ||||||
| Revolving Credit Facility | Senior Secured Revolving Credit Facility | AUD | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Exchange rate | 0.62 | 0.62 | 0.62 | 0.62 | 0.62 | ||||||
| Revolving Credit Facility | Senior Secured Revolving Credit Facility | CAD | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Exchange rate | 0.69 | 0.69 | 0.69 | 0.69 | 0.69 | ||||||
| Revolving Credit Facility | Senior Secured Revolving Credit Facility | Line of Credit | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Long term outstanding | $ 2,188,000,000 | $ 628,000,000 | € 467 | £ 288 | |||||||
| Amount Available | $ 2,377,000,000 | $ 3,946,000,000 | |||||||||
| Floor on benchmark rate (as percent) | 0.00% | 0.00% | |||||||||
| Revolving Credit Facility | Senior Secured Revolving Credit Facility | Line of Credit | United States of America, Dollars | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Basis spread on variable rate, credit spread adjustment (as percent) | 0.10% | 0.10% | |||||||||
| Revolving Credit Facility | Senior Secured Revolving Credit Facility | Line of Credit | GBP | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Exchange rate | 1.37 | 1.37 | 1.37 | ||||||||
| Revolving Credit Facility | Senior Secured Revolving Credit Facility | Line of Credit | GBP | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Exchange rate | 1.18 | 1.18 | 1.18 | ||||||||
| Revolving Credit Facility | Senior Secured Revolving Credit Facility | Line of Credit | AUD | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Exchange rate | 0.66 | 0.66 | 0.66 | ||||||||
| Revolving Credit Facility | Senior Secured Revolving Credit Facility | Line of Credit | Minimum | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Basis spread on variable rate (as percent) | 1.75% | 1.75% | |||||||||
| Revolving Credit Facility | Senior Secured Revolving Credit Facility | Line of Credit | Maximum | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Basis spread on variable rate (as percent) | 1.88% | 1.88% | |||||||||
| Revolving Credit Facility | 2.05% Commitments Outstanding | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Revolving commitment outstanding | $ 30,000,000 | $ 49,000,000 | |||||||||
| Revolving Credit Facility | Burholme Prime Brokerage Facility | Line of Credit | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Floor on benchmark rate (as percent) | 0.00% | ||||||||||
| Standby Letters of Credit | Senior Secured Revolving Credit Facility | Line of Credit | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Long-term line of credit | $ 30,000,000 | ||||||||||
Financing Arrangements - Schedule of Interest Expense (Details) - USD ($) $ in Millions |
6 Months Ended | ||||
|---|---|---|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
Dec. 31, 2024 |
Dec. 27, 2024 |
Jun. 06, 2024 |
|
| Short-Term Debt [Line Items] | |||||
| Direct Interest Expense | $ 227 | $ 222 | |||
| Amortization of Deferred Financing Costs and Discount / Premium | 11 | 9 | |||
| Total Interest Expense | $ 238 | $ 231 | |||
| 4.625% Notes due 2024 | Unsecured Notes | |||||
| Short-Term Debt [Line Items] | |||||
| Stated interest rate (as percent) | 4.625% | 4.625% | |||
| Direct Interest Expense | $ 0 | $ 9 | |||
| Amortization of Deferred Financing Costs and Discount / Premium | 0 | 0 | |||
| Total Interest Expense | $ 0 | $ 9 | |||
| 1.650% Notes due 2024 | Unsecured Notes | |||||
| Short-Term Debt [Line Items] | |||||
| Stated interest rate (as percent) | 1.65% | 1.65% | |||
| Direct Interest Expense | $ 0 | $ 4 | |||
| Amortization of Deferred Financing Costs and Discount / Premium | 0 | 1 | |||
| Total Interest Expense | $ 0 | $ 5 | |||
| 4.125% Notes due 2025 | Unsecured Notes | |||||
| Short-Term Debt [Line Items] | |||||
| Stated interest rate (as percent) | 4.125% | 4.125% | 4.125% | ||
| Direct Interest Expense | $ 2 | $ 10 | |||
| Amortization of Deferred Financing Costs and Discount / Premium | 0 | 1 | |||
| Total Interest Expense | $ 2 | $ 11 | |||
| 4.250% Notes due 2025 | Unsecured Notes | |||||
| Short-Term Debt [Line Items] | |||||
| Stated interest rate (as percent) | 4.25% | 4.25% | 4.25% | ||
| Direct Interest Expense | $ 2 | $ 10 | |||
| Amortization of Deferred Financing Costs and Discount / Premium | (1) | (2) | |||
| Total Interest Expense | $ 1 | $ 8 | |||
| 8.625% Notes due 2025 | Unsecured Notes | |||||
| Short-Term Debt [Line Items] | |||||
| Stated interest rate (as percent) | 8.625% | 8.625% | 8.625% | ||
| Direct Interest Expense | $ 4 | $ 11 | |||
| Amortization of Deferred Financing Costs and Discount / Premium | 1 | 1 | |||
| Total Interest Expense | $ 5 | $ 12 | |||
| 3.400% Notes due 2026 | Unsecured Notes | |||||
| Short-Term Debt [Line Items] | |||||
| Stated interest rate (as percent) | 3.40% | 3.40% | 3.40% | ||
| Direct Interest Expense | $ 17 | $ 17 | |||
| Amortization of Deferred Financing Costs and Discount / Premium | 4 | 2 | |||
| Total Interest Expense | $ 21 | $ 19 | |||
| 2.625% Notes due 2027 | Unsecured Notes | |||||
| Short-Term Debt [Line Items] | |||||
| Stated interest rate (as percent) | 2.625% | 2.625% | 2.625% | ||
| Direct Interest Expense | $ 5 | $ 5 | |||
| Amortization of Deferred Financing Costs and Discount / Premium | 0 | 0 | |||
| Total Interest Expense | $ 5 | $ 5 | |||
| 3.250% Notes due 2027 | Unsecured Notes | |||||
| Short-Term Debt [Line Items] | |||||
| Stated interest rate (as percent) | 3.25% | 3.25% | 3.25% | ||
| Direct Interest Expense | $ 8 | $ 8 | |||
| Amortization of Deferred Financing Costs and Discount / Premium | 0 | 0 | |||
| Total Interest Expense | $ 8 | $ 8 | |||
| 3.125% Notes due 2028 | Unsecured Notes | |||||
| Short-Term Debt [Line Items] | |||||
| Stated interest rate (as percent) | 3.125% | 3.125% | 3.125% | ||
| Direct Interest Expense | $ 12 | $ 12 | |||
| Amortization of Deferred Financing Costs and Discount / Premium | 1 | 1 | |||
| Total Interest Expense | $ 13 | $ 13 | |||
| 7.875% Notes due 2029 | Unsecured Notes | |||||
| Short-Term Debt [Line Items] | |||||
| Stated interest rate (as percent) | 7.875% | 7.875% | 7.875% | ||
| Direct Interest Expense | $ 16 | $ 16 | |||
| Amortization of Deferred Financing Costs and Discount / Premium | 0 | 1 | |||
| Total Interest Expense | $ 16 | $ 17 | |||
| 6.875% Notes due 2029 | Unsecured Notes | |||||
| Short-Term Debt [Line Items] | |||||
| Stated interest rate (as percent) | 6.875% | 6.875% | 6.875% | 6.875% | |
| Direct Interest Expense | $ 22 | $ 3 | |||
| Amortization of Deferred Financing Costs and Discount / Premium | 2 | 0 | |||
| Total Interest Expense | $ 24 | $ 3 | |||
| 6.125% Notes due 2030 | Unsecured Notes | |||||
| Short-Term Debt [Line Items] | |||||
| Stated interest rate (as percent) | 6.125% | 6.125% | 6.125% | 6.125% | |
| Direct Interest Expense | $ 22 | $ 0 | |||
| Amortization of Deferred Financing Costs and Discount / Premium | 0 | 0 | |||
| Total Interest Expense | 22 | 0 | |||
| CLO-1 Notes | Unsecured Notes | |||||
| Short-Term Debt [Line Items] | |||||
| Direct Interest Expense | 6 | 11 | |||
| Amortization of Deferred Financing Costs and Discount / Premium | 0 | 0 | |||
| Total Interest Expense | 6 | 11 | |||
| CLO-2 Notes | Unsecured Notes | |||||
| Short-Term Debt [Line Items] | |||||
| Direct Interest Expense | 6 | 0 | |||
| Amortization of Deferred Financing Costs and Discount / Premium | 0 | 0 | |||
| Total Interest Expense | 6 | 0 | |||
| Revolving Credit Facility | Ambler Credit Facility | Line of Credit | |||||
| Short-Term Debt [Line Items] | |||||
| Direct Interest Expense | 6 | 7 | |||
| Amortization of Deferred Financing Costs and Discount / Premium | 0 | 0 | |||
| Total Interest Expense | 6 | 7 | |||
| Revolving Credit Facility | Callowhill Credit Facility | Line of Credit | |||||
| Short-Term Debt [Line Items] | |||||
| Direct Interest Expense | 2 | 0 | |||
| Amortization of Deferred Financing Costs and Discount / Premium | 0 | 0 | |||
| Total Interest Expense | 2 | 0 | |||
| Revolving Credit Facility | CCT Tokyo Funding Credit Facility | Line of Credit | |||||
| Short-Term Debt [Line Items] | |||||
| Direct Interest Expense | 4 | 10 | |||
| Amortization of Deferred Financing Costs and Discount / Premium | 0 | 0 | |||
| Total Interest Expense | 4 | 10 | |||
| Revolving Credit Facility | Darby Creek Credit Facility | Line of Credit | |||||
| Short-Term Debt [Line Items] | |||||
| Direct Interest Expense | 16 | 28 | |||
| Amortization of Deferred Financing Costs and Discount / Premium | 1 | 1 | |||
| Total Interest Expense | 17 | 29 | |||
| Revolving Credit Facility | Meadowbrook Run Credit Facility | Line of Credit | |||||
| Short-Term Debt [Line Items] | |||||
| Direct Interest Expense | 8 | 10 | |||
| Amortization of Deferred Financing Costs and Discount / Premium | 1 | 0 | |||
| Total Interest Expense | 9 | 10 | |||
| Revolving Credit Facility | Senior Secured Revolving Credit Facility | Line of Credit | |||||
| Short-Term Debt [Line Items] | |||||
| Direct Interest Expense | 69 | 51 | |||
| Amortization of Deferred Financing Costs and Discount / Premium | 2 | 3 | |||
| Total Interest Expense | $ 71 | $ 54 | |||
Commitments and Contingencies - Schedule of Unfunded Commitments (Details) - USD ($) $ in Millions |
Jun. 30, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Unfunded Debt Securities | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | $ 1,730.1 | $ 1,534.1 |
| Unfunded Equity/Other Commitments | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 369.7 | $ 387.1 |
| Investment, Identifier [Axis]: 3Pillar Global Inc | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 8.2 | |
| Investment, Identifier [Axis]: 48Forty Solutions LLC | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 2.1 | |
| Investment, Identifier [Axis]: Aareon AG | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 15.1 | |
| Investment, Identifier [Axis]: Advanced Dermatology & Cosmetic Surgery | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 3.3 | |
| Investment, Identifier [Axis]: Affordable Care Inc | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 10.0 | |
| Investment, Identifier [Axis]: Alacrity Solutions Group LLC 1 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 1.7 | |
| Investment, Identifier [Axis]: Alacrity Solutions Group LLC 2 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 2.3 | |
| Investment, Identifier [Axis]: Alpha Financial Markets Consulting PLC | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 2.4 | |
| Investment, Identifier [Axis]: Altitude II IRL WH Borrower DAC, Revolver | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 9.8 | |
| Investment, Identifier [Axis]: American Vision Partners | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 2.2 | |
| Investment, Identifier [Axis]: Amerivet Partners Management Inc | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 8.4 | |
| Investment, Identifier [Axis]: Apex Service Partners LLC | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 5.1 | |
| Investment, Identifier [Axis]: Arcfield Acquisition Corp | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 6.0 | |
| Investment, Identifier [Axis]: Arcwood Environmental (fka Heritage Environmental Services Inc) 1 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 8.0 | |
| Investment, Identifier [Axis]: Arcwood Environmental (fka Heritage Environmental Services Inc) 2 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 4.0 | |
| Investment, Identifier [Axis]: Area Wide Protective Inc | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 12.1 | |
| Investment, Identifier [Axis]: Avetta LLC 1 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 2.6 | |
| Investment, Identifier [Axis]: Avetta LLC 2 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 3.7 | |
| Investment, Identifier [Axis]: BGB Group LLC 1 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 7.4 | |
| Investment, Identifier [Axis]: BGB Group LLC 2 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 19.9 | |
| Investment, Identifier [Axis]: Bausch Health Cos Inc, Revolver | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 60.0 | |
| Investment, Identifier [Axis]: Bonterra LLC 1 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 17.0 | |
| Investment, Identifier [Axis]: Bonterra LLC 2 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 13.4 | |
| Investment, Identifier [Axis]: CLEAResult Consulting Inc 1 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 4.5 | |
| Investment, Identifier [Axis]: CLEAResult Consulting Inc 2 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 3.0 | |
| Investment, Identifier [Axis]: CSafe Global | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 3.5 | |
| Investment, Identifier [Axis]: Cadence Education LLC 1 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 8.5 | |
| Investment, Identifier [Axis]: Cadence Education LLC 2 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 8.6 | |
| Investment, Identifier [Axis]: Callodine Commercial Finance LLC, 2L Term Loan B | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 36.1 | |
| Investment, Identifier [Axis]: Cambrex Corp 1 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 8.2 | |
| Investment, Identifier [Axis]: Cambrex Corp 2 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 9.4 | |
| Investment, Identifier [Axis]: Carrier Fire Protection 1 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 2.1 | |
| Investment, Identifier [Axis]: Carrier Fire Protection 2 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 2.1 | |
| Investment, Identifier [Axis]: Circana Group (f.k.a. NPD Group) | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 4.3 | |
| Investment, Identifier [Axis]: Civica Group Ltd 1 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 6.4 | |
| Investment, Identifier [Axis]: Civica Group Ltd 2 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 4.4 | |
| Investment, Identifier [Axis]: Clarience Technologies LLC 1 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 37.4 | |
| Investment, Identifier [Axis]: Clarience Technologies LLC 2 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 12.4 | |
| Investment, Identifier [Axis]: Clarience Technologies LLC 3 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 4.5 | |
| Investment, Identifier [Axis]: Community Brands Inc 1 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 4.4 | |
| Investment, Identifier [Axis]: Community Brands Inc 2 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 7.5 | |
| Investment, Identifier [Axis]: Consilium Safety Group AB | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 10.5 | |
| Investment, Identifier [Axis]: Cubic Corp | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 0.8 | |
| Investment, Identifier [Axis]: Curia Global Inc, Revolver | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 41.3 | |
| Investment, Identifier [Axis]: Cyncly Refinancing 1 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 3.2 | |
| Investment, Identifier [Axis]: Cyncly Refinancing 2 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 4.7 | |
| Investment, Identifier [Axis]: Cyncly Refinancing 3 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 1.6 | |
| Investment, Identifier [Axis]: DOXA Insurance Holdings LLC 1 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 2.9 | |
| Investment, Identifier [Axis]: DOXA Insurance Holdings LLC 2 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 0.1 | |
| Investment, Identifier [Axis]: DOXA Insurance Holdings LLC 3 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 22.6 | |
| Investment, Identifier [Axis]: Dental365 LLC 1 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 4.8 | |
| Investment, Identifier [Axis]: Dental365 LLC 2 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 3.3 | |
| Investment, Identifier [Axis]: DuBois Chemicals Inc 1 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 14.7 | |
| Investment, Identifier [Axis]: DuBois Chemicals Inc 2 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 5.9 | |
| Investment, Identifier [Axis]: EW Scripps Co/The, Revolver | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 29.1 | |
| Investment, Identifier [Axis]: Eagle Railcar Services Roscoe Inc 1 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 10.8 | |
| Investment, Identifier [Axis]: Eagle Railcar Services Roscoe Inc 2 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 12.0 | |
| Investment, Identifier [Axis]: Envirotainer Ltd | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 2.8 | |
| Investment, Identifier [Axis]: Excelitas Technologies Corp 1 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 2.4 | |
| Investment, Identifier [Axis]: Excelitas Technologies Corp 2 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 22.6 | |
| Investment, Identifier [Axis]: Florida Food Products LLC, Revolver | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 4.0 | |
| Investment, Identifier [Axis]: Follett Software Co | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 4.0 | |
| Investment, Identifier [Axis]: Fortna Group Inc, Revolver | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 41.0 | |
| Investment, Identifier [Axis]: Foundation Consumer Brands LLC | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 7.7 | |
| Investment, Identifier [Axis]: Foundation Risk Partners Corp 1 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 11.8 | |
| Investment, Identifier [Axis]: Foundation Risk Partners Corp 2 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 16.6 | |
| Investment, Identifier [Axis]: Frontline Road Safety LLC 1 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 25.3 | |
| Investment, Identifier [Axis]: Frontline Road Safety LLC 2 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 12.3 | |
| Investment, Identifier [Axis]: Frontline Road Safety LLC 3 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 14.3 | |
| Investment, Identifier [Axis]: Galway Partners Holdings LLC 1 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 8.9 | |
| Investment, Identifier [Axis]: Galway Partners Holdings LLC 2 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 7.0 | |
| Investment, Identifier [Axis]: Gigamon Inc | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 1.9 | |
| Investment, Identifier [Axis]: Granicus Inc 1 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 2.0 | |
| Investment, Identifier [Axis]: Granicus Inc 2 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 1.0 | |
| Investment, Identifier [Axis]: GreenSky Holdings LLC, Term Loan | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 3.0 | |
| Investment, Identifier [Axis]: HM Dunn Co Inc | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 5.5 | |
| Investment, Identifier [Axis]: Heniff Transportation Systems LLC | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 9.1 | |
| Investment, Identifier [Axis]: Higginbotham Insurance Agency Inc | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 8.9 | |
| Investment, Identifier [Axis]: Highgate Hotels Inc | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 3.0 | |
| Investment, Identifier [Axis]: Homrich & Berg Inc | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 1.0 | |
| Investment, Identifier [Axis]: Horizon CTS Buyer LLC 1 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 13.8 | |
| Investment, Identifier [Axis]: Horizon CTS Buyer LLC 2 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 15.9 | |
| Investment, Identifier [Axis]: Individual FoodService | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 1.5 | |
| Investment, Identifier [Axis]: Inhabit IQ 1 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 3.6 | |
| Investment, Identifier [Axis]: Inhabit IQ 2 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 2.2 | |
| Investment, Identifier [Axis]: Insight Global LLC | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 36.6 | |
| Investment, Identifier [Axis]: Insightsoftware.Com Inc 1 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 25.8 | |
| Investment, Identifier [Axis]: Insightsoftware.Com Inc 2 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 4.9 | |
| Investment, Identifier [Axis]: Integrity Marketing Group LLC 1 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 0.1 | |
| Investment, Identifier [Axis]: Integrity Marketing Group LLC 2 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 0.8 | |
| Investment, Identifier [Axis]: J S Held LLC 1 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 5.8 | |
| Investment, Identifier [Axis]: J S Held LLC 2 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 13.8 | |
| Investment, Identifier [Axis]: Kestra Financial Inc, Preferred Equity | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 9.2 | |
| Investment, Identifier [Axis]: Laboratoires Vivacy SAS | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 0.6 | |
| Investment, Identifier [Axis]: Lazer Logistics Inc | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 1.1 | |
| Investment, Identifier [Axis]: Legends Hospitality LLC 1 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 8.3 | |
| Investment, Identifier [Axis]: Legends Hospitality LLC 2 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 6.9 | |
| Investment, Identifier [Axis]: Lloyd's Register Quality Assurance Ltd | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 8.3 | |
| Investment, Identifier [Axis]: MAI Capital Management LLC 1 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 4.0 | |
| Investment, Identifier [Axis]: MAI Capital Management LLC 2 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 2.6 | |
| Investment, Identifier [Axis]: MAI Capital Management LLC 3 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 9.3 | |
| Investment, Identifier [Axis]: MB2 Dental Solutions LLC 1 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 31.1 | |
| Investment, Identifier [Axis]: MB2 Dental Solutions LLC 2 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 10.7 | |
| Investment, Identifier [Axis]: Magna Legal Services LLC 1 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 2.2 | |
| Investment, Identifier [Axis]: Magna Legal Services LLC 2 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 2.1 | |
| Investment, Identifier [Axis]: Med-Metrix | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 7.8 | |
| Investment, Identifier [Axis]: Mercer Advisors Inc | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 13.0 | |
| Investment, Identifier [Axis]: Misys Ltd | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 1.2 | |
| Investment, Identifier [Axis]: Model N Inc 1 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 6.1 | |
| Investment, Identifier [Axis]: Model N Inc 2 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 3.2 | |
| Investment, Identifier [Axis]: Net Documents | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 3.3 | |
| Investment, Identifier [Axis]: Netsmart Technologies Inc 1 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 6.2 | |
| Investment, Identifier [Axis]: Netsmart Technologies Inc 2 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 6.3 | |
| Investment, Identifier [Axis]: Nordic Climate Group Holding AB | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 5.2 | |
| Investment, Identifier [Axis]: OEConnection LLC 1 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 6.4 | |
| Investment, Identifier [Axis]: OEConnection LLC 2 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 6.3 | |
| Investment, Identifier [Axis]: Oxford Global Resources LLC | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 7.6 | |
| Investment, Identifier [Axis]: PCI Pharma Services 1 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 52.1 | |
| Investment, Identifier [Axis]: PCI Pharma Services 2 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 9.9 | |
| Investment, Identifier [Axis]: PSC Group 1 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 1.4 | |
| Investment, Identifier [Axis]: PSC Group 2 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 1.8 | |
| Investment, Identifier [Axis]: PartsSource Inc 1 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 2.1 | |
| Investment, Identifier [Axis]: PartsSource Inc 2 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 7.8 | |
| Investment, Identifier [Axis]: RSC Insurance Brokerage Inc 1 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 9.2 | |
| Investment, Identifier [Axis]: RSC Insurance Brokerage Inc 2 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 9.6 | |
| Investment, Identifier [Axis]: Radwell International LLC 1 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 60.4 | |
| Investment, Identifier [Axis]: Radwell International LLC 2 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 4.8 | |
| Investment, Identifier [Axis]: Resa Power LLC 1 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 17.4 | |
| Investment, Identifier [Axis]: Resa Power LLC 2 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 8.6 | |
| Investment, Identifier [Axis]: Revere Superior Holdings Inc | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 3.8 | |
| Investment, Identifier [Axis]: Rialto Capital Management LLC | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 0.5 | |
| Investment, Identifier [Axis]: Rockefeller Capital Management LP | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 3.9 | |
| Investment, Identifier [Axis]: SAMBA Safety Inc | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 1.2 | |
| Investment, Identifier [Axis]: STV Group Inc 1 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 8.3 | |
| Investment, Identifier [Axis]: STV Group Inc 2 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 11.9 | |
| Investment, Identifier [Axis]: Safe-Guard Products International LLC | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 8.8 | |
| Investment, Identifier [Axis]: Service Express Inc 1 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 5.8 | |
| Investment, Identifier [Axis]: Service Express Inc 2 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 4.3 | |
| Investment, Identifier [Axis]: Spins LLC | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 3.2 | |
| Investment, Identifier [Axis]: Spotless Brands LLC | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 11.0 | |
| Investment, Identifier [Axis]: Sweeping Corp of America Inc | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 4.5 | |
| Investment, Identifier [Axis]: TalkTalk Telecom Group Ltd, Revolver | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 10.1 | |
| Investment, Identifier [Axis]: Time Manufacturing Co | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 14.6 | |
| Investment, Identifier [Axis]: Trackunit ApS | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 32.9 | |
| Investment, Identifier [Axis]: Trescal SA | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 4.9 | |
| Investment, Identifier [Axis]: Tropicana Products Inc, Revolver | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 18.3 | |
| Investment, Identifier [Axis]: Turnpoint Services Inc 1 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 1.4 | |
| Investment, Identifier [Axis]: Turnpoint Services Inc 2 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 2.5 | |
| Investment, Identifier [Axis]: USIC Holdings Inc 1 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 4.6 | |
| Investment, Identifier [Axis]: USIC Holdings Inc 2 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 8.2 | |
| Investment, Identifier [Axis]: Valeo Foods Group Ltd | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 3.0 | |
| Investment, Identifier [Axis]: Veriforce LLC 1 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 4.7 | |
| Investment, Identifier [Axis]: Veriforce LLC 2 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 3.7 | |
| Investment, Identifier [Axis]: Vermont Information Processing Inc 1 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 9.6 | |
| Investment, Identifier [Axis]: Vermont Information Processing Inc 2 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 2.9 | |
| Investment, Identifier [Axis]: Version1 Software Ltd | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 13.0 | |
| Investment, Identifier [Axis]: VetCor Professional Practices LLC 1 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 6.7 | |
| Investment, Identifier [Axis]: VetCor Professional Practices LLC 2 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 20.8 | |
| Investment, Identifier [Axis]: Vitu | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 9.1 | |
| Investment, Identifier [Axis]: Waste Services Group Pty Ltd | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 6.9 | |
| Investment, Identifier [Axis]: Wealth Enhancement Group LLC 1 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 2.8 | |
| Investment, Identifier [Axis]: Wealth Enhancement Group LLC 2 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 17.8 | |
| Investment, Identifier [Axis]: Weber-Stephen Products LLC, Revolver | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 49.6 | |
| Investment, Identifier [Axis]: Wedgewood Weddings 1 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 5.8 | |
| Investment, Identifier [Axis]: Wedgewood Weddings 2 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 5.8 | |
| Investment, Identifier [Axis]: West Star Aviation Inc 1 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 17.9 | |
| Investment, Identifier [Axis]: West Star Aviation Inc 2 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 29.5 | |
| Investment, Identifier [Axis]: Woolpert Inc 1 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 17.6 | |
| Investment, Identifier [Axis]: Woolpert Inc 2 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 17.8 | |
| Investment, Identifier [Axis]: Worldwise Inc | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 0.8 | |
| Investment, Identifier [Axis]: Xylem Kendall 1 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 20.5 | |
| Investment, Identifier [Axis]: Xylem Kendall 2 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 1.9 | |
| Investment, Identifier [Axis]: Zellis Holdings Ltd | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 4.4 | |
| Investment, Identifier [Axis]: Zendesk Inc 1 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 9.7 | |
| Investment, Identifier [Axis]: Zendesk Inc 2 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 6.0 | |
| Investment, Identifier [Axis]: Zeus Industrial Products Inc 1 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 11.6 | |
| Investment, Identifier [Axis]: Zeus Industrial Products Inc 2 | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | 7.7 | |
| Investment, Identifier [Axis]: iNova Pharmaceuticals (Australia) Pty Limited | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded commitments | $ 2.5 |
Commitments and Contingencies - Narrative (Details) $ in Millions |
Jun. 30, 2025
USD ($)
|
|---|---|
| Credit Opportunities Partners JV, LLC | |
| Other Commitments [Line Items] | |
| Unfunded commitments | $ 577.5 |
| Letter of Credit | Senior Secured Revolving Credit Facility | Line of Credit | |
| Other Commitments [Line Items] | |
| Amount outstanding | 175.0 |
| Standby Letters of Credit | Senior Secured Revolving Credit Facility | Line of Credit | |
| Other Commitments [Line Items] | |
| Long-term line of credit | 30.0 |
| Debt Securities, Revolving Credit Facility | |
| Other Commitments [Line Items] | |
| Unfunded commitments | 841.3 |
| Delayed Draw Term Loan (DDTL) | |
| Other Commitments [Line Items] | |
| Unfunded commitments | 888.8 |
| Unfunded Dent Securities | |
| Other Commitments [Line Items] | |
| Unrealized appreciation (depreciation) on unfunded commitments | $ (2.1) |
Financial Highlights - Schedule Of Financial Highlights (Details) - USD ($) $ / shares in Units, $ in Millions |
6 Months Ended | |||||
|---|---|---|---|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
Mar. 31, 2025 |
Dec. 31, 2024 |
Mar. 31, 2024 |
Dec. 31, 2023 |
|
| Investment Company, Financial Highlights [Roll Forward] | ||||||
| Net asset value, beginning of period (in dollars per share) | $ 23.64 | $ 24.46 | ||||
| Results of operations | ||||||
| Net investment income (loss) (in dollars per share) | 1.29 | 1.53 | ||||
| Net realized gain (loss) and unrealized appreciation (depreciation) (in dollars per share) | (1.60) | (0.54) | ||||
| Net increase (decrease) in net assets resulting from operations (in dollars per share) | (0.31) | 0.99 | ||||
| Stockholder distributions | ||||||
| Distributions from net investment income (in dollars per share) | (1.40) | (1.50) | ||||
| Distributions from net realized gain on investments (in dollars per share) | 0 | 0 | ||||
| Net decrease in net assets resulting from stockholder distributions (in dollars per share) | (1.40) | (1.50) | ||||
| Capital share transactions | ||||||
| Repurchases of common stock (in dollars per share) | 0 | 0 | ||||
| Net increase (decrease) in net assets resulting from capital share transactions (in dollars per share) | 0 | 0 | ||||
| Net asset value, end of period (in dollars per share) | 21.93 | 23.95 | ||||
| Per share market value, end of period (in dollars per share) | $ 20.75 | $ 19.73 | ||||
| Shares outstanding, end of period (in shares) | 280,066,433 | 280,066,433 | 280,066,433 | |||
| Total return based on net asset value | (1.33%) | 4.05% | ||||
| Total return based on market value | 1.95% | 6.47% | ||||
| Ratio/Supplemental Data: | ||||||
| Net assets, end of period | $ 6,141 | $ 6,707 | $ 6,546 | $ 6,622 | $ 6,812 | $ 6,849 |
| Ratio of net investment income to average net assets | 10.88% | 12.38% | ||||
| Ratio of total operating expenses to average net assets | 13.24% | 12.93% | ||||
| Ratio of net operating expenses to average net assets | 13.24% | 12.93% | ||||
| Portfolio turnover | 21.99% | 18.82% | ||||
| Total amount of senior securities outstanding, exclusive of treasury securities | $ 8,022 | $ 8,001 | $ 7,385 | |||
| Asset coverage per unit | 177.00% | 184.00% | ||||
Financial Highlights - Schedule of Supplemental Ratios (Details) |
6 Months Ended | |
|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
|
| Investment Company [Abstract] | ||
| Ratio of subordinated income incentive fees to average net assets | 2.27% | 2.55% |
| Ratio of interest expense to average net assets | 7.20% | 6.70% |
Segment Reporting (Details) |
6 Months Ended |
|---|---|
|
Jun. 30, 2025
segment
| |
| Segment Reporting [Abstract] | |
| Number of operating segments | 1 |
| Number of reportable segments | 1 |
Subsequent Events (Details) $ / shares in Units, $ in Millions |
6 Months Ended | |||
|---|---|---|---|---|
|
Jul. 31, 2025
$ / shares
|
Jul. 16, 2025
USD ($)
|
Jun. 30, 2025
USD ($)
$ / shares
|
Jun. 30, 2024
$ / shares
|
|
| Subsequent Event [Line Items] | ||||
| Distributions declared per share (in dollars per share) | $ / shares | $ 1.40 | $ 1.50 | ||
| Letter of Credit | Senior Secured Revolving Credit Facility | Line of Credit | ||||
| Subsequent Event [Line Items] | ||||
| Maximum borrowing capacity | $ 175 | |||
| Subsequent Event | ||||
| Subsequent Event [Line Items] | ||||
| Distributions declared per share (in dollars per share) | $ / shares | $ 0.70 | |||
| Subsequent Event | Revolving Credit Facility | Senior Secured Revolving Credit Facility | Line of Credit | ||||
| Subsequent Event [Line Items] | ||||
| Maximum borrowing capacity | $ 4,700 | |||
| Line of credit facility accordion feature increase limit | $ 2,350 | |||
| Debt service coverage ratio, minimum (as percent) | 150.00% | |||
| Subsequent Event | Revolving Credit Facility | Senior Secured Revolving Credit Facility | Line of Credit | Lenders Other Than Non-Extending | ||||
| Subsequent Event [Line Items] | ||||
| Commitment fee (as percent) | 0.35% | |||
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| Line of credit facility accordion feature increase limit | $ 400 | |||
| Subsequent Event | O 2025 Q3 Regular Dividends | ||||
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