| Schedule of Composition of the Fund, Industry and Geographic Investment Portfolio at Cost and Fair Value |
The composition of the Fund’s investment portfolio at cost and fair value was as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | December 31, 2024 | | | Amortized Cost | | Fair Value | | % of Fair Value | | Amortized Cost | | Fair Value | | % of Fair Value | | First-Lien Debt | $ | 1,752,785 | | | $ | 1,736,148 | | | 93.12 | % | | $ | 1,563,049 | | | $ | 1,558,902 | | | 92.71 | % | | Subordinated Debt (1) | 104,149 | | | 101,193 | | | 5.43 | % | | 105,214 | | | 102,993 | | | 6.12 | % | | | Equity Investments | 24,947 | | | 26,964 | | | 1.45 | % | | 19,418 | | | 19,714 | | | 1.17 | % | | | Total | $ | 1,881,881 | | | $ | 1,864,305 | | | 100.00 | % | | $ | 1,687,681 | | | $ | 1,681,609 | | | 100.00 | % | | | Largest portfolio company investment | $ | 25,320 | | | $ | 25,157 | | | 1.35 | % | | $ | 20,992 | | | $ | 21,429 | | | 1.27 | % | | | Average portfolio company investment | $ | 6,512 | | | $ | 6,451 | | | 0.35 | % | | $ | 6,137 | | | $ | 6,115 | | | 0.36 | % | |
_______________ (1)As of June 30, 2025, Subordinated Debt at fair value was comprised of second lien term loans and/or second lien notes of $54,064, mezzanine debt of $45,952 and structured debt of $1,177, and Subordinated Debt at amortized cost was comprised of second lien term loans and/or second lien notes of $56,542, mezzanine debt of $46,417 and structured debt of $1,190. As of December 31, 2024, Subordinated Debt at fair value was comprised of second lien term loans and/or second lien notes of $49,896, mezzanine debt of $52,014 and structured debt of $1,083, and Subordinated Debt at amortized cost was comprised of second lien term loans and/or second lien notes of $51,588, mezzanine debt of $52,535, and structured debt of $1,091. The industry composition of the Fund’s investment portfolio as a percentage of fair value as of June 30, 2025 and December 31, 2024 was as follows:
| | | | | | | | | | | | | Industry | June 30, 2025 | | December 31, 2024 | | Aerospace & Defense | 1.79 | % | | 1.93 | % | | Automotive | 1.66 | % | | 1.72 | % | | Banking, Finance, Insurance & Real Estate | 5.26 | % | | 3.90 | % | | Beverage, Food & Tobacco | 4.39 | % | | 5.40 | % | | Capital Equipment | 8.04 | % | | 7.45 | % | | Chemicals, Plastics & Rubber | 1.92 | % | | 2.64 | % | | Construction & Building | 8.38 | % | | 7.12 | % | | Consumer Goods: Durable | 1.43 | % | | 1.27 | % | | Consumer Goods: Non-durable | 2.83 | % | | 3.56 | % | | Containers, Packaging & Glass | 1.37 | % | | 1.14 | % | | Energy: Electricity | 1.71 | % | | 1.60 | % | | Energy: Oil & Gas | 0.59 | % | | 0.57 | % | | Environmental Industries | 3.13 | % | | 4.38 | % | | Healthcare & Pharmaceuticals | 13.73 | % | | 12.13 | % | | High Tech Industries | 7.98 | % | | 8.49 | % | | Hotel, Gaming & Leisure | 0.34 | % | | 0.38 | % | | Media: Advertising, Printing & Publishing | 0.90 | % | | 1.03 | % | | Media: Broadcasting & Subscription | 0.10 | % | | 0.33 | % | | Media: Diversified & Production | 0.28 | % | | 0.31 | % | | Metals & Mining | 0.14 | % | | 0.16 | % | | Retail | 0.14 | % | | 0.16 | % | | Services: Business | 17.31 | % | | 16.22 | % | | Services: Consumer | 5.31 | % | | 5.88 | % | | Sovereign & Public Finance | 0.50 | % | | 0.55 | % | | Telecommunications | 2.31 | % | | 2.50 | % | | Transportation: Cargo | 1.98 | % | | 2.02 | % | | Transportation: Consumer | 1.01 | % | | 1.13 | % | | Utilities: Electric | 2.60 | % | | 2.80 | % | | Utilities: Water | 0.61 | % | | 0.59 | % | | Wholesale | 2.26 | % | | 2.64 | % | | Total | 100.00 | % | | 100.00 | % |
The geographic composition of investments at cost and fair value was as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | | Cost | | Fair Value | | % of Total Investments at Fair Value | | Fair Value as % of Net Assets | | | United States | $ | 1,798,159 | | | $ | 1,780,983 | | | 95.52 | % | | 163.92 | % | | | Canada | 25,326 | | | 25,154 | | | 1.35 | % | | 2.32 | % | | | Germany | 24,442 | | | 24,374 | | | 1.31 | % | | 2.24 | % | | | United Kingdom | 20,176 | | | 20,044 | | | 1.08 | % | | 1.84 | % | | | Netherlands | 6,484 | | | 6,499 | | | 0.35 | % | | 0.60 | % | | | Luxembourg | 4,408 | | | 4,341 | | | 0.23 | % | | 0.40 | % | | | Cayman Islands | 1,476 | | | 1,497 | | | 0.08 | % | | 0.14 | % | | | Ireland | 1,410 | | | 1,413 | | | 0.08 | % | | 0.13 | % | | | Total | $ | 1,881,881 | | | $ | 1,864,305 | | | 100.00 | % | | 171.59 | % | |
| | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | | Cost | | Fair Value | | % of Total Investments at Fair Value | | Fair Value as % of Net Assets | | | United States | $ | 1,607,181 | | | $ | 1,600,998 | | | 95.21 | % | | 193.79 | % | | | Canada | 26,895 | | | 26,913 | | | 1.60 | % | | 3.26 | % | | | United Kingdom | 20,146 | | | 20,205 | | | 1.20 | % | | 2.45 | % | | | Germany | 19,571 | | | 19,535 | | | 1.16 | % | | 2.36 | % | | | Luxembourg | 8,224 | | | 8,243 | | | 0.49 | % | | 1.00 | % | | | Netherlands | 2,766 | | | 2,784 | | | 0.17 | % | | 0.34 | % | | | Cayman Islands | 1,482 | | | 1,508 | | | 0.09 | % | | 0.18 | % | | | Ireland | 1,416 | | | 1,423 | | | 0.08 | % | | 0.17 | % | | | Total | $ | 1,687,681 | | | $ | 1,681,609 | | | 100.00 | % | | 203.55 | % | |
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