The Fund invests primarily in first-lien debt which may include stand-alone first-lien loans, unitranche/last-out loans and first lien/last-out loans which generally bear greater risk in exchange for a higher interest rate, and senior secured corporate bonds with similar features to these categories of first-lien loans. At June 30, 2025, the unitranche/last-out loans and first lien/last-out loans, at fair value, were 0.2% and 5.3% of the investment portfolio, respectively. At December 31, 2024, the unitranche/last-out loans and first lien/last-out loans, at fair value, were 0.2% and 4.6% of the investment portfolio, respectively.

The following table presents the composition of the investment portfolio by industry classifications at amortized cost and fair value as of June 30, 2025 and December 31, 2024 with corresponding percentages of total fair value:


	June 30, 2025							December 31, 2024
Industry Classification	Amortized Cost		Fair Value		% of Fair Value			Amortized Cost		Fair Value		% of Fair Value
Aerospace & Defense	$	20,507,151	$	20,671,800		2.23	%	$	45,540,104	$	45,623,118		5.12	%
Automobiles & Components		15,953,968		15,963,165		1.72			19,406,634		19,567,821		2.20
Business Services		37,506,712		38,605,746		4.16			45,408,746		46,722,292		5.24
Commercial Services		9,377,340		9,453,779		1.02			9,151,816		9,263,700		1.04
Consumer Apparel		10,761,560		9,316,232		1.00			10,879,328		9,460,828		1.06
Consumer Brands		4,735,369		4,737,276		0.51			4,735,345		4,778,687		0.54
Consumer Products		25,987,436		26,926,253		2.90			26,572,439		27,451,180		3.08
Consumer Services		—		1,744,709		0.19			—		1,452,401		0.16
E-Commerce		25,188,645		19,736,922		2.13			31,681,893		25,617,170		2.87
Education		7,504,023		7,465,631		0.80			—		—		—
Energy		11,222,349		11,126,423		1.20			—		—		—
Environmental Solutions		15,864,196		16,000,358		1.72			15,603,000		15,594,785		1.75
Fitness & Leisure		14,831,192		14,980,219		1.61			10,689,826		11,019,232		1.24
Food & Beverage		26,452,353		26,170,615		2.82			10,184,494		9,964,578		1.12
Gaming & Entertainment		27,574,072		28,417,805		3.06			12,677,614		12,756,535		1.43
Government Services		11,749,250		11,804,323		1.27			10,412,630		10,496,974		1.18
Healthcare Equipment & Supplies		18,184,472		18,011,640		1.94			13,452,288		13,445,474		1.51
Healthcare Providers & Services		60,567,371		51,767,414		5.58			59,051,706		54,807,953		6.15
Healthcare Technology		16,513,656		16,565,021		1.79			16,732,001		16,796,811		1.89
Industrial Products & Services		68,879,269		68,841,988		7.42			72,711,060		71,759,336		8.05
Industrial Real Estate		—		—		—			5,044,082		5,023,214		0.56
Insurance & Insurance Services		19,830,118		19,661,391		2.12			12,601,730		12,646,297		1.42
Manufacturing		—		—		—			8,248,666		8,491,346		0.95
Media: Diversified & Production		21,259,507		21,160,981		2.28			21,410,976		21,204,573		2.38
Multi-Family		22,166,739		8,459,649		0.91			28,374,320		15,174,116		1.70
Oilfield Services		36,117,872		36,171,229		3.90			30,200,315		30,429,425		3.42
Paper & Packaging		47,786,703		46,872,769		5.05			49,653,490		46,887,093		5.26
Pharmaceuticals & Life Sciences		15,556,096		13,442,925		1.45			30,755,017		28,204,141		3.17
Power Generation		15,884,549		16,108,471		1.74			16,711,504		16,784,859		1.88
Professional Services		20,817,972		21,011,581		2.26			19,627,367		19,925,967		2.24
Utilities		4,993,703		4,990,075		0.54			—		—		—
Real Estate Development & Management		27,897,590		27,399,493		2.95			25,857,920		25,766,625		2.89
Software & Services		116,331,777		116,470,383		12.55			88,131,797		87,300,854		9.80
Specialty Chemicals		9,082,472		9,099,832		0.98			10,341,858		10,281,804		1.15
Specialty Retail		37,990,411		44,984,026		4.85			41,881,575		46,053,641		5.17
Technology		60,104,418		61,097,607		6.59			45,828,563		45,997,815		5.16
Technology Hardware & Equipment		17,778,572		17,582,547		1.90			18,319,538		18,258,574		2.05
Telecommunications		19,089,445		14,643,123		1.58			18,915,705		17,313,343		1.94
Transportation & Logistics		29,349,909		28,758,080		3.10			29,253,850		27,298,509		3.06
Other		3,778,309		1,467,056		0.18			3,724,975		1,424,586		0.17
Total	$	955,176,546	$	927,688,537		100.00	%	$	919,774,172	$	891,045,657		100.00	%

The following table presents the composition of the investment portfolio by geographic dispersion at amortized cost and fair value as of June 30, 2025 and December 31, 2024 with corresponding percentages of total fair value:


	June 30, 2025							December 31, 2024
Geographic Dispersion(1)	Amortized Cost		Fair Value		% of Fair Value			Amortized Cost		Fair Value		% of Fair Value
Australia	$	4,926,035	$	4,942,301		0.53	%	$	6,250,605	$	6,562,777		0.74	%
Canada		24,996,696		25,171,191		2.71			22,401,729		22,639,890		2.54
Germany		—		—		—			4,122,740		4,100,660		0.46
Luxembourg		4,228,810		11,333,117		1.22			3,909,351		8,036,760		0.90
Netherlands		3,977,955		3,732,170		0.40			3,989,999		3,960,091		0.44
United Kingdom		5,039,297		5,436,060		0.59			5,100,651		5,018,589		0.56
United States of America		912,007,753		877,073,698		94.55			873,999,097		840,726,890		94.36
Total	$	955,176,546	$	927,688,537		100.00	%	$	919,774,172	$	891,045,657		100.00	%

(1)

Geographic dispersion represents the country of the issuer and may not represent the operating domicile.