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, 2026, the unitranche/last-out loans and first lien/last-out loans, at fair value, were 0.2% and 3.6% of the investment portfolio, respectively. At December 31, 2025, the unitranche/last-out loans and first lien/last-out loans, at fair value, were 0.2% and 3.9% 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, 2026 and December 31, 2025 with corresponding percentages of total fair value:


	June 30, 2026							December 31, 2025
Industry Classification	Amortized Cost		Fair Value		% of Fair Value			Amortized Cost		Fair Value		% of Fair Value
Aerospace & Defense	$	—	$	—		—	%	$	20,455,881	$	20,553,762		1.74	%
Automobiles & Components		27,849,215		26,278,364		2.29			32,722,656		32,701,485		2.76
Building Products		17,622,675		16,076,298		1.40			17,634,472		17,807,884		1.50
Business Services		38,345,573		38,965,762		3.39			37,890,342		38,966,643		3.29
Commercial Services		20,616,653		20,781,549		1.81			22,076,925		22,143,254		1.87
Consumer Apparel		—		—		—			10,633,803		9,277,125		0.78
Consumer Brands		5,350,706		5,178,247		0.45			5,343,239		5,360,510		0.45
Consumer Products		32,988,919		33,115,168		2.88			29,848,701		30,786,361		2.60
Consumer Services		2,309,683		2,918,725		0.25			2,517,165		3,786,460		0.32
E-Commerce		27,147,911		16,899,392		1.47			26,144,295		17,544,724		1.48
Education		11,239,719		9,434,753		0.82			7,461,099		6,131,321		0.52
Energy		17,031,500		17,099,254		1.49			11,278,592		11,172,297		0.94
Environmental Solutions		17,496,293		17,713,667		1.54			15,385,623		15,636,174		1.32
Financial Services		22,040,094		22,037,754		1.92			6,000,000		6,169,541		0.52
Fitness & Leisure		22,045,036		21,902,188		1.91			22,176,678		22,115,748		1.87
Food & Beverage		48,658,492		48,452,913		4.22			52,354,834		52,318,266		4.42
Gaming & Entertainment		50,301,436		50,284,119		4.38			37,304,535		37,844,614		3.20
Healthcare Equipment & Supplies		36,975,345		34,790,827		3.03			38,592,664		37,889,679		3.20
Healthcare Providers & Services		63,706,712		42,629,299		3.71			62,443,201		44,918,240		3.79
Healthcare Technology		17,623,042		18,066,469		1.57			16,480,469		16,559,437		1.40
Industrial Products & Services		91,645,018		93,500,429		8.14			90,192,862		90,946,123		7.68
Industrial Real Estate		14,773,575		10,399,219		0.91			14,783,004		11,386,450		0.96
Insurance & Insurance Services		18,257,923		16,947,083		1.48			21,623,044		21,306,004		1.80
Media: Diversified & Production		8,523,809		8,524,456		0.74			8,552,443		8,602,977		0.73
Multi-Family		20,621,463		5,084,651		0.44			22,052,506		6,932,559		0.59
Oilfield Services		22,656,142		22,678,484		1.97			22,769,307		22,712,556		1.92
Paper & Packaging		36,297,328		35,543,370		3.10			37,254,069		36,861,466		3.11
Pharmaceuticals & Life Sciences		34,502,151		28,362,093		2.47			16,051,824		13,949,451		1.18
Power Generation		26,749,234		28,380,745		2.47			26,626,715		28,436,723		2.40
Professional Services		39,385,736		39,280,452		3.42			43,974,214		44,127,951		3.73
Real Estate Development & Management		27,193,087		27,156,991		2.36			35,510,780		35,777,820		3.02
Software & Services		115,699,860		113,022,306		9.84			139,387,232		139,506,703		11.79
Specialty Chemicals		71,428,365		69,839,235		6.08			34,697,168		34,699,243		2.93
Specialty Retail		37,065,417		47,340,930		4.12			36,986,299		43,438,580		3.67
Staples Retail		12,306,249		12,408,569		1.08			12,727,688		12,843,425		1.08
Technology		86,794,579		84,729,488		7.38			96,143,818		96,386,739		8.14
Technology Hardware & Equipment		18,129,019		18,255,202		1.59			35,972,237		35,788,399		3.02
Telecommunications		14,395,181		14,494,301		1.26			14,364,536		14,383,655		1.22
Transportation & Logistics		25,162,515		28,244,122		2.46			28,823,313		29,482,604		2.49
Utilities		—		—		—			4,980,569		4,980,448		0.42
Other		3,897,072		1,561,627		0.16			3,836,429		1,513,337		0.15
Total	$	1,204,832,727	$	1,148,378,501		100.00	%	$	1,222,055,231	$	1,183,746,738		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, 2026 and December 31, 2025 with corresponding percentages of total fair value:


	June 30, 2026							December 31, 2025
Geographic Dispersion(1)	Amortized Cost		Fair Value		% of Fair Value			Amortized Cost		Fair Value		% of Fair Value
Australia	$	—	$	—		—	%	$	2,938,077	$	2,963,608		0.25	%
Canada		72,832,559		71,753,956		6.25			75,801,904		75,259,992		6.36
Germany		1,370,513		1,358,122		0.12			1,370,513		1,397,278		0.12
Italy		20,201,420		19,739,409		1.72			—		—		—
Luxembourg		9,474,333		19,066,543		1.66			9,336,857		15,895,812		1.34
Netherlands		13,396,663		12,869,199		1.12			13,588,258		13,162,941		1.11
United Kingdom		16,361,621		16,462,742		1.43			17,203,556		17,675,710		1.49
United States of America		1,071,195,618		1,007,128,530		87.70			1,101,816,066		1,057,391,397		89.33
Total	$	1,204,832,727	$	1,148,378,501		100.00	%	$	1,222,055,231	$	1,183,746,738		100.00	%

(1)

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