As of June 30, 2026, the Company had loans to 18 portfolio companies, of which 77% were first lien loans and 23% were second lien loans, at fair value, respectively. The Company also had equity investments in five portfolio companies and investments in five Structured Finance Securities.

As of June 30, 2026, the Company’s investments consisted of the following:


			Percentage of Total								Percentage of Total
	Amortized Cost		Amortized Cost			Net Assets			Fair Value		Fair Value			Net Assets
First lien debt investments(1)	$	13,908,851		48.0	%		173.6	%	$	12,100,948		60.9	%		151.0	%
Second lien debt investments		6,662,272		23.0	%		83.1	%		3,665,909		18.5	%		45.7	%
Preferred equity investments		34,464		0.1	%		0.4	%		36,830		0.2	%		0.5	%
Common equity and warrant investments		340,671		1.2	%		4.3	%		797,637		4.0	%		10.0	%
Total debt and equity investments		20,946,258		72.3	%		261.4	%		16,601,324		83.6	%		207.2	%
Structured Finance Securities		8,023,128		27.7	%		100.1	%		3,257,083		16.4	%		40.6	%
Total investments	$	28,969,386		100.0	%		361.5	%	$	19,858,407		100.0	%		247.8	%

(1)

Includes unitranche investments (which are loans that combine both senior and subordinated debt, in a first lien position) with an amortized cost and fair value of $10,201,640 and $8,885,636, respectively. Unitranche loans generally provide leverage levels comparable to a combination of first lien and second lien or subordinated loans. Investments in “last out” pieces of unitranche loans will be similar to second lien loans in that such investments will be junior in priority to the “first out” piece of the same unitranche loan with respect to payment of principal and interest.

As of June 30, 2026, all of the Company’s debt and equity investments were domiciled in the United States, while its Structured Finance Securities were domiciled in the Cayman Islands. These CLO investments generally hold underlying portfolios of debt investments of companies domiciled in the United States. Geographic composition is determined by the location of the corporate headquarters of the portfolio company.

The industry compositions of the Company’s portfolio were as follows:


			Percentage of Total								Percentage of Total
Industry	Amortized Cost		Amortized Cost			Net Assets			Fair Value		Fair Value			Net Assets
Administrative and Support and Waste Management and Remediation Services	$	2,190,982		7.6	%		27.3	%	$	2,109,023		10.7	%		26.3	%
Education Services		1,371,648		4.7	%		17.1	%		1,390,154		7.0	%		17.3	%
Finance and Insurance		1,412,508		4.9	%		17.6	%		1,354,603		6.8	%		16.9	%
Health Care and Social Assistance		5,169,307		17.8	%		64.5	%		2,344,364		11.8	%		29.3	%
Information		1,295,201		4.5	%		16.2	%		1,564,751		7.9	%		19.5	%
Management of Companies and Enterprises		1,446,099		5.0	%		18.0	%		1,195,891		6.0	%		14.9	%
Manufacturing		3,363,042		11.6	%		42.0	%		2,866,499		14.4	%		35.8	%
Professional, Scientific, and Technical Services		1,646,256		5.7	%		20.5	%		1,647,138		8.3	%		20.6	%
Public Administration		46,403		0.2	%		0.6	%		1,177		—	%		—	%
Retail Trade		2,334,080		8.0	%		29.2	%		1,650,163		8.3	%		20.6	%
Wholesale Trade		670,732		2.3	%		8.4	%		477,561		2.4	%		6.0	%
Total debt and equity investments		20,946,258		72.3	%		261.4	%		16,601,324		83.6	%		207.2	%
Structured Finance Securities		8,023,128		27.7	%		100.1	%		3,257,083		16.4	%		40.6	%
Total investments	$	28,969,386		100.0	%		361.5	%	$	19,858,407		100.0	%		247.8	%

As of December 31, 2025, the Company had loans to 24 portfolio companies, of which 76% were first lien loans and 24% were second lien loans, at fair value, respectively. The Company also had equity investments in five portfolio companies and five investments in Structured Finance Securities.

As of December 31, 2025, the Company's investments consisted of the following:


			Percentage of Total								Percentage of Total
	Amortized Cost		Amortized Cost			Net Assets			Fair Value		Fair Value			Net Assets
First lien debt investments(1)	$	19,669,597		54.3	%		170.7	%	$	18,083,409		60.7	%		157.1	%
Second lien debt investments		8,099,214		22.3	%		70.3	%		5,797,049		19.5	%		50.3	%
Preferred equity investments		34,464		0.1	%		0.3	%		36,265		0.1	%		0.3	%
Common equity and warrant investments		340,671		0.9	%		3.0	%		624,731		2.1	%		5.4	%
Total debt and equity investments		28,143,946		77.6	%		244.3	%		24,541,454		82.4	%		213.1	%
Structured Finance Securities		8,143,426		22.4	%		70.7	%		5,227,081		17.6	%		45.3	%
Total investments	$	36,287,372		100.0	%		315.0	%	$	29,768,535		100.0	%		258.4	%

(1)

Includes unitranche investments (which are loans that combine both senior and subordinated debt, in a first lien position) with an amortized cost and fair value of $14,373,479 and $13,551,279, respectively. Unitranche loans generally provide leverage levels comparable to a combination of first lien and second lien or subordinated loans. Investments in “last out” pieces of unitranche loans will be similar to second lien loans in that such investments will be junior in priority to the “first out” piece of the same unitranche loan with respect to payment of principal and interest.

As of December 31, 2025, all of the Company’s debt and equity investments were domiciled in the United States, while its Structured Finance Securities were domiciled in the Cayman Islands. These CLO investments generally hold underlying portfolios of debt investments of companies domiciled in the United States. Geographic composition is determined by the location of the corporate headquarters of the portfolio company.

The industry compositions of the Company’s portfolio were as follows:


			Percentage of Total								Percentage of Total
Industry	Amortized Cost		Amortized Cost			Net Assets			Fair Value		Fair Value			Net Assets
Administrative and Support and Waste Management and Remediation Services	$	2,194,854		6.1	%		19.1	%	$	2,033,739		6.8	%		17.7	%
Education Services		1,377,674		3.8	%		12.0	%		1,386,259		4.7	%		12.0	%
Finance and Insurance		1,368,448		3.8	%		11.9	%		1,314,331		4.4	%		11.4	%
Health Care and Social Assistance		7,116,691		19.6	%		61.7	%		4,876,124		16.4	%		42.3	%
Information		3,696,245		10.2	%		32.1	%		3,475,513		11.7	%		30.2	%
Management of Companies and Enterprises		1,449,425		4.0	%		12.6	%		1,317,527		4.4	%		11.4	%
Manufacturing		3,905,900		10.8	%		33.8	%		3,547,023		11.9	%		30.9	%
Other Services (except Public Administration)		1,443,871		4.0	%		12.5	%		1,497,428		5.0	%		13.0	%
Professional, Scientific, and Technical Services		1,619,526		4.5	%		14.1	%		1,626,505		5.5	%		14.1	%
Public Administration		46,403		0.1	%		0.4	%		2,168	—%			—%
Retail Trade		2,337,606		6.4	%		20.3	%		1,919,320		6.4	%		16.7	%
Real Estate and Rental and Leasing		916,571		2.5	%		8.0	%		920,395		3.1	%		8.0	%
Wholesale Trade		670,732		1.8	%		5.8	%		625,122		2.1	%		5.4	%
Total debt and equity investments		28,143,946		77.6	%		244.3	%		24,541,454		82.4	%		213.1	%
Structured Finance Securities		8,143,426		22.4	%		70.7	%		5,227,081		17.6	%		45.3	%
Total investments	$	36,287,372		100.0	%		315.0	%	$	29,768,535		100.0	%		258.4	%

Non-Accrual Loans: Management reviews, for placement on non-accrual status, all loans and CLO mezzanine debt investments that become past due on principal and interest, and/or when there is reasonable doubt that principal or interest will be collected. When a loan is placed on non-accrual status, accrued and unpaid cash interest is reversed. PIK income that has been contractually capitalized to the principal balance of the investment prior to the non-accrual designation date is not reserved against interest or dividend income, but rather is assessed through the valuation of the investment with corresponding adjustments to unrealized appreciation/depreciation, as applicable. Additionally, Net Loan Fees are no longer recognized as of the date the loan is placed on non-accrual status. Depending upon management’s judgment, interest payments subsequently received on non-accrual investments may be recognized as interest income or applied as a reduction to amortized cost. Interest accruals and Net Loan Fee amortization are resumed on non-accrual investments only when they are brought current with respect to principal and interest payments or until a restructuring occurs and, in the judgment of management, it is probable that the Company will collect all principal and interest from the investment.

For the three months ended June 30, 2026, loans to a portfolio company with an aggregate amortized cost and fair value of $1,446,099 and $1,195,891, respectively, were placed on non-accrual status. The aggregate amortized cost and fair value of loans on non-accrual status as of June 30, 2026 was $4,710,492 and $1,672,130, respectively. As of December 31, 2025, the Company had loans on non-accrual status with an aggregate amortized cost and fair value of $3,264,393 and $1,043,941, respectively.

Portfolio Concentration: The following table presents the Company’s borrowers based on fair value that comprise greater than 10% of the Company’s total net assets as of June 30, 2026.


							Percentage of Total
Portfolio Company	Investment Type	Industry	Amortized Cost		Fair Value		Fair Value			Net Assets
TruGreen Limited Partnership	Second Lien Debt	Administrative and Support and Waste Management and Remediation Services	$	1,514,788	$	1,440,000		7.3	%		18.0	%
SS Acquisition, LLC(2)	First Lien Debt	Education Services		1,371,648		1,390,154		7.0	%		17.3	%
Clevertech Bidco, LLC(2)	First Lien Debt	Finance and Insurance		1,412,508		1,354,603		6.8	%		16.9	%
BCPE North Star US Holdco 2, Inc. (F/K/A Dessert Holdings)	Second Lien Debt	Manufacturing		1,212,359		1,272,109		6.4	%		15.9	%
One GI LLC	First Lien Debt	Management of Companies and Enterprises		1,446,099		1,195,891		6.0	%		14.9	%
Apex Credit CLO 2020 Ltd.(1)	Subordinated Note	Structured Finance Securities		3,018,849		1,157,892		5.8	%		14.4	%
Inergex Holdings, LLC	First Lien Debt	Professional, Scientific, and Technical Services		1,155,106		1,156,314		5.8	%		14.4	%
Heritage Grocers Group, LLC (F/K/A Tony's Fresh Market / Cardenas Markets)	First Lien Debt	Retail Trade		1,713,200		1,129,866		5.7	%		14.1	%
Boca Home Care Holdings, Inc.(2)	First Lien Debt, Common and Preferred Equity	Health Care and Social Assistance		1,069,523		1,020,199		5.1	%		12.8	%
Apex Credit CLO 2022-1 Ltd.(1)	Subordinated Note	Structured Finance Securities		1,815,329		890,715		4.5	%		11.1	%
Allen Media, LLC	First Lien Debt	Information		1,180,047		866,751		4.4	%		10.8	%
Medrina LLC(2)	First Lien Debt	Health Care and Social Assistance		835,391		847,926		4.3	%		10.6	%
RideNow Group, Inc. (F/K/A RumbleOn, Inc.)	First Lien Debt and Warrants	Manufacturing		824,691		805,021		4.1	%		10.1	%
Total			$	18,569,538	$	14,527,441		73.2	%		181.3	%

A deterioration in the operating performance of these portfolio investments, or other factors underlying the valuation of these investments, could have a material impact on the Company’s NAV.