v3.26.1
INVESTMENTS
 6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
INVESTMENTS INVESTMENTS
The composition of the Fund’s investment portfolio at cost and fair value was as follows:
June 30, 2026December 31, 2025
CostFair Value% of Fair ValueCostFair Value% of Fair Value
First-Lien Debt$3,050,951 $3,016,224 92.64 %$2,009,009 $2,001,896 92.86 %
Subordinated Debt (1)
158,902 155,543 4.78 %112,927 110,299 5.12 %
Equity Investments80,939 84,118 2.58 %42,675 43,651 2.02 %
Total$3,290,792 $3,255,885 100.00 %$2,164,611 $2,155,846 100.00 %
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(1)As of June 30, 2026, Subordinated Debt at fair value was comprised of second lien term loans and/or second lien notes of $69,981 and mezzanine debt of $85,562, and Subordinated Debt at cost was comprised of second lien term loans and/or second lien notes of $72,198 and mezzanine debt of $86,704. As of December 31, 2025, Subordinated Debt at fair value was comprised of second lien term loans and/or second lien notes of $61,168, mezzanine debt of $47,832 and structured debt of $1,299, and Subordinated Debt at cost was comprised of second lien term loans and/or second lien notes of $63,332, mezzanine debt of $48,295, and structured debt of $1,300.
The industry composition of the Fund’s investment portfolio as a percentage of fair value as of June 30, 2026 and December 31, 2025 was as follows:
IndustryJune 30, 2026December 31, 2025
Aerospace & Defense1.89 %1.53 %
Automotive0.79 %1.37 %
Banking, Finance, Insurance & Real Estate5.04 %6.54 %
Beverage, Food & Tobacco6.86 %4.82 %
Capital Equipment7.50 %7.90 %
Chemicals, Plastics & Rubber1.52 %1.53 %
Construction & Building6.15 %6.53 %
Consumer Goods: Durable1.15 %1.65 %
Consumer Goods: Non-durable2.24 %3.02 %
Containers, Packaging & Glass2.40 %0.85 %
Energy: Electricity1.82 %1.98 %
Energy: Oil & Gas0.44 %0.58 %
Environmental Industries3.58 %3.92 %
Healthcare & Pharmaceuticals13.16 %13.80 %
High Tech Industries10.26 %8.13 %
Hotel, Gaming & Leisure0.31 %0.32 %
Media: Advertising, Printing & Publishing0.85 %0.78 %
Media: Broadcasting & Subscription0.13 %0.18 %
Media: Diversified & Production0.16 %0.21 %
Metals & Mining0.07 %0.07 %
Retail0.06 %— %
Services: Business18.63 %18.85 %
Services: Consumer5.20 %3.68 %
Sovereign & Public Finance0.45 %0.42 %
Telecommunications2.48 %1.93 %
Transportation: Cargo1.30 %1.73 %
Transportation: Consumer0.75 %1.02 %
Utilities: Electric2.60 %4.03 %
Utilities: Water0.68 %0.69 %
Wholesale1.53 %1.94 %
Total100.00 %100.00 %

The geographic composition of investments at cost and fair value was as follows:
June 30, 2026
CostFair Value% of Total Investments at Fair ValueFair Value as % of Net Assets
United States$3,150,328 $3,115,615 95.69 %211.13 %
Canada61,805 61,818 1.90 %4.19 %
Denmark2,700 2,701 0.08 %0.18 %
Germany29,250 29,393 0.90 %1.99 %
United Kingdom31,539 31,230 0.96 %2.12 %
Netherlands10,248 10,209 0.32 %0.69 %
Ireland4,922 4,919 0.15 %0.33 %
Total$3,290,792 $3,255,885 100.00 %220.63 %
December 31, 2025
CostFair Value% of Total Investments at Fair ValueFair Value as % of Net Assets
United States$2,063,637 $2,054,885 95.32 %148.04 %
Canada34,930 34,964 1.62 %2.52 %
Germany28,528 28,764 1.33 %2.07 %
United Kingdom24,300 23,985 1.11 %1.73 %
Netherlands8,962 8,981 0.42 %0.65 %
Ireland4,254 4,267 0.20 %0.31 %
Total$2,164,611 $2,155,846 100.00 %155.32 %
As of June 30, 2026 and December 31, 2025, on a fair value basis, 95.93% and 95.73%, respectively, of the Fund’s debt investments earn interest at a floating rate and 4.07% and 4.27%, respectively, of the Fund’s debt investments earn interest at a fixed rate.