v3.26.1
INVESTMENTS (Tables)
 6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
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, 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 %