The composition of the Company’s investment portfolio at cost and fair value as of June 30, 2026 and December 31, 2025 were as follows:


	June 30, 2026							December 31, 2025
	Amortized Cost		Fair Value		% of Total Investments at Fair Value			Amortized Cost		Fair Value		% of Total Investments at Fair Value
First lien debt	$	1,076,504,190	$	1,069,394,384		96.40	%	$	1,014,538,515	$	1,012,512,999		91.22	%
Second lien debt		27,285,624		27,091,046		2.44	%		79,589,151		79,235,481		7.14	%
Profit Participation Loan		7,524,153		7,375,108		0.66	%		—		—		—
Equity		4,591,763		5,504,765		0.50	%		17,462,670		18,228,567		1.64	%
Total investments	$	1,115,905,730	$	1,109,365,303		100.00	%	$	1,111,590,336	$	1,109,977,047		100.00	%

The industry composition of investments based on fair value as of June 30, 2026 and December 31, 2025, were as follows:


	June 30, 2026			December 31, 2025
Oil, Gas & Consumable Fuels		9.08	%		9.26	%
Independent Power and Renewable Electricity Producers		7.64			7.83
Health Care Providers & Services		6.91			6.72
Building Products		6.32			6.87
Entertainment		6.17			6.24
Software		5.95			6.10
Hotels, Restaurants & Leisure		5.20			5.02
Media		5.14			5.13
Specialty Retail		4.94			5.13
Biotechnology		4.63			4.24
Real Estate Management & Development		4.63			—
Insurance		4.50			—
Construction Materials		3.49			3.34
Machinery		3.24			3.28
Automobile Components		3.13			3.28
IT Services		2.84			3.05
Electric Utilities		2.38			3.67
Trading Companies & Distributors		2.18			2.12
Metals & Mining		2.15			—
Commercial Services & Supplies		2.04			2.93
Automobiles		1.69			1.72
Construction & Engineering		1.62			4.33
Textiles, Apparel & Luxury Goods		1.32			1.35
Ground Transportation		1.23			0.07
Capital Markets		0.66			—
Gas Utilities		0.36			0.35
Chemicals		0.26			0.36
Distributors		0.12			0.20
Air Freight & Logistics		0.09			0.04
Household Durables		0.09			4.73
Aerospace & Defense		—			2.08
Electronic Equipment, Instruments & Components		—			0.22
Energy Equipment & Services		—			0.18
Food Products		—			0.16
Total		100.00	%		100.00	%

The geographic composition of investments at cost and fair value as of June 30, 2026 and December 31, 2025 were as follows:


	June 30, 2026										December 31, 2025
	Amortized Cost		Fair Value		% of Total Investments at Fair Value			Fair Value as % of Net Assets			Amortized Cost		Fair Value		% of Total Investments at Fair Value			Fair Value as % of Net Assets
United States	$	930,086,263	$	922,726,956		83.18	%		123.02	%	$	926,547,693	$	922,106,713		83.07	%		130.47	%
Canada		93,107,826		94,428,332		8.51	%		12.59	%		96,593,415		97,826,849		8.81	%		13.84	%
Germany		85,187,488		84,834,907		7.65	%		11.31	%		85,032,755		86,857,421		7.83	%		12.29	%
Ireland		7,524,153		7,375,108		0.66	%		0.98	%		—		—		—			—
Luxembourg		—		—		—			—			1,980,476		1,999,950		0.18	%		0.28	%
United Kingdom		—		—		—			—			1,435,997		1,186,114		0.11	%		0.17	%
Total	$	1,115,905,730	$	1,109,365,303		100.00	%		147.90	%	$	1,111,590,336	$	1,109,977,047		100.00	%		157.05	%

The following tables present the fair value hierarchy of the Company’s investment portfolio as of June 30, 2026 and December 31, 2025:


	June 30, 2026
Assets	Level 1		Level 2		Level 3		Total
First Lien Debt	$	—	$	50,020,260	$	1,019,374,124	$	1,069,394,384
Second Lien Debt		—		—		27,091,046		27,091,046
Profit Participating Loan		—		—		7,375,108		7,375,108
Equity		—		—		733,312		733,312
Subtotal	$	—	$	50,020,260	$	1,054,573,590	$	1,104,593,850
Investment measured at net asset value(1)								4,771,453
Total investments							$	1,109,365,303

(1)

The Company, as a practical expedient, estimates the fair value of its investments in KKR Tinder TFC Aggregator L.P. and KELS MM 2026-1 Designated Activity Company using the net asset value of the Company’s interest in the entities. As such, the fair value has not been classified within the fair value hierarchy.


	December 31, 2025
Assets	Level 1		Level 2		Level 3		Total
First Lien Debt	$	—	$	63,686,105	$	948,826,894	$	1,012,512,999
Second Lien Debt		—		—		79,235,481		79,235,481
Equity		338,798		—		920,642		1,259,440
Subtotal	$	338,798	$	63,686,105	$	1,028,983,017	$	1,093,007,920
Investment measured at net asset value(1)								16,969,127
Total investments							$	1,109,977,047

(1)

The Company, as a practical expedient, estimates the fair value of its investment in KKR Tinder TFC Aggregator L.P. using the net asset value of the Company’s interest in the entity. As such, the fair value has not been classified within the fair value hierarchy.


	First Lien Debt			Second Lien Debt			Profit Participating Loan			Equity			Total
Balance as of March 31, 2026	$	967,207,290		$	83,326,811		$	—		$	825,614		$	1,051,359,715
Purchases of investments		94,091,024			—			7,524,153			—			101,615,177
Proceeds from principal pre-payments and sales of investments		(42,687,172	)		(54,837,410	)		—			—			(97,524,582	)
Payment-in-kind		904,108			529,547			—			—			1,433,655
Net accretion of discount on investments		1,562,665			909,981			—			—			2,472,646
Net realized gain (loss)		824,306			542,945			—			—			1,367,251
Net change in unrealized appreciation/(depreciation)		(543,072	)		(3,380,828	)		(149,045	)		(92,302	)		(4,165,247	)
Transfers into Level 3(1)		—			—			—			—			—
Transfers out of Level 3(1)		(1,985,025	)		—			—			—			(1,985,025	)
Balance as of June 30, 2026	$	1,019,374,124		$	27,091,046		$	7,375,108		$	733,312		$	1,054,573,590

Net change in unrealized appreciation (depreciation) on Level 3 investments still held at the end of the period	$	500,926		$	(502,672	)	$	(149,045	)	$	(92,303	)	$	(243,094	)


	First Lien Debt			Second Lien Debt			Profit Participating Loan			Equity			Total
Balance as of December 31, 2025	$	948,826,894		$	79,235,481		$	—		$	920,642		$	1,028,983,017
Purchases of investments		169,514,463			—			7,524,153			—			177,038,616
Proceeds from principal pre-payments and sales of investments		(98,009,022	)		(54,837,410	)		—			—			(152,846,432	)
Payment-in-kind		2,303,638			1,045,321			—			—			3,348,959
Net accretion of discount on investments		3,043,196			945,618			—			—			3,988,814
Net realized gain (loss)		1,055,355			542,945			—			—			1,598,300
Net change in unrealized appreciation/(depreciation)		(5,365,400	)		159,091			(149,045	)		(187,330	)		(5,542,684	)
Transfers into Level 3(1)		—			—			—			—			—
Transfers out of Level 3(1)		(1,995,000	)		—			—			—			(1,995,000	)
Balance as of June 30, 2026	$	1,019,374,124		$	27,091,046		$	7,375,108		$	733,312		$	1,054,573,590

Net change in unrealized appreciation (depreciation) on Level 3 investments still held at the end of the period	$	(5,288,158	)	$	(999,201	)	$	(149,045	)	$	(187,330	)	$	(6,623,734	)

Level 2 investments are valued using prices obtained from pricing services. Due to changes in the observability of certain valuation inputs period over period the Company had $(1,985,025) and $(1,995,000) in transfers between levels on a net basis during the three and six months ended June 30, 2026, respectively.


	First Lien Debt			Second Lien Debt			Total
Balance as of March 31, 2025	$	621,187,775		$	76,315,930		$	697,503,705
Purchases of investments		212,151,503			273,761			212,425,264
Proceeds from principal pre-payments and sales of investments		(71,275,923	)		—			(71,275,923	)
Payment-in-kind		529,517			813,637			1,343,154
Net accretion of discount on investments		2,301,821			182,994			2,484,815
Net realized gain (loss)		419,390			—			419,390
Net change in unrealized appreciation/(depreciation)		5,091,087			(611,039	)		4,480,048
Transfers into Level 3		18,615,493			—			18,615,493
Transfers out of Level 3		(6,588,432	)		—			(6,588,432	)
Balance as of June 30, 2025	$	782,432,231		$	76,975,283		$	859,407,514

Net change in unrealized appreciation (depreciation) on Level 3 investments still held at the end of the period	$	4,032,931		$	(611,039	)	$	3,421,892


	First Lien Debt			Second Lien Debt			Total
Balance as of December 31, 2024	$	531,672,622		$	75,443,518		$	607,116,140
Purchases of investments		353,276,519			273,761			353,550,280
Proceeds from principal pre-payments and sales of investments		(113,860,187	)		—			(113,860,187	)
Payment-in-kind		1,013,699			1,588,770			2,602,469
Net accretion of discount on investments		3,831,807			355,999			4,187,806
Net realized gain (loss)		1,869,187			—			1,869,187
Net change in unrealized appreciation/(depreciation)		3,383,835			(686,765	)		2,697,070
Transfers into Level 3		6,269,653			—			6,269,653
Transfers out of Level 3		(5,024,904	)		—			(5,024,904	)
Balance as of June 30, 2025	$	782,432,231		$	76,975,283		$	859,407,514

Net change in unrealized appreciation (depreciation) on Level 3 investments still held at the end of the period	$	4,177,151		$	(686,765	)	$	3,490,386

Level 2 investments are valued using prices obtained from pricing services. Due to changes in the observability of certain valuation inputs period over period the Company had $12,027,061 and $1,244,749 in transfers between levels on a net basis during the three and six months ended June 30, 2025, respectively.

The valuation techniques and significant unobservable inputs used in the valuation of Level 3 investments as of June 30, 2026 and December 31, 2025 were as follows:

         Investment Type

         Fair Value as of June 30, 2026

         Valuation
Technique

         Unobservable 
Input

         Range

         Weighted
Average (1)

Equity

733,312

Market Approach

EBITDA Multiple

12.50x - 13.50x

13.00x

          
         Income Approach

         Discount rate

         8.75%

         8.75%

Profit Participating Loan

7,375,108

Recoverability Analysis

Recoverability Amount

N/A

N/A

Second Lien Debt

27,091,046

Market Approach

EBITDA Multiple

12.50x - 13.50x

13.00x

          
         Income Approach

         Discount rate

         8.75%

         8.75%

First Lien Debt

1,007,488,248

Discounted cash flow

Discount rate

7.87% - 28.21%

11.04%

11,885,876

Market quotations

Broker quoted price

97.00 - 100.00

98.69

1,054,573,590

(1)

Unobservable inputs were weighted by the relative fair value of investments.

         Investment Type

         Fair Value as of December 31, 2025

         Valuation
Technique

         Unobservable 
Input

         Range

         Weighted
Average (2)

Equity

920,642

Market Approach

EBITDA Multiple

12.50x - 13.50x

13.00x

          
         Income Approach

         Discount rate

         9.00%

         9.00%

Second Lien Debt

52,190,555

Discounted cash flow

Discount rate

11.73% - 11.73%

11.73%

27,044,926

Market Approach

EBITDA Multiple

12.50x - 13.50x

13.00x

          
         Income Approach

         Discount rate

         9.00%

         9.00%

First Lien Debt

811,714,266

Discounted cash flow

Discount rate

8.61% - 20.14%

10.82%

12,420,497

Market quotations

Broker quoted price

96.00 - 100.63

99.47

124,692,131

Transactional Value(1)

N/A

N/A

N/A

1,028,983,017

(1)

Fair value was determined based on transaction pricing or recent acquisition or sale as the best measure of fair value with no material changes in operations of the related portfolio companies since the transaction date.

(2)

Unobservable inputs were weighted by the relative fair value of investments.

Changes in discount rates and broker quoted prices, each in isolation, may change the fair value of certain of the Company’s investments. Generally, an increase in discount rates or a decrease in broker quoted prices may result in a decrease in the fair value of certain of the Company’s investments.