| Schedule of Investments |
As of December 31, 2025 and 2024, investments consisted of the following: | | | | | | | | | | | | | | | As of December 31, | | | 2025 | | 2024 | | | Amortized Cost(1) | | Fair Value | | Amortized Cost(1) | | Fair Value | First lien senior secured loans | | $ | 17,143,966 | | $ | 17,160,266 | | $ | 10,092,681 | | $ | 10,130,307 | Second lien senior secured loans | | | 430,463 | | | 429,160 | | | 157,058 | | | 158,500 | Senior subordinated loans | | | 1,003,023 | | | 1,068,842 | | | 214,927 | | | 213,500 | Corporate bonds | | | 97,600 | | | 99,063 | | | 64,700 | | | 65,312 | Collateralized loan obligations | | | 1,081,583 | | | 1,051,264 | | | 366,165 | | | 370,985 | Commercial mortgage-backed securities | | | 98,850 | | | 99,962 | | | 29,112 | | | 29,161 | Private asset-backed investments | | | 289,022 | | | 300,947 | | | 209,600 | | | 208,357 | Investments in joint ventures | | | 391,000 | | | 391,000 | | | — | | | — | Preferred equity | | | 302,430 | | | 317,476 | | | 107,984 | | | 122,570 | Other equity | | | 522,977 | | | 590,618 | | | 239,826 | | | 250,457 | Total | | $ | 21,360,914 | | $ | 21,508,598 | | $ | 11,482,053 | | $ | 11,549,149 |
| (1) | The amortized cost represents the original cost adjusted for any accretion of discounts, amortization of premiums and PIK interest or dividends. |
The industrial and geographic compositions of the Fund’s portfolio at fair value as of December 31, 2025 and 2024 were as follows: | | | | | | | | As of December 31, | | | | 2025 | | 2024 | | Industry | | | | | | Software and Services | | 22.0 | % | 21.5 | % | Health Care Equipment and Services | | 11.0 | | 9.3 | | Commercial and Professional Services | | 8.6 | | 7.3 | | Investment Funds and Vehicles(1) | | 8.5 | | 4.2 | | Capital Goods | | 7.7 | | 8.8 | | Financial Services | | 6.7 | | 6.7 | | Consumer Services | | 6.0 | | 8.7 | | Insurance | | 5.1 | | 6.3 | | Sports, Media and Entertainment | | 3.8 | | 5.8 | | Pharmaceuticals, Biotechnology and Life Sciences | | 3.1 | | 4.7 | | Consumer Distribution and Retail | | 3.0 | | 2.7 | | Independent Power and Renewable Electricity Producers | | 2.4 | | 0.7 | | Energy | | 1.9 | | 1.3 | | Transportation | | 1.7 | | 1.3 | | Materials | | 1.7 | | 2.3 | | Other | | 6.8 | | 8.4 | | Total | | 100.0 | % | 100.0 | % |
(1) | Includes the Fund’s investments in joint ventures. |
| | | | | | | | As of December 31, | | | | 2025 | | 2024 | | Geographic Region | | | | | | United States | | 86.7 | % | 90.3 | % | Europe | | 7.5 | | 5.5 | | Bermuda/Cayman Islands | | 4.5 | | 2.9 | | Canada | | 1.3 | | 1.2 | | Other | | — | | 0.1 | | Total | | 100.0 | % | 100.0 | % |
Below is a summary of the ADLP portfolio as of December 31, 2025. | | As of December 31, 2025 | Total investment portfolio(1) | | $ | 1,680,961 | Number of borrowers in the ADLP | | $ | 313 | Commitments to fund delayed draw loans(2) | | $ | 191,320 |
(2) | These commitments to fund delayed draw loans have been approved by the investment committee of the ADLP and will be funded if and when conditions to funding such delayed draw loans are met. |
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| Schedule of Other Commitments |
Below is a summary of the funded subordinated certificates of the ADLP. | | As of December 31, 2025 | Total subordinated certificates funded to the ADLP(1) | | $ | 489,000 | Total subordinated certificates funded to the ADLP by the Fund(1) | | $ | 391,000 |
The amortized cost and fair value of the ADLP Certificates held by the Fund and the Fund’s yield on its investment in the ADLP Certificates at amortized cost and fair value as of December 31, 2025 were as follows: | | As of December 31, 2025 | | | | Amortized Cost | | Fair Value | | Investment in the ADLP Certificates | | $ | 391,000 | | $ | 391,000 | | Yield on the investment in the ADLP Certificates | | | 13.0 | % | | 13.0 | % |
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