Fair Value Measurements (Tables)
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3 Months Ended |
Mar. 31, 2025 |
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| Fair Value Disclosures [Abstract] |
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| Summary of Fair Value Hierarchy of Financial Instruments |
The following table presents the fair value hierarchy of financial instruments:
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March 31, 2025 |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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First lien debt |
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$ |
— |
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|
$ |
176,690 |
|
|
$ |
1,283,427 |
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$ |
1,460,117 |
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Common equity |
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|
— |
|
|
|
— |
|
|
|
7,742 |
|
|
|
7,742 |
|
Preferred equity |
|
|
— |
|
|
|
— |
|
|
|
76,855 |
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|
|
76,855 |
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Money market funds |
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|
22,786 |
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|
— |
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— |
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|
22,786 |
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Total |
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$ |
22,786 |
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$ |
176,690 |
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$ |
1,368,024 |
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$ |
1,567,500 |
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December 31, 2024 |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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First lien debt |
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$ |
— |
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|
$ |
24,499 |
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$ |
1,107,757 |
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$ |
1,132,256 |
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Common equity |
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— |
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— |
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7,500 |
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|
7,500 |
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Preferred equity |
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— |
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— |
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|
76,687 |
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|
76,687 |
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Money market funds |
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|
3,447 |
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|
|
— |
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— |
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|
3,447 |
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Total |
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$ |
3,447 |
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|
$ |
24,499 |
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$ |
1,191,944 |
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$ |
1,219,890 |
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| Summary of Changes in Fair Value of Financial Instruments Level 3 Inputs |
The following table presents changes in the fair value of financial instruments for which Level 3 inputs were used to determine the fair value:
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Three Months Ended March 31, 2025 |
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First Lien
Debt |
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Common Equity |
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Preferred Equity |
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Total Investments |
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Fair value, beginning of period |
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$ |
1,107,757 |
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|
$ |
7,500 |
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$ |
76,687 |
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$ |
1,191,944 |
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Purchases of investments including capitalized PIK interest and dividends |
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|
185,954 |
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|
— |
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— |
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185,954 |
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Proceeds from principal repayments and sales of investments |
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(15,853 |
) |
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— |
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— |
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(15,853 |
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Accretion of discounts |
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|
858 |
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— |
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— |
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|
858 |
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Net realized gain |
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163 |
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— |
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— |
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163 |
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Net unrealized gain |
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4,548 |
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|
242 |
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|
168 |
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4,958 |
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Fair value, end of period |
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$ |
1,283,427 |
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$ |
7,742 |
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$ |
76,855 |
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|
$ |
1,368,024 |
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Net unrealized gain included in earnings related to financial instruments still held as of March 31, 2025 included in net unrealized gain on the Consolidated Statements of Operations |
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$ |
4,836 |
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$ |
242 |
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$ |
168 |
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$ |
5,246 |
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Three Months Ended March 31, 2024 |
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First Lien Debt |
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Common Equity |
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Preferred Equity |
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Total Investments |
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Fair value, beginning of period |
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$ |
— |
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$ |
— |
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$ |
— |
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|
$ |
— |
|
Purchases of investments including capitalized PIK interest and dividends |
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193,109 |
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— |
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— |
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193,109 |
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Proceeds from principal repayments and sales of investments |
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(26,504 |
) |
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— |
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— |
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(26,504 |
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Accretion of discounts |
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|
89 |
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— |
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— |
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|
89 |
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Net unrealized gain |
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|
584 |
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— |
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— |
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|
584 |
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Fair value, end of period |
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$ |
167,278 |
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$ |
— |
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$ |
— |
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$ |
167,278 |
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Net unrealized gain included in earnings related to financial instruments still held as of March 31, 2024 included in net unrealized gain on the Consolidated Statements of Operations |
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$ |
584 |
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$ |
— |
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|
$ |
— |
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$ |
584 |
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| Summary of Quantitative Information about the Significant Unobservable Inputs of the Company's Level 3 Financial Instruments |
The following table presents quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments. The table is not intended to be all-inclusive but instead captures the significant unobservable inputs relevant to the Company’s determination of fair value.
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March 31, 2025 |
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Range |
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Fair Value |
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Valuation Technique |
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Unobservable Input |
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Low |
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High |
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Weighted Average (1) |
Investments in first lien debt |
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$ |
1,162,417 |
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Yield analysis |
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Discount rate |
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8.10% |
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11.85% |
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9.31% |
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|
121,010 |
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Transaction price |
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N/A |
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N/A |
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N/A |
|
N/A |
Investments in common equity |
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|
7,742 |
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Market Approach |
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Performance Multiple |
|
14.00x |
|
14.00x |
|
14.00x |
Investments in preferred equity |
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|
76,855 |
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Yield analysis |
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Discount rate |
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11.28% |
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12.98% |
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12.11% |
Total |
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$ |
1,368,024 |
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December 31, 2024 |
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Range |
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Fair Value |
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Valuation Technique |
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Unobservable Input |
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Low |
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High |
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Weighted Average (1) |
Investments in first lien debt |
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$ |
700,413 |
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Yield analysis |
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Discount rate |
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8.27% |
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12.34% |
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9.63% |
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|
407,344 |
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Transaction price |
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N/A |
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N/A |
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N/A |
|
N/A |
Investments in common equity |
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|
7,500 |
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Transaction price |
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N/A |
|
N/A |
|
N/A |
|
N/A |
Investments in preferred equity |
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|
31,527 |
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Yield analysis |
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Discount rate |
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11.31% |
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13.23% |
|
11.69% |
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|
45,160 |
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Transaction price |
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N/A |
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N/A |
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N/A |
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N/A |
Total |
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$ |
1,191,944 |
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(1)Weighted averages are calculated based on fair value of investments as of the measurement date.
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