| Schedule of Company's Investment |
At June 30, 2025, the Company's investments were categorized as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level |
|
Basis for Determining Fair Value |
|
Bank Debt (1) |
|
|
Other
Corporate
Debt (2) |
|
|
Equity
Securities |
|
|
Total |
|
1 |
|
Quoted prices in active markets for identical
assets |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
722,126 |
|
|
$ |
722,126 |
|
2 |
|
Other direct and indirect observable market
inputs (3) |
|
|
16,703,010 |
|
|
|
— |
|
|
|
— |
|
|
|
16,703,010 |
|
3 |
|
Independent third-party valuation sources
that employ significant unobservable inputs |
|
|
1,525,587,362 |
|
|
|
59,884,621 |
|
|
|
188,280,321 |
|
|
|
1,773,752,304 |
|
3 |
|
Valuation Designee valuations with significant unobservable inputs |
|
|
— |
|
|
|
— |
|
|
|
1,157,403 |
|
|
|
1,157,403 |
|
Total |
|
|
|
$ |
1,542,290,372 |
|
|
$ |
59,884,621 |
|
|
$ |
190,159,850 |
|
|
$ |
1,792,334,843 |
|
(1)Includes senior secured loans (2)Includes senior secured notes, unsecured debt and subordinated debt (3)For example, quoted prices in inactive markets or quotes for comparable investments At December 31, 2024, the Company’s investments were categorized as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level |
|
Basis for Determining Fair Value |
|
Bank Debt (1) |
|
|
Other
Corporate Debt (2) |
|
|
Equity
Securities |
|
|
Total |
|
1 |
|
Quoted prices in active markets for identical
assets |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
412,880 |
|
|
$ |
412,880 |
|
2 |
|
Other direct and indirect observable market
inputs (3) |
|
|
28,557,671 |
|
|
— |
|
|
— |
|
|
|
28,557,671 |
|
3 |
|
Independent third-party valuation sources
that employ significant unobservable inputs |
|
|
1,549,242,872 |
|
|
|
64,772,456 |
|
|
|
150,615,054 |
|
|
|
1,764,630,382 |
|
3 |
|
Valuation Designee valuations with significant unobservable inputs |
|
— |
|
|
— |
|
|
|
1,157,403 |
|
|
|
1,157,403 |
|
Total |
|
|
|
$ |
1,577,800,543 |
|
|
$ |
64,772,456 |
|
|
$ |
152,185,337 |
|
|
$ |
1,794,758,336 |
|
(1)Includes senior secured loans. (2)Includes senior secured notes, unsecured debt and subordinated debt. (3)For example, quoted prices in inactive markets or quotes for comparable investments.
|
| Schedule of Unobservable Inputs |
Unobservable inputs used in the fair value measurement of Level 3 investments as of June 30, 2025 included the following:
|
|
|
|
|
|
|
|
|
|
|
Asset Type |
|
Fair Value |
|
|
Valuation Technique |
|
Unobservable Input |
|
Range (Weighted Avg.) (1) |
Bank Debt |
|
$ |
1,243,923,648 |
|
|
Income approach |
|
Discount rate |
|
8.4% - 15.2% (11.2%) |
|
|
|
109,888,151 |
|
|
Market comparable companies |
|
Revenue multiples |
|
0.2x - 1.4x (1.0x) |
|
|
|
95,443,480 |
|
|
Market quotations |
|
Indicative bid/ask quotes |
|
1 (1) |
|
|
|
75,268,884 |
|
|
Market comparable companies |
|
EBITDA multiples |
|
3.0x - 14.0x (8.1x) |
|
|
|
1,063,199 |
|
|
Asset approach (2) |
|
N/A |
|
N/A |
Other Corporate Debt |
|
|
59,756,438 |
|
|
Market comparable companies |
|
Book value multiples |
|
1.6x (1.6x) |
|
|
|
128,183 |
|
|
Asset approach (2) |
|
N/A |
|
N/A |
Equity |
|
|
66,006,354 |
|
|
Market comparable companies |
|
Book value multiples |
|
0.8x - 1.6x (1.4x) |
|
|
|
57,129,229 |
|
|
Option Pricing Model |
|
EBITDA/Revenue multiples |
|
2.0x - 13.5x (10.2x) |
|
|
|
|
|
|
|
Implied volatility |
|
45.0% - 75.0% (58.8%) |
|
|
|
|
|
|
|
Term |
|
0.3 years - 3.3 years (2.4 years) |
|
|
|
23,868,693 |
|
|
Market comparable companies |
|
Revenue multiples |
|
0.2x - 5.0x (0.9x) |
|
|
|
23,557,054 |
|
|
Market comparable companies |
|
EBITDA multiples |
|
3.0x - 18.0x (8.6x) |
|
|
|
16,700,456 |
|
|
Income approach |
|
Discount rate |
|
13.4% - 40.0% (15.5%) |
|
|
|
2,175,938 |
|
|
Transaction approach (3) |
|
N/A |
|
N/A |
|
|
$ |
1,774,909,707 |
|
|
|
|
|
|
|
(1)Weighted by fair value. (2)Fair value was determined using an asset approach and is based on the remaining cash held, net of all liabilities. (3)Fair value was determined using the transaction price to acquire the position. There has been no change to the valuation based on the underlying assumptions used at the closing of such transaction. 2. Summary of Significant Accounting Policies — (continued) Certain fair value measurements may employ more than one valuation technique, with each valuation technique receiving a relative weight between 0% and 100%. Generally, a change in an unobservable input may result in a change to the value of an investment as follows:
|
|
|
|
|
Input |
|
Impact to Value if
Input Increases |
|
Impact to Value if
Input Decreases |
Discount rate |
|
Decrease |
|
Increase |
Revenue multiples |
|
Increase |
|
Decrease |
EBITDA multiples |
|
Increase |
|
Decrease |
Book value multiples |
|
Increase |
|
Decrease |
Implied volatility |
|
Increase |
|
Decrease |
Term |
|
Increase |
|
Decrease |
Yield |
|
Increase |
|
Decrease |
Unobservable inputs used in the fair value measurement of Level 3 investments as of December 31, 2024 included the following:
|
|
|
|
|
|
|
|
|
|
|
Asset Type |
|
Fair Value |
|
|
Valuation Technique |
|
Unobservable Input |
|
Range (Weighted Avg.) (1) |
Bank Debt |
|
$ |
1,243,224,730 |
|
|
Income approach |
|
Discount rate |
|
9.1% - 22.4% (12.3%) |
|
|
|
127,397,885 |
|
|
Market comparable companies |
|
Revenue multiples |
|
0.4x - 1.4x (0.9x) |
|
|
|
95,787,823 |
|
|
Market quotations |
|
Indicative bid/ask quotes |
|
1 (1) |
|
|
|
41,621,909 |
|
|
Asset approach (2) |
|
N/A |
|
N/A |
|
|
|
40,763,182 |
|
|
Market comparable companies |
|
EBITDA multiples |
|
3.5x - 10.8x (4.4x) |
|
|
|
447,343 |
|
|
Option Pricing Model |
|
EBITDA/Revenue multiples |
|
1.2x - 5.3x (4.7x) |
|
|
|
|
|
|
|
Implied volatility |
|
35.0% (35.0%) |
|
|
|
|
|
|
|
Term |
|
1.5 years - 1.8 years (1.5 years) |
Other Corporate Debt |
|
|
59,756,438 |
|
|
Market comparable companies |
|
Book value multiples |
|
1.5x (1.5x) |
|
|
|
5,016,018 |
|
|
Income approach |
|
Discount rate |
|
13.5% (13.5%) |
Equity |
|
|
65,597,083 |
|
|
Market comparable companies |
|
Book value multiples |
|
0.8x - 1.5x (1.3x) |
|
|
|
53,598,606 |
|
|
Option Pricing Model |
|
EBITDA/Revenue multiples |
|
1.3x - 13.8x (10.7x) |
|
|
|
|
|
|
|
Implied volatility |
|
40.0% - 75.0% (54.0%) |
|
|
|
|
|
|
|
Term |
|
0.3 years - 3.8 years (1.9 years) |
|
|
|
15,738,508 |
|
|
Market comparable companies |
|
Revenue multiples |
|
0.4x - 4.8x (2.1x) |
|
|
|
15,227,668 |
|
|
Market comparable companies |
|
EBITDA multiples |
|
3.5x - 12.0x (11.3x) |
|
|
|
1,610,592 |
|
|
Transaction approach (3) |
|
N/A |
|
N/A |
|
|
$ |
1,765,787,785 |
|
|
|
|
|
|
|
(1)Weighted by fair value. (2)Fair value was determined using an asset approach and is based on the remaining cash held, net of all liabilities. (3)Fair value was determined using the transaction price to acquire the position. There has been no change to the valuation based on the underlying assumptions used at the closing of such transaction.
|
| Schedule of Changes in Investments |
Changes in investments categorized as Level 3 during the three months ended June 30, 2025 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Independent Third-Party Valuation |
|
|
|
Bank Debt |
|
|
Other
Corporate
Debt |
|
|
Equity
Securities |
|
|
Total |
|
Beginning balance |
|
$ |
1,511,035,364 |
|
|
$ |
62,109,147 |
|
|
$ |
173,418,162 |
|
|
$ |
1,746,562,673 |
|
Net realized and unrealized gains (losses) |
|
|
(23,598,192 |
) |
|
|
314,698 |
|
|
|
(17,591,845 |
) |
|
|
(40,875,339 |
) |
Acquisitions (1) |
|
|
81,074,012 |
|
|
|
— |
|
|
|
33,223,320 |
|
|
|
114,297,332 |
|
Dispositions |
|
|
(42,923,822 |
) |
|
|
(2,539,224 |
) |
|
|
(769,316 |
) |
|
|
(46,232,362 |
) |
Ending balance |
|
$ |
1,525,587,362 |
|
|
$ |
59,884,621 |
|
|
$ |
188,280,321 |
|
|
$ |
1,773,752,304 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in unrealized
appreciation/depreciation during the
period on investments still held at
period end (included in net realized and
unrealized gains/losses, above) |
|
$ |
(16,497,886 |
) |
|
$ |
314,175 |
|
|
$ |
(17,106,349 |
) |
|
$ |
(33,290,060 |
) |
(1) Includes payments received in kind and accretion of original issue and market discounts.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Valuation Designee Valuation |
|
|
|
Bank Debt |
|
|
Other
Corporate Debt |
|
|
Equity
Securities |
|
|
Total |
|
Beginning balance |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,157,403 |
|
|
$ |
1,157,403 |
|
Ending balance |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,157,403 |
|
|
$ |
1,157,403 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in unrealized appreciation/depreciation
during the period on investments still held at
period end (included in net realized and
unrealized gains/losses, above) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
2. Summary of Significant Accounting Policies — (continued) Changes in investments categorized as Level 3 during the six months ended June 30, 2025 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Independent Third-Party Valuation |
|
|
|
Bank Debt |
|
|
Other
Corporate
Debt |
|
|
Equity
Securities |
|
|
Total |
|
Beginning balance |
|
$ |
1,549,242,872 |
|
|
$ |
64,772,456 |
|
|
$ |
150,615,054 |
|
|
$ |
1,764,630,382 |
|
Net realized and unrealized gains (losses) |
|
|
(47,523,851 |
) |
|
|
(2,348,611 |
) |
|
|
912,897 |
|
|
|
(48,959,565 |
) |
Acquisitions (1) |
|
|
121,482,589 |
|
|
|
— |
|
|
|
38,010,505 |
|
|
|
159,493,094 |
|
Dispositions |
|
|
(97,614,248 |
) |
|
|
(2,539,224 |
) |
|
|
(1,258,135 |
) |
|
|
(101,411,607 |
) |
Ending balance |
|
$ |
1,525,587,362 |
|
|
$ |
59,884,621 |
|
|
$ |
188,280,321 |
|
|
$ |
1,773,752,304 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above) |
|
$ |
(34,410,339 |
) |
|
$ |
(2,349,135 |
) |
|
$ |
917,592 |
|
|
$ |
(35,841,882 |
) |
(1)Includes payments received in kind and accretion of original issue and market discounts.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Valuation Designee Valuation |
|
|
|
Bank Debt |
|
|
Other
Corporate
Debt |
|
|
Equity
Securities |
|
|
Total |
|
Beginning balance |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,157,403 |
|
|
$ |
1,157,403 |
|
Ending balance |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,157,403 |
|
|
$ |
1,157,403 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Changes in investments categorized as Level 3 during the three months ended June 30, 2024 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Independent Third-Party Valuation |
|
|
|
Bank Debt |
|
|
Other
Corporate Debt |
|
|
Equity
Securities |
|
|
Total |
|
Beginning balance |
|
$ |
1,852,766,795 |
|
|
$ |
71,542,109 |
|
|
$ |
160,570,777 |
|
|
$ |
2,084,879,681 |
|
Net realized and unrealized gains (losses) |
|
|
(81,402,083 |
) |
|
|
59,452 |
|
|
|
(5,743,051 |
) |
|
|
(87,085,682 |
) |
Acquisitions (1) |
|
|
130,850,647 |
|
|
|
177,626 |
|
|
|
6,152,684 |
|
|
|
137,180,957 |
|
Dispositions |
|
|
(179,133,867 |
) |
|
|
(5,542,566 |
) |
|
|
(23,607 |
) |
|
|
(184,700,040 |
) |
Transfers into Level 3 (2) |
|
|
2,795,614 |
|
|
|
— |
|
|
|
— |
|
|
|
2,795,614 |
|
Ending balance |
|
$ |
1,725,877,106 |
|
|
$ |
66,236,621 |
|
|
$ |
160,956,803 |
|
|
$ |
1,953,070,530 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in unrealized
appreciation/depreciation during the
period on investments still held at
period end (included in net realized and
unrealized gains/losses, above) |
|
$ |
(74,624,371 |
) |
|
$ |
237,078 |
|
|
$ |
(5,344,064 |
) |
|
$ |
(79,731,357 |
) |
(1)Includes payments received in kind and accretion of original issue and market discounts. (2)Comprised of one investment that was transferred from Level 2 due to reduced number of market quotes.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Valuation Designee Valuation |
|
|
|
Bank Debt |
|
|
Other
Corporate Debt |
|
|
Equity
Securities |
|
|
Total |
|
Beginning balance |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
877,248 |
|
|
$ |
877,248 |
|
Ending balance |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
877,248 |
|
|
$ |
877,248 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in unrealized
appreciation/depreciation during the
period on investments still held at
period end (included in net realized and
unrealized gains/losses, above) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
2. Summary of Significant Accounting Policies — (continued) Changes in investments categorized as Level 3 during the six months ended June 30, 2024 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Independent Third-Party Valuation |
|
|
|
Bank Debt |
|
|
Other
Corporate
Debt |
|
|
Equity
Securities |
|
|
Total |
|
Beginning balance |
|
$ |
1,289,587,391 |
|
|
$ |
52,318,937 |
|
|
$ |
164,340,278 |
|
|
$ |
1,506,246,606 |
|
Net realized and unrealized gains (losses) |
|
|
(74,411,433 |
) |
|
|
803,441 |
|
|
|
(34,431,832 |
) |
|
|
(108,039,824 |
) |
Acquisitions (1) |
|
|
685,719,758 |
|
|
|
18,114,243 |
|
|
|
33,834,839 |
|
|
|
737,668,840 |
|
Dispositions |
|
|
(199,278,802 |
) |
|
|
(5,000,000 |
) |
|
|
(2,786,482 |
) |
|
|
(207,065,284 |
) |
Transfers into Level 3 (2) |
|
|
27,512,314 |
|
|
|
— |
|
|
|
— |
|
|
|
27,512,314 |
|
Transfers out of Level 3 (3) |
|
|
(3,252,122 |
) |
|
|
— |
|
|
|
— |
|
|
|
(3,252,122 |
) |
Ending balance |
|
$ |
1,725,877,106 |
|
|
$ |
66,236,621 |
|
|
$ |
160,956,803 |
|
|
$ |
1,953,070,530 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in unrealized
appreciation/depreciation during the
period on investments still held at
period end (included in net realized and
unrealized gains/losses, above) |
|
$ |
(76,155,049 |
) |
|
$ |
803,441 |
|
|
$ |
(32,713,231 |
) |
|
$ |
(108,064,839 |
) |
____________________ (1) Includes payments received in kind and accretion of original issue and market discounts and Level 3 investments acquired in connection with the Merger. (2) Comprised of four investments that were transferred from Level 2 due to reduced number of market quotes. (3) Comprised of one investment that was transferred to Level 2 due to increased number of market quotes.
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|
Valuation Designee Valuation |
|
|
|
Bank Debt |
|
|
Other
Corporate
Debt |
|
|
Equity
Securities |
|
|
Total |
|
Beginning balance |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
844,615 |
|
|
$ |
844,615 |
|
Net realized and unrealized gains (losses) |
|
|
— |
|
|
|
— |
|
|
|
32,087 |
|
|
|
32,087 |
|
Acquisitions (1) |
|
|
— |
|
|
|
— |
|
|
|
546 |
|
|
|
546 |
|
Ending balance |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
877,248 |
|
|
$ |
877,248 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in unrealized
appreciation/depreciation during the
period on investments still held at
period end (included in net realized and
unrealized gains/losses, above) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
32,087 |
|
|
$ |
32,087 |
|
____________________ (1) Includes payments received in kind and accretion of original issue and market discounts and Level 3 investments acquired in connection with the Merger.
|