| Investments Categorization in Fair Value Hierarchy |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of June 30, 2025 | | As of December 31, 2024 | | Description | Level 1 | | Level 2 | | Level 3 | | Total | | Level 1 | | Level 2 | | Level 3 | | Total | | Senior Debt | $ | — | | | $ | — | | | $ | 334,015 | | | $ | 334,015 | | | $ | — | | | $ | — | | | $ | 292,284 | | | $ | 292,284 | | | Equity | — | | | — | | | 1,028,576 | | | 1,028,576 | | | — | | | — | | | 848,575 | | | 848,575 | | | Total Investments | $ | — | | | $ | — | | | $ | 1,362,591 | | | $ | 1,362,591 | | | $ | — | | | $ | — | | | $ | 1,140,859 | | | $ | 1,140,859 | |
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| Unobservable Inputs Used in Fair Value Measurement of Investments |
The ranges of unobservable inputs used in the fair value measurement of the Company’s Level 3 investments as of June 30, 2025 and December 31, 2024 were as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of June 30, 2025 | | Asset Group | | Fair Value | | Valuation Techniques | | Unobservable Inputs | | Range (Weighted Average)(1) | | Impact to Valuation from an Increase in Input(2) | | Senior Debt | | $ | 311,015 | | | Discounted Cash Flow
Market Comparables
Transaction Method | | Discount Rate
EBITDA Multiple | | 10.5% – 16.0% (13.5%) 5.9x – 20.0x (12.4x) | | Decrease
Increase | | | 23,000 | | | Transaction Precedent | | Transaction Price | | N/A | | N/A | | Equity | | 938,076 | | | Discounted Cash Flow
Market Comparables
Transaction Method | | Discount Rate
EBITDA Multiple | | 10.5% – 16.0% (13.5%) 5.9x – 20.0x (12.4x) | | Decrease
Increase | | | 90,500 | | | Transaction Precedent | | Transaction Price | | N/A | | N/A | | Total | | $ | 1,362,591 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2024 | | Asset Group | | Fair Value | | Valuation Techniques | | Unobservable Inputs | | Range (Weighted Average)(1) | | Impact to Valuation from an Increase in Input(2) | | Senior Debt | | $ | 292,284 | | | Discounted Cash Flow
Market Comparables
Transaction Method | | Discount Rate
EBITDA Multiple
| | 10.8% – 16.0% (13.4%) 6.3x – 21.7x (12.4x)
| | Decrease
Increase
| | | | | | | | | | | | | Equity | | 848,575 | | | Discounted Cash Flow
Market Comparables
Transaction Method | | Discount Rate
EBITDA Multiple
| | 10.8% – 16.0% (13.4%) 6.3x – 21.7x (12.4x)
| | Decrease
Increase
| | | | | | | | | | | | | Total | | $ | 1,140,859 | | | | | | | | | |
FOOTNOTES: (1) Discount rates are relative to the enterprise value of the portfolio companies and are not the market yields on the associated debt investments. Unobservable inputs were weighted by the relative fair value of the investments. (2) This column represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the input would have the opposite effect. Significant changes in these inputs in isolation could result in significantly higher or lower fair value measurements.
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| Reconciliations of Investments of Level 3 Inputs |
The following tables provide a reconciliation of investments for which Level 3 inputs were used in determining fair value for the six months ended June 30, 2025 and 2024 (in thousands): | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2025 | | | Senior Debt | | Equity | | Total | Fair value balance as of January 1, 2025 | $ | 292,284 | | | $ | 848,575 | | | $ | 1,140,859 | | | Additions | 40,918 | | | 118,153 | | | 159,071 | | | Principal repayment | (125) | | | — | | | (125) | | | PIK interest and dividends | 364 | | | 3,188 | | | 3,552 | | Return of capital(1) | — | | | (984) | | | (984) | | | Net change in unrealized appreciation, including unrealized foreign currency gain | 574 | | | 59,644 | | | 60,218 | | | Fair value balance as of June 30, 2025 | $ | 334,015 | | | $ | 1,028,576 | | | $ | 1,362,591 | | Change in net unrealized appreciation on investments held as of June 30, 2025 | $ | 574 | | | $ | 59,644 | | | $ | 60,218 | |
| | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2024 | | Senior Debt | | Equity | | Total | Fair value balance as of January 1, 2024 | $ | 276,158 | | | $ | 600,685 | | | $ | 876,843 | | | Additions | 1,376 | | | 92,032 | | | 93,408 | | | Principal repayment | (125) | | | — | | | (125) | | Return of capital(1) | — | | | (592) | | | (592) | | | Net change in unrealized appreciation | — | | | 36,469 | | | 36,469 | | | Fair value balance as of June 30, 2024 | $ | 277,409 | | | $ | 728,594 | | | $ | 1,006,003 | | Change in net unrealized appreciation on investments held as of June 30, 2024 | $ | — | | | $ | 36,469 | | | $ | 36,469 | |
FOOTNOTE: (1) Represents portion of distributions received which were accounted for as a return of capital. See Note 2. “Significant Accounting Policies” for information on the accounting treatment of distributions from portfolio companies.
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