| Schedule of Fair Value Measurements of Investments |
The following table presents fair value measurements of investments, by major class, as of June 30, 2025 and December 31, 2024, according to the fair value hierarchy: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of June 30, 2025 | Level 1 | | Level 2 | | Level 3 | | Measured at Net Asset Value (2) | | Total | | Assets: | | | | | | | | | | First-Lien Debt | $ | — | | | $ | 272,752 | | | $ | 1,463,396 | | | $ | — | | | $ | 1,736,148 | | Subordinated Debt (1) | — | | | — | | | 101,193 | | | — | | | 101,193 | | | Equity Investments | — | | | — | | | 13,728 | | | 13,236 | | | 26,964 | | | Cash Equivalents | 115,770 | | | — | | | — | | | — | | | 115,770 | | Total Investments and Cash Equivalents | $ | 115,770 | | | $ | 272,752 | | | $ | 1,578,317 | | | $ | 13,236 | | | $ | 1,980,075 | |
_______________ (1)As of June 30, 2025, Subordinated Debt was further comprised of second lien term loans and/or second lien notes of $54,064, mezzanine debt of $45,952, and structured debt of $1,177. (2)Certain investments that are measured at fair value using NAV as practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation to the amounts presented in the consolidated statements of assets and liabilities. | | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2024 | Level 1 | | Level 2 | | Level 3 | | Total | | Assets: | | | | | | | | First-Lien Debt | $ | — | | | $ | 288,818 | | | $ | 1,270,084 | | | $ | 1,558,902 | | Subordinated Debt (1) | — | | | — | | | 102,993 | | | 102,993 | | | Equity Investments | — | | | — | | | 19,714 | | | 19,714 | | | Cash Equivalents | 63,223 | | | — | | | — | | | 63,223 | | | Total | $ | 63,223 | | | $ | 288,818 | | | $ | 1,392,791 | | | $ | 1,744,832 | |
_______________ (1)As of December 31, 2024, Subordinated Debt was further comprised of second lien term loans and/or second lien notes of $49,896, mezzanine debt of $52,014, and structured debt of $1,083.
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| Schedule of Reconciliation of the Beginning and Ending Balances for Investments |
The following tables provide a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the following periods: | | | | | | | | | | | | | | | | | | | | | | | | | As of and for the Three Months Ended June 30, 2025 | | First-Lien Debt | | Subordinated Debt | | Equity Investments | | Total | Balance as of March 31, 2025 | $ | 1,416,119 | | | $ | 111,897 | | | $ | 20,671 | | | $ | 1,548,687 | | | Purchase of investments | 119,231 | | | 1,512 | | | 1,598 | | | 122,341 | | | Proceeds from principal repayments and sales of investments | (53,866) | | | (13,636) | | | — | | | (67,502) | | | Payment-in-kind interest | 143 | | | 1,495 | | | — | | | 1,638 | | | Amortization of premium/accretion of discount, net | 608 | | | 91 | | | — | | | 699 | | | Net realized gain (loss) on investments | (2,837) | | | 39 | | | — | | | (2,798) | | | Net change in unrealized appreciation (depreciation) on investments | (4,121) | | | (205) | | | 691 | | | (3,635) | | Transfers out of Level 3 (1) | (13,801) | | | — | | | (9,232) | | | (23,033) | | Transfers to Level 3 (1) | 1,920 | | | — | | | — | | | 1,920 | | | | | | | | | | | Balance as of June 30, 2025 | $ | 1,463,396 | | | $ | 101,193 | | | $ | 13,728 | | | $ | 1,578,317 | | | | | | | | | | | Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held as of June 30, 2025 | $ | (6,685) | | | $ | (164) | | | $ | 691 | | | $ | (6,158) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | As of and for the Six Months Ended June 30, 2025 | | | First-Lien Debt | | Subordinated Debt | | Equity Investments | | Total | | Balance as of January 1, 2025 | $ | 1,270,084 | | | $ | 102,993 | | | $ | 19,714 | | | $ | 1,392,791 | | | | Purchase of investments | 316,850 | | | 9,320 | | | 1,607 | | | 327,777 | | | | Proceeds from principal repayments and sales of investments | (110,538) | | | (13,642) | | | — | | | (124,180) | | | | Payment-in-kind interest | 177 | | | 3,006 | | | — | | | 3,183 | | | | Amortization of premium/accretion of discount, net | 1,644 | | | 214 | | | — | | | 1,858 | | | | Net realized gain (loss) on investments | (2,613) | | | 39 | | | — | | | (2,574) | | | | Net change in unrealized appreciation (depreciation) on investments | (10,397) | | | (737) | | | 356 | | | (10,778) | | | Transfers out of Level 3 (1) | (7,980) | | | — | | | (7,949) | | | (15,929) | | | Transfers to Level 3 (1) | 6,169 | | | — | | | — | | | 6,169 | | | | | | | | | | | | | Balance as of June 30, 2025 | $ | 1,463,396 | | | $ | 101,193 | | | $ | 13,728 | | | $ | 1,578,317 | | | | | | | | | | | | Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held as of June 30, 2025 | $ | (11,162) | | | $ | (844) | | | $ | 356 | | | $ | (11,650) | | |
________________ (1) Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the three and six months ended June 30, 2025, transfers between Level 3 and Level 2 were a result of changes in the observability of significant inputs for certain portfolio companies, and investments measured at NAV, which are no longer categorized within the fair value hierarchy. | | | | | | | | | | | | | | | | | | | | | | | | | | As of and for the Three Months Ended June 30, 2024 | | | First-Lien Debt | | Subordinated Debt | | Equity Investments | | Total | | | Balance as of March 31, 2024 | $ | 421,782 | | | $ | 100,189 | | | $ | 12,873 | | | $ | 534,844 | | | | Purchase of investments | 185,542 | | | 6,468 | | | 1,450 | | | 193,460 | | | | Proceeds from principal repayments and sales of investments | (21,360) | | | (10,309) | | | (420) | | | (32,089) | | | | Payment-in-kind interest | 210 | | | 818 | | | — | | | 1,028 | | | | Amortization of premium/accretion of discount, net | (1,670) | | | 69 | | | — | | | (1,601) | | | | Net realized gain (loss) on investments | 137 | | | — | | | (29) | | | 108 | | | | Net change in unrealized appreciation (depreciation) on investments | 682 | | | (378) | | | 568 | | | 872 | | | Transfers out of Level 3 (1) | (24,116) | | | — | | | — | | | (24,116) | | | | | | | | | | | | | | | | | | | | | | Balance as of June 30, 2024 | $ | 561,207 | | | $ | 96,857 | | | $ | 14,442 | | | $ | 672,506 | | | | | | | | | | | | Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held as of June 30, 2024 | $ | 680 | | | $ | (380) | | | $ | 570 | | | $ | 870 | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | As of and for the Six Months Ended June 30, 2024 | | | First-Lien Debt | | Subordinated Debt | | Equity Investments | | Total | | | Balance as of January 1, 2024 | $ | 354,396 | | | $ | 101,930 | | | $ | 10,224 | | | $ | 466,550 | | | | Purchase of investments | 259,910 | | | 6,882 | | | 4,552 | | | 271,344 | | | | Proceeds from principal repayments and sales of investments | (36,794) | | | (13,114) | | | (775) | | | (50,683) | | | | Payment-in-kind interest | 346 | | | 1,566 | | | — | | | 1,912 | | | | Amortization of premium/accretion of discount, net | (1,426) | | | 143 | | | — | | | (1,283) | | | | Net realized gain (loss) on investments | 182 | | | 74 | | | (30) | | | 226 | | | | Net change in unrealized appreciation (depreciation) on investments | (1,465) | | | (624) | | | 471 | | | (1,618) | | | Transfers out of Level 3 (1) | (13,942) | | | — | | | — | | | (13,942) | | | | | | | | | | | | | | | | | | | | | Balance as of June 30, 2024 | $ | 561,207 | | | $ | 96,857 | | | $ | 14,442 | | | $ | 672,506 | | | | | | | | | | | | Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held as of June 30, 2024 | $ | (1,355) | | | $ | (598) | | | $ | 510 | | | $ | (1,443) | | | | | | | | | | | |
________________ (1) Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the three and six months ended June 30, 2024, transfers out of Level 3 to Level 2 were a result of changes in the observability of significant inputs for one portfolio company.
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| Schedule of Valuation Techniques and Significant Unobservable Inputs Used in Level 3 Fair Value Measurements of Assets |
The valuation techniques and significant unobservable inputs used in Level 3 fair value measurements of assets as of June 30, 2025 and December 31, 2024 were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Investment Type | | Fair Value at June 30, 2025 | | Valuation Techniques | | Unobservable Inputs | | Ranges | | Weighted Average | | First-Lien Debt | | $ | 1,308,161 | | | Yield Method | | Market Yield Discount Rate | | 5.31 | % | | 16.31 | % | | 9.10 | % | | First-Lien Debt | | 19,924 | | | Market Approach | | EBITDA Multiple | | 4.75x | | 9.75x | | 9.32x | | First-Lien Debt | | 2,057 | | | Market Approach | | Revenue Multiple | | 0.40x | | 12.00x | | 3.02x | | Subordinated Debt | | 94,615 | | | Yield Method | | Market Yield Discount Rate | | 11.82 | % | | 26.00 | % | | 15.12 | % | | Subordinated Debt | | 5,070 | | | Market Approach | | EBITDA Multiple | | 10.75x | | 14.00x | | 11.69x | | Equity Investments | | 11,670 | | | Market Approach | | EBITDA Multiple | | 4.75x | | 20.00x | | 11.93x | | Equity Investments | | 213 | | Market Approach | | Revenue Multiple | | 0.40x | | 10.00x | | 7.61x | | Equity Investments | | 700 | | Yield Method | | Market Yield Discount Rate | | 8.36 | % | | 15.81 | % | | 8.41 | % | | Total | | $ | 1,442,410 | | | | | | | | | | | |
First Lien Debt in the amount of $133,254, Subordinated Debt in the amount of $1,508, and equity investments in the amount of $1,145 at June 30, 2025 have been excluded from the table above as the investments are valued using recent transaction price. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Investment Type | | Fair Value at December 31, 2024 | | Valuation Techniques | | Unobservable Inputs | | Ranges | | Weighted Average | | First-Lien Debt | | $ | 1,153,845 | | | Yield Method | | Implied Discount Rate | | 5.83 | % | | 19.20 | % | | 9.80 | % | | | | | | | | | | | | | | | First-Lien Debt | | 8,969 | | | Market Approach | | EBITDA Multiple | | 8.00x | | 15.50x | | 12.59x | | Subordinated Debt | | 95,793 | | | Yield Method | | Implied Discount Rate | | 11.82 | % | | 25.00 | % | | 15.20 | % | | | | | | | | | | | | | | | Subordinated Debt | | 1,765 | | | Market Approach | | EBITDA Multiple | | 14.00x | | 14.00x | | 14.00x | | Equity Investments | | 15,272 | | | Market Approach | | EBITDA Multiple | | 8.00x | | 22.00x | | 12.98x | | Equity Investments | | 166 | | | Market Approach | | ARR Multiple | | 5.00x | | 5.00x | | 5.00x | | Equity Investments | | 657 | | | Yield Method | | Implied Discount Rate | | 8.00 | % | | 16.06 | % | | 13.79 | % | | Total | | $ | 1,276,467 | | | | | | | | | | | |
First Lien Debt in the amount of $107,270, Subordinated Debt in the amount of $5,435, and equity investments in the amount of $3,619 at December 31, 2024 have been excluded from the table above as the investments are valued using recent transaction price.
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