| Summary by Major Security Type of Fair Valuations According to Inputs Used in Valuing Investments |
The following is a summary by major security type of the fair valuations according to inputs used in valuing investments listed in the Consolidated Schedule of Investments as of June 30, 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Debt |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
591,091 |
|
|
$ |
591,091 |
|
Equity |
|
|
— |
|
|
|
— |
|
|
|
100,865 |
|
|
|
100,865 |
|
Cash equivalents |
|
|
7,096 |
|
|
|
— |
|
|
|
— |
|
|
|
7,096 |
|
Short-term investments |
|
|
394,467 |
|
|
|
— |
|
|
|
— |
|
|
|
394,467 |
|
Total Assets |
|
$ |
401,563 |
|
|
$ |
— |
|
|
$ |
691,956 |
|
|
$ |
1,093,519 |
|
The following is a summary by major security type of the fair valuations according to inputs used in valuing investments listed in the Consolidated Schedule of Investments as of December 31, 2024:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Debt |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
775,319 |
|
|
$ |
775,319 |
|
Equity |
|
|
— |
|
|
|
— |
|
|
|
71,878 |
|
|
|
71,878 |
|
Cash equivalents |
|
|
11,870 |
|
|
|
— |
|
|
|
— |
|
|
|
11,870 |
|
Short- term investments |
|
|
296,800 |
|
|
|
— |
|
|
|
— |
|
|
|
296,800 |
|
Total Assets |
|
$ |
308,670 |
|
|
$ |
— |
|
|
$ |
847,197 |
|
|
$ |
1,155,867 |
|
|
| Reconciliation of Beginning and Ending Balances for Total Investments |
The following tables provide a reconciliation of the beginning and ending balances for total investments that use Level 3 inputs for the three and six months ended June 30, 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt |
|
|
Equity |
|
|
Total |
|
Balance, April 1, 2025 |
|
$ |
741,544 |
|
|
$ |
61,778 |
|
|
$ |
803,322 |
|
Purchases, including payments received in-kind and reorganizations |
|
|
141,135 |
|
|
|
65,984 |
|
|
|
207,119 |
|
Sales and paydowns of investments and reorganizations |
|
|
(273,571 |
) |
|
|
— |
|
|
|
(273,571 |
) |
Amortization of premium and accretion of discount, net |
|
|
495 |
|
|
|
— |
|
|
|
495 |
|
Net realized losses |
|
|
(92,145 |
) |
|
|
(5,246 |
) |
|
|
(97,391 |
) |
Net change in unrealized appreciation/(depreciation) |
|
|
73,633 |
|
|
|
(21,651 |
) |
|
|
51,982 |
|
Balance, June 30, 2025 |
|
$ |
591,091 |
|
|
$ |
100,865 |
|
|
$ |
691,956 |
|
Net change in unrealized appreciation/(depreciation) in investments held as of June 30, 2025 |
|
$ |
(6,437 |
) |
|
$ |
(26,898 |
) |
|
$ |
(33,335 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt |
|
|
Equity |
|
|
Total |
|
Balance, January 1, 2025 |
|
$ |
775,319 |
|
|
$ |
71,878 |
|
|
$ |
847,197 |
|
Purchases, including payments received in-kind and reorganizations |
|
|
225,821 |
|
|
|
65,984 |
|
|
|
291,805 |
|
Sales and paydowns of investments and reorganizations |
|
|
(332,768 |
) |
|
|
— |
|
|
|
(332,768 |
) |
Amortization of premium and accretion of discount, net |
|
|
1,071 |
|
|
|
— |
|
|
|
1,071 |
|
Net realized losses |
|
|
(96,397 |
) |
|
|
(5,246 |
) |
|
|
(101,643 |
) |
Net change in unrealized appreciation/(depreciation) |
|
|
18,045 |
|
|
|
(31,751 |
) |
|
|
(13,706 |
) |
Balance, June 30, 2025 |
|
$ |
591,091 |
|
|
$ |
100,865 |
|
|
$ |
691,956 |
|
Net change in unrealized appreciation/(depreciation) in investments held as of June 30, 2025 |
|
$ |
(8,714 |
) |
|
$ |
(34,502 |
) |
|
$ |
(43,216 |
) |
The following tables provide a reconciliation of the beginning and ending balances for total investments that use Level 3 inputs for the three and six months ended June 30, 2024:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt |
|
|
Equity |
|
|
Total |
|
Balance, April 1, 2024 |
|
$ |
850,492 |
|
|
$ |
8,353 |
|
|
$ |
858,845 |
|
Purchases, including payments received in-kind and reorganizations |
|
|
84,696 |
|
|
|
— |
|
|
|
84,696 |
|
Sales and paydowns of investments and reorganizations |
|
|
(71,828 |
) |
|
|
— |
|
|
|
(71,828 |
) |
Amortization of premium and accretion of discount, net |
|
|
1,391 |
|
|
|
— |
|
|
|
1,391 |
|
Net change in unrealized appreciation/(depreciation) |
|
|
(48,760 |
) |
|
|
3,343 |
|
|
|
(45,417 |
) |
Balance, June 30, 2024 |
|
$ |
815,991 |
|
|
$ |
11,696 |
|
|
$ |
827,687 |
|
Net change in unrealized appreciation/(depreciation) in investments held as of June 30, 2024 |
|
$ |
(48,993 |
) |
|
$ |
3,343 |
|
|
$ |
(45,650 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt |
|
|
Equity |
|
|
Total |
|
Balance, January 1, 2024 |
|
$ |
835,989 |
|
|
$ |
5,775 |
|
|
$ |
841,764 |
|
Purchases, including payments received in-kind and reorganizations |
|
|
170,563 |
|
|
|
96 |
|
|
|
170,659 |
|
Sales and paydowns of investments and reorganizations |
|
|
(126,625 |
) |
|
|
— |
|
|
|
(126,625 |
) |
Amortization of premium and accretion of discount, net |
|
|
2,466 |
|
|
|
— |
|
|
|
2,466 |
|
Net change in unrealized appreciation/(depreciation) |
|
|
(66,402 |
) |
|
|
5,825 |
|
|
|
(60,577 |
) |
Balance, June 30, 2024 |
|
$ |
815,991 |
|
|
$ |
11,696 |
|
|
$ |
827,687 |
|
Net change in unrealized appreciation/(depreciation) in investments held as of June 30, 2024 |
|
$ |
(67,485 |
) |
|
$ |
5,825 |
|
|
$ |
(61,660 |
) |
|
| Summary of Valuation Techniques and Quantitative Information in Determining Fair value of Level 3 Investments |
The following table summarizes the valuation techniques and quantitative information utilized in determining the fair value of the Level 3 investments as of June 30, 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Type |
|
Fair Value |
|
|
Valuation Technique |
|
Unobservable Input |
|
Range |
|
Weighted
Average* |
|
Impact to
Valuation from an
Increase in Input |
Debt |
|
$ |
133,557 |
|
|
Income Method |
|
Discount Rate |
|
11.2% to 18.4% |
|
14.6% |
|
Decrease |
Debt |
|
$ |
14,436 |
|
|
Market Method |
|
EBITDA Multiple |
|
5.5x to 6.5x |
|
6.0x |
|
Increase |
|
|
|
|
|
|
|
Revenue Multiple |
|
0.5x to 0.7x |
|
0.6x |
|
Increase |
Debt |
|
$ |
154,098 |
|
|
Market Method |
|
EBITDA Multiple |
|
5.6x to 9.0x |
|
7.4x |
|
Increase |
Debt |
|
$ |
289,000 |
|
|
Market Method |
|
Revenue Multiple |
|
0.1x to 1.4x |
|
0.9x |
|
Increase |
Equity |
|
$ |
14,881 |
|
|
Market Method |
|
EBITDA Multiple |
|
5.6x to 9.0x |
|
6.5x |
|
Increase |
Equity |
|
$ |
85,984 |
|
|
Market Method |
|
Revenue Multiple |
|
0.1x to 1.4x |
|
1.1x |
|
Increase |
Equity |
|
$ |
— |
|
|
Market Method |
|
EBITDA Multiple |
|
5.5x to 6.5x |
|
6.0x |
|
Increase |
|
|
|
|
|
|
|
Revenue Multiple |
|
0.5x to 0.7x |
|
0.6x |
|
Increase |
* Weighted based on fair value The following table summarizes the valuation techniques and quantitative information utilized in determining the fair value of the Level 3 investments as of December 31, 2024:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Type |
|
Fair Value |
|
|
Valuation
Technique |
|
Unobservable Input |
|
Range |
|
Weighted
Average* |
|
Impact to
Valuation from an
Increase in Input |
Debt |
|
$ |
230,930 |
|
|
Income Method |
|
Discount Rate |
|
9.4% to 27.0% |
|
16.0% |
|
Decrease |
Debt |
|
$ |
142,385 |
|
|
Market Method |
|
EBITDA Multiple |
|
4.8x to 8.0x |
|
6.9x |
|
Increase |
|
|
|
|
|
|
|
Revenue Multiple |
|
0.2x to 1.1x |
|
0.7x |
|
Increase |
Debt |
|
$ |
84,974 |
|
|
Income Method |
|
Discount Rate |
|
10.8% to 15.9% |
|
13.1% |
|
Decrease |
|
|
|
|
|
Income Method |
|
Take Out Indication |
|
100.0% to 100.0% |
|
100.0% |
|
Increase |
Debt |
|
$ |
87,670 |
|
|
Income Method |
|
Discount Rate |
|
17.6% to 17.6% |
|
17.6% |
|
Decrease |
|
|
|
|
|
Market Method |
|
EBITDA Multiple |
|
4.5x to 5.5x |
|
5.0x |
|
Increase |
Debt |
|
$ |
133,299 |
|
|
Market Method |
|
EBITDA Multiple |
|
5.0x to 7.8x |
|
6.4x |
|
Increase |
Debt |
|
$ |
96,061 |
|
|
Market Method |
|
Revenue Multiple |
|
0.6x to 1.4x |
|
1.0x |
|
Increase |
Equity |
|
$ |
12,469 |
|
|
Market Method |
|
EBITDA Multiple |
|
5.0x to 7.8x |
|
6.1x |
|
Increase |
Equity |
|
$ |
35,618 |
|
|
Market Method |
|
Revenue Multiple |
|
0.8x to 1.4x |
|
1.3x |
|
Increase |
Equity |
|
$ |
21,296 |
|
|
Market Method |
|
EBITDA Multiple |
|
4.8x to 8.0x |
|
7.0x |
|
Increase |
|
|
|
|
|
|
|
Revenue Multiple |
|
0.2x to 0.8x |
|
0.2x |
|
Increase |
Equity |
|
$ |
2,464 |
|
|
Market Method |
|
EBITDA Multiple |
|
7.0x to 7.3x |
|
7.1x |
|
Increase |
|
|
|
|
|
|
|
Revenue Multiple |
|
1.0x to 1.1x |
|
1.1x |
|
Increase |
|
|
|
|
|
Income Method |
|
Implied Volatility |
|
20.0% to 30.0% |
|
25.0% |
|
Increase |
|
|
|
|
|
|
|
Expected Term (in years) |
|
2.0x to 2.5x |
|
2.3x |
|
Increase |
Equity |
|
$ |
31 |
|
|
Market Method |
|
EBITDA Multiple |
|
4.5x to 5.5x |
|
5.0x |
|
Increase |
|
|
|
|
|
Income Method |
|
Implied Volatility |
|
35.0% to 45.0% |
|
40.0% |
|
Increase |
|
|
|
|
|
|
|
Expected Term (in years) |
|
0.5x to 1.0x |
|
0.8x |
|
Increase |
* Weighted based on fair value
|