| Summary of Investments Carried on the Consolidated Statements of Assets and Liabilities by Level |
The following table presents the investments carried on the consolidated statements of assets and liabilities by level within the fair value hierarchy as of June 30, 2025.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2025 |
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
Secured loans |
|
$ |
— |
|
|
$ |
132,133,062 |
|
|
$ |
733,690,848 |
|
|
$ |
865,823,910 |
|
Secured debt |
|
|
— |
|
|
|
12,597,569 |
|
|
|
5,847,430 |
|
|
|
18,444,999 |
|
Unsecured debt |
|
|
— |
|
|
|
11,333,117 |
|
|
|
6,334,487 |
|
|
|
17,667,604 |
|
Equities |
|
|
1,744,709 |
|
|
|
— |
|
|
|
12,423,446 |
|
|
|
14,168,155 |
|
Trust interest |
|
|
— |
|
|
|
— |
|
|
|
1,467,056 |
|
|
|
1,467,056 |
|
Real estate properties |
|
|
— |
|
|
|
— |
|
|
|
10,116,813 |
|
|
|
10,116,813 |
|
Total investments |
|
$ |
1,744,709 |
|
|
$ |
156,063,748 |
|
|
$ |
769,880,080 |
|
|
$ |
927,688,537 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash-related Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash equivalents and restricted cash equivalents |
|
$ |
105,914,964 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
105,914,964 |
|
Total |
|
$ |
105,914,964 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
105,914,964 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate swaps |
|
$ |
— |
|
|
$ |
987,328 |
|
|
$ |
— |
|
|
$ |
987,328 |
|
Foreign currency forward contracts |
|
|
— |
|
|
|
8,646 |
|
|
|
— |
|
|
|
8,646 |
|
Total |
|
$ |
— |
|
|
$ |
995,974 |
|
|
$ |
— |
|
|
$ |
995,974 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate swaps |
|
$ |
— |
|
|
$ |
(189,972 |
) |
|
$ |
— |
|
|
$ |
(189,972 |
) |
Foreign currency forward contracts |
|
|
— |
|
|
|
(539,169 |
) |
|
|
— |
|
|
|
(539,169 |
) |
Total |
|
$ |
— |
|
|
$ |
(729,141 |
) |
|
$ |
— |
|
|
$ |
(729,141 |
) |
The following table presents the investments carried on the consolidated statements of assets and liabilities by level within the fair value hierarchy as of December 31, 2024.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2024 |
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
Secured loans |
|
$ |
— |
|
|
$ |
66,475,497 |
|
|
$ |
780,905,839 |
|
|
$ |
847,381,336 |
|
Secured debt |
|
|
— |
|
|
|
17,966,603 |
|
|
|
— |
|
|
|
17,966,603 |
|
Unsecured debt |
|
|
— |
|
|
|
8,036,760 |
|
|
|
— |
|
|
|
8,036,760 |
|
Equities |
|
|
1,452,401 |
|
|
|
— |
|
|
|
1,975,126 |
|
|
|
3,427,527 |
|
Trust interest |
|
|
— |
|
|
|
— |
|
|
|
1,424,586 |
|
|
|
1,424,586 |
|
Real estate properties |
|
|
— |
|
|
|
— |
|
|
|
12,808,845 |
|
|
|
12,808,845 |
|
Total investments |
|
$ |
1,452,401 |
|
|
$ |
92,478,860 |
|
|
$ |
797,114,396 |
|
|
$ |
891,045,657 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash-related Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash equivalents and restricted cash equivalents |
|
$ |
82,522,423 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
82,522,423 |
|
Total |
|
$ |
82,522,423 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
82,522,423 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate swaps |
|
$ |
— |
|
|
$ |
267,763 |
|
|
$ |
— |
|
|
$ |
267,763 |
|
Foreign currency forward contracts |
|
|
— |
|
|
|
401,535 |
|
|
|
— |
|
|
|
401,535 |
|
Total |
|
$ |
— |
|
|
$ |
669,298 |
|
|
$ |
— |
|
|
$ |
669,298 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate swaps |
|
$ |
— |
|
|
$ |
(78,603 |
) |
|
$ |
— |
|
|
$ |
(78,603 |
) |
Foreign currency forward contracts |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total |
|
$ |
— |
|
|
$ |
(78,603 |
) |
|
$ |
— |
|
|
$ |
(78,603 |
) |
|
| Summary of an Investments Within Level 3 Based Upon the Significance of Unobservable Inputs to the Overall Fair Value Measurement |
The following table includes a roll forward of the amounts for the three months ended June 30, 2025 for investments classified within level 3. The classification of an investment within level 3 is based upon the significance of the unobservable inputs to the overall fair value measurement.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements of Level 3 Investments |
|
|
|
Secured Loans and Debt |
|
|
Unsecured Debt |
|
|
Equities |
|
|
Trust Interest |
|
|
Real Estate Properties |
|
|
Total |
|
Balance at April 1, 2025 |
|
$ |
791,344,437 |
|
|
$ |
6,334,487 |
|
|
$ |
9,242,094 |
|
|
$ |
1,445,347 |
|
|
$ |
11,662,754 |
|
|
$ |
820,029,119 |
|
Transfer in(1) |
|
|
5,526,488 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,526,488 |
|
Transfer out(1) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Accretion/amortization of discounts/premiums |
|
|
1,873,440 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,873,440 |
|
Interest paid-in-kind |
|
|
1,534,143 |
|
|
|
— |
|
|
|
— |
|
|
|
27,263 |
|
|
|
— |
|
|
|
1,561,406 |
|
Purchases(2) |
|
|
36,746,280 |
|
|
|
— |
|
|
|
4,044,695 |
|
|
|
— |
|
|
|
74,837 |
|
|
|
40,865,812 |
|
Sales, paydowns and resolutions(2) |
|
|
(87,775,906 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(87,775,906 |
) |
Net realized gain/(loss) |
|
|
(9,543,694 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(9,543,694 |
) |
Net change in unrealized appreciation/(depreciation) |
|
|
(166,910 |
) |
|
|
— |
|
|
|
(863,343 |
) |
|
|
(5,554 |
) |
|
|
(1,620,778 |
) |
|
|
(2,656,585 |
) |
Balance at June 30, 2025 |
|
$ |
739,538,278 |
|
|
$ |
6,334,487 |
|
|
$ |
12,423,446 |
|
|
$ |
1,467,056 |
|
|
$ |
10,116,813 |
|
|
$ |
769,880,080 |
|
Change in net unrealized appreciation / (depreciation) on investments held as of June 30, 2025 |
|
$ |
(4,586,861 |
) |
|
$ |
— |
|
|
$ |
(863,343 |
) |
|
$ |
(5,554 |
) |
|
$ |
(1,620,778 |
) |
|
$ |
(7,076,536 |
) |
(1)There was one investment transferred from level 2 to level 3 due to a lack of observable market data. (2)There was no investment transferred out of level 3. (3)Includes the effects of reorganizations, if any. The following table includes a roll forward of the amounts for the six months ended June 30, 2025 for investments classified within level 3.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements of Level 3 Investments |
|
|
|
Secured Loans and Debt |
|
|
Unsecured Debt |
|
|
Equities |
|
|
Trust Interest |
|
|
Real Estate Properties |
|
|
Total |
|
Balance at January 1, 2025 |
|
$ |
780,905,839 |
|
|
$ |
— |
|
|
$ |
1,975,126 |
|
|
$ |
1,424,586 |
|
|
$ |
12,808,845 |
|
|
$ |
797,114,396 |
|
Transfer in(1) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Transfer out(2) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Accretion/amortization of discounts/premiums |
|
|
3,699,767 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,699,767 |
|
Interest paid-in-kind |
|
|
2,365,367 |
|
|
|
— |
|
|
|
— |
|
|
|
53,334 |
|
|
|
— |
|
|
|
2,418,701 |
|
Purchases(3) |
|
|
95,464,438 |
|
|
|
6,406,376 |
|
|
|
11,504,264 |
|
|
|
— |
|
|
|
184,402 |
|
|
|
113,559,480 |
|
Sales, paydowns and resolutions(3) |
|
|
(131,263,963 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(131,263,963 |
) |
Net realized gain/(loss) |
|
|
(9,569,645 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(9,569,645 |
) |
Net change in unrealized appreciation/(depreciation) |
|
|
(2,063,525 |
) |
|
|
(71,889 |
) |
|
|
(1,055,944 |
) |
|
|
(10,864 |
) |
|
|
(2,876,434 |
) |
|
|
(6,078,656 |
) |
Balance at June 30, 2025 |
|
$ |
739,538,278 |
|
|
$ |
6,334,487 |
|
|
$ |
12,423,446 |
|
|
$ |
1,467,056 |
|
|
$ |
10,116,813 |
|
|
$ |
769,880,080 |
|
Change in net unrealized appreciation / (depreciation) on investments held as of June 30, 2025 |
|
$ |
(5,928,045 |
) |
|
$ |
(71,889 |
) |
|
$ |
(1,055,944 |
) |
|
$ |
(10,864 |
) |
|
$ |
(2,876,434 |
) |
|
$ |
(9,943,176 |
) |
(1)There was no investment transferred in to or out from level 3. (2)Includes the effects of reorganizations, if any. The following table includes a roll forward of the amounts for the three months ended June 30, 2024 for investments classified within level 3.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements of Level 3 Investments |
|
|
|
Secured Loans |
|
|
Unsecured Debt |
|
|
Equities |
|
|
Trust Interest |
|
|
Real Estate Properties |
|
|
Total |
|
Balance at April 1, 2024 |
|
$ |
710,144,219 |
|
|
$ |
— |
|
|
$ |
15,692,552 |
|
|
$ |
2,307,893 |
|
|
$ |
13,356,027 |
|
|
$ |
741,500,691 |
|
Transfer in(1) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Transfer out(1) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Accretion/amortization of discounts/premiums |
|
|
1,090,360 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,090,360 |
|
Interest paid-in-kind |
|
|
1,240,193 |
|
|
|
— |
|
|
|
— |
|
|
|
23,870 |
|
|
|
— |
|
|
|
1,264,063 |
|
Purchases(2) |
|
|
49,353,408 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
75,597 |
|
|
|
49,429,005 |
|
Sales, paydowns and resolutions(2) |
|
|
(14,518,112 |
) |
|
|
— |
|
|
|
(9,500,653 |
) |
|
|
— |
|
|
|
— |
|
|
|
(24,018,765 |
) |
Net realized gain/(loss) |
|
|
(342,726 |
) |
|
|
— |
|
|
|
8,443,178 |
|
|
|
— |
|
|
|
— |
|
|
|
8,100,452 |
|
Net change in unrealized appreciation/(depreciation) |
|
|
(468,588 |
) |
|
|
— |
|
|
|
(9,691,311 |
) |
|
|
(448,059 |
) |
|
|
(406,181 |
) |
|
|
(11,014,139 |
) |
Balance at June 30, 2024 |
|
$ |
746,498,754 |
|
|
$ |
— |
|
|
$ |
4,943,766 |
|
|
$ |
1,883,704 |
|
|
$ |
13,025,443 |
|
|
$ |
766,351,667 |
|
Change in net unrealized appreciation / (depreciation) on investments held as of June 30, 2024 |
|
$ |
(682,079 |
) |
|
$ |
— |
|
|
$ |
(1,672,432 |
) |
|
$ |
(448,059 |
) |
|
$ |
(406,181 |
) |
|
$ |
(3,208,751 |
) |
(1)There was no investment transferred in to or out from level 3. (2)Includes the effects of reorganizations, if any. The following table includes a roll forward of the amounts for the six months ended June 30, 2024 for investments classified within level 3.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements of Level 3 Investments |
|
|
|
Secured Loans |
|
|
Unsecured Debt |
|
|
Equities |
|
|
Trust Interest |
|
|
Real Estate Properties |
|
|
Total |
|
Balance at January 1, 2024 |
|
$ |
676,678,861 |
|
|
$ |
— |
|
|
$ |
19,651,223 |
|
|
$ |
2,285,446 |
|
|
$ |
22,924,450 |
|
|
$ |
721,539,980 |
|
Transfer in(1) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Transfer out(2) |
|
|
(6,140,311 |
) |
|
|
— |
|
|
|
(2,724,166 |
) |
|
|
— |
|
|
|
— |
|
|
|
(8,864,477 |
) |
Accretion/amortization of discounts/premiums |
|
|
2,459,964 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,459,964 |
|
Interest paid-in-kind |
|
|
3,287,401 |
|
|
|
— |
|
|
|
— |
|
|
|
46,647 |
|
|
|
— |
|
|
|
3,334,048 |
|
Purchases(3) |
|
|
102,889,809 |
|
|
|
— |
|
|
|
474,538 |
|
|
|
— |
|
|
|
138,396 |
|
|
|
103,502,743 |
|
Sales, paydowns and resolutions(3) |
|
|
(32,957,252 |
) |
|
|
— |
|
|
|
(9,500,653 |
) |
|
|
— |
|
|
|
(9,890,407 |
) |
|
|
(52,348,312 |
) |
Net realized gain/(loss) |
|
|
(1,178,119 |
) |
|
|
— |
|
|
|
8,443,178 |
|
|
|
— |
|
|
|
(202,407 |
) |
|
|
7,062,652 |
|
Net change in unrealized appreciation/(depreciation) |
|
|
1,458,401 |
|
|
|
— |
|
|
|
(11,400,354 |
) |
|
|
(448,389 |
) |
|
|
55,411 |
|
|
|
(10,334,931 |
) |
Balance at June 30, 2024 |
|
$ |
746,498,754 |
|
|
$ |
— |
|
|
$ |
4,943,766 |
|
|
$ |
1,883,704 |
|
|
$ |
13,025,443 |
|
|
$ |
766,351,667 |
|
Change in net unrealized appreciation / (depreciation) on investments held as of June 30, 2024 |
|
$ |
631,897 |
|
|
$ |
— |
|
|
$ |
(3,144,182 |
) |
|
$ |
(448,389 |
) |
|
$ |
(706,109 |
) |
|
$ |
(3,666,783 |
) |
(1)There was no investment transferred in to level 3. (2)Investment was transferred out from level 3 due to existence of significant observable inputs. (3)Includes the effects of reorganizations, if any.
|
| Schedule of Quantitative Information about Level 3 Value investment |
The following tables provide quantitative information about the Fund’s level 3 fair value measurements for the Fund’s investments as of June 30, 2025 and December 31, 2024. In addition to the techniques and inputs noted in the tables below, the Fund may also use, in accordance with the valuation policy, other valuation techniques and methodologies when determining the Fund’s fair value measurements. The below tables are not intended to be inclusive of all unobservable inputs, but rather provide information on the significant level 3 inputs as they relate to the Fund’s fair value measurements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quantitative Information about Level 3 Value Investments |
Investment Type |
|
Fair Value at June 30, 2025 |
|
|
Valuation
Technique(s) |
|
Unobservable
Input(s) |
|
Range (Weighted
Average) |
|
Impact to
Valuation
from an
Increase
in Input(1) |
Secured Loans and Debt |
|
$ |
699,962,340 |
|
|
Income Approach |
|
Yield |
|
4.9% - 27.8% (12.2%) |
|
Decrease |
|
|
|
|
|
|
|
Expected Term(2) |
|
0.1 yrs. - 0.4 yrs. (0.3 yrs.) |
|
Decrease |
|
|
|
17,607,205 |
|
|
Recent Transaction |
|
N/A |
|
N/A |
|
N/A |
|
|
|
21,968,733 |
|
|
Market Comparables |
|
Market Multiple |
|
0.7x - 9.5x (2.6x) |
|
Increase |
Unsecured Debt |
|
|
6,334,487 |
|
|
Market Comparables |
|
Market Multiple |
|
10.2x |
|
Increase |
Equities |
|
|
990,850 |
|
|
Income Approach |
|
Discount Rate |
|
19.0% |
|
Decrease |
|
|
|
|
|
|
|
Expected Term(2) |
|
0.7 yrs. |
|
Decrease |
|
|
|
11,432,596 |
|
|
Market Comparables |
|
Market Multiple |
|
4.0x - 10.2x (9.1x) |
|
Increase |
Real Estate Property |
|
|
10,116,813 |
|
|
Income Approach |
|
Discount Rate |
|
14.5% |
|
Decrease |
|
|
|
|
|
|
|
Expected Term(2) |
|
1.0 yr. |
|
Decrease |
Trust Interest |
|
|
1,467,056 |
|
|
Asset Approach |
|
Recovery Rate |
|
0.8% |
|
Increase |
Total Level 3 Investments |
|
$ |
769,880,080 |
|
|
|
|
|
|
|
|
|
(1)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 unobservable input would have the opposite effect. Significant changes in these inputs in isolation could result in significantly higher or lower fair value measurements. (2)Expected term is an unobservable input for debt or non-debt investments where the valuation methodology contemplates exits other than contractual maturities, if any. Weighted average expected term for Level 3 debt investments, including those valued to contractual maturity, was approximately 3.4 years as of June 30, 2025.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quantitative Information about Level 3 Value Investments |
Investment Type |
|
Fair Value at December 31, 2024 |
|
|
Valuation
Technique(s) |
|
Unobservable
Input(s) |
|
Range (Weighted
Average) |
|
Impact to
Valuation
from an
Increase
in Input(1) |
Secured Loans |
|
$ |
686,032,187 |
|
|
Income Approach |
|
Yield |
|
5.8% - 27.6% (13.3%) |
|
Decrease |
|
|
|
|
|
|
|
Expected Term(2) |
|
0.2 yrs. - 2.4 yrs. (1.3 yrs.) |
|
Decrease |
|
|
|
80,547,179 |
|
|
Recent Transaction |
|
N/A |
|
N/A |
|
N/A |
|
|
|
14,326,473 |
|
|
Market Comparables |
|
Earnings Multiple |
|
5.5x - 6.5x (6.2x) |
|
Increase |
Equities |
|
|
1,564,654 |
|
|
Income Approach |
|
Discount Rate |
|
19.0% |
|
Decrease |
|
|
|
|
|
|
|
Expected Term(2) |
|
1.2 yrs. |
|
Decrease |
|
|
|
410,472 |
|
|
Market Comparables |
|
Earnings Multiple |
|
4.3x |
|
Increase |
Real Estate Properties |
|
|
12,808,845 |
|
|
Income Approach |
|
Discount Rate |
|
13.5% |
|
Decrease |
|
|
|
|
|
|
|
Expected Term(2) |
|
0.7 yrs. |
|
Decrease |
Trust Interest |
|
|
1,424,586 |
|
|
Asset Approach |
|
Recovery Rate |
|
0.8% |
|
Increase |
Total Level 3 Investments |
|
$ |
797,114,396 |
|
|
|
|
|
|
|
|
|
(1)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 unobservable input would have the opposite effect. Significant changes in these inputs in isolation could result in significantly higher or lower fair value measurements. (2)Expected term is an unobservable input for debt or non-debt investments where the valuation methodology contemplates exits other than contractual maturities, if any. Weighted average expected term for Level 3 debt investments, including those valued to contractual maturity, was approximately 3.4 years as of December 31, 2024.
|