Fair Value Measurements (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Fair Value Disclosures [Abstract] |
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| Summary of Fund's assets and liabilities carried at fair value |
The following is a summary of the inputs used, as of June 30, 2025 and December 31, 2024, involving the Fund’s assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities.
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June 30, 2025 |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Investments: |
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First Lien Debt |
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$ |
— |
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$ |
84,246,959 |
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$ |
1,659,383,901 |
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$ |
1,743,630,860 |
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Second Lien Debt |
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— |
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4,628,900 |
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— |
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4,628,900 |
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Asset-Backed Securities |
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— |
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555,817 |
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— |
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555,817 |
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Preferred Securities |
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— |
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7,014,798 |
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— |
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7,014,798 |
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Equity |
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— |
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— |
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14,147,863 |
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14,147,863 |
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Money Market Mutual Funds |
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14,805,047 |
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— |
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— |
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14,805,047 |
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Fixed Income Mutual Funds |
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88,107,511 |
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— |
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— |
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88,107,511 |
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Total Investments |
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$ |
102,912,558 |
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$ |
96,446,474 |
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$ |
1,673,531,764 |
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$ |
1,872,890,796 |
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Derivative Instruments: |
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Assets |
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Swaps |
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— |
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1,697,905 |
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— |
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1,697,905 |
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Total Derivative Instruments |
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$ |
— |
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$ |
1,697,905 |
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$ |
— |
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$ |
1,697,905 |
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December 31, 2024 |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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First Lien Debt |
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$ |
— |
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$ |
144,529,432 |
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$ |
1,144,350,856 |
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$ |
1,288,880,288 |
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Second Lien Debt |
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— |
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6,762,630 |
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6,536,627 |
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13,299,257 |
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Equity |
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— |
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— |
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9,064,990 |
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9,064,990 |
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Money Market Mutual Funds |
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10,026,024 |
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— |
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— |
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10,026,024 |
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Fixed Income Mutual Funds |
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47,969,881 |
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— |
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— |
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47,969,881 |
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Total Investments |
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$ |
57,995,905 |
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$ |
151,292,062 |
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$ |
1,159,952,473 |
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$ |
1,369,240,440 |
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| Summary of Reconciliation of Investments in Securities |
The following tables provide a reconciliation of the beginning and ending balances for investments for which fair value was determined using Level 3 inputs for the six months ended June 30, 2025 and 2024:
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Six Months Ended June 30, 2025 |
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First Lien Debt |
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Second Lien Debt |
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Equity |
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Total Investments |
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Fair value, beginning of period |
$ |
1,144,350,856 |
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$ |
6,536,627 |
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$ |
9,064,990 |
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$ |
1,159,952,473 |
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Purchases of investments |
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557,578,926 |
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291,967 |
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4,821,383 |
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562,692,276 |
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Proceeds from principal repayments and sales of investments |
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(47,097,776 |
) |
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— |
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— |
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(47,097,776 |
) |
Accretion of discount/ amortization of premium |
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3,276,368 |
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— |
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— |
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3,276,368 |
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Net realized gain (loss) |
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192,866 |
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— |
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— |
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192,866 |
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Transfers into Level 3 (1) |
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5,170,287 |
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— |
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— |
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5,170,287 |
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Transfers out of Level 3 (1) |
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— |
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(5,170,287 |
) |
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— |
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(5,170,287 |
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Net change in unrealized appreciation (depreciation) |
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(4,087,626 |
) |
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(1,658,307 |
) |
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261,490 |
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(5,484,443 |
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Fair value, end of period |
$ |
1,659,383,901 |
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$ |
— |
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$ |
14,147,863 |
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$ |
1,673,531,764 |
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Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of June 30, 2025 |
$ |
(12,435,739 |
) |
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$ |
— |
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$ |
261,453 |
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$ |
(12,174,286 |
) |
(1)For the six months ended June 30, 2025, transfers into Level 3 (if any) are due to decreased price transparency and transfers out of Level 3 (if any) are due to increased price transparency.
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Six Months Ended June 30, 2024 |
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First Lien Debt |
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Second Lien Debt |
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Equity |
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Total Investments |
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Fair value, beginning of period |
$ |
425,746,100 |
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$ |
— |
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$ |
2,240,826 |
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$ |
427,986,926 |
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Purchases of investments |
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349,793,514 |
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— |
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2,237,161 |
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352,030,675 |
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Proceeds from principal repayments and sales of investments |
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(110,113,669 |
) |
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— |
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— |
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(110,113,669 |
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Accretion of discount/ amortization of premium |
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1,050,078 |
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— |
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— |
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1,050,078 |
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Net realized gain (loss) |
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(244,920 |
) |
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— |
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— |
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(244,920 |
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Transfers into Level 3(1) |
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— |
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— |
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— |
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— |
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Transfers out of Level 3(1) |
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— |
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— |
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— |
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— |
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Net change in unrealized appreciation (depreciation) |
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1,714,021 |
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— |
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223,992 |
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1,938,013 |
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Fair value, end of period |
$ |
667,945,124 |
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$ |
— |
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$ |
4,701,979 |
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$ |
672,647,103 |
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Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of June 30, 2024 |
$ |
1,989,614 |
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$ |
— |
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$ |
223,992 |
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$ |
2,213,606 |
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(1)For the six months ended June 30, 2024, transfers into Level 3 (if any) are due to decreased price transparency and transfers out of Level 3 (if any) are due to increased price transparency.
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| Summary of Level 3 securities held by the Fundbased on unobservable inputs |
The following provides information on Level 3 securities held by the Fund that were valued as of June 30, 2025 and December 31, 2024 based on unobservable inputs:
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June 30, 2025 |
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Range |
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Fair Value |
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Valuation Technique |
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Unobservable Input |
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Low |
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High |
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Weighted Average |
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Impact to Valuation from an Increase in Input* |
First Lien Debt |
$ |
1,659,383,901 |
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Market approach |
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Transaction price |
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$ |
98.75 |
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$ |
98.75 |
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$ |
98.75 |
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Increase |
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Market comparable |
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Enterprise value/Revenue multiple (EV/R) |
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0.5 |
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0.5 |
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0.5 |
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Increase |
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Discounted cash flow |
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Yield |
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8.2 |
% |
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16.8 |
% |
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9.8 |
% |
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Decrease |
Equity |
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14,147,863 |
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Market approach |
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Transaction price |
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$ |
1.00 |
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$ |
1.00 |
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$ |
1.00 |
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Increase |
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Market comparable |
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Enterprise value/EBITDA multiple (EV/EBITDA) |
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5.3 |
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16.5 |
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9.8 |
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Increase |
Total |
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$ |
1,673,531,764 |
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December 31, 2024 |
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Range |
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Fair Value |
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Valuation Technique |
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Unobservable Input |
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Low |
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High |
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Weighted Average |
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Impact to Valuation from an Increase in Input* |
First Lien Debt |
$ |
1,144,350,856 |
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Market approach |
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Transaction price |
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$ |
98.50 |
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$ |
99.50 |
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$ |
98.83 |
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Increase |
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Discounted cash flow |
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Yield |
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8.7 |
% |
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14.1 |
% |
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10.3 |
% |
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Decrease |
Second Lien Debt |
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6,536,627 |
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Market comparable |
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Enterprise value/Revenue multiple (EV/R) |
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0.5 |
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0.5 |
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0.5 |
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Increase |
Equity |
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9,064,990 |
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Market approach |
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Transaction price |
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$ |
3.10 |
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$ |
1,000.00 |
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$ |
154.92 |
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Increase |
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Market comparable |
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Enterprise value/EBITDA multiple (EV/EBITDA) |
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5.7 |
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17.0 |
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10.1 |
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Increase |
Total |
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$ |
1,159,952,473 |
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* Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.
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