Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Fair Value Measurements of Investments by Major Class, Cash Equivalents and Derivatives

The following table presents fair value measurements of investments by major class, cash equivalents and derivatives as of December 31, 2025, according to the fair value hierarchy:


	Fair Value Measurements
		Level 1			Level 2				Level 3			Measured at Net Asset Value			Total
Investments:
First Lien Senior Secured Loan	$	—		$		71,500		$		1,396,254	$	—		$		1,467,754
Second Lien Senior Secured Loan		—			—					18,749		—				18,749
Subordinated Debt		—			—					103,961		—				103,961
Preferred Equity		—			—					24,362		—				24,362
Equity Interest		—			—					37,894		—				37,894
Warrants		—			—					1,233		—				1,233
Subordinated Note Investment Vehicles (1)		—			—					20,240		—				20,240
Preferred Equity in Interest Investment Vehicles (1)		—			—				—				87			87
Equity Interest in Investment Vehicles (1)		—			—				—				6,978			6,978
Total Investments	$	—		$		71,500		$		1,602,693	$		7,065	$		1,681,258
Cash equivalents	$		27,779	$	—			$	—		$	—		$		27,779
Forward currency exchange contracts (liability)	$	—		$		(2,781	)	$	—		$	—		$		(2,781	)
Interest rate swap	$	—		$		447		$	—		$	—		$		447

(1) Includes debt and equity investment in SLP II.

The following table presents fair value measurements of investments by major class, cash equivalents and derivatives as of December 31, 2024, according to the fair value hierarchy:


	Fair Value Measurements
		Level 1			Level 2			Level 3			Measured at Net Asset Value			Total
Investments:
First Lien Senior Secured Loan	$		-	$		24,370	$		661,476	$		-	$		685,846
Preferred Equity			-			-			14,694			-			14,694
Equity Interest			-			-			10,984			-			10,984
Warrants			-			-			628			-			628
Subordinated Debt			-			-			5,147			-			5,147
Total Investments	$		-	$		24,370	$		692,929	$		-	$		717,299
Cash equivalents	$		7,921	$		-	$		-	$		-	$		7,921
Forward currency exchange contracts asset	$		-	$		1,492	$		-	$		-	$		1,492

Schedule of Reconciliation of Beginning and Ending Balances for Investments That Use Level 3 Inputs

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the year ended December 31, 2025:


	First Lien			Second Lien													Subordinated
	Senior			Senior													Notes in
	Secured			Secured			Subordinated		Preferred			Equity					Investment		Total
	Loans			Loans			Debt		Equity			Interests			Warrants		Vehicles (1)		Investments
Balance as of January 1, 2025	$	661,476		$	—		$	5,147	$	14,694		$	10,984		$	628	$	—	$	692,929
Purchases of investments and other adjustments to cost		994,124			18,749			83,996		13,466			18,937			—		20,240		1,149,512
Paid-in-kind interest income		3,000			—			8,414		923			—			—		—		12,337
Net accretion of discounts (amortization of premiums)		3,000			8			163		2			—			—		—		3,173
Principal repayments and sales of investments		(271,451	)		—			—		(750	)		(277	)		—		—		(272,478	)
Net change in unrealized appreciation on investments		4,950			(8	)		1,173		1,095			8,250			605		—		16,065
Net realized gain on investments		1,155			—			—		—			—			—		—		1,155
Reclassifications		—			—			5,068		(5,068	)		—			—		—		—
Balance as of December 31, 2025	$	1,396,254		$	18,749		$	103,961	$	24,362		$	37,894		$	1,233	$	20,240	$	1,602,693
Change in unrealized appreciation attributable to investments still held at December 31, 2025	$	5,186		$	(8	)	$	1,173	$	1,095		$	8,250		$	605	$	—	$	16,301

(1) Represents debt investment in SLP II.

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the year ended December 31, 2024:


	First Lien
	Senior
	Secured			Equity			Preferred				Subordinated							Total
	Loans			Interests			Equity				Debt				Warrants			Investments
Balance as of January 1, 2024	$	188,789		$	90	$		3,875		$		—		$		—	$		192,754
Purchases of investments and other adjustments to cost		534,738			9,439			23,772				5,397				—			573,346
Paid-in-kind interest income		503			—			1,414				2				—			1,919
Net accretion of discounts (amortization of premiums)		1,286			—			—				—				—			1,286
Principal repayments and sales of investments		(62,497	)		—			(15,000	)			—				—			(77,497	)
Net change in unrealized appreciation on investments		(2,029	)		1,455			333				(252	)			628			135
Net realized gain on investments		686			—			300				—				—			986
Balance as of December 31, 2024	$	661,476		$	10,984	$		14,694		$		5,147		$		628	$		692,929
Change in unrealized appreciation attributable to investments still held at December 31, 2024	$	(2,006	)	$	1,456	$		333		$		(252	)	$		628	$		159

Schedule of Valuation Techniques and Significant Unobservable Inputs

The valuation techniques and significant unobservable inputs used in Level 3 fair value measurements of assets as of December 31, 2025 were as follows:


	As of December 31, 2025
				Significant
	Fair Value of			Unobservable	Range of Significant
	Level 3 Assets (1)		Valuation Technique	Inputs	Unobservable Inputs(3)						Weighted Average (2)
First Lien Senior Secured	$	1,177,789	Discounted cash flows	Comparative Yield		5.3	%	—	16.2	%	9.6		%
First Lien Senior Secured		9,346	Comparable company multiple	EBITDA Multiple				—				13.7	x
Second Lien Senior Secured		18,749	Discounted Cash Flows	Comparative Yield				—				12.9	%
Subordinated Note Investment Vehicles		20,240	Collateral Coverage	Recovery Rate				—				100.0	%
Subordinated		91,935	Discounted cash flows	Comparative Yield		13.2	%	—	18.3	%	16.7		%
Equity Interest		143	Comparable company multiple	Book Value Multiple				—				1.0	x
Equity Interest		26,060	Comparable company multiple	EBITDA Multiple		4.0	x	—	23.5	x	12.5		x
Equity Interest		1,277	Comparable company multiple	Revenue Multiple				—				9.3	x
Preferred equity		11,238	Comparable company multiple	EBITDA Multiple		10.3	x	—	16.5	x	14.6		x
Preferred equity		463	Comparable company multiple	Revenue Multiple				—				9.3	x
Preferred equity		7,638	Comparable company multiple	Book Value Multiple				—				1.0	x
Warrants		532	Comparable Company Multiple	Revenue Multiple				—				3.8	x
Warrants		701	Discounted Cash Flows	Discount Rate				—				25.0	%
Total investments	$	1,366,111

(1)

Included within the Level 3 assets of $1,602,693 is an amount of $236,582 for which the Advisor did not develop the unobservable inputs for the determination of fair value (examples include single source quotation and prior or pending transactions such as investments originated in the quarter or imminent payoffs).

(2)

Weighted average is calculated by weighing the significant unobservable input by the relative fair value of each investment in the category.

(3)

The range for an asset category consisting of a single investment, if any, is not meaningful and therefore has been excluded.

The valuation techniques and significant unobservable inputs used in Level 3 fair value measurements of assets as of December 31, 2024 were as follows:


	As of December 31, 2024
				Significant
	Fair Value of			Unobservable	Range of Significant
	Level 3 Assets (1)		Valuation Technique	Inputs	Unobservable Inputs(3)							Weighted Average (2)
First Lien Senior Secured Loans	$	480,049	Discounted cash flows	Comparative Yields		8.2	%	—		16.6	%		10.7	%
Subordinated		45	Discounted cash flows	Comparative Yields				—					16.6	%
Equity Interest		7,333	Comparable company multiple	EBITDA Multiple		3.8	x	—		24.0	x		11.6	x
Equity Interest		238	Comparable company multiple	Revenue Multiple				—					9.2	x
Preferred equity		4,518	Comparable company multiple	EBITDA Multiple		10.0	x	—	15.3		x		12.3	x
Preferred equity		107	Comparable company multiple	Revenue Multiple				—					9.2	x
Warrants		628	Discounted Cash Flows	Discount Rate				—					25.0	%
Total investments	$	492,918

(1)

Included within the Level 3 assets of $692,929 is an amount of $200,011 for which the Advisor did not develop the unobservable inputs for the determination of fair value (examples include single source quotation and prior or pending transactions such as investments originated in the quarter or imminent payoffs).

(2)

Weighted average is calculated by weighing the significant unobservable input by the relative fair value of each investment in the category.

(3)

The range for an asset category consisting of a single investment, if any, is not meaningful and therefore has been excluded.

Summary of Fair Value of Debt Obligations if Carried at Fair Value

If the Company’s debt obligations were carried at fair value, the fair value and level would have been as follows:


		As of
	Level	December 31, 2025		December 31, 2024
GS Revolving Credit Facility	3	$	180,669	$	190,060
JPM Revolving Credit Facility	3		217,053		116,041
SMBC Revolving Credit Facility	3		120,000		72,000
2025 Senior Notes, Tranche A	2		110,909		-
2025 Senior Notes, Tranche B	2		166,453		-
Total Debt		$	795,084	$	378,101

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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