Fair Value (Tables)

3 Months Ended

Mar. 31, 2026

Summary of Assets Measured at Fair Value on a Recurring Basis

The following tables present the balances of assets measured at fair value on a recurring basis, as of March 31, 2026 and December 31, 2025:

Fair Value Measurements

As of March 31, 2026


	Level 1		Level 2		Level 3		Measured at Net Asset Value*		Total
Assets:
Senior Secured Loans	$	—	$	—	$	1,239,329	$	—	$	1,239,329
Equipment Financing		—		—		111,569		—		111,569
Preferred Equity		—		—		33,576		—		33,576
Common Equity/Equity Interests/Warrants		172		—		680,619		47,939		728,730
Total Investments	$	172	$	—	$	2,065,093	$	47,939	$	2,113,204

* In accordance with ASC 820-10, certain investments that are measured using the net asset value per share (or its equivalent) as a practical expedient for fair value have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities. The portfolio investment in this category is SSLP (as defined below). See Note 17 for more information on this investment, including its investment strategy and the Company’s unfunded equity commitment to SSLP. This investment is not redeemable by the Company absent an election by the members of the entity to liquidate all investments and distribute the proceeds to the members.

Fair Value Measurements

As of December 31, 2025


	Level 1		Level 2		Level 3		Measured at Net Asset Value*		Total
Assets:
Senior Secured Loans	$	—	$	—	$	1,260,389	$	—	$	1,260,389
Equipment Financing		—		—		119,021		—		119,021
Preferred Equity		—		—		32,858		—		32,858
Common Equity/Equity Interests/Warrants		138		—		664,150		48,256		712,544
Total Investments	$	138	$	—	$	2,076,418	$	48,256	$	2,124,812

intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities. The portfolio investment in this category is SSLP (as defined below). See Note 17 for more information on this investment, including its investment strategy and the Company’s unfunded equity commitment to SSLP. This investment is not redeemable by the Company absent an election by the members of the entity to liquidate all investments and distribute the proceeds to the members.

Summary of Changes in Fair Value of Level 3 Assets and Liabilities

The following tables provide a summary of the changes in fair value of Level 3 assets for the three months ended March 31, 2026, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets still held at March 31, 2026:

Fair Value Measurements Using Level 3 Inputs


	Senior Secured Loans			Equipment Financing			Preferred Equity			Common Equity/ Equity Interests/ Warrants		Total
Fair value, December 31, 2025	$	1,260,389		$	119,021		$	32,858		$	664,150	$	2,076,418
Total gains or losses included in earnings:
Net realized loss		(14	)		—			—			—		(14	)
Net change in unrealized gain (loss)		(6,589	)		1,017			(126	)		5,282		(416	)
Purchase of investment securities*		110,953			3,487			844			11,187		126,471
Proceeds from dispositions of investment securities		(125,410	)		(11,956	)		—			—		(137,366	)
Transfers in/out of Level 3		—			—			—			—		—
Fair value, March 31, 2026	$	1,239,329		$	111,569		$	33,576		$	680,619	$	2,065,093
Unrealized gains (losses) for the period relating to those Level 3 assets that were still held by the Company at the end of the period:
Net change in unrealized gain (loss)	$	(6,589	)	$	1,017		$	(126	)	$	5,282	$	(416	)

* Includes PIK capitalization and accretion of discount.

The following table provides a summary of the changes in fair value of Level 3 assets for the three months ended March 31, 2025, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets still held at March 31, 2025:

Fair Value Measurements Using Level 3 Inputs


	Senior Secured Loans			Equipment Financing			Preferred Equity			Common Equity/ Equity Interests/ Warrants		Total
Fair value, December 31, 2024	$	1,117,118		$	181,016		$	31,682		$	626,470	$	1,956,286
Total gains or losses included in earnings:
Net realized gain (loss)		30			(8	)		—			—		22
Net change in unrealized gain (loss)		(2,905	)		(6,493	)		(113	)		8,348		(1,163	)
Purchase of investment securities*		188,200			2,734			770			5,084		196,788
Proceeds from dispositions of investment securities		(185,838	)		(10,450	)		—			—		(196,288	)
Transfers in/out of Level 3		—			—			—			—		—
Fair value, March 31, 2025	$	1,116,605		$	166,799		$	32,339		$	639,902	$	1,955,645
Unrealized gains (losses) for the period relating to those Level 3 assets that were still held by the Company at the end of the period:
Net change in unrealized gain (loss)	$	(367	)	$	(6,493	)	$	(113	)	$	8,348	$	1,375

* Includes PIK capitalization and accretion of discount

Summary of Quantitative Information about the Company's Level 3 Asset and Liability

Quantitative information about the Company’s Level 3 asset and liability fair value measurements as of March 31, 2026 is summarized in the table below:

          
         Asset or
Liability

         Fair Value at
March 31, 2026

         Principal Valuation
Technique/Methodology

         Unobservable
Input

         Range (Weighted
Average)

Senior Secured Loans

Asset

1,213,134

Income Approach

Market Yield

7.8% – 29.9% (11.1%)

26,195

Market Multiple

Revenue Multiple

2.5x – 2.5x (2.5x)

Equipment Financing

Asset

15,569

Income Approach

Market Yield

8.3% – 8.5% (8.3%)

96,000

Market Multiple(1)

Comparable Multiple

1.1x – 1.3x (1.1x)

Preferred Equity

Asset

32,617

Income Approach

Market Yield

9.0% – 9.0% (9.0%)

959

Recovery Analysis

Recoverable Amount

N/A

Common Equity/Equity
   Interests/Warrants

Asset

508,119

Market Multiple(2)

Comparable Multiple

1.3x – 13.3x (4.7x)

172,500

Market Approach

Return on Equity

3.6% – 28.5% (20.3%)

(1)

Includes $96,000 of investments valued using an implied multiple.

(2)

Includes $62 of investments valued using a Black-Scholes model, $639 of investments valued using a transaction price, $15,448 of investments valued using a recovery analysis, $210,970 of investments valued using an EBITDA multiple and $281,000 of investments using an implied multiple.

Quantitative information about the Company’s Level 3 asset and liability fair value measurements as of December 31, 2025 is summarized in the table below:

          
         Asset or
Liability

         Fair Value at
December 31, 2025

         Principal Valuation
Technique/Methodology

         Unobservable Input

         Range (Weighted Average)

Senior Secured Loans

Asset

1,260,389

Income Approach

Market Yield

8.2% – 26.9% (11.1%)

Equipment Financing

Asset

24,021

Income Approach

Market Yield

8.0% –8.5% (8.2%)

95,000

Market Multiple(1)

Comparable Multiple

1.1x-1.3x (1.2x)

Preferred Equity

Asset

31,899

Income Approach

Market Yield

9.0% –9.0% (9.0%)

959

Recovery Analysis

Recoverable Amount

N/A

Common Equity/Equity
   Interests/Warrants

Asset

493,650

Market Multiple(2)

Comparable Multiple

1.3x –13.3x (4.1x)

170,500

Market Approach

Return on Equity

2.6% –26.9% (20.3%)

(1)

Includes $95,000 of investments valued using an implied multiple.

(1)

Includes $60 of investments valued using a Black-Scholes model, $639 of investments valued using a transaction price, $15,448 of investments valued using a recovery analysis, $196,503 of investments valued using an EBITDA multiple and $281,000 of investments using an implied multiple.

- 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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