Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2026

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

The following table presents fair value measurements of investments and cash equivalents, by major class, as of March 31, 2026, according to the fair value hierarchy.


	Fair Value Measurements
	Level 1		Level 2		Level 3		Totals
First Lien Senior Secured	$	—	$	8,487	$	854,888	$	863,375
Second Lien Senior Secured		—		3,708		674		4,382
Equity		—		—		19,799		19,799
Warrants		—		—		51		51
Cash Equivalents		6,567		—		—		6,567
Total	$	6,567	$	12,195	$	875,412	$	894,174

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


	Fair Value Measurements
	Level 1		Level 2		Level 3		Totals
First Lien Senior Secured	$	—	$	8,715	$	890,459	$	899,174
Second Lien Senior Secured		—		7,045		15,600		22,645
Equity		—		—		15,856		15,856
Warrants		—		—		50		50
Cash Equivalents		3,334		—		—		3,334
Total	$	3,334	$	15,760	$	921,965	$	941,059

Schedule of Reconciliation of the 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 three months ended March 31, 2026.


	First Lien Senior Secured			Second Lien Senior Secured			Equity			Warrants		Total Investments
Balance as of December 31, 2025	$	890,459		$	15,600		$	15,856		$	50	$	921,965
Purchases and other adjustments to cost		20,805			28			4,357			—		25,190
Sales and repayments		(53,732	)		(15,000	)		(568	)		—		(69,300	)
Net realized gain/ (loss) on investments		(19	)		68			—			—		49
Net change in unrealized gain/ (loss) on investments		(3,356	)		(22	)		154			1		(3,223	)
Net accretion of discount on investments		731			—			—			—		731
Balance as of March 31, 2026	$	854,888		$	674		$	19,799		$	51	$	875,412
Net change in unrealized appreciation (depreciation) on investments still held at March 31, 2026	$	(2,402	)	$	2		$	154		$	—	$	(2,246	)

For the three months ended March 31, 2026, there were no transfers between levels of the fair value hierarchy.

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three months ended March 31, 2025.


	First Lien Senior Secured			Second Lien Senior Secured			Equity			Warrants		Total Investments
Balance as of December 31, 2024	$	393,203		$	—		$	6,065		$	—	$	399,268
Purchases and other adjustments to cost		142,665			10,520			110			—		153,295
Sales and repayments		(4,541	)		—			—			—		(4,541	)
Net change in unrealized gain/ (loss) on investments		995			(119	)		(44	)		72		904
Net accretion of discount on investments		409			—			—			—		409
Balance as of March 31, 2025	$	532,731		$	10,401		$	6,131		$	72	$	549,335
Net change in unrealized appreciation (depreciation) on investments still held at March 31, 2025		1,000			(119	)		(41	)		72		912

For the three months ended March 31, 2025, there were no transfers between levels of the fair value hierarchy.

Schedule of the Significant Unobservable Inputs Relevant to the Determination of Fair Values

The following table summarizes the significant unobservable inputs used to value Level 3 investments as of March 31, 2026. The table is not intended to be all-inclusive, but instead identifies the significant unobservable inputs relevant to the determination of fair values.


					Selected Input Range									Impact to
Asset Category	Fair Value		Primary Valuation Technique	Unobservable Inputs	Minimum			Maximum			Weighted Average (a)			Valuation from an Increase in Input (b)
First Lien Senior Secured	$	853,970	Discounted Cash Flow	Discount Rate		4.9	%		20.1	%		9.1	%	Decrease
First Lien Senior Secured		918	Market Comparables	EBITDA Multiple		7.3	x		8.8	x		8.0	x	Increase
Second Lien Senior Secured		674	Discounted Cash Flow	Discount Rate		19.5	%		19.5	%		19.5	%	Decrease
Equity		12,943	Discounted Cash Flow	Discount Rate		11.0	%		19.8	%		17.4	%	Decrease
Equity		6,619	Market Comparables	EBITDA Multiple		7.5	x		14.0	x		9.8	x	Increase
Equity		237	Market Comparables	Revenue Multiple		2.5	x		3.5	x		3.0	x	Increase
Warrant		51	Market Comparables	EBITDA Multiple		10.8	x		11.8	x		11.3	x	Increase
Total	$	875,412

(a)

Weighted averages are calculated based on fair value of investments.

(b)

Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding inputs as of a 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 the period end.

The following table summarizes the significant unobservable inputs used to value Level 3 investments as of December 31, 2025. The table is not intended to be all-inclusive, but instead identifies the significant unobservable inputs relevant to the determination of fair values.

          
         Selected Input Range

         Impact to

         Asset Category

         Fair Value

         Primary Valuation Technique

         Unobservable Inputs

         Minimum

         Maximum

         Weighted Average (a)

         Valuation from an Increase in Input (b)

First Lien Senior Secured

822,454

Discounted Cash Flow

Discount Rate

4.8

20.6

9.0

Decrease

First Lien Senior Secured

66,701

Recent Transaction Price

Recent Transaction Price

N/A

N/A

N/A

Increase

First Lien Senior Secured

1,303

Market Comparables

EBITDA Multiple

6.8

8.3

7.5

Increase

Second Lien Senior Secured

15,600

Discounted Cash Flow

Discount Rate

11.1

19.5

11.8

Decrease

Equity

7,756

Discounted Cash Flow

Discount Rate

11.0

19.6

17.5

Decrease

Equity

5,400

Recent Transaction Price

Recent Transaction Price

N/A

N/A

N/A

Increase

Equity

2,388

Market Comparables

EBITDA Multiple

10.8

14.0

13.0

Increase

Equity

313

Market Comparables

Revenue Multiple

3.0

4.0

3.5

Increase

Warrant

50

Market Comparables

EBITDA Multiple

11.0

12.0

11.5

Increase

Total

921,965

(a)

Weighted averages are calculated based on fair value of investments.

(b)

Schedule of Amortized Cost and Fair Value of Performing and Non-Accrual Investments

The following table shows the amortized cost and fair value of the Fund's performing and non-accrual investments as of March 31, 2026 and December 31, 2025.


	March 31, 2026				December 31, 2025
Portfolio Company	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Performing	$	889,907	$	887,306	$	936,204	$	937,047
Non-accrual		620		301		620		678
Total	$	890,527	$	887,607	$	936,824	$	937,725

- 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.

+ References + Details