The following table shows the composition of our investments as of March 31, 2026 with the fair value disaggregated into the three levels of the fair value hierarchy in accordance with ASC 820:


						Fair Value Hierarchy
	Cost		Fair Value		Level 1		Level 2		Level 3
First Lien Secured Debt	$	25,253,740	$	25,007,924	$	—	$	4,888,824	$	20,119,100
Second Lien Secured Debt		33,537		5,398		—		5,398		—
Unsecured Debt		64,376		63,637		—		14,202		49,435
Common Equity/Interests		63,579		61,148		—		202		60,946
Preferred Equity		11,194		10,976		—		—		10,976
Total Investments before Cash Equivalents	$	25,426,426	$	25,149,083	$	—	$	4,908,626	$	20,240,457
Money Market Fund	$	159,399	$	159,399	$	159,399	$	—	$	—
Total Cash Equivalents	$	159,399	$	159,399	$	159,399	$	—	$	—
Total Investments after Cash Equivalents	$	25,585,825	$	25,308,482	$	159,399	$	4,908,626	$	20,240,457
Currency Swaps	$	—	$	13,476	$	—	$	13,476	$	—
Interest rate swaps		—		23,522		—		23,522		—
Options (Swaptions and Binary Options)		—		7,031		—		7,031		—
Foreign currency forward transactions		—		36,969		—		36,969		—
Total Assets and Liabilities at Fair Value	$	—	$	80,998	$	—	$	80,998	$	—

The following table shows the composition of our investments as of December 31, 2025, with the fair value disaggregated into the three levels of the fair value hierarchy in accordance with ASC 820:


						Fair Value Hierarchy
	Cost		Fair Value		Level 1		Level 2		Level 3
First Lien Secured Debt	$	24,310,842	$	24,441,482	$	—	$	5,843,088	$	18,598,394
Second Lien Secured Debt		33,700		5,235		—		5,235		—
Unsecured Debt		45,544		45,525		—		10,448		35,077
Common Equity/Interests		18,084		15,993		—		—		15,993
Preferred Equity		6,255		7,393		—		—		7,393
Total Investments before Cash Equivalents	$	24,414,425	$	24,515,628	$	—	$	5,858,771	$	18,656,857
Money Market Fund	$	227,502	$	227,502	$	227,502	$	—	$	—
Total Cash Equivalents	$	227,502	$	227,502	$	227,502	$	—	$	—
Total Investments after Cash Equivalents	$	24,641,927	$	24,743,130	$	227,502	$	5,858,771	$	18,656,857
Currency Swaps	$	—	$	7,947	$	—	$	7,947	$	—
Interest rate swaps		—		56,888		—		56,888		—
Foreign currency forward transactions		—		(27,819)		—		(27,819)		—
Total Assets and Liabilities at Fair Value	$	24,641,927	$	24,780,146	$	227,502	$	5,895,787	$	18,656,857

The following table shows changes in the fair value of our Level 3 investments during the three months ended March 31, 2026:


	Three Months Ended March 31, 2026
	First Lien Secured Debt (2)		Second Lien Secured Debt (2)		Unsecured Debt		Common Equity/Interests		Preferred Equity		Total
Fair value as of December 31, 2025	$	18,598,394	$	—	$	35,077	$	15,993	$	7,393	$	18,656,857
Net realized gains (losses)		(2,092)		—		—		—		—		(2,092)
Net change in unrealized gains (losses)		(273,279)		—		(102)		649		(1,355)		(274,087)
Net amortization on investments		11,148		—		77		—		—		11,225
Purchases, including capitalized PIK (3)		2,241,592		—		14,383		45,494		4,938		2,306,407
Sales (3)		(456,663)		—		—		—		—		(456,663)
Transfers out of Level 3 (1)		—		—		—		(1,190)		—		(1,190)
Transfers into Level 3 (1)		—		—		—		—		—		—
Fair value as of March 31, 2026	$	20,119,100	$	—	$	49,435	$	60,946	$	10,976	$	20,240,457

Net change in unrealized gains (losses) on Level 3 investments still held as of March 31, 2026	$	(287,529)	$	—	$	(102)	$	649	$	(1,355)	$	(288,337)

(1)

Transfers out (if any) of Level 3 are due to an increase in the quantity and reliability of broker quotes obtained and transfers into (if any) Level 3 are due to a decrease in the quantity and reliability of broker quotes obtained as assessed by the Adviser. Transfers are assumed to have occurred at the end of the period. There were no transfers between Level 1 and Level 2 fair value measurements during the periods shown.

(2)

Includes unfunded commitments measured at fair value of $(60,123).

(3)

Includes reorganizations and restructuring of investments.

The following table shows changes in the fair value of our Level 3 investments during the three months ended March 31, 2025:


	Three Months Ended March 31, 2025
	First Lien Secured Debt (2)		Second Lien Secured Debt (2)		Unsecured Debt		Common Equity/Interests		Preferred Equity		Total
Fair value as of December 31, 2024	$	11,191,529	$	5,723	$	—	$	833	$	6,428	$	11,204,513
Net realized gains (losses)		4,275		—		—		—		—		4,275
Net change in unrealized gains (losses)		67,227		(5,605)		—		(5)		(6)		61,611
Net amortization on investments		7,547		—		—		—		—		7,547
Purchases, including capitalized PIK (3)		2,600,352		3,343		—		138		62		2,603,895
Sales (3)		(628,681)		—		—		—		—		(628,681)
Transfers out of Level 3 (1)		(465,446)		—		—		—		—		(465,446)
Transfers into Level 3 (1)		—		—		—		—		—		—
Fair value as of March 31, 2025	$	12,776,803	$	3,462	$	—	$	966	$	6,483	$	12,787,714

Net change in unrealized gains (losses) on Level 3 investments still held as of March 31, 2025	$	46,688	$	(5,605)	$	—	$	(5)	$	(6)	$	41,072

(1)

(2)

Includes unfunded commitments measured at fair value of $(19,249).

(3)

Includes reorganizations and restructuring of investments.

The following tables summarize the significant unobservable inputs the Company used to value its investments categorized within Level 3 as of March 31, 2026 and December 31, 2025. In addition to the techniques and inputs noted in the tables below, according to our valuation policy we may also use other valuation techniques and methodologies when determining our fair value measurements. The below table is not intended to be all-inclusive, but rather provide information on the significant unobservable inputs as they relate to the Company’s determination of fair values.

The unobservable inputs used in the fair value measurement of our Level 3 investments as of March 31, 2026 were as follows:


			Quantitative Information about Level 3 Fair Value Measurements
Asset Category		Fair Value	Valuation Techniques/Methodologies	Unobservable Input	Range			Weighted Average (1)
First Lien Secured Debt	$	17,186,018	Discounted Cash Flow	Discount Rate	2.6%	-	57.6%	9.2%
		2,877,170	Transactional Value	Cost	N/A		N/A	N/A
		55,912	Asset Recoverability	Recoverability %	0.0%	-	100.0%	48.9%
		—	Market Comparable Technique	Comparable Multiple	N/A		N/A	N/A
Second Lien Secured Debt		—	Transactional Value	Cost	N/A		N/A	N/A
		—	Market Comparable Technique	Comparable Multiple	N/A		N/A	N/A
Unsecured Debt		49,435	Discounted Cash Flow	Discount Rate	7.2%	-	14.3%	10.7%
Common Equity/Interests		1,041	Market Comparable Technique	Comparable Multiple	7.0x	-	21.0x	12.9x
		56,144	Discounted Cash Flow	Discount Rate	11.1%	-	17.9%	14.5%
		3,761	Transactional Value	Cost	N/A		N/A	N/A
Preferred Equity		2,488	Transactional Value	Cost	N/A		N/A	N/A
		1,538	Market Comparable Technique	Comparable Multiple	9.0x	-	16.0x	12.5x
		6,950	Discounted Cash Flow	Discount Rate	11.6%	-	13.1%	12.4%
Total Level 3 Investments	$	20,240,457

(1)

The weighted average information is generally derived by assigning each disclosed unobservable input a proportionate weight based on the fair value of the related investment. For the commodity price unobservable input, the weighted average price is an undiscounted price based upon the estimated production level from the underlying reserves.

The unobservable inputs used in the fair value measurement of our Level 3 investments as of December 31, 2025 were as follows:


			Quantitative Information about Level 3 Fair Value Measurements
Asset Category		Fair Value	Valuation Techniques/Methodologies	Unobservable Input	Range			Weighted Average (1)
First Lien Secured Debt	$	16,295,125	Discounted Cash Flow	Discount Rate	6.1%	-	48.2%	9.0%
		2,250,700	Transactional Value	Cost	N/A		N/A	N/A
		45,807	Asset Recoverability	Recoverability %	0.0%	-	100.0%	55.5%
		6,762	Market Comparable Technique	Comparable Multiple	0.5x	-	9.0x	4.8x
Second Lien Secured Debt		—	Transactional Value	Cost	N/A		N/A	N/A
		—	Market Comparable Technique	Comparable Multiple	N/A		N/A	N/A
Unsecured Debt		35,077	Transactional Value	Cost	N/A		N/A	N/A
Common Equity/Interests		2,140	Market Comparable Technique	Comparable Multiple	1.3x	-	20.0x	11.7x
		13,853	Transactional Value	Cost	N/A		N/A	N/A
Preferred Equity		99	Transactional Value	Cost	N/A		N/A	N/A
		131	Market Comparable Technique	Comparable Multiple	1.3x	-	16.5x	8.9x
		7,163	Discounted Cash Flow	Discount Rate	11.6%	-	12.6%	12.1%
Total Level 3 Investments	$	18,656,857

(1)

The significant unobservable inputs used in the fair value measurement of the Company’s debt and equity securities are primarily EBITDA comparable multiples and market discount rates. The Company typically uses EBITDA comparable multiples on its equity securities to determine the fair value of investments. The Company uses market discount rates for debt securities to determine if the effective yield on a debt security is commensurate with the market yields for that type of debt security. If a debt security’s effective yield is significantly less than the market yield for a similar debt security with a similar credit profile, the resulting fair value of the debt security may be lower. For certain investments where fair value is derived based on a recovery analysis, the Company uses underlying commodity prices from third party market pricing services to determine the fair value and/or recoverable amount, which represents the proceeds expected to be collected through asset sales or liquidation. Further, for certain investments, the Company also considered the probability of future events which are not in management’s control. Significant increases or decreases in any of these inputs in isolation would result in a significantly lower or higher fair value measurement. The significant unobservable inputs used in the fair value measurement of the structured products include the discount rate applied in the valuation models in addition to default and recovery rates applied to projected cash flows in the valuation models. Specifically, when a discounted cash flow model is used to determine fair value, the significant input used in the valuation model is the discount rate applied to present value the projected cash flows. Increases in the discount rate can significantly lower the fair value of an investment; conversely decreases in the discount rate can significantly increase the fair value of an investment. The discount rate is determined based on the market rates an investor would expect for a similar investment with similar risks.

For the three months ended March 31, 2026 and 2025, purchases of investments on a trade date basis were $3,131,262 and $4,130,849, respectively.

For the three months ended March 31, 2026 and 2025, sales and repayments (including prepayments and unamortized fees) of investments on a trade date basis were $2,163,778 and $1,305,052, respectively.

The Company holds loans and other investments, including certain preferred equity investments, that have contractual PIK income. PIK income computed at the contractual rate is accrued into income and reflected as receivable up to the capitalization date. During the three months ended March 31, 2026 and 2025, PIK income earned was $16,109 and $5,278, respectively.