Investments (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Composition of Investment Portfolio

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

Schedule of Changes in Fair Value of Investments

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.

Summary of Unobservable Inputs Used in Fair Value Measurements of Level 3 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)

Summary of Change in Capitalized PIK balance

The following table shows the change in capitalized PIK balance for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
	2026		2025
PIK balance at beginning of period	$	70,653	$	32,549
PIK income capitalized		14,985		5,262
PIK capitalized exited from investment sales, repayments, and restructurings		—		—
PIK income received in cash		—		—
PIK balance at end of period	$	85,638	$	37,811

- 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