Fair Value (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Fair Value Hierarchy of Investments

The following tables present the fair value hierarchy of investments as of March 31, 2026 and December 31, 2025. Note that the valuation levels below are not necessarily an indication of the risk associated with the underlying investment.


	Fair Value Hierarchy as of March 31, 2026
	Level 1		Level 2			Level 3		Total
First-lien senior secured debt investments	$	-	$	27,330		$	2,124,277	$	2,151,607
Equity investments	-		-				42,697		42,697
Investments in money market funds		18,348	-			-			18,348
Total Investments at Fair Value	$	18,348	$	27,330		$	2,166,974	$	2,212,652
Interest rate swaps	-			(1,178	)	-			(1,178	)
Total	$	18,348	$	26,152		$	2,166,974	$	2,211,474


	Fair Value Hierarchy as of December 31, 2025
	Level 1		Level 2			Level 3		Total
First-lien senior secured debt investments	$	-	$	46,678		$	2,110,721	$	2,157,399
Equity investments	-		-				41,022		41,022
Investments in money market funds		25,409	-			-			25,409
Total Investments at Fair Value	$	25,409	$	46,678		$	2,151,743	$	2,223,830
Interest rate swaps	-			(299	)	-			(299	)
Total	$	25,409	$	46,379		$	2,151,743	$	2,223,531

Schedule of Fair Value of Investments for which Level 3 Inputs

The following tables present changes in the fair value of investments for which Level 3 inputs were used to determine the fair value as of and for the three months ended March 31, 2026 and 2025.


For the three months ended March 31, 2026	First-lien senior secured debt investments			Private equity investments		Total
Fair value, beginning of period	$	2,110,721		$	41,022	$	2,151,743
Purchases of investments		88,778			54		88,832
Proceeds from sales of investments and principal repayments		(74,634	)		-		(74,634	)
Net change in unrealized gain (loss)		(8,671	)		1,621		(7,050	)
Net realized gain (loss)		(1,957	)		-		(1,957	)
Net accretion of discount on investments		3,235			-		3,235
PIK interest and dividends		6,805			-		6,805
Transfers into (out of) Level 3		-			-		-
Fair value, end of period	$	2,124,277		$	42,697	$	2,166,974


For the three months ended March 31, 2025	First-lien senior secured debt investments			Private equity investments			Total
Fair value, beginning of period	$	1,719,182		$	22,737		$	1,741,919
Purchases of investments		287,324			500			287,824
Proceeds from sales of investments and principal repayments		(86,256	)		(816	)		(87,072	)
Net change in unrealized gain (loss)		(5,423	)		1,136			(4,287	)
Net realized gain (loss)		-			566			566
Net accretion of discount on investments		3,555			-			3,555
PIK interest		358			-			358
Transfers into (out of) Level 3		-			-			-
Fair value, end of period	$	1,918,740		$	24,123		$	1,942,863

Schedule of Quantitative Information about Significant Unobservable Inputs of the Company’s Level 3 Investments

The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of March 31, 2026 and December 31, 2025.


	As of March 31, 2026
			Valuation	Unobservable		Weighted
	Fair Value		Technique	Input	Range	Average
First-lien senior secured debt investments	$	2,124,277	Discounted cash flow analysis	Discount rate	6.5% - 20.6%		9.7	%
Preferred equity investment		16,156	Discounted cash flow analysis	Discount rate	15.0%		15.0	%
Other equity investments		26,541	Comparable Multiples	EV / EBITDA	3.3 - 17.2		6.7
	$	2,166,974


	As of December 31, 2025
			Valuation	Unobservable		Weighted
	Fair Value		Technique	Input	Range	Average
First-lien senior secured debt investments	$	2,110,721	Discounted cash flow analysis	Discount rate	6.4% - 15.0%		9.5	%
Preferred equity investment		15,767	Discounted cash flow analysis	Discount rate	15.0%		15.0	%
Common equity investment		14,000	Precedent Transaction Analysis	Original cost	1.0		1.0
Other equity investments		11,255	Comparable Multiples	EV / EBITDA	6.3 - 17.2		10.6
	$	2,151,743

- 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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