FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Investments Measured at Fair Value on Recurring Basis

The following tables summarize the Company’s investments measured at fair value on a recurring basis by the above fair value hierarchy levels as of March 31, 2026 and December 31, 2025:


	March 31, 2026
	Level 1		Level 2		Level 3		Total
Assets
First Lien Debt	$	—	$	—	$	1,899,631	$	1,899,631
Second Lien Debt	—		—		78,325		78,325
Equity Investments	276		—		156,091		156,367
Investment Funds	—		—		142,782		142,782


Total Investments	$	276	$	—	$	2,276,829	$	2,277,105


Derivative assets(1)	—		—		—		—
Liabilities
Derivative liabilities(1)	—		(5,033)		—		(5,033)
Total							$	2,272,072


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets
First Lien Debt	$	—	$	—	$	2,061,847	$	2,061,847
Second Lien Debt	—		—		95,130		95,130
Equity Investments	—		—		143,331		143,331
Investment Funds	—		—		163,614		163,614


Total Investments	$	—	$	—	$	2,463,922	$	2,463,922


Derivative assets(1)	—		298		—		298
Liabilities
Derivative liabilities(1)	—		(1,436)		—		(1,436)
Total							$	2,462,784

(1)As of March 31, 2026 and December 31, 2025, derivative assets and liabilities consisted of interest rate swaps.

Schedule of Level 3 Input Reconciliation

The changes in the Company’s investments at fair value for which the Company has used Level 3 inputs to determine fair value and net change in unrealized appreciation (depreciation) included in earnings for Level 3 investments still held are as follows:


	Financial Assets
	Three Months Ended March 31, 2026
	First Lien Debt		Second Lien Debt		Equity Investments		Investment Funds		Total
Balance, beginning of period	$	2,061,847	$	95,130	$	143,331	$	163,614	$	2,463,922
Purchases	198,327		1,065		18,909		19,799		238,100
Sales	(162,853)		(15)		(1,991)		—		(164,859)
Paydowns	(177,088)		(11,702)		—		(40,500)		(229,290)
Accretion of discount	2,271		228		14		—		2,513
Net realized gains (losses)	(9,469)		(310)		297		—		(9,482)
Net change in unrealized appreciation (depreciation)	(13,404)		(6,071)		(4,193)		(131)		(23,799)
Transfers Out of Level 3	—		—		(276)		—		(276)
Balance, end of period	$	1,899,631	$	78,325	$	156,091	$	142,782	$	2,276,829
Net change in unrealized appreciation (depreciation) relating to Level 3 investments still held at the reporting date and included within the Consolidated Statements of Operations	$	(21,344)	$	(5,998)	$	(3,441)	$	(131)	$	(30,914)


	Financial Assets
	Three Months Ended March 31, 2025
	First Lien Debt		Second Lien Debt		Equity Investments		Investment Funds		Total
Balance, beginning of period	$	1,323,697	$	116,467	$	116,746	$	182,636	$	1,739,546
Purchases	171,923		989		3,598		—		176,510
Transfer In - CSL III Merger	479,124		4,117		2,432		—		485,673
Transfer In - Credit Fund II Purchase	181,645		9,493		63		—		191,201
Sales	(88,285)		(1,137)		(6,415)		(62,500)		(158,337)
Paydowns	(187,006)		(100)		—		—		(187,106)
Accretion of discount	2,749		160		59		—		2,968
Net realized gains (losses)	925		(7,974)		22		—		(7,027)
Net change in unrealized appreciation (depreciation)	(11,681)		7,614		5,010		1,255		2,198
Balance, end of period	$	1,873,091	$	129,629	$	121,515	$	121,391	$	2,245,626
Net change in unrealized appreciation (depreciation) relating to Level 3 investments still held at the reporting date and included within the Consolidated Statements of Operations	$	(13,947)	$	(386)	$	4,886	$	1,255	$	(8,192)

Schedule of Fair Value Inputs and Valuation Techniques

The following tables summarize the quantitative information related to the significant unobservable inputs for Level 3 instruments which are carried at fair value as of March 31, 2026 and December 31, 2025:


	Fair Value as of		Valuation Techniques	Significant Unobservable Inputs	Range				Weighted Average
	March 31, 2026				Low		High
Investments in First Lien Debt	$	1,706,571	Discounted Cash Flow	Discount Rate	7.44	%	23.66	%	9.98	%
	114,186		Consensus Pricing	Indicative Quotes	47.50	%	99.12	%	92.53	%
	78,874		Income Approach	Discount Rate	9.86	%	13.79	%	11.31	%
			Market Approach	Comparable Multiple	9.50x		10.92x		10.12x
Total First Lien Debt	1,899,631
Investments in Second Lien Debt	59,498		Discounted Cash Flow	Discount Rate	14.29	%	18.57	%	17.75	%
	12,025		Consensus Pricing	Indicative Quotes	92.50	%	92.50	%	92.50	%
	6,802		Income Approach	Discount Rate	9.98	%	13.36	%	10.00	%
Total Second Lien Debt	78,325
Investments in Equity	59,622		Income Approach	Discount Rate	12.06	%	16.41	%	13.16	%
	10,456		Consensus Pricing	Indicative Quotes	98.25%		98.25%		95.65%
	86,013		Market Approach	Comparable Multiple	3.00x		19.00x		10.26x
Total Equity Investments	156,091

Investments in Investment Funds	122,983		Discounted Cash Flow	Discount Rate	12.50	%	12.50	%	12.50	%
			Discounted Cash Flow	Default Rate	2.00	%	2.00	%	2.00	%
			Discounted Cash Flow	Recovery Rate	60.00	%	60.00	%	60.00	%
	19,799		Consensus Pricing	Indicative Quotes	100.00	%	100.00	%	100.00	%
Total Investments in Investment Funds	142,782
Total Level 3 Investments	$	2,276,829


	Fair Value as of		Valuation Techniques	Significant Unobservable Inputs	Range				Weighted Average
	December 31, 2025				Low		High
Investments in First Lien Debt	$	1,818,450	Discounted Cash Flow	Discount Rate	5.54	%	23.90	%	9.33	%
	159,132		Consensus Pricing	Indicative Quotes	64.38	%	100.00	%	95.82	%
	84,265		Income Approach	Discount Rate	9.96	%	14.55	%	11.57	%
			Market Approach	Comparable Multiple	8.50x		11.50x		9.57x
Total First Lien Debt	2,061,847
Investments in Second Lien Debt	76,571		Discounted Cash Flow	Discount Rate	10.89	%	17.22	%	13.00	%
	11,984		Consensus Pricing	Indicative Quotes	92.19	%	92.19	%	92.19	%
	6,575		Income Approach	Discount Rate	9.96	%	13.35	%	9.97	%
Total Second Lien Debt	95,130
Investments in Equity	56,658		Income Approach	Discount Rate	9.75	%	16.16	%	12.37	%
	86,673		Market Approach	Comparable Multiple	3.00x		21.25x		10.84x
Total Equity Investments	143,331
Investments in Investment Funds
Mezzanine Loan	40,500		Consensus Pricing	Indicative Quotes	100.00	%	100.00	%	100.00	%
Subordinated Loan and Member's Interest	123,114		Discounted Cash Flow	Discount Rate	11.75	%	11.75	%	11.75	%
			Discounted Cash Flow	Default Rate	2.00	%	2.00	%	2.00	%
			Discounted Cash Flow	Recovery Rate	60.00	%	60.00	%	60.00	%
Total Investments in Investment Funds	163,614
Total Level 3 Investments	$	2,463,922

Schedule of Carrying Values and Fair Values of Debt

The following table presents the principal amount and fair value of the Credit Facility, the Senior Notes, and the 2015-1N Debt as of March 31, 2026 and December 31, 2025:


	March 31, 2026				December 31, 2025
	Principal Amount		Fair Value		Principal Amount		Fair Value
Secured borrowings	$	415,319	$	415,319	$	563,660	$	563,660

2030 Notes	300,000		301,709		300,000		299,749
2031 Notes	300,000		303,340		300,000		301,436






2015-1N Aaa/AAA Class A-1-1-A Notes	240,000		240,054		240,000		240,118
2015-1N Aaa/AAA Class A-L Loans	50,000		50,011		50,000		50,025
2015-1N Aaa/AAA Class A-1-2-B Notes	20,000		19,971		20,000		20,001
2015-1N AA Class A-2-RR Notes	30,000		29,789		30,000		29,858
2015-1N A Class B-R Notes	40,000		39,700		40,000		39,799

Total	$	1,395,319	$	1,399,893	$	1,543,660	$	1,544,646

- 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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