Fair Value Measurements (Tables)
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3 Months Ended |
Mar. 31, 2026 |
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| Fair Value Disclosures [Abstract] |
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| Summary of Fair Value Hierarchy of Financial Instruments |
The following tables present the fair value hierarchy of financial instruments according to the fair value hierarchy as described in Note 2. Significant Accounting Policies of these consolidated financial statements:
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March 31, 2026 |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Secured Debt |
|
$ |
— |
|
|
$ |
483,312 |
|
|
$ |
3,850,702 |
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|
$ |
4,334,014 |
|
Unsecured Debt |
|
|
— |
|
|
|
— |
|
|
|
18,738 |
|
|
|
18,738 |
|
Equity Investments |
|
|
— |
|
|
|
— |
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|
|
91,148 |
|
|
|
91,148 |
|
Total non-controlled/non-affiliated investments |
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|
— |
|
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|
483,312 |
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3,960,588 |
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|
4,443,900 |
|
Short-Term Investments |
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|
49,874 |
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|
|
— |
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|
— |
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|
49,874 |
|
Total Investments at fair value |
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$ |
49,874 |
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$ |
483,312 |
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|
$ |
3,960,588 |
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$ |
4,493,774 |
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Interest rate swaps |
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— |
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(5,605 |
) |
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— |
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(5,605 |
) |
Total Assets and Liabilities at fair value |
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$ |
49,874 |
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$ |
477,707 |
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$ |
3,960,588 |
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$ |
4,488,169 |
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December 31, 2025 |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Secured Debt |
|
$ |
— |
|
|
$ |
550,317 |
|
|
$ |
3,512,613 |
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$ |
4,062,930 |
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Unsecured Debt |
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|
— |
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— |
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|
18,809 |
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|
18,809 |
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Equity Investments |
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|
— |
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— |
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|
92,652 |
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|
92,652 |
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Total non-controlled/non-affiliated investments |
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— |
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550,317 |
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3,624,074 |
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4,174,391 |
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Short-Term Investments |
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|
71,644 |
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|
|
— |
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— |
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|
71,644 |
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Total Investments at fair value |
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$ |
71,644 |
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$ |
550,317 |
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|
$ |
3,624,074 |
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$ |
4,246,035 |
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Interest rate swaps |
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— |
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(2,951 |
) |
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— |
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(2,951 |
) |
Total Assets and Liabilities at fair value |
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$ |
71,644 |
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$ |
547,366 |
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$ |
3,624,074 |
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$ |
4,243,084 |
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| Summary of Changes in fair value of financial Instruments for Level 3 Inputs |
The following tables present changes in the fair value of financial instruments for which Level 3 inputs were used to determine fair value for the three months ended March 31, 2026 and 2025:
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Three Months Ended March 31, 2026 |
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Secured Debt |
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Unsecured Debt |
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Equity Investments |
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Total Investments |
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Fair value, beginning of period |
$ |
3,512,613 |
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$ |
18,809 |
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$ |
92,652 |
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$ |
3,624,074 |
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Purchase of investments (including received in-kind) |
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515,051 |
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|
411 |
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3,208 |
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|
518,670 |
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Proceeds from sale of investments and principal repayments |
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(147,159 |
) |
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(275 |
) |
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— |
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(147,434 |
) |
Net accretion of discounts and amortization of premiums |
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2,142 |
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17 |
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— |
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2,159 |
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Net realized gains (losses) on investments |
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(14 |
) |
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— |
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— |
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(14 |
) |
Net change in unrealized appreciation (depreciation) on investments |
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(29,278 |
) |
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(224 |
) |
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(4,712 |
) |
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(34,214 |
) |
Transfers out of Level 3 |
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(2,653 |
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— |
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— |
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(2,653 |
) |
Fair value, end of period |
$ |
3,850,702 |
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$ |
18,738 |
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$ |
91,148 |
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$ |
3,960,588 |
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Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated investments still held at March 31, 2026 |
$ |
(28,752 |
) |
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$ |
(224 |
) |
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$ |
(4,537 |
) |
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$ |
(33,513 |
) |
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Three Months Ended March 31, 2025 |
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Secured Debt |
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Unsecured Debt |
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Equity Investments |
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Total Investments |
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Fair value, beginning of period |
$ |
1,776,796 |
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$ |
1,261 |
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$ |
44,393 |
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$ |
1,822,450 |
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Purchase of investments (including received in-kind) |
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453,130 |
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|
689 |
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6,494 |
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|
460,313 |
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Proceeds from sale of investments and principal repayments |
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(48,618 |
) |
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— |
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— |
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(48,618 |
) |
Net accretion of discounts and amortization of premiums |
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1,191 |
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— |
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— |
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1,191 |
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Net realized gains (losses) on investments |
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(737 |
) |
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— |
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— |
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(737 |
) |
Net change in unrealized appreciation (depreciation) on investments |
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361 |
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17 |
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1,263 |
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|
1,641 |
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Fair value, end of period |
$ |
2,182,123 |
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$ |
1,967 |
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$ |
52,150 |
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$ |
2,236,240 |
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Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated investments still held at March 31, 2025 |
$ |
(386 |
) |
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$ |
17 |
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$ |
1,263 |
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$ |
894 |
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| Summary of Quantitative Information About the Significant Unobservable Inputs |
The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments. The tables are not intended to be all-inclusive but instead captures the significant unobservable inputs relevant to the Company’s determination of fair value.
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March 31, 2026 |
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Range |
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Fair Value (1) |
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Valuation Technique |
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Unobservable Input |
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Low |
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High |
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Weighted Average (2) |
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Secured Debt |
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$ |
3,507,176 |
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Market yield analysis |
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Market yield discount rates |
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7.11 |
% |
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21.90 |
% |
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|
8.78 |
% |
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306,428 |
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Recent transaction |
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Transaction price |
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N/A |
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N/A |
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N/A |
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30,299 |
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Market quotation |
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Quote |
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N/A |
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N/A |
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N/A |
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6,799 |
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Comparable company analysis |
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EBITDA multiples |
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8.2x |
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10.3x |
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9.6x |
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Total Secured Debt |
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3,850,702 |
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Unsecured Debt |
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18,002 |
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Market yield analysis |
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Market yield discount rates |
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11.15 |
% |
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16.86 |
% |
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12.38 |
% |
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|
736 |
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Comparable company analysis |
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EBITDA multiples |
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8.2x |
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9.2x |
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8.7x |
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Total Unsecured Debt |
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18,738 |
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Equity Investments |
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76,568 |
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Comparable company analysis |
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EBITDA multiples |
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7.0x |
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26.0x |
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14.2x |
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11,663 |
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Market yield analysis |
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Market yield discount rates |
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8.47 |
% |
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14.45 |
% |
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12.66 |
% |
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2,917 |
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Recent transaction |
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Transaction price |
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N/A |
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N/A |
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N/A |
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Total Equity Investments |
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91,148 |
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Total |
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$ |
3,960,588 |
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December 31, 2025 |
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Range |
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Fair Value (1) |
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Valuation Technique |
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Unobservable Input |
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Low |
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High |
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Weighted Average (2) |
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Secured Debt |
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$ |
2,432,284 |
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Market yield analysis |
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Market yield discount rates |
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7.12 |
% |
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29.10 |
% |
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8.65 |
% |
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|
1,035,757 |
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Recent transaction |
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Transaction price |
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N/A |
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N/A |
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N/A |
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|
44,572 |
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Market quotation |
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Quote |
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N/A |
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N/A |
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N/A |
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Total Secured Debt |
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3,512,613 |
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Unsecured Debt |
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|
2,202 |
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Market yield analysis |
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Market yield discount rates |
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|
11.38 |
% |
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|
16.50 |
% |
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14.65 |
% |
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|
16,607 |
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Recent transaction |
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Transaction price |
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N/A |
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N/A |
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N/A |
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Total Unsecured Debt |
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18,809 |
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Equity Investments |
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66,806 |
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Comparable company analysis |
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EBITDA multiples |
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0.2x |
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29.5x |
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14.9x |
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|
12,279 |
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Market yield analysis |
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Market yield discount rates |
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|
8.63 |
% |
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14.45 |
% |
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|
12.09 |
% |
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|
13,567 |
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Recent Transaction |
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Transaction Price |
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N/A |
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N/A |
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N/A |
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Total Equity Investments |
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92,652 |
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Total |
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$ |
3,624,074 |
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(1)As of March 31, 2026 and December 31, 2025, amounts of $339,644 and $1,110,503, respectively, included within the fair value of Level 3 assets were valued based on unobservable inputs not developed by the Adviser (e.g., broker quotes and transaction prices). (2)Weighted averages are calculated based on fair value of investments.
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| Summary of Carrying values and fair values of the Company's debt |
The following are the carrying values and fair values of the Company’s debt as of March 31, 2026 and December 31, 2025.
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March 31, 2026 |
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December 31, 2025 |
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Carrying Value |
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Fair Value |
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Carrying Value |
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Fair Value |
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Debt (1) |
$ |
2,400,365 |
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$ |
2,400,970 |
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$ |
2,145,441 |
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$ |
2,147,142 |
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(1)As of March 31, 2026 and December 31, 2025, carrying value is inclusive of an adjustment for the change in fair value of an effective hedge accounting relationship related to the 2025 Notes. See Note 5 for additional information.
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