Fair Value (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Portfolio Investments by Levels in the Fair Value Hierarchy

The following table summarizes the levels in the fair value hierarchy that the Company’s portfolio investments fall into as of June 30, 2026:


	Total		Level I		Level II		Level III
First lien	$	1,453,636	$	—	$	59,462	$	1,394,174
Second lien	74,299		—		1,308		72,991
Subordinated	98,429		—		—		98,429
Structured Finance Obligations	3,191		—		—		3,191
Equity and other	660,250		—		—		660,250
Total investments	$	2,289,805	$	—	$	60,770	$	2,229,035

The following table summarizes the levels in the fair value hierarchy that the Company’s portfolio investments fall into as of December 31, 2025:


	Total		Level I		Level II		Level III
First lien	$	1,818,215	$	—	$	43,579	$	1,774,636
Second lien	91,179		—		—		91,179
Subordinated	121,487		—		—		121,487
Structured Finance Obligations	3,277		—		—		3,277
Equity and other	707,855		—		—		707,855
Total investments	$	2,742,013	$	—	$	43,579	$	2,698,434

Schedule of Changes in Fair Value of Level III Portfolio Investments

The following table summarizes the changes in fair value of Level III portfolio investments for the three months ended June 30, 2026, as well as the portion of appreciation (depreciation) included in income attributable to the net change in unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at June 30, 2026:


	Total		First Lien		Second Lien		Subordinated		Structured Finance Obligations		Equity and other
Fair Value, March 31, 2026	$	2,242,253	$	1,435,322	$	73,098	$	93,449	$	3,186	$	637,198
Total gains or losses included in earnings:
Net realized losses on investments	(44,942)		(12,497)		(7,956)		—		—		(24,489)
Net change in unrealized appreciation (depreciation) of investments	38,284		3,487		7,409		(3)		5		27,386
Purchases, including capitalized PIK and revolver fundings	114,753		83,857		663		7,738		—		22,495
Proceeds from sales and paydowns of investments(1)	(138,955)		(127,487)		(6,373)		—		—		(5,095)
Transfers into Level III(2)(3)	20,397		11,492		6,150		—		—		2,755
Transfers out of Level III(2)(3)	(2,755)		—		—		(2,755)		—		—

Fair Value, June 30, 2026	$	2,229,035	$	1,394,174	$	72,991	$	98,429	$	3,191	$	660,250
Net change in unrealized appreciation (depreciation) for the period relating to those Level III assets that were still held by the Company at the end of the period:	$	(5,277)	$	(8,151)	$	(463)	$	(3)	$	4	$	3,336

(1)Includes non-cash reorganizations and restructurings.

(2)As of June 30, 2026, portfolio investments were transferred into Level III from Level II and out of Level III into Level II at fair value as of the beginning of the quarterly period in which the reclassification occurred.

(3)Includes reclassification of investment type to a claim.

The following table summarizes the changes in fair value of Level III portfolio investments for the three months ended June 30, 2025, as well as the portion of appreciation (depreciation) included in income attributable to the net change in unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at June 30, 2025:


	Total		First Lien		Second Lien		Subordinated		Structured Finance Obligations		Equity and other
Fair Value, March 31, 2025	$	2,956,224	$	1,929,645	$	125,004	$	104,948	$	3,232	$	793,395
Total gains or losses included in earnings:
Net realized gains (losses) on investments	13,405		30		(501)		—		—		13,876
Net change in unrealized (depreciation) appreciation of investments	(34,500)		(5,909)		(690)		12		17		(27,930)
Purchases, including capitalized PIK and revolver fundings(1)	135,748		126,657		—		3,026		—		6,065
Proceeds from sales and paydowns of investments(1)	(159,810)		(123,057)		(4,386)		—		—		(32,367)
Transfers into Level III(2)	9,196		—		9,196		—		—		—

Fair Value, June 30, 2025	$	2,920,263	$	1,927,366	$	128,623	$	107,986	$	3,249	$	753,039
Net change in unrealized (depreciation) appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period:	$	(22,375)	$	(5,819)	$	(690)	$	10	$	17	$	(15,893)

(1)Includes non-cash reorganizations and restructurings.

(2)As of June 30, 2025, portfolio investments were transferred into Level III from Level II at fair value as of the beginning of the quarterly period in which the reclassification occurred.

The following table summarizes the changes in fair value of Level III portfolio investments for the six months ended June 30, 2026, as well as the portion of appreciation (depreciation) included in income attributable to the net change in unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at June 30, 2026:


	Total		First Lien		Second Lien		Subordinated		Structured Finance Obligations		Equity and other
Fair Value, December 31, 2025	$	2,698,434	$	1,774,636	$	91,179	$	121,487	$	3,277	$	707,855
Total gains or losses included in earnings:
Net realized losses on investments	(75,632)		(39,858)		(7,956)		(2,089)		—		(25,729)
Net change in unrealized (depreciation) appreciation of investments	977		(18,321)		2,406		(3,947)		(86)		20,925
Purchases, including capitalized PIK and revolver fundings	228,573		177,674		2,869		11,046		—		36,984
Proceeds from sales and paydowns of investments(1)	(632,296)		(518,070)		(6,373)		(25,313)		—		(82,540)
Transfers into Level III(2)(3)	27,018		18,113		6,150		—		—		2,755
Transfers out of Level III(2)(3)	(18,039)		—		(15,284)		(2,755)		—		—

Fair Value, June 30, 2026	$	2,229,035	$	1,394,174	$	72,991	$	98,429	$	3,191	$	660,250
Net change in unrealized depreciation for the period relating to those Level III assets that were still held by the Company at the end of the period:	$	(42,280)	$	(27,328)	$	(8,143)	$	(176)	$	(86)	$	(6,547)

(1)Includes non-cash reorganizations and restructurings.

(2)As of June 30, 2026, portfolio investments were transferred into Level III from Level II and out of Level III into Level II at fair value as of the beginning of the period in which the reclassification occurred.

(3)Includes reclassification of investment type to a claim.

The following table summarizes the changes in fair value of Level III portfolio investments for the six months ended June 30, 2025, as well as the portion of appreciation (depreciation) included in income attributable to the net change in unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at June 30, 2025:


	Total		First Lien		Second Lien		Subordinated		Structured Finance Obligations		Equity and other
Fair Value, December 31, 2024	$	2,987,078	$	1,902,610	$	150,334	$	102,034	$	—	$	832,100
Total gains or losses included in earnings:
Net realized gains (losses) on investments	51,071		97		(2,732)		—		—		53,706
Net change in unrealized (depreciation) appreciation of investments	(82,280)		(6,620)		(829)		175		17		(75,023)
Purchases, including capitalized PIK and revolver fundings(1)	339,322		252,412		4,255		5,777		—		76,878
Proceeds from sales and paydowns of investments(1)	(387,368)		(221,133)		(31,613)		—		—		(134,622)
Transfers into Level III(2)	12,440		—		9,208		—		3,232		—

Fair Value, June 30, 2025	$	2,920,263	$	1,927,366	$	128,623	$	107,986	$	3,249	$	753,039
Net change in unrealized (depreciation) appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period:	$	(29,928)	$	(6,481)	$	(1,117)	$	173	$	17	$	(22,520)

(1)Includes non-cash reorganizations and restructurings.

(2)As of June 30, 2025, portfolio investments were transferred into Level III from Level II at fair value as of the beginning of the period in which the reclassification occurred.

Schedule of Unobservable Inputs Used in the Fair Value Measurement

The unobservable inputs used in the fair value measurement of the Company's Level III investments as of June 30, 2026 were as follows:


					Range
Type	Fair Value as of June 30, 2026		Approach	Unobservable Input	Low		High		Weighted Average(1)
First lien	$	1,378,905	Market & Income Approach	EBITDA multiple	6.0x		22.0x		13.3x
				Revenue multiple	2.0x		10.0x		5.9x
				Discount rate	6.5	%	57.3	%	11.1	%

	15,269		Other	N/A(2)	N/A		N/A		N/A
Second lien	72,991		Market & Income Approach	EBITDA multiple	10.0x		16.0x		13.8x

				Discount rate	10.0	%	160.2	%	21.7	%

			Other	N/A(2)	N/A		N/A		N/A
Subordinated	93,755		Market & Income Approach	EBITDA multiple	7.5x		20.0x		12.8x
				Discount rate	12.7	%	19.5	%	16.4	%
	4,674		Other	N/A(2)	N/A		N/A		N/A
Structured Finance Obligations	3,191		Income Approach	Discount Rate	11.1	%	11.1	%	11.1	%
Equity and other	263,639		Market & Income Approach	EBITDA multiple	6.0x		21.4x		11.0x
				Revenue multiple	6.5x		8.5x		7.0x
				Discount rate	8.9	%	51.6	%	24.0	%
	384,812		Income Approach	Discount rate	6.4	%	14.3	%	11.1	%


	11,799		Other	N/A(2)	N/A		N/A		N/A
	$	2,229,035

(1)Unobservable inputs were weighted by the relative fair value of the investments.

(2)Fair value was determined based on transaction pricing or recent acquisition or sale as the best measure of fair value with no material changes in operations of the related portfolio company since the transaction date.

The unobservable inputs used in the fair value measurement of the Company's Level III investments as of December 31, 2025 were as follows:


					Range
Type	Fair Value as of December 31, 2025		Approach	Unobservable Input	Low		High		Weighted Average(1)
First lien	$	1,765,624	Market & income approach	EBITDA multiple	5.0x		31.3x		14.3x
				Revenue multiple	4.0x		19.5x		10.3x
				Discount rate	6.1	%	21.6	%	9.1	%

	9,012		Other	N/A(2)	N/A		N/A		N/A
Second lien	84,722		Market & income approach	EBITDA multiple	14.0x		18.0x		16.0x

				Discount rate	9.4	%	15.8	%	13.5	%

	6,457		Other	N/A(2)	N/A		N/A		N/A
Subordinated	121,487		Market & income approach	EBITDA multiple	7.0x		20.0x		13.4x
				Discount rate	11.7	%	18.9	%	14.1	%
Structured Finance Obligations	3,277		Income approach	Discount rate	10.5	%	10.5	%	10.5	%
Equity and other	320,328		Market & income approach	EBITDA multiple	5.5x		21.7x		11.7x
				Revenue multiple	8.5x		10.5x		9.0x
				Discount rate	9.3	%	20.2	%	11.7	%
	387,527		Income approach	Discount rate	6.3	%	15.7	%	11.4	%





	$	2,698,434

(1)Unobservable inputs were weighted by the relative fair value of the investments.

Schedule of Principal Amounts and Fair Values of the Company’s Borrowings

The following are the principal amounts and fair values of the Company’s borrowings as of June 30, 2026 and December 31, 2025. Fair value is estimated by discounting remaining payments using applicable current market rates, which take into account changes in the Company’s marketplace credit ratings or market quotes, if available.


	As of
	June 30, 2026				December 31, 2025
	Principal Amount		Fair Value		Principal Amount		Fair Value
Unsecured Notes	$	790,000	$	792,877	$	990,000	$	1,002,356
Holdings Credit Facility	378,146		376,345		420,063		419,981
SBA-guaranteed debentures	169,255		143,610		196,205		175,141
NMFC Credit Facility (1)	30,356		30,305		81,074		81,097
Total Borrowings	$	1,367,757	$	1,343,137	$	1,687,342	$	1,678,575

(1) As of June 30, 2026, the principal amount of the NMFC Credit Facility was $30,356, which includes €16,512 denominated in EUR and £8,666 denominated in GBP that has been translated to U.S. dollars. As of June 30, 2026, the fair value of the NMFC Credit Facility was $30,305, which included €16,484 denominated in EUR and £8,653 denominated in GBP that has been translated to U.S. dollars. As of December 31, 2025, the principal amount of the NMFC Credit Facility was $81,074, which included €16,512 denominated in EUR and £8,666 denominated in GBP that has been translated to U.S. dollars. As of December 31, 2025, the fair value of the NMFC Credit Facility was

$81,097, which included €16,479 denominated in EUR and £8,651 denominated in GBP that has been translated to U.S. dollars.

Schedule of Notional Amounts and Fair Values of the Company's Derivative Instruments

The following table summarizes the notional amounts and fair values of the Company's derivative instruments as of June 30, 2026. The Company's derivative instruments are considered Level II investments.


	As of June 30, 2026						As of December 31, 2025
	Notional Amount		Fair Value				Notional Amount		Fair Value
			Asset		Liability				Asset		Liability
Derivatives in fair value hedging relationships:
Interest rate swaps	$	600,000	$	34	$	(2,968)	$	600,000	$	5,647	$	(366)
Total derivatives designated as hedging instruments	600,000		34		(2,968)		600,000		5,647		(366)
Total derivatives	600,000		34		(2,968)		600,000		5,647		(366)
Total net derivatives(1)	$	600,000	$	—	$	(2,934)	$	600,000	$	5,281	$	—

(1)As of June 30, 2026, the Company had a net derivative liability at fair value subject to such enforceable master netting arrangement in the amount of $2,934 and a collateral balance of $7,490, included in "Payable to broker" on the Consolidated Statements of Assets and Liabilities. As of December 31, 2025, the Company had a net derivative asset at fair value subject to such enforceable master netting arrangement in the amount of $5,281 and a collateral balance $14,630, included in "Payable to broker" on the Consolidated Statements of Assets and Liabilities. As of June 30, 2026 and December 31, 2025, if the Company had elected to offset, the net amount would be $0 and $0, respectively.

- 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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