| Summary of Assets Measured at Fair Value on a Recurring Basis |
The following tables present the balances of assets measured at fair value on a recurring basis, as of June 30, 2026 and December 31, 2025: Fair Value Measurements As of June 30, 2026
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Measured at
Net Asset Value* |
|
|
Total |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Senior Secured Loans |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,237,554 |
|
|
$ |
— |
|
|
$ |
1,237,554 |
|
Equipment Financing |
|
|
— |
|
|
|
— |
|
|
|
98,000 |
|
|
|
— |
|
|
|
98,000 |
|
Preferred Equity |
|
|
— |
|
|
|
— |
|
|
|
34,309 |
|
|
|
— |
|
|
|
34,309 |
|
Common Equity/Equity Interests/Warrants |
|
|
133 |
|
|
|
— |
|
|
|
682,203 |
|
|
|
47,132 |
|
|
|
729,468 |
|
Total Investments |
|
$ |
133 |
|
|
$ |
— |
|
|
$ |
2,052,066 |
|
|
$ |
47,132 |
|
|
$ |
2,099,331 |
|
* In accordance with ASC 820-10, certain investments that are measured using the net asset value per share (or its equivalent) as a practical expedient for fair value have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities. The portfolio investment in this category is SSLP (as defined below). See Note 17 for more information on this investment, including its investment strategy and the Company’s unfunded equity commitment to SSLP. This investment is not redeemable by the Company absent an election by the members of the entity to liquidate all investments and distribute the proceeds to the members. Fair Value Measurements As of December 31, 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Measured at
Net Asset Value* |
|
|
Total |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Senior Secured Loans |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,260,389 |
|
|
$ |
— |
|
|
$ |
1,260,389 |
|
Equipment Financing |
|
|
— |
|
|
|
— |
|
|
|
119,021 |
|
|
|
— |
|
|
|
119,021 |
|
Preferred Equity |
|
|
— |
|
|
|
— |
|
|
|
32,858 |
|
|
|
— |
|
|
|
32,858 |
|
Common Equity/Equity Interests/Warrants |
|
|
138 |
|
|
|
— |
|
|
|
664,150 |
|
|
|
48,256 |
|
|
|
712,544 |
|
Total Investments |
|
$ |
138 |
|
|
$ |
— |
|
|
$ |
2,076,418 |
|
|
$ |
48,256 |
|
|
$ |
2,124,812 |
|
* In accordance with ASC 820-10, certain investments that are measured using the net asset value per share (or its equivalent) as a practical expedient for fair value have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities. The portfolio investment in this category is SSLP (as defined below). See Note 17 for more information on this investment, including its investment strategy and the Company’s unfunded equity commitment to SSLP. This investment is not redeemable by the Company absent an election by the members of the entity to liquidate all investments and distribute the proceeds to the members.
|
| Summary of Changes in Fair Value of Level 3 Assets and Liabilities |
The following tables provide a summary of the changes in fair value of Level 3 assets for the three and six months ended June 30, 2026, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets still held at June 30, 2026: Fair Value Measurements Using Level 3 Inputs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Senior
Secured
Loans |
|
|
Equipment
Financing |
|
|
Preferred Equity |
|
|
Common
Equity/
Equity
Interests/
Warrants |
|
|
Total |
|
Fair value, March 31, 2026 |
|
$ |
1,239,329 |
|
|
$ |
111,569 |
|
|
$ |
33,576 |
|
|
$ |
680,619 |
|
|
$ |
2,065,093 |
|
Total gains or losses included in earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain (loss) |
|
|
7 |
|
|
|
(20 |
) |
|
|
— |
|
|
|
(106 |
) |
|
|
(119 |
) |
Net change in unrealized gain (loss) |
|
|
(11,783 |
) |
|
|
2,050 |
|
|
|
(130 |
) |
|
|
1,319 |
|
|
|
(8,544 |
) |
Purchase of investment securities* |
|
|
204,306 |
|
|
|
— |
|
|
|
863 |
|
|
|
371 |
|
|
|
205,540 |
|
Proceeds from dispositions of investment securities |
|
|
(194,305 |
) |
|
|
(15,599 |
) |
|
|
— |
|
|
|
— |
|
|
|
(209,904 |
) |
Transfers in/out of Level 3 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Fair value, June 30, 2026 |
|
$ |
1,237,554 |
|
|
$ |
98,000 |
|
|
$ |
34,309 |
|
|
$ |
682,203 |
|
|
$ |
2,052,066 |
|
Unrealized gains (losses) for the period relating to those
Level 3 assets that were still held by the Company at the
end of the period: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in unrealized gain (loss) |
|
$ |
(10,962 |
) |
|
$ |
2,000 |
|
|
$ |
— |
|
|
$ |
1,319 |
|
|
$ |
(7,643 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Senior
Secured
Loans |
|
|
Equipment
Financing |
|
|
Preferred Equity |
|
|
Common
Equity/
Equity
Interests/
Warrants |
|
|
Total |
|
Fair value, December 31, 2025 |
|
$ |
1,260,389 |
|
|
$ |
119,021 |
|
|
$ |
32,858 |
|
|
$ |
664,150 |
|
|
$ |
2,076,418 |
|
Total gains or losses included in earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized loss |
|
|
(7 |
) |
|
|
(20 |
) |
|
|
— |
|
|
|
(106 |
) |
|
|
(133 |
) |
Net change in unrealized gain (loss) |
|
|
(18,373 |
) |
|
|
3,066 |
|
|
|
(256 |
) |
|
|
6,601 |
|
|
|
(8,962 |
) |
Purchase of investment securities* |
|
|
315,260 |
|
|
|
3,487 |
|
|
|
1,707 |
|
|
|
11,558 |
|
|
|
332,012 |
|
Proceeds from dispositions of investment securities |
|
|
(319,715 |
) |
|
|
(27,554 |
) |
|
|
— |
|
|
|
— |
|
|
|
(347,269 |
) |
Transfers in/out of Level 3 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Fair value, June 30, 2026 |
|
$ |
1,237,554 |
|
|
$ |
98,000 |
|
|
$ |
34,309 |
|
|
$ |
682,203 |
|
|
$ |
2,052,066 |
|
Unrealized gains (losses) for the period relating to those
Level 3 assets that were still held by the Company at the
end of the period: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in unrealized gain (loss) |
|
$ |
(17,490 |
) |
|
$ |
3,000 |
|
|
$ |
— |
|
|
$ |
6,601 |
|
|
$ |
(7,889 |
) |
* Includes PIK capitalization and accretion of discount. The following tables provide a summary of the changes in fair value of Level 3 assets for the three and six months ended June 30, 2025, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets still held at June 30, 2025: Fair Value Measurements Using Level 3 Inputs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Senior
Secured
Loans |
|
|
Equipment
Financing |
|
|
Preferred Equity |
|
|
Common
Equity/
Equity
Interests/
Warrants |
|
|
Total |
|
Fair value, March 31, 2025 |
|
$ |
1,116,605 |
|
|
$ |
166,799 |
|
|
$ |
32,339 |
|
|
$ |
639,902 |
|
|
$ |
1,955,645 |
|
Total gains or losses included in earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain (loss) |
|
|
365 |
|
|
|
(10 |
) |
|
|
— |
|
|
|
— |
|
|
|
355 |
|
Net change in unrealized gain (loss) |
|
|
1,382 |
|
|
|
(3,846 |
) |
|
|
(615 |
) |
|
|
5,449 |
|
|
|
2,370 |
|
Purchase of investment securities* |
|
|
330,936 |
|
|
|
4,816 |
|
|
|
786 |
|
|
|
413 |
|
|
|
336,951 |
|
Proceeds from dispositions of investment securities |
|
|
(180,384 |
) |
|
|
(28,771 |
) |
|
|
— |
|
|
|
— |
|
|
|
(209,155 |
) |
Transfers in/out of Level 3 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Fair value, June 30, 2025 |
|
$ |
1,268,904 |
|
|
$ |
138,988 |
|
|
$ |
32,510 |
|
|
$ |
645,764 |
|
|
$ |
2,086,166 |
|
Unrealized gains (losses) for the period relating to those
Level 3 assets that were still held by the Company at the
end of the period: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in unrealized gain (loss) |
|
$ |
1,620 |
|
|
$ |
(3,846 |
) |
|
$ |
(615 |
) |
|
$ |
5,449 |
|
|
$ |
2,608 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Senior
Secured
Loans |
|
|
Equipment
Financing |
|
|
Preferred Equity |
|
|
Common
Equity/
Equity
Interests/
Warrants |
|
|
Total |
|
Fair value, December 31, 2024 |
|
$ |
1,117,118 |
|
|
$ |
181,016 |
|
|
$ |
31,682 |
|
|
$ |
626,470 |
|
|
$ |
1,956,286 |
|
Total gains or losses included in earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain (loss) |
|
|
395 |
|
|
|
(18 |
) |
|
|
— |
|
|
|
— |
|
|
|
377 |
|
Net change in unrealized gain (loss) |
|
|
(1,523 |
) |
|
|
(10,339 |
) |
|
|
(728 |
) |
|
|
13,797 |
|
|
|
1,207 |
|
Purchase of investment securities* |
|
|
519,136 |
|
|
|
7,550 |
|
|
|
1,556 |
|
|
|
5,497 |
|
|
|
533,739 |
|
Proceeds from dispositions of investment securities |
|
|
(366,222 |
) |
|
|
(39,221 |
) |
|
|
— |
|
|
|
— |
|
|
|
(405,443 |
) |
Transfers in/out of Level 3 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Fair value, June 30, 2025 |
|
$ |
1,268,904 |
|
|
$ |
138,988 |
|
|
$ |
32,510 |
|
|
$ |
645,764 |
|
|
$ |
2,086,166 |
|
Unrealized gains (losses) for the period relating to those
Level 3 assets that were still held by the Company at the
end of the period: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in unrealized gain (loss) |
|
$ |
1,306 |
|
|
$ |
(10,339 |
) |
|
$ |
(728 |
) |
|
$ |
13,797 |
|
|
$ |
4,036 |
|
* Includes PIK capitalization and accretion of discount
|
| Summary of Quantitative Information about the Company's Level 3 Asset and Liability |
Quantitative information about the Company’s Level 3 asset and liability fair value measurements as of June 30, 2026 is summarized in the table below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset or
Liability |
|
Fair Value at
June 30, 2026 |
|
|
Principal Valuation
Technique/Methodology |
|
Unobservable
Input |
|
Range (Weighted
Average) |
Senior Secured Loans |
|
Asset |
|
$ |
1,218,369 |
|
|
Income Approach |
|
Market Yield |
|
7.7% – 37.4% (11.5%) |
|
|
|
|
$ |
19,185 |
|
|
Recovery Analysis |
|
Recoverable Amount |
|
N/A |
Equipment Financing |
|
Asset |
|
$ |
98,000 |
|
|
Market Multiple(1) |
|
Comparable Multiple |
|
1.2x – 1.4x (1.2x) |
Preferred Equity |
|
Asset |
|
$ |
33,350 |
|
|
Income Approach |
|
Market Yield |
|
9.0% – 9.0% (9.0%) |
|
|
|
|
$ |
959 |
|
|
Recovery Analysis |
|
Recoverable Amount |
|
N/A |
Common Equity/Equity
Interests/Warrants |
|
Asset |
|
$ |
507,203 |
|
|
Market Multiple(2) |
|
Comparable Multiple |
|
1.4x – 13.3x (4.5x) |
|
|
|
|
$ |
175,000 |
|
|
Market Approach |
|
Return on Equity |
|
5.2% – 30.4% (20.1%) |
(1)Includes $98,000 of investments valued using an implied multiple. (2)Includes $28 of investments valued using a Black-Scholes model, $639 of investments valued using a transaction price, $15,448 of investments valued using a recovery analysis, $210,088 of investments valued using an EBITDA multiple and $281,000 of investments using an implied multiple. Quantitative information about the Company’s Level 3 asset and liability fair value measurements as of December 31, 2025 is summarized in the table below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset or
Liability |
|
Fair Value at
December 31, 2025 |
|
|
Principal Valuation
Technique/Methodology |
|
Unobservable Input |
|
Range (Weighted Average) |
Senior Secured Loans |
|
Asset |
|
$ |
1,260,389 |
|
|
Income Approach |
|
Market Yield |
|
8.2% – 26.9% (11.1%) |
Equipment Financing |
|
Asset |
|
$ |
24,021 |
|
|
Income Approach |
|
Market Yield |
|
8.0% –8.5% (8.2%) |
|
|
|
|
$ |
95,000 |
|
|
Market Multiple(1) |
|
Comparable Multiple |
|
1.1x-1.3x (1.2x) |
Preferred Equity |
|
Asset |
|
$ |
31,899 |
|
|
Income Approach |
|
Market Yield |
|
9.0% –9.0% (9.0%) |
|
|
|
|
$ |
959 |
|
|
Recovery Analysis |
|
Recoverable Amount |
|
N/A |
Common Equity/Equity
Interests/Warrants |
|
Asset |
|
$ |
493,650 |
|
|
Market Multiple(2) |
|
Comparable Multiple |
|
1.3x –13.3x (4.1x) |
|
|
|
|
$ |
170,500 |
|
|
Market Approach |
|
Return on Equity |
|
2.6% –26.9% (20.3%) |
(1)Includes $95,000 of investments valued using an implied multiple. (1)Includes $60 of investments valued using a Black-Scholes model, $639 of investments valued using a transaction price, $15,448 of investments valued using a recovery analysis, $196,503 of investments valued using an EBITDA multiple and $281,000 of investments using an implied multiple.
|