| Summary of Investments and Cash Equivalents Within the Fair Value Hierarchy |
The following tables summarize the Company’s investments and cash equivalents categorized within the fair value hierarchy as of June 30, 2026 and December 31, 2025:
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June 30, 2026 |
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
First Lien debt investments |
$ |
— |
|
$ |
— |
|
$ |
509,228 |
|
$ |
509,228 |
|
Second Lien debt investments |
|
— |
|
|
— |
|
|
78,220 |
|
|
78,220 |
|
Unsecured and Subordinated debt investments |
|
— |
|
|
— |
|
|
62,260 |
|
|
62,260 |
|
Preferred equity investments |
|
— |
|
|
— |
|
|
57,531 |
|
|
57,531 |
|
Total Investments at fair value before Cash Equivalents |
|
— |
|
|
— |
|
|
707,239 |
|
|
707,239 |
|
Money Market Fund |
|
21,967 |
|
|
— |
|
|
— |
|
|
21,967 |
|
Total Cash Equivalents |
|
21,967 |
|
|
— |
|
|
— |
|
|
21,967 |
|
Total Investments at fair value after Cash Equivalents |
$ |
21,967 |
|
$ |
— |
|
$ |
707,239 |
|
$ |
729,206 |
|
|
|
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|
|
|
|
|
|
|
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December 31, 2025 |
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
First Lien debt investments |
$ |
— |
|
$ |
— |
|
$ |
309,054 |
|
$ |
309,054 |
|
Second Lien debt investments |
|
— |
|
|
— |
|
|
88,220 |
|
|
88,220 |
|
Unsecured and Subordinated debt investments |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Preferred equity investments |
|
— |
|
|
— |
|
|
55,168 |
|
|
55,168 |
|
Total Investments at fair value before Cash Equivalents |
|
— |
|
|
— |
|
|
452,442 |
|
|
452,442 |
|
Money Market Fund |
|
138,828 |
|
|
— |
|
|
— |
|
|
138,828 |
|
Total Cash Equivalents |
|
138,828 |
|
|
— |
|
|
— |
|
|
138,828 |
|
Total Investments at fair value after Cash Equivalents |
$ |
138,828 |
|
$ |
— |
|
$ |
452,442 |
|
$ |
591,270 |
|
|
| Schedule of Changes in Fair Value Investments |
The following tables present the 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 and six months ended June 30, 2026 and June 30, 2025:
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For the Three Months Ended |
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June 30, 2026 |
|
|
First Lien Debt Investments |
|
Second Lien Debt Investments |
|
Unsecured and Subordinated Debt Investments |
|
Preferred Equity Investments |
|
Total Investments |
|
Fair value, beginning of period |
$ |
441,766 |
|
$ |
81,330 |
|
$ |
75,549 |
|
$ |
56,801 |
|
$ |
655,446 |
|
Purchases and originations of investments |
|
71,777 |
|
|
— |
|
|
— |
|
|
— |
|
|
71,777 |
|
Paid-in-kind interest income |
|
154 |
|
|
— |
|
|
1,791 |
|
|
— |
|
|
1,945 |
|
Paid-in-kind dividend income |
|
— |
|
|
— |
|
|
— |
|
|
1,591 |
|
|
1,591 |
|
Proceeds from sale of investments and principal repayments |
|
(1,697 |
) |
|
— |
|
|
(15,110 |
) |
|
— |
|
|
(16,807 |
) |
Net change in unrealized gains (losses) on investments |
|
(2,998 |
) |
|
(3,167 |
) |
|
(11 |
) |
|
(861 |
) |
|
(7,037 |
) |
Net realized gains (losses) on investments |
|
— |
|
|
— |
|
|
(1 |
) |
|
— |
|
|
(1 |
) |
Net amortization of discount on investments |
|
226 |
|
|
57 |
|
|
42 |
|
|
— |
|
|
325 |
|
Transfers into (out of) Level 3 |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Fair value, end of period |
$ |
509,228 |
|
$ |
78,220 |
|
$ |
62,260 |
|
$ |
57,531 |
|
$ |
707,239 |
|
Net change in unrealized gains (losses) on non-controlled, non-affiliated investments still held at June 30, 2026 |
$ |
(2,998 |
) |
$ |
(3,167 |
) |
$ |
(11 |
) |
$ |
(861 |
) |
$ |
(7,037 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended |
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|
June 30, 2026 |
|
|
First Lien Debt Investments |
|
Second Lien Debt Investments |
|
Unsecured and Subordinated Debt Investments |
|
Preferred Equity Investments |
|
Total Investments |
|
Fair value, beginning of period |
$ |
309,054 |
|
$ |
88,220 |
|
$ |
— |
|
$ |
55,168 |
|
$ |
452,442 |
|
Purchases and originations of investments |
|
207,993 |
|
|
— |
|
|
73,500 |
|
|
— |
|
|
281,493 |
|
Paid-in-kind interest income |
|
310 |
|
|
— |
|
|
3,804 |
|
|
— |
|
|
4,114 |
|
Paid-in-kind dividend income |
|
— |
|
|
— |
|
|
— |
|
|
3,139 |
|
|
3,139 |
|
Proceeds from sale of investments and principal repayments |
|
(2,788 |
) |
|
— |
|
|
(15,110 |
) |
|
— |
|
|
(17,898 |
) |
Net change in unrealized gains (losses) on investments |
|
(5,808 |
) |
|
(10,137 |
) |
|
(41 |
) |
|
(776 |
) |
|
(16,762 |
) |
Net realized gains (losses) on investments |
|
— |
|
|
— |
|
|
(1 |
) |
|
— |
|
|
(1 |
) |
Net amortization of discount on investments |
|
467 |
|
|
137 |
|
|
108 |
|
|
— |
|
|
712 |
|
Transfers into (out of) Level 3 |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Fair value, end of period |
$ |
509,228 |
|
$ |
78,220 |
|
$ |
62,260 |
|
$ |
57,531 |
|
$ |
707,239 |
|
Net change in unrealized gains (losses) on non-controlled, non-affiliated investments still held at June 30, 2026 |
$ |
(5,808 |
) |
$ |
(10,137 |
) |
$ |
(41 |
) |
$ |
(776 |
) |
$ |
(16,762 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
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|
For the Three Months Ended |
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|
June 30, 2025 |
|
|
First Lien Debt Investments |
|
Second Lien Debt Investments |
|
Unsecured and Subordinated Debt Investments |
|
Preferred Equity Investments |
|
Total Investments |
|
Fair value, beginning of period |
|
51,324 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
51,324 |
|
Purchases and originations of investments |
|
42,965 |
|
|
39,400 |
|
|
— |
|
|
— |
|
|
82,365 |
|
Paid-in-kind interest income |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Paid-in-kind dividend income |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Proceeds from sale of investments and principal repayments |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Net change in unrealized gains (losses) on investments |
|
(243 |
) |
|
103 |
|
|
— |
|
|
— |
|
|
(140 |
) |
Net realized gains (losses) on investments |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Net amortization of discount on investments |
|
39 |
|
|
17 |
|
|
— |
|
|
— |
|
|
56 |
|
Transfers into (out of) Level 3 |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Fair value, end of period |
$ |
94,085 |
|
$ |
39,520 |
|
$ |
— |
|
$ |
— |
|
$ |
133,605 |
|
Net change in unrealized gains (losses) on non-controlled, non-affiliated investments still held at June 30, 2025 |
$ |
(243 |
) |
$ |
103 |
|
$ |
— |
|
$ |
— |
|
$ |
(140 |
) |
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
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|
For the Six Months Ended |
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|
June 30, 2025 |
|
|
First Lien Debt Investments |
|
Second Lien Debt Investments |
|
Unsecured and Subordinated Debt Investments |
|
Preferred Equity Investments |
|
Total Investments |
|
Fair value, beginning of period |
|
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
Purchases and originations of investments |
|
94,289 |
|
|
39,400 |
|
|
— |
|
|
— |
|
|
133,689 |
|
Paid-in-kind interest income |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Paid-in-kind dividend income |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Proceeds from sale of investments and principal repayments |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Net change in unrealized gains (losses) on investments |
|
(271 |
) |
|
103 |
|
|
— |
|
|
— |
|
|
(168 |
) |
Net realized gains (losses) on investments |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Net amortization of discount on investments |
|
67 |
|
|
17 |
|
|
— |
|
|
— |
|
|
84 |
|
Transfers into (out of) Level 3 |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Fair value, end of period |
$ |
94,085 |
|
$ |
39,520 |
|
$ |
— |
|
$ |
— |
|
$ |
133,605 |
|
Net change in unrealized gains (losses) on non-controlled, non-affiliated investments still held at June 30, 2025 |
$ |
(271 |
) |
$ |
103 |
|
$ |
— |
|
$ |
— |
|
$ |
(168 |
) |
|
| Schedule of Significant Unobservable Inputs of Level 3 Investments |
The following tables present the significant unobservable inputs of the Company’s Level 3 investments as of June 30, 2026 and December 31, 2025. The tables are not intended to be all-inclusive but instead capture the significant unobservable inputs relevant to the Company’s determination of fair value for the Level 3 investments.
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|
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|
June 30, 2026 |
|
Fair Value |
|
Valuation Technique |
Unobservable Input |
Range (Weighted Average)(1) |
Impact to Valuation from an Increase to Input |
First Lien debt investments |
$ |
484,509 |
|
Income approach |
Discount rate |
8.6% - 10.8% (9.4%) |
Decrease |
First Lien debt investments |
|
24,719 |
|
Recent Transaction |
Transaction Price |
99.1% - 99.1% (99.1%) |
Increase |
Second Lien debt investments |
|
78,220 |
|
Income approach |
Discount rate |
10.0% - 16.2% (13.1%) |
Decrease |
Unsecured and Subordinated debt investments |
|
62,260 |
|
Income approach |
Discount rate |
12.6% - 12.6% (12.6%) |
Decrease |
Preferred equity investments |
|
57,531 |
|
Income approach |
Discount rate |
12.2% - 12.2% (12.2%) |
Decrease |
Total |
$ |
707,239 |
|
|
|
|
|
(1)The weighted average is calculated by weighing the significant unobservable input by the relative fair value of each investment in the category.
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|
December 31, 2025 |
|
Fair Value |
|
Valuation Technique |
Unobservable Input |
Range (Weighted Average)(1) |
Impact to Valuation from an Increase to Input |
First Lien debt investments |
$ |
259,231 |
|
Income approach |
Discount rate |
8.3% - 9.4% (8.8%) |
Decrease |
First Lien debt investments |
|
49,823 |
|
Recent Transaction |
Transaction Price |
99.0% - 99.5% (99.3%) |
Increase |
Second Lien debt investments |
|
88,220 |
|
Income approach |
Discount rate |
9.5% - 10.5% (10.1%) |
Decrease |
Preferred equity investments |
|
55,168 |
|
Recent Transaction |
Transaction Price |
98.0% - 98.0% (98.0%) |
Increase |
Total |
$ |
452,442 |
|
|
|
|
|
(1)The weighted average is calculated by weighing the significant unobservable input by the relative fair value of each investment in the category. |