Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Schedule of Fund's Investments

At June 30, 2026, the Fund’s investments were categorized as follows:



Level		Basis for Determining Fair Value		Broadly Syndicated Loans(1)				Middle Market Loans(2)				Equity Securities				Total
1		Quoted prices in active markets for identical assets		$	—			$	—			$	—			$	—
2		Other direct and indirect observable market inputs(3)			440,085,734				225,908,796				—				665,994,530
3		Valuation sources that employ significant unobservable inputs			4,845,327				1,842,945,405				948,157				1,848,738,889
Total				$	444,931,061			$	2,068,854,201			$	948,157			$	2,514,733,419

______________________

(1)

Includes senior secured loans that are broadly syndicated

(2)

Includes other senior secured loans

(3)

For example, quoted prices in inactive markets or quotes for comparable investments

At December 31, 2025, the Fund’s investments were categorized as follows:



Level		Basis for Determining Fair Value		Broadly Syndicated Loans(1)				Middle Market Loans(2)				Equity Securities				Total
1		Quoted prices in active markets for identical assets		$	—			$	—			$	—			$	—
2		Other direct and indirect observable market inputs(3)			446,946,363				157,707,896				120,603				604,774,862
3		Valuation sources that employ significant unobservable inputs			5,489,499				1,634,436,928				—				1,639,926,427
Total				$	452,435,862			$	1,792,144,824			$	120,603			$	2,244,701,289

______________________

(1)

Includes senior secured loans that are broadly syndicated

(2)

Includes other senior secured loans

(3)

For example, quoted prices in inactive markets or quotes for comparable investments

Schedule of Unobservable Inputs Used in Fair Value Measurement of Level 3 Investments

Unobservable inputs used in the fair value measurement of Level 3 investments as of June 30, 2026 included the following:


Asset Type		Fair Value				Valuation Technique		Unobservable Input		Weighted Average Range(1)
Broadly Syndicated Loans		$	4,845,327			Market Quotations		Indicative bid/ask quotes		1 (1)
Middle Market Loans			1,689,980,215			Income Approach		Discount rate		8.3% - 27.0% (10.1%)
			5,852,979			Market Comparable Companies		EBITDA Multiple		7.5x - 7.6x (7.6x)
			351,727			Market Comparable Companies		Revenue Multiple		0.8x (0.8x)
			60,980,176			Market Quotations		Indicative bid/ask quotes		1 (1)
			85,780,308			Transaction Approach		N/A		N/A
Equity Securities			948,157			Market Comparable Companies		EBITDA Multiple		9.8x (9.8x)
			—			Market Comparable Companies		Revenue Multiple		0.8x (0.8x)
		$	1,848,738,889

______________________

(1)

Representing the weighted average of each significant unobservable input range at the investment level by fair value.

Unobservable inputs used in the fair value measurement of Level 3 investments as of December 31, 2025 included the following:


Asset Type		Fair Value				Valuation Technique		Unobservable Input		Weighted Average Range(1)
Broadly Syndicated Loans		$	5,489,499			Market Quotations		Indicative bid/ask quotes		1 (1)
Middle Market Loans			1,525,958,709			Income Approach		Discount rate		7.7% - 17.2% (9.6%)
			2,244,421			Market Comparable Companies		EBITDA Multiple		10.0x (10.0x)
			2,754,952			Market Comparable Companies		Revenue Multiple		0.9x (0.9x)
			85,674,613			Market Quotations		Indicative bid/ask quotes		1 (1)
Equity Securities			17,804,233			Transaction Approach		N/A		N/A
			—			Market Comparable Companies		EBITDA Multiple		10.0x (10.0x)
			—			Market Comparable Companies		Revenue Multiple		0.9x (0.9x)
		$	1,639,926,427

______________________

(1) Representing the weighted average of each significant unobservable input range at the investment level by fair value.

Schedule of Change in Value of Investment Over Change in Unobservable Input

Certain fair value measurements may employ more than one valuation technique, with each valuation technique receiving a relative weight between 0% and 100%. Generally, a change in an unobservable input may result in a change to the value of an investment as follows:


Input		Impact to Value if Input Increases		Impact to Value if Input Decreases
Discount rate		Decrease		Increase
Revenue multiples		Increase		Decrease
EBITDA multiples		Increase		Decrease
Book value multiples		Increase		Decrease
Implied volatility		Increase		Decrease
Term		Increase		Decrease
Yield		Increase		Decrease

Schedule of Changes in Investments Categorized as Level 3

Changes in investments categorized as Level 3 for the three months ended June 30, 2026 were as follows:


		Independent Third-Party Valuation
		Broadly Syndicated Loans				Middle Market Loans				Equity Securities				Total
Beginning balance		$	15,681,202			$	1,738,940,294			$	1,041,809			$	1,755,663,305
Net realized and unrealized gains (losses)			(60,498	)			(8,159,231	)			(93,652	)			(8,313,381	)
Acquisitions(1)			886,371				221,128,046				—				222,014,417
Dispositions			(986,968	)			(36,581,547	)			—				(37,568,515	)
Transfers into Level 3(2)			1,179,173				—				—				1,179,173
Transfers out Level 3(3)			(11,853,953	)			(72,382,157	)			—				(84,236,110	)
Ending balance		$	4,845,327			$	1,842,945,405			$	948,157			$	1,848,738,889

Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above)		$	(62,409	)		$	(8,252,455	)		$	(93,652	)		$	(8,408,516	)

______________________

(1)

Includes payments received in kind and accretion of original issue and market discounts.

(2)

Comprised of one investment that was transferred from Level 2 to Level 3 due to decreased observable market activity.

(3)

Comprised of twelve investments that were transferred from Level 3 to Level 2 due to increased observable market activity.

Changes in investments categorized as Level 3 for the six months ended June 30, 2026 were as follows:


		Independent Third-Party Valuation
		Broadly Syndicated Loans				Middle Market Loans				Equity Securities				Total
Beginning balance		$	5,489,499			$	1,634,436,928			$	—			$	1,639,926,427
Net realized and unrealized gains (losses)			(110,889	)			(22,159,066	)			(139,311	)			(22,409,266	)
Acquisitions(1)			2,386,760				396,894,888				1,087,468				400,369,116
Dispositions			(1,152,054	)			(95,459,912	)			—				(96,611,966	)
Transfers into Level 3(2)			1,133,801				—				—				1,133,801
Transfers out Level 3(3)			(2,901,790	)			(70,767,433	)			—				(73,669,223	)
Ending balance		$	4,845,327			$	1,842,945,405			$	948,157			$	1,848,738,889

Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above)		$	(111,945	)		$	(20,826,523	)		$	(139,311	)		$	(21,077,779	)

______________________

(1)

Includes payments received in kind and accretion of original issue and market discounts.

(2)

Comprised of one investment that was transferred from Level 2 to Level 3 due to decreased observable market activity.

(3)

Comprised of seven investments that were transferred from Level 3 to Level 2 due to increased observable market activity.

2. Summary of Significant Accounting Policies (Continued)

Changes in investments categorized as Level 3 for the three months ended June 30, 2025 were as follows:


		Independent Third-Party Valuation
		Broadly Syndicated Loans				Middle Market Loans				Equity Securities				Total
Beginning balance		$	14,878,133			$	816,702,860			$	630,884			$	832,211,877
Net realized and unrealized gains (losses)			40,586				(1,696,723	)			(49,967	)			(1,706,104	)
Acquisitions(1)			1,809,262				432,921,122				14,331				434,744,715
Dispositions			(1,506,046	)			(22,354,784	)			—				(23,860,830	)
Transfers into Level 3(2)			8,663,095				18,902,179				—				27,565,274
Transfers out Level 3(3)			(6,351,296	)			(12,802,832	)			—				(19,154,128	)
Ending balance		$	17,533,734			$	1,231,671,822			$	595,248			$	1,249,800,804

Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above)		$	45,862			$	(1,176,209	)		$	(49,967	)		$	(1,180,314	)

(1)

Includes payments received in kind and accretion of original issue and market discounts.

(2)

Comprised of five investments that were transferred from Level 2 to Level 3 due to decreased observable market activity.

(3)

Comprised of four investments that were transferred from Level 3 to Level 2 due to increased observable market activity.

Changes in investments categorized as Level 3 for the six months ended June 30, 2025 were as follows:


		Independent Third-Party Valuation
		Broadly Syndicated Loans				Middle Market Loans				Equity Securities				Total
Beginning balance		$	6,263,383			$	742,747,140			$	407,753			$	749,418,276
Net realized and unrealized gains (losses)			(85,429	)			(2,674,876	)			(49,967	)			(2,810,272	)
Acquisitions(1)			11,755,328				538,934,818				645,215				551,335,361
Dispositions			(1,530,441	)			(44,760,659	)			—				(46,291,100	)
Transfers into Level 3(2)			7,394,275				3,678,314				—				11,072,589
Transfers out Level 3(3)			(6,263,382	)			(6,252,915	)			(407,753	)			(12,924,050	)
Ending balance		$	17,533,734			$	1,231,671,822			$	595,248			$	1,249,800,804

Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above)		$	(50,717	)		$	(1,593,657	)		$	(49,967	)		$	(1,694,341	)

(1)

Includes payments received in kind and accretion of original issue and market discounts.

(2)

Comprised of seven investments that were transferred from Level 2 to Level 3 due to decreased observable market activity.

(3)

Comprised of four investments that were transferred from Level 3 to Level 2 due to increased observable market activity.

Summary of Gross Unrealized Appreciation and Depreciation Based on Cost of Investments for U.S. Federal Income Tax Purposes

As of December 31, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:


		December 31, 2025
Tax basis of investments		$	2,255,420,846

Unrealized appreciation			14,461,831
Unrealized depreciation			(25,181,388	)
Net unrealized appreciation (depreciation)		$	(10,719,557	)

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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