FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Portfolio Investments by Level in the Fair Value Hierarchy

The following tables present the fair value hierarchy of investments:


	June 30, 2026								December 31, 2025
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
First Lien Debt	$	—	$	3,642	$	3,305,047	$	3,308,689	$	—	$	19,669	$	3,611,829	$	3,631,498
Second Lien Debt		—		19,742		52,861		72,603		—		24,113		51,097		75,210
Other Debt Investments		—		—		7,149		7,149		—		—		10,114		10,114
Equity		—		—		47,121		47,121		—		—		38,413		38,413
Subtotal	$	—	$	23,384	$	3,412,178	$	3,435,562	$	—	$	43,782	$	3,711,453	$	3,755,235
Investment measured at net asset value(1)(2)								118,725								16,311
Total Investments							$	3,554,287							$	3,771,546
Cash and cash equivalents	$	65,816	$	—	$	—	$	65,816	$	81,434	$	—	$	—	$	81,434
Unaffiliated money market fund	$	14,357	$	—	$	—	$	14,357	$	12,976	$	—	$	—	$	12,976

(1)

The Company, as a practical expedient, estimates the fair value of its investment in Help HP SCF Investor, LP using the net asset value of the Company’s members’ interest in the entity. As such, the fair value has not been classified within the fair value hierarchy.

(2)

The Company, as a practical expedient, estimates the fair value of its investment in Capstone Lending using the net asset value of the Company’s members’ interest in the entity. As such, the fair value has not been classified within the fair value hierarchy.

Schedule of Changes in Level 3 Portfolio Investments

The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the three months ended June 30, 2026:


	First Lien Debt			Second Lien Debt		Other Debt Investments			Equity			Total Investments
Fair value, beginning of period	$	3,421,628		$	49,192	$	7,593		$	40,233		$	3,518,646
Purchases of investments(1)		145,645			—		—			7,225			152,870
Proceeds from principal repayments and sales of investments(2)		(251,436	)		—		—			(454	)		(251,890	)
Accretion of discount/amortization of premium		3,363			27		3			—			3,393
Payment-in-kind		3,926			685		280			1,563			6,454
Net change in unrealized appreciation (depreciation)		(24,815	)		2,957		(727	)		(1,453	)		(24,038	)
Net realized gains (losses)		(7,265	)		—		—			7			(7,258	)
Transfers into/(out) of Level 3(3)		14,001			—		—			—			14,001
Fair value, end of period	$	3,305,047		$	52,861	$	7,149		$	47,121		$	3,412,178
Net change in unrealized appreciation (depreciation) from investments still held as of June 30,2026	$	(24,815	)	$	2,957	$	(727	)	$	(1,453	)	$	(24,038	)

(1)

Purchases may include investments received in corporate action and restructurings.

(2)

Sales may include investments received in corporate action and restructurings.

(3)

Transfer of portfolio investments within the three-level hierarchy is recorded during the period of such reclassification occurrence at the fair value as of the beginning of the respective period. Generally, reclassifications are primarily due to increase/decrease of price transparency.

The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the six months ended June 30, 2026:


	First Lien Debt			Second Lien Debt			Other Debt Investments			Equity			Total Investments
Fair value, beginning of period	$	3,611,829		$	51,097		$	10,114		$	38,413		$	3,711,453
Purchases of investments(1)		255,701			—			—			11,500			267,201
Proceeds from principal repayments and sales of investments(2)		(521,885	)		(2,116	)		(2,127	)		(454	)		(526,582	)
Accretion of discount/amortization of premium		6,753			111			29			—			6,893
Payment-in-kind		6,918			1,382			569			2,469			11,338
Net change in unrealized appreciation (depreciation)		(49,769	)		2,387			63			(4,814	)		(52,133	)
Net realized gains (losses)		(18,938	)		—			(1,499	)		7			(20,430	)
Transfers into/(out) of Level 3(3)		14,438			—			—			—			14,438
Fair value, end of period	$	3,305,047		$	52,861		$	7,149		$	47,121		$	3,412,178
Net change in unrealized appreciation (depreciation) from investments still held as of June 30,2026	$	(49,413	)	$	2,387		$	(1,414	)	$	(4,814	)	$	(53,254	)

(1) Purchases may include investments received in corporate action and restructurings.

(2) Sales may include investments received in corporate action and restructurings.

(3) Transfer of portfolio investments within the three-level hierarchy is recorded during the period of such reclassification occurrence at the fair value as of the beginning of the respective period. Generally, reclassifications are primarily due to increase/decrease of price transparency.

The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the three months ended June 30, 2025:


	First Lien Debt			Second Lien Debt		Other Debt Investments			Equity			Total Investments
Fair value, beginning of period	$	3,631,679		$	49,212	$	9,603		$	37,872		$	3,728,366
Purchases of investments(1)		204,003			—		—			—			204,003
Proceeds from principal repayments and sales of investments(2)		(207,470	)		—		—			—			(207,470	)
Accretion of discount/amortization of premium		3,796			21		6			—			3,823
Payment-in-kind		3,091			278		267			482			4,118
Net change in unrealized appreciation (depreciation)		(4,879	)		232		(103	)		(1,182	)		(5,932	)
Net realized gains (losses)		27			—		—			—			27
Transfers into/(out) of Level 3(3)		—			—		—			—			—
Fair value, end of period	$	3,630,247		$	49,743	$	9,773		$	37,172		$	3,726,935
Net change in unrealized appreciation (depreciation) from investments still held as of June 30, 2025	$	(4,482	)	$	232	$	(103	)	$	(1,182	)	$	(5,535	)

(1)

Purchases may include investments received in corporate action and restructurings.

(2)

Sales may include investments received in corporate action and restructurings.

(3)

The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the six months ended June 30, 2025:


	First Lien Debt			Second Lien Debt			Other Debt Investments			Equity			Total Investments
Fair value, beginning of period	$	3,603,209		$	33,351		$	9,198		$	41,198		$	3,686,956
Purchases of investments(1)		409,348			3,064			1,021			1,154			414,587
Proceeds from principal repayments and sales of investments(2)		(410,112	)		—			—			(4,149	)		(414,261	)
Accretion of discount/amortization of premium		8,028			50			10			—			8,088
Payment-in-kind		7,018			516			493			1,027			9,054
Net change in unrealized appreciation (depreciation)		(16,067	)		(815	)		(949	)		(3,990	)		(21,821	)
Net realized gains (losses)		(1,345	)		—			—			1,932			587
Transfers into/(out) of Level 3(3)		30,168			13,577			—			—			43,745
Fair value, end of period	$	3,630,247		$	49,743		$	9,773		$	37,172		$	3,726,935

Net change in unrealized appreciation (depreciation) from investments still held as of June 30, 2025	$	(13,796	)	$	(814	)	$	(949	)	$	(2,621	)	$	(18,180	)

(1) Purchases may include investments received in corporate action and restructurings.

(2) Sales may include investments received in corporate action and restructurings.

Schedule of Fair Value Measurement Inputs and Valuation Techniques

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 capture the significant unobservable inputs relevant to the Company’s determination of fair value.


	June 30, 2026
					Range(2)
Asset Category	Fair Value		Valuation Technique(1)	Significant Unobservable Input	Low			High			Weighted Average(3)
Investments in first lien debt	$	3,191,868	Yield Analysis	Discount Rate		7.40	%		22.00	%		10.13	%
		99,798	Market Approach	EBITDA Multiple	6.25			12.00x			7.96x
		13,381	Market Approach	Revenue Multiple	0.45x			0.60x			0.54x
Investments in second lien debt		51,156	Yield Analysis	Discount Rate		13.45	%		20.42	%		15.48	%
		1,705	Market Approach	EBITDA Multiple	6.25x			9.50x			7.37x
Investments in other securities:
Other debt investments		6,372	Yield Analysis	Discount Rate								18.45	%
		777	Market Approach	EBITDA Multiple							6.25x
Preferred equity		13,655	Income Approach	Discount Rate		9.98	%		18.00	%		16.27	%
		13,238	Market Approach	EBITDA Multiple	6.25			18.00x			13.79x
Common equity		17,696	Market Approach	EBITDA Multiple	6.25			17.75			12.09x
		2,532	Market Approach	Revenue Multiple	1.00x			20.25			10.98x
Total Investments	$	3,412,178

(1)

During the six months ended June 30, 2026, five debt investments with a combined fair value of $39.2 million transitioned from a yield analysis to a market approach using an EBITDA multiple. One equity investment with a fair value of $4.2 million transitioned from a yield analysis to a market approach using an EBITDA multiple. Two debt investment with a fair value of $18.2 million transitioned from market approach using an EBITDA multiple to a market approach using a revenue multiple. One equity investment with a fair value of $1.4 million transitioned from market approach using an EBITDA multiple to market approach using a revenue multiple.

(2)

For an asset category that contains a single investment, the range is not included.

(3)

Weighted average for an asset category consisting of multiple investments is calculated by weighting the significant unobservable input by the relative fair value of the investment. Weighted average for an asset category consisting of a single investment represents the significant unobservable input used in the fair value of the investment.


	December 31, 2025
					Range(2)
Asset Category	Fair Value		Valuation Technique(1)	Significant Unobservable Input	Low			High			Weighted Average(3)
Investments in first lien debt	$	3,489,094	Yield Analysis	Discount Rate		7.48	%		39.21	%		9.30	%
		122,735	Market Approach	EBITDA Multiple	6.25x			10.00x			8.11x
Investments in second lien debt		46,786	Yield Analysis	Discount Rate		12.27	%		20.37	%		18.69	%
		4,311	Market Approach	EBITDA Multiple	7.75x			10.00x			8.34x
Investments in other securities:
Other debt investments		8,995	Yield Analysis	Discount Rate		13.70	%		14.95	%		14.65	%
		1,119	Market Approach	EBITDA Multiple	6.25x			7.75x			7.75x
Preferred equity		19,519	Income Approach	Discount Rate		11.59	%		15.66	%		12.71	%
		4,511	Market Approach	EBITDA Multiple	7.75x			15.43x			13.23x
Common equity		11,802	Market Approach	EBITDA Multiple	1.20x			24.60x			11.51x
		2,581	Market Approach	Revenue Multiple	5.00x			22.25x			15.80x
Total Investments	$	3,711,453

(1)

During the year ended December 31, 2025, two preferred equity positions with a combined fair value of $2.9 million transitioned from an income approach to a market approach valuation technique and eight debt investments with a combined fair value of $123.8 million transitioned from yield analysis to market approach valuation technique.

(2)

For an asset category that contains a single investment, the range is not included.

(3)

Schedule of Carrying Values and Fair Values of Debt

The carrying value, fair value and level of the Company’s debt were as follows:


		June 30, 2026				December 31, 2025
	Level	Carrying Value		Fair Value		Carrying Value		Fair Value
BNP Funding Facility	3	$	351,000		351,000	$	351,000	$	351,000
Truist Credit Facility	3		215,678		215,678		308,153		308,153
CLO 2025-1 Issued Debt(1)	3		306,109		309,000		306,131		309,000
2027 Notes(2)	2		424,249		423,258		423,510		424,703
2029 Notes(2)(3)	3		345,737		350,217		351,603		356,850
2030 Notes(2)(3)	3		340,182		346,630		346,275		353,359
Total		$	1,982,955	$	1,995,783	$	2,086,672	$	2,103,065

(1)

As of June 30, 2026 and December 31, 2025, the carrying value of the CLO 2025-1 Issued Debt was presented net of unamortized debt issuance costs of $2,891 and $2,869, respectively.

(2)

As of June 30, 2026, the carrying value of the Company’s 2027 Notes, 2029 Notes and 2030 Notes were presented net of unamortized debt issuance costs of $619, $2,244 and $3,534 and unamortized original issuance discount of $132, $2,236 and $2,914, respectively. As of December 31, 2025, the carrying value of the Company’s 2027 Notes, 2029 Notes and 2030 Notes were presented net of unamortized debt issuance costs of $1,252, $2,626 and $3,798 and unamortized original issuance discount of $238, $2,621 and $3,286, respectively.

(3)

Inclusive of change in fair market value of effective hedge.

- 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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