The following table shows the composition of our investment portfolio as of June 30, 2026, with the fair value disaggregated into the three levels of the fair value hierarchy in accordance with ASC 820:


					Fair Value Hierarchy
	Cost		Fair Value		Level 1		Level 2		Level 3
First Lien Secured Debt	$	2,745,297	$	2,593,723	$	—	$	37,309	$	2,556,414
Second Lien Secured Debt		7,778		51		—		—		51
Unsecured Debt		3,387		3,031		—		1,189		1,842
Structured Products and Other		32,251		14,940		—		—		14,940
Preferred Equity		101,199		62,893		—		—		62,893
Common Equity/Interests		171,508		95,570		194		27		95,349
Warrants		389		134		—		—		134
Total Investments	$	3,061,809	$	2,770,342	$	194	$	38,525	$	2,731,623
Money Market Fund	$	185	$	185	$	185	$	—	$	—
Total Cash Equivalents	$	185	$	185	$	185	$	—	$	—
Total Investments after Cash Equivalents	$	3,061,994	$	2,770,527	$	379	$	38,525	$	2,731,623
Foreign currency forward transactions	$	—	$	772	$	—	$	772	$	—
Total Assets and Liabilities at Fair Value	$	3,061,994	$	2,771,299	$	379	$	39,297	$	2,731,623

The following table shows the composition of our investment portfolio as of December 31, 2025, with the fair value disaggregated into the three levels of the fair value hierarchy in accordance with ASC 820:


					Fair Value Hierarchy
	Cost		Fair Value		Level 1		Level 2		Level 3
First Lien Secured Debt	$	3,094,240	$	3,002,864	$	—	$	51,441	$	2,951,423
Second Lien Secured Debt		7,796		62		—		—		62
Unsecured Debt		3,346		3,072		—		1,230		1,842
Structured Products and Other		33,421		18,350		—		—		18,350
Preferred Equity		28,653		27,104		—		—		27,104
Common Equity/Interests		188,925		116,060		269		—		115,791
Warrants		389		326		—		—		326
Total Investments	$	3,356,770	$	3,167,838	$	269	$	52,671	$	3,114,898
Money Market Fund	$	383	$	383	$	383	$	—	$	—
Total Cash Equivalents	$	383	$	383	$	383	$	—	$	—
Total Investments after Cash Equivalents	$	3,357,153	$	3,168,221	$	652	$	52,671	$	3,114,898

The following table shows changes in the fair value of our Level 3 investments during the three months ended June 30, 2026:


	First Lien Secured Debt (2)			Second Lien Secured Debt (2)		Unsecured Debt		Structured Products and Other			Preferred Equity			Common Equity/Interests			Warrants		Total
Fair value as of March 31, 2026	$	2,782,520		$	51	$	1,842	$	16,585		$	18,612		$	108,712		$	133	$	2,928,455
Net realized gains (losses)		1,693			—		—		—			—			—			—		1,693
Net change in unrealized gains (losses)		(12,057	)		—		—		(1,393	)		(32,554	)		(859	)		1		(46,862	)
Net amortization on investments		961			—		—		—			—			—			—		961
Purchases, including capitalized PIK (3)		52,277			—		—		26			76,835			—			—		129,138
Proceeds from sales and repayments of investments(3)		(268,980	)		—		—		(278	)		—			(12,504	)		—		(281,762	)
Transfers out of Level 3 (1)		—			—		—		—			—			—			—		—
Transfers into Level 3 (1)		—			—		—		—			—			—			—		—
Fair value as of June 30, 2026	$	2,556,414		$	51	$	1,842	$	14,940		$	62,893		$	95,349		$	134	$	2,731,623

Net change in unrealized gains (losses) on Level 3 investments still held as of June 30, 2026	$	(32,289	)	$	212	$	—	$	(1,393	)	$	(32,569	)	$	(848	)	$	1	$	(66,885	)

(1)

Transfers out (if any) of Level 3 are due to an increase in the quantity and reliability of broker quotes obtained and transfers into (if any) Level 3 are due to a decrease in the quantity and reliability of broker quotes obtained as assessed by the Investment Adviser. Transfers are assumed to have occurred at the end of the period. There were no transfers between Level 1 and Level 2 fair value measurements during the period shown.

(2)

Includes unfunded commitments measured at fair value of $(9,052).

(3)

Includes reorganizations and restructuring of investments.

The following table shows changes in the fair value of our Level 3 investments during the six months ended June 30, 2026:


	First Lien Secured Debt (2)			Second Lien Secured Debt (2)			Unsecured Debt		Structured Products and Other			Preferred Equity			Common Equity/Interests			Warrants			Total
Fair value as of December 31, 2025	$	2,951,423		$	62		$	1,842	$	18,350		$	27,104		$	115,791		$	326		$	3,114,898
Net realized gains (losses)		(75	)		—			—		—			(4,344	)		(817	)		—			(5,236	)
Net change in unrealized gains (losses)		(56,038	)		7			—		(2,239	)		(36,757	)		(2,865	)		(192	)		(98,084	)
Net amortization on investments		2,355			(18	)		—		—			—			—			—			2,337
Purchases, including capitalized PIK (3)		157,343			—			—		107			76,890			11			—			234,351
Proceeds from sales and repayments of investments(3)		(498,594	)		—			—		(1,278	)		—			(16,610	)		—			(516,482	)
Transfers out of Level 3 (1)		—			—			—		—			—			(161	)		—			(161	)
Transfers into Level 3 (1)		—			—			—		—			—			—			—			—
Fair value as of June 30, 2026	$	2,556,414		$	51		$	1,842	$	14,940		$	62,893		$	95,349		$	134		$	2,731,623

Net change in unrealized gains (losses) on Level 3 investments still held as of June 30, 2026	$	(72,762	)	$	230		$	—	$	(2,239	)	$	(41,119	)	$	(3,715	)	$	(192	)	$	(119,796	)

(1)

(2)

Includes unfunded commitments measured at fair value of $(9,052).

(3)

Includes reorganizations and restructuring of investments.

The following table shows changes in the fair value of our Level 3 investments during the three months ended June 30, 2025:


	First Lien Secured Debt (2)			Second Lien Secured Debt (2)			Unsecured Debt			Structured Products and Other			Preferred Equity			Common Equity/Interests			Warrants			Total
Fair value as of March 31, 2025	$	2,896,724		$	4,221		$	109		$	23,492		$	23,664		$	159,366		$	215		$	3,107,791
Net realized gains (losses)		(9,558	)		(2,501	)		(2,672	)		—			—			4			—			(14,727	)
Net change in unrealized gains (losses)		(3,715	)		(1,167	)		2,584			(1,025	)		(4,218	)		8,318			(53	)		724
Net amortization on investments		1,555			—			—			—			—			—			—			1,555
Purchases, including capitalized PIK (3)		288,749			3			—			152			4,449			575			—			293,928
Sales (3)		(137,670	)		(481	)		—			(1,020	)		—			(211	)		—			(139,382	)
Transfers out of Level 3 (1)		(270	)		—			—			—			—			—			—			(270	)
Transfers into Level 3 (1)		—			—			—			—			—			—			—			—
Fair value as of June 30, 2025	$	3,035,815		$	75		$	21		$	21,599		$	23,895		$	168,052		$	162		$	3,249,619

Net change in unrealized gains (losses) on Level 3 investments still held as of June 30, 2025	$	(11,672	)	$	(3,927	)	$	—		$	(1,025	)	$	(4,215	)	$	8,345		$	(54	)	$	(12,547	)

(1)

(2)

Includes unfunded commitments measured at fair value of $(7,018).

(3)

Includes reorganizations and restructuring of investments.

The following table shows changes in the fair value of our Level 3 investments during the six months ended June 30, 2025:


	First Lien Secured Debt (2)			Second Lien Secured Debt (2)			Unsecured Debt			Structured Products and Other			Preferred Equity			Common Equity/Interests			Warrants		Total
Fair value as of December 31, 2024	$	2,676,253		$	5,764		$	117		$	26,101		$	24,831		$	161,648		$	136	$	2,894,850
Net realized gains (losses)		(8,132	)		(2,501	)		(2,672	)		—			—			1,983			—		(11,322	)
Net change in unrealized gains (losses)		(5,813	)		(2,716	)		2,576			(1,456	)		(5,235	)		7,951			26		(4,667	)
Net amortization on investments		3,291			—			—			—			—			—			—		3,291
Purchases, including capitalized PIK (3)		679,489			9			—			152			4,549			1,271			—		685,470
Proceeds from sales and repayments of investments(3)		(302,640	)		(481	)		—			(3,198	)		(250	)		(4,801	)		—		(311,370	)
Transfers out of Level 3 (1)		(6,633	)		—			—			—			—			—			—		(6,633	)
Transfers into Level 3 (1)		—			—			—			—			—			—			—		—
Fair value as of June 30, 2025	$	3,035,815		$	75		$	21		$	21,599		$	23,895		$	168,052		$	162	$	3,249,619

Net change in unrealized gains (losses) on Level 3 investments still held as of June 30, 2025	$	(11,490	)	$	(7,705	)	$	—		$	(1,456	)	$	(5,235	)	$	11,157		$	26	$	(14,703	)

(1)

(2)

Includes unfunded commitments measured at fair value of $(7,018).

(3)

Includes reorganizations and restructuring of investments.

The following tables summarize the significant unobservable inputs the Company used to value its investments categorized within Level 3 as of June 30, 2026 and December 31, 2025. In addition to the techniques and inputs noted in the tables below, according to our valuation policy we may also use other valuation techniques and methodologies when determining our fair value measurements. The below tables are not intended to be all-inclusive, but rather provide information on the significant unobservable inputs as they relate to the Company’s determination of fair values.

The unobservable inputs used in the fair value measurement of our Level 3 investments as of June 30, 2026 were as follows:


				Quantitative Information about Level 3 Fair Value Measurements
Asset Category		Fair Value		Valuation Techniques/Methodologies	Unobservable Input	Range		Weighted Average (1)
First Lien Secured Debt	$		2,424,449	Yield Analysis	Discount Rate	3.8%	29.2%	11.3%
			131,965	Recovery Analysis	Recoverable Amount	N/A	N/A	N/A
			—	Cost Approach	Cost Approach	N/A	N/A	N/A
Second Lien Secured Debt			51	Recovery Analysis	Recoverable Amount	N/A	N/A	N/A
Unsecured Debt			1,842	Recovery Analysis	Recoverable Amount	N/A	N/A	N/A
			—	Market Comparable Technique	Comparable Multiple	N/A	N/A	N/A
Structured Products and Other			14,940	Yield Analysis	Discount Rate	14.2%	17.5%	15.9%
Preferred Equity			62,384	Market Comparable Technique	Comparable Multiple	2.0x	38.5x	11.0x
			509	Yield Analysis	Discount Rate	11.5%	11.5%	11.5%
Common Equity/Interests			68,995	Yield Analysis	Discount Rate	11.5%	13.0%	11.5%
			11,516	Market Comparable Technique	Comparable Multiple	0.6x	38.5x	9.5x
			264	Option Pricing Model	Expected Volatility	25.0%	40.0%	31.0%
			14,574	Cost Approach	Cost Approach	N/A	N/A	N/A
Warrants			134	Option Pricing Model	Expected Volatility	50.0%	50.0%	50.0%
			—	Market Comparable Technique	Comparable Multiple	N/A	N/A	N/A
Total Level 3 Investments	$		2,731,623

(1)

The weighted average information is generally derived by assigning each disclosed unobservable input a proportionate weight based on the fair value of the related investment. For the commodity price unobservable input, the weighted average price is an undiscounted price based upon the estimated production level from the underlying reserves.

The unobservable inputs used in the fair value measurement of our Level 3 investments as of December 31, 2025 were as follows:


				Quantitative Information about Level 3 Fair Value Measurements
Asset Category		Fair Value		Valuation Techniques/Methodologies	Unobservable Input	Range		Weighted Average (1)
First Lien Secured Debt	$		2,706,879	Yield Analysis	Discount Rate	3.6%	43.2%	10.4%
			170,489	Recovery Analysis	Recoverable Amount	N/A	N/A	N/A
			66,201	Cost Approach	Cost Approach	N/A	N/A	N/A
			7,854	Market Comparable Technique	Comparable Multiple	4.8x	4.8x	4.8x
Second Lien Secured Debt			62	Yield Analysis	Discount Rate	18.8%	18.8%	18.8%
Unsecured Debt			1,842	Yield Analysis	Discount Rate	58.0%	58.0%	58.0%
			—	Market Comparable Technique	Comparable Multiple	30.6x	30.6x	30.6x
Structured Products and Other			18,350	Yield Analysis	Discount Rate	6.3%	13.6%	9.5%
Preferred Equity			26,455	Market Comparable Technique	Comparable Multiple	2x	16.5x	9.8x
			501	Yield Analysis	Discount Rate	11.0%	11.0%	11.0%
			49	Cost Approach	Cost Approach	N/A	N/A	N/A
			99	Transactional Value	Transactional Value	N/A	N/A	N/A
Common Equity/Interests			84,641	Yield Analysis	Discount Rate	11.0%	13.0%	0.1%
			18,332	Estimated Proceeds	Estimated Proceeds	N/A	N/A	N/A
			12,259	Market Comparable Technique	Comparable Multiple	0.9x	30.6x	10.0x
			1	Transactional Value	Transactional Value	N/A	N/A	N/A
			197	Option Pricing Model	Expected Volatility	25.0%	85.0%	50.0%
			161	Public Marked	Public Marked	N/A	N/A	N/A
			201	Cost Approach	Cost Approach	N/A	N/A	N/A
Warrants			326	Option Pricing Model	Expected Volatility	50.0%	50.0%	50.0%
			—	Market Comparable Technique	Comparable Multiple	5.0x	5.0x	5.0x
Total Level 3 Investments	$		3,114,898

(1)

The significant unobservable inputs used in the fair value measurement of the Company’s debt and equity securities are primarily EBITDA comparable multiples and market discount rates. The Company typically uses EBITDA comparable multiples on its equity securities to determine the fair value of investments. The Company uses market discount rates for debt securities to determine if the effective yield on a debt security is commensurate with the market yields for that type of debt security. If a debt security’s effective yield is significantly less than the market yield for a similar debt security with a similar credit profile, the resulting fair value of the debt security may be lower. For certain investments where fair value is derived based on a recovery analysis, the Company uses underlying commodity prices from third party market pricing services to determine the fair value and/or recoverable amount, which represents the proceeds expected to be collected through asset sales or liquidation. Further, for certain investments, the Company also considered the probability of future events which are not in management’s control. Significant increases or decreases in any of these inputs in isolation would result in a significantly lower or higher fair value measurement. The significant unobservable inputs used in the fair value measurement of the structured products include the discount rate applied in the valuation models in addition to default and recovery rates applied to projected cash flows in the valuation models. Specifically, when a discounted cash flow model is used to determine fair value, the significant input used in the valuation model is the discount rate applied to present value the projected cash flows. Increases in the discount rate can significantly lower the fair value of an investment; conversely decreases in the discount rate can significantly increase the fair value of an investment. The discount rate is determined based on the market rates an investor would expect for a similar investment with similar risks. For certain investments such as warrants, the Company may use an option pricing technique, of which the applicable method is the Black-Scholes Option Pricing Method (“BSM”), to perform valuations. The BSM is a model of price variation over time of financial instruments, such as equity, that is used to determine the price of call or put options. Various inputs are required but the primary unobservable input into the BSM model is the underlying asset volatility.

For the three and six months ended June 30, 2026, purchases of investments on a trade date basis were $47,185 and $149,642, respectively. For the three and six months ended June 30, 2025, purchases of investments on a trade date basis were $288,731 and $680,640, respectively.

For the three and six months ended June 30, 2026, sales and repayments of investments on a trade date basis were $207,413 and $451,516, respectively. For the three and six months ended June 30, 2025, sales and repayments of investments on a trade date basis were $144,779 and $366,270, respectively.

The Company holds loans and other investments, including certain preferred equity investments, that have contractual PIK income. PIK income computed at the contractual rate is accrued into income and reflected as a receivable up to the capitalization date. During the three and six months ended June 30, 2026, PIK income earned was $4,247 and $8,071, respectively. During the three and six months ended June 30, 2025, PIK income earned was $5,173 and $9,926, respectively.

The following table shows the change in capitalized PIK balance for the three and six months ended June 30, 2026 and 2025:


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
PIK balance at beginning of period	$	58,980		$	39,789		$	55,607		$	36,656
PIK income capitalized		5,389			7,335			8,762			11,390
PIK capitalized exited from investment sales, repayments, and restructurings		(511	)		(8	)		(511	)		(930	)
PIK balance at end of period	$	63,858		$	47,116		$	63,858		$	47,116

Dividend Income on Collateralized Loan Obligations (“CLOs”) and Structured Finance Products

The Company holds structured finance products and other investments. The CLO equity investments and structured finance products are entitled to recurring distributions which are generally equal to the excess cash flow generated from the underlying investments after meeting contractual obligations to debt holders and paying fund expenses. The Company recognizes dividend income on its beneficial interests in structured products, such as CLOs, based on projected cash flows subject to various uncertainties and contingencies. During the three and six months ended June 30, 2026, dividend income from structured products was $201 and $454, respectively. During the three and six months ended June 30, 2025, dividend income from structured products was $200 and $440, respectively.

As of June 30, 2026, 4.6% of total investments at amortized cost, or 2.8% of total investments at fair value, were on non-accrual status. As of December 31, 2025, 3.9% of total investments at amortized cost, or 2.6% of total investments at fair value, were on non-accrual status.

In the normal course of business, the Company enters into derivative financial instruments to achieve certain risk management objectives, including managing its interest rate and foreign currency risk exposures.

As of June 30, 2026, the Company held certain foreign currency forward contracts with a fair market value of $772. The Company did not hold any derivatives as of December 31, 2025.

The Company's foreign currency forward contracts are subject to an enforceable ISDA Master Netting Agreement with JP Morgan Chase Bank N.A. As of June 30, 2026, the Company held a net derivative asset at fair value of $772 subject to such arrangement, with no offsetting derivative liability positions. No cash collateral was posted or received in connection with these contracts. If the Company had elected to offset, the net amount would be $772.

The Company’s foreign currency forward contracts are not designated in a qualifying hedge accounting relationship. Net realized and unrealized gains and losses for the three and six months ended June 30, 2026 and 2025, for the Company’s foreign currency forward contracts, are in the following locations in the Consolidated Statement of Operations:


		Three Months Ended June 30,					Six Months Ended June 30,
Derivative Instrument	Financial Statement Location	2026		2025			2026		2025
Foreign currency forward contracts	Net realized gain(loss) on foreign currency forward contracts	$	334	$	(610	)	$	1,238	$	(610	)
		$	334	$	(610	)		1,238		(610	)


		Three Months Ended June 30,						Six Months Ended June 30,
Derivative Instrument	Financial Statement Location	2026			2025			2026		2025
Foreign currency forward contracts	Net change in unrealized appreciation (depreciation) on foreign currency forward contracts	$	(28	)	$	(33	)	$	772	$	(9	)
		$	(28	)	$	(33	)		772		(9	)