| Schedule of Fair Value Measurements of Investments, by Major Class, and Cash Equivalents |
The following tables present fair value measurements of investments, by major class, and cash equivalents as of June 30, 2026 and December 31, 2025, according to the fair value hierarchy: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of June 30, 2026 | Level 1 | | Level 2 | | Level 3 | | Measured at NAV (2) | | | | Total | | Assets: | | | | | | | | | | | | | First-Lien Debt | $ | — | | | $ | 10,423 | | | $ | 1,709,082 | | | $ | — | | | | | $ | 1,719,505 | | Subordinated Debt (1) | — | | | 6,202 | | | 133,405 | | | — | | | | | 139,607 | | | Equity Investments | — | | | — | | | 42,830 | | | 16,975 | | | | | 59,805 | | | Cash Equivalents | 40,759 | | | — | | | — | | | — | | | | | 40,759 | | | Total investments and cash equivalents | $ | 40,759 | | | $ | 16,625 | | | $ | 1,885,317 | | | $ | 16,975 | | | | | $ | 1,959,676 | | | Derivative asset | — | | | 8,534 | | | — | | | — | | | | | 8,534 | | | Total | $ | 40,759 | | | $ | 25,159 | | | $ | 1,885,317 | | | $ | 16,975 | | | | | $ | 1,968,210 | |
______________ (1) Subordinated Debt is further comprised of second lien term loans and/or second lien notes of $61,041, mezzanine debt of $77,229 and $1,337 of structured debt. (2) Certain investments are measured at fair value using NAV as a practical expedient and have not been categorized 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.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2025 | Level 1 | | Level 2 | | Level 3 | | Measured at NAV (2) | | Total | | Assets: | | | | | | | | | | First-Lien Debt | $ | — | | | $ | 8,115 | | | $ | 1,748,505 | | | $ | — | | | $ | 1,756,620 | | Subordinated Debt (1) | — | | | 6,176 | | | 155,198 | | | — | | | 161,374 | | | Equity Investments | — | | | — | | | 32,179 | | | 12,276 | | | 44,455 | | | Cash Equivalents | 53,927 | | | — | | | — | | | — | | | 53,927 | | Total investments and cash equivalents | $ | 53,927 | | | $ | 14,291 | | | $ | 1,935,882 | | | 12,276 | | | $ | 2,016,376 | | | Derivative asset | — | | | 14,965 | | | — | | | — | | | 14,965 | | | Total | $ | 53,927 | | | $ | 29,256 | | | $ | 1,935,882 | | | $ | 12,276 | | | $ | 2,031,341 | |
_______________ (1) Subordinated Debt is further comprised of second lien term loans and/or second lien notes of $74,262, mezzanine debt of $84,633 and $2,479 of structured debt. (2) Certain investments are measured at fair value using NAV as a practical expedient and have not been categorized 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.
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| Schedule of Reconciliation of the Beginning and Ending Balances for Investments |
The following tables provide a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the following periods: | | | | | | | | | | | | | | | | | | | | | | | | | As of and for the Three Months Ended June 30, 2026 | | First-Lien Debt | | Subordinated Debt | | Equity Investments | | Total | Balance as of March 31, 2026 | $ | 1,766,514 | | | $ | 141,910 | | | $ | 41,372 | | | $ | 1,949,796 | | Purchase of investments and other adjustments to cost (1) | 18,129 | | | 1,828 | | | 2,798 | | | 22,755 | | Proceeds from principal repayments and sales of investments (1) | (56,131) | | | (11,318) | | | — | | | (67,449) | | | Payment-in-kind interest | 755 | | | 1,519 | | | — | | | 2,274 | | | Amortization of premium/accretion of discount, net | 677 | | | 82 | | | — | | | 759 | | | Net realized gain (loss) on investments | 405 | | | (11,665) | | | — | | | (11,260) | | | Net change in unrealized appreciation (depreciation) on investments | (16,134) | | | 11,049 | | | (1,340) | | | (6,425) | | Transfers out of Level 3 (2) | (5,133) | | | — | | | — | | | (5,133) | | Transfers to Level 3 (2) | — | | | — | | | — | | | — | | | | | | | | | | Balance as of June 30, 2026 | $ | 1,709,082 | | | $ | 133,405 | | | $ | 42,830 | | | $ | 1,885,317 | | | | | | | | | | Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held as of June 30, 2026 | $ | (16,081) | | | $ | 10,962 | | | $ | (1,340) | | | $ | (6,459) | |
| | | | | | | | | | | | | | | | | | | | | | | | | As of and for the Six Months Ended June 30, 2026 | | First-Lien Debt | | Subordinated Debt | | Equity Investments | | Total | Balance as of December 31, 2025 | $ | 1,748,505 | | | $ | 155,198 | | | $ | 32,179 | | | $ | 1,935,882 | | Purchase of investments and other adjustments to cost (1) | 89,867 | | | 5,088 | | | 12,158 | | | 107,113 | | Proceeds from principal repayments and sales of investments (1) | (105,648) | | | (26,455) | | | (112) | | | (132,215) | | | Payment-in-kind interest | 1,688 | | | 3,708 | | | — | | | 5,396 | | | Amortization of premium/accretion of discount, net | 1,618 | | | 179 | | | — | | | 1,797 | | | Net realized gain (loss) on investments | (3,117) | | | (11,465) | | | 34 | | | (14,548) | | | Net change in unrealized appreciation (depreciation) on investments | (21,341) | | | 7,152 | | | (1,429) | | | (15,618) | | Transfers out of Level 3 (2) | (2,490) | | | — | | | — | | | (2,490) | | Transfers to Level 3 (2) | — | | | — | | | — | | | — | | | | | | | | | | Balance as of June 30, 2026 | $ | 1,709,082 | | | $ | 133,405 | | | $ | 42,830 | | | $ | 1,885,317 | | | | | | | | | | Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held as of June 30, 2026 | $ | (25,267) | | | $ | 5,819 | | | $ | (1,429) | | | $ | (20,877) | |
_______________(1) Includes reorganizations and restructuring of investments. (2) Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the three and six months ended June 30, 2026, transfers into or out of Level 3 were a result of changes in the observability of significant inputs for certain portfolio companies. | | | | | | | | | | | | | | | | | | | | | | | | | As of and for the Three Months Ended June 30, 2025 | | First-Lien Debt | | Subordinated Debt | | Equity Investments | | Total | | Balance as of March 31, 2025 | $ | 1,853,071 | | | $ | 153,517 | | | $ | 35,117 | | | $ | 2,041,705 | | Purchase of investments and other adjustments to cost (1) | 78,636 | | | 2,392 | | | 2,868 | | | 83,896 | | Proceeds from principal repayments and sales of investments (1) | (137,788) | | | (4,223) | | | — | | | (142,011) | | | Payment-in-kind interest | 436 | | | 1,828 | | | — | | | 2,264 | | | Amortization of premium/accretion of discount, net | 900 | | | 123 | | | — | | | 1,023 | | | Net realized gain (loss) on investments | (10,821) | | | 50 | | | — | | | (10,771) | | | Net change in unrealized appreciation (depreciation) on investments | 5,744 | | | (2,375) | | | 108 | | | 3,477 | | Transfers out of Level 3 (2) | (2,538) | | | — | | | (2,564) | | | (5,102) | | Transfers to Level 3 (2) | 3,082 | | | 8,694 | | | — | | | 11,776 | | | | | | | | | | Balance as of June 30, 2025 | $ | 1,790,722 | | | $ | 160,006 | | | $ | 35,529 | | | $ | 1,986,257 | | | | | | | | | | | Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held as of June 30, 2025 | $ | (4,449) | | | $ | (2,321) | | | $ | 108 | | | $ | (6,662) | |
| | | | | | | | | | | | | | | | | | | | | | | | | As of and for the Six Months Ended June 30, 2025 | | First-Lien Debt | | Subordinated Debt | | Equity Investments | | Total | Balance as of December 31, 2024 | $ | 1,806,850 | | | $ | 150,779 | | | $ | 36,598 | | | $ | 1,994,227 | | Purchase of investments and other adjustments to cost (1) | 223,580 | | | 9,451 | | | 2,884 | | | 235,915 | | Proceeds from principal repayments and sales of investments (1) | (242,424) | | | (9,463) | | | (252) | | | (252,139) | | | Payment-in-kind interest | 861 | | | 3,768 | | | — | | | 4,629 | | | Amortization of premium/accretion of discount, net | 2,294 | | | 306 | | | — | | | 2,600 | | | Net realized gain (loss) on investments | (9,938) | | | 105 | | | 149 | | | (9,684) | | | Net change in unrealized appreciation (depreciation) on investments | (4,291) | | | (3,298) | | | (2,197) | | | (9,786) | | Transfers out of Level 3 (2) | — | | | — | | | (1,653) | | | (1,653) | | Transfers to Level 3 (2) | 13,790 | | | 8,358 | | | — | | | 22,148 | | | | | | | | | | Balance as of June 30, 2025 | $ | 1,790,722 | | | $ | 160,006 | | | $ | 35,529 | | | $ | 1,986,257 | | | | | | | | | | | Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held as of June 30, 2025 | $ | (6,959) | | | $ | (3,260) | | | $ | (2,197) | | | $ | (12,416) | |
_______________ (1) Includes reorganizations and restructuring of investments. (2) Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the three and six months ended June 30, 2025, transfers into or out of Level 3 were a result of changes in the observability of significant inputs for certain portfolio companies.
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| Schedule of Valuation Techniques and Significant Unobservable Inputs Used in Level 3 Fair Value Measurements of Assets |
The valuation techniques and significant unobservable inputs used in Level 3 fair value measurements of assets as of June 30, 2026 and December 31, 2025 were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Investment Type | | Fair Value at June 30, 2026 | | Valuation Techniques | | Unobservable Inputs | | Ranges | | Weighted Average | | First-Lien Debt | | $ | 1,628,254 | | | Yield Method | | Market Yield Discount Rates | | 7.69% | | 24.50% | | 9.96% | | First-Lien Debt | | 34,498 | | | Market Approach | | EBITDA Multiple | | 4.50x | | 11.50x | | 7.73x | | First-Lien Debt | | 7,376 | | | Market Approach | | Revenue Multiple | | 0.30x | | 0.65x | | 0.50x | | Subordinated Debt | | 118,101 | | | Yield Method | | Market Yield Discount Rates | | 10.37% | | 20.57% | | 14.87% | | Subordinated Debt | | 7,775 | | | Market Approach | | EBITDA Multiple | | 10.00x | | 10.00x | | 10.00x | | Subordinated Debt | | 2,436 | | | Black-Scholes | | EBITDA Multiple | | 0.90x | | 10.35x | | 6.97x | | Subordinated Debt | | 4,113 | | | Yield Method | | Market Yield Discount Rates | | 22.50% | | 22.50% | | 22.50% | | | | | Market Approach | | EBITDA Multiple | | 10.35x | | 10.35x | | 10.35x | | Equity | | 1,508 | | | Yield Method | | Market Yield Discount Rates | | 8.90% | | 16.41% | | 15.49% | | Equity | | 38,472 | | | Market Approach | | EBITDA Multiple | | 4.50x | | 19.25x | | 11.84x | | Equity | | 141 | | | Black-Scholes | | EBITDA Multiple | | 6.01x | | 12.50x | | 6.01x | | Total | | $ | 1,842,674 | | | | | | | | | | | |
First-Lien Debt, Subordinated Debt, and Equity investments in the amount of $38,954, $980, and $2,709, respectively, at June 30, 2026 have been excluded from the table above as these investments are valued using a recent transaction price. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Investment Type | | Fair Value at December 31, 2025 | | Valuation Techniques | | Unobservable Inputs | | Ranges | | Weighted Average | | First-Lien Debt | | $ | 1,679,774 | | | Yield Method | | Market Yield Discount Rates | | 7.45% | | 18.14% | | 9.24% | | First-Lien Debt | | 28,547 | | | Market Approach | | EBITDA Multiple | | 6.00x | | 10.93x | | 7.93x | | First-Lien Debt | | 6,483 | | | Market Approach | | Revenue Multiple | | 0.33x | | 1.50x | | 0.81x | | Subordinated Debt | | 139,506 | | | Yield Method | | Market Yield Discount Rates | | 10.60% | | 22.50% | | 15.08% | | Subordinated Debt | | 10,357 | | | Market Approach | | EBITDA Multiple | | 10.40x | | 10.40x | | 10.40x | | Subordinated Debt | | 2,920 | | | Black-Scholes | | EBITDA Multiple | | 1.05x | | 10.00x | | 6.21x | | Equity | | 1,487 | | | Yield Method | | Market Yield Discount Rates | | 8.63% | | 16.41% | | 15.28% | | Equity | | 29,724 | | | Market Approach | | EBITDA Multiple | | 6.00x | | 19.00x | | 12.65x | | Total | | $ | 1,898,798 | | | | | | | | | | | |
First-Lien Debt, Subordinated Debt, and Equity investments in the amount of $33,701, $2,415, and $968, respectively, at December 31, 2025 have been excluded from the table above as these investments are valued using a recent transaction price.
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| Schedule of Carrying Value and Fair Value of Debt Obligations |
The carrying value and fair value of the Company’s debt obligations were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | December 31, 2025 | | Carrying Value (1) | | Fair Value | | Carrying Value (1) | | Fair Value | | | | | | | | | | Revolving Credit Facility | $ | 46,500 | | | $ | 46,500 | | | $ | 66,000 | | | $ | 66,000 | | 2025 Debt /CLO-I | 320,767 | | | 319,687 | | | 321,083 | | | 321,211 | | 2026 Debt/ CLO-II | 213,000 | | | 212,392 | | | 213,286 | | | 214,003 | | 2024 Debt/ CLO-III | 213,250 | | | 213,250 | | | 213,750 | | | 214,322 | | | 2030 Notes | 303,407 | | 300,369 | | | 309,915 | | | 308,049 | | | Total | $ | 1,096,924 | | | $ | 1,092,198 | | | $ | 1,124,034 | | | $ | 1,123,585 | |
______________(1) Carrying value on the consolidated statements of assets and liabilities are net of deferred financing, issuance costs, and unamortized discount. Carrying value of the 2030 Notes reflects the cumulative hedging adjustments.
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