FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Investments Measured at Fair Value on Recurring Basis

The following tables summarize the Company’s investments measured at fair value on a recurring basis by the above fair value hierarchy levels as of June 30, 2026 and December 31, 2025:


	June 30, 2026
	Level 1		Level 2		Level 3		Total
Assets
First Lien Debt	$	—	$	—	$	1,934,565	$	1,934,565
Second Lien Debt	—		—		78,289		78,289
Equity Investments	414		—		153,603		154,017
Investment Funds	—		—		193,138		193,138


Total Investments	$	414	$	—	$	2,359,595	$	2,360,009


Derivative assets(1)	—		765		—		765
Liabilities
Derivative liabilities(1)	—		(11,899)		—		(11,899)
Total							$	2,348,875


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets
First Lien Debt	$	—	$	—	$	2,061,847	$	2,061,847
Second Lien Debt	—		—		95,130		95,130
Equity Investments	—		—		143,331		143,331
Investment Funds	—		—		163,614		163,614


Total Investments	$	—	$	—	$	2,463,922	$	2,463,922


Derivative assets(1)	—		298		—		298
Liabilities
Derivative liabilities(1)	—		(1,436)		—		(1,436)
Total							$	2,462,784

(1)As of June 30, 2026 derivative assets and liabilities consisted of interest rate swaps and forward currency contracts and as of December 31, 2025, derivative assets and liabilities consisted of interest rate swaps.

Schedule of Level 3 Input Reconciliation

The changes in the Company’s investments at fair value for which the Company has used Level 3 inputs to determine fair value and net change in unrealized appreciation (depreciation) included in earnings for Level 3 investments still held are as follows:


	Financial Assets
	Three Months Ended June 30, 2026
	First Lien Debt		Second Lien Debt		Equity Investments		Investment Funds		Total
Balance, beginning of period	$	1,899,631	$	78,325	$	156,091	$	142,782	$	2,276,829
Purchases	238,574		774		5,766		49,586		294,700
Sales	(134,729)		(686)		(68)		—		(135,483)
Paydowns	(51,027)		—		—		—		(51,027)
Accretion of discount	1,426		122		18		—		1,566
Net realized gains (losses)	(2,556)		686		77		—		(1,793)
Net change in unrealized appreciation (depreciation)	(16,754)		(932)		(8,281)		770		(25,197)

Balance, end of period	$	1,934,565	$	78,289	$	153,603	$	193,138	$	2,359,595
Net change in unrealized appreciation (depreciation) relating to Level 3 investments still held at the reporting date and included within the Consolidated Statements of Operations	$	(18,517)	$	(932)	$	(8,281)	$	770	$	(26,960)


	Financial Assets
	Six Months Ended June 30, 2026
	First Lien Debt		Second Lien Debt		Equity Investments		Investment Funds		Total
Balance, beginning of period	$	2,061,847	$	95,130	$	143,331	$	163,614	$	2,463,922
Purchases	436,901		1,839		24,675		69,385		532,800


Sales	(297,582)		(701)		(2,059)		—		(300,342)
Paydowns	(228,115)		(11,702)		—		(40,500)		(280,317)
Accretion of discount	3,697		350		32		—		4,079
Net realized gains (losses)	(12,025)		376		374		—		(11,275)
Net change in unrealized appreciation (depreciation)	(30,158)		(7,003)		(12,474)		639		(48,996)
Transfers Out of Level 3	—		—		(276)		—		(276)
Balance, end of period	$	1,934,565	$	78,289	$	153,603	$	193,138	$	2,359,595
Net change in unrealized appreciation (depreciation) relating to Level 3 investments still held at the reporting date and included within the Consolidated Statements of Operations	$	(40,073)	$	(6,930)	$	(11,635)	$	639	$	(57,999)


	Financial Assets
	Three Months Ended June 30, 2025
	First Lien Debt		Second Lien Debt		Equity Investments		Investment Funds		Total
Balance, beginning of period	$	1,873,091	$	129,629	$	121,515	$	121,391	$	2,245,626
Purchases	373,530		1,060		2,344		—		376,934


Sales	(149,351)		—		(11)		—		(149,362)
Paydowns	(99,899)		(38,090)		—		—		(137,989)
Accretion of discount	2,424		741		56		—		3,221
Net realized gains (losses)	(362)		(6)		11		—		(357)
Net change in unrealized appreciation (depreciation)	(2,115)		(2,369)		2,599		(1,227)		(3,112)
Balance, end of period	$	1,997,318	$	90,965	$	126,514	$	120,164	$	2,334,961
Net change in unrealized appreciation (depreciation) relating to Level 3 investments still held at the reporting date and included within the Consolidated Statements of Operations	$	(1,587)	$	(1,771)	$	2,599	$	(1,227)	$	(1,986)


	Financial Assets
	Six Months Ended June 30, 2025
	First Lien Debt		Second Lien Debt		Equity Investments		Investment Funds		Total
Balance, beginning of period	$	1,323,697	$	116,467	$	116,746	$	182,636	$	1,739,546
Purchases	545,453		2,049		5,942		—		553,444
Transfer In - CSL III Merger	479,124		4,117		2,432		—		485,673
Transfer In - Credit Fund II Purchase	181,645		9,493		63		—		191,201
Sales	(237,636)		(1,137)		(6,426)		(62,500)		(307,699)
Paydowns	(286,905)		(38,190)		—		—		(325,095)
Accretion of discount	5,173		901		115		—		6,189
Net realized gains (losses)	563		(7,980)		33		—		(7,384)
Net change in unrealized appreciation (depreciation)	(13,796)		5,245		7,609		28		(914)
Balance, end of period	$	1,997,318	$	90,965	$	126,514	$	120,164	$	2,334,961
Net change in unrealized appreciation (depreciation) relating to Level 3 investments still held at the reporting date and included within the Consolidated Statements of Operations	$	(15,224)	$	(2,128)	$	7,485	$	28	$	(9,839)

Schedule of Fair Value Inputs and Valuation Techniques

The following tables summarize the quantitative information related to the significant unobservable inputs for Level 3 instruments which are carried at fair value as of June 30, 2026 and December 31, 2025:


	Fair Value as of		Valuation Techniques	Significant Unobservable Inputs	Range				Weighted Average
	June 30, 2026				Low		High
Investments in First Lien Debt	$	1,670,624	Discounted Cash Flow	Discount Rate	7.41	%	24.07	%	9.72	%
	180,902		Consensus Pricing	Indicative Quotes	23.08	%	100.00	%	95.78	%
	83,039		Income Approach	Discount Rate	8.59	%	18.00	%	10.00	%
			Market Approach	Comparable Multiple	4.03x		11.27x		9.49x
Total First Lien Debt	1,934,565
Investments in Second Lien Debt	59,744		Discounted Cash Flow	Discount Rate	14.29	%	21.72	%	18.55	%
	11,505		Consensus Pricing	Indicative Quotes	88.50	%	88.50	%	88.50	%
	7,040		Income Approach	Discount Rate	9.93	%	10.57	%	9.93	%
Total Second Lien Debt	78,289
Investments in Equity	70,711		Income Approach	Discount Rate	8.79	%	15.96	%	12.35	%
	19,918		Consensus Pricing	Indicative Quotes	1.29x		1.29x		1.29x
	62,974		Market Approach	Comparable Multiple	3.00x		18.75x		10.14x
Total Equity Investments	153,603

Investments in Investment Funds	193,138		Discounted Cash Flow	Discount Rate	13.00	%	13.50	%	13.18	%
			Discounted Cash Flow	Default Rate	2.00	%	2.00	%	2.00	%
			Discounted Cash Flow	Recovery Rate	60.00	%	60.00	%	60.00	%

Total Investments in Investment Funds	193,138
Total Level 3 Investments	$	2,359,595


	Fair Value as of		Valuation Techniques	Significant Unobservable Inputs	Range				Weighted Average
	December 31, 2025				Low		High
Investments in First Lien Debt	$	1,818,450	Discounted Cash Flow	Discount Rate	5.54	%	23.90	%	9.33	%
	159,132		Consensus Pricing	Indicative Quotes	64.38	%	100.00	%	95.82	%
	84,265		Income Approach	Discount Rate	9.96	%	14.55	%	11.57	%
			Market Approach	Comparable Multiple	8.50x		11.50x		9.57x
Total First Lien Debt	2,061,847
Investments in Second Lien Debt	76,571		Discounted Cash Flow	Discount Rate	10.89	%	17.22	%	13.00	%
	11,984		Consensus Pricing	Indicative Quotes	92.19	%	92.19	%	92.19	%
	6,575		Income Approach	Discount Rate	9.96	%	13.35	%	9.97	%
Total Second Lien Debt	95,130
Investments in Equity	56,658		Income Approach	Discount Rate	9.75	%	16.16	%	12.37	%
	86,673		Market Approach	Comparable Multiple	3.00x		21.25x		10.84x
Total Equity Investments	143,331
Investments in Investment Funds
Mezzanine Loan	40,500		Consensus Pricing	Indicative Quotes	100.00	%	100.00	%	100.00	%
Subordinated Loan and Member's Interest	123,114		Discounted Cash Flow	Discount Rate	11.75	%	11.75	%	11.75	%
			Discounted Cash Flow	Default Rate	2.00	%	2.00	%	2.00	%
			Discounted Cash Flow	Recovery Rate	60.00	%	60.00	%	60.00	%
Total Investments in Investment Funds	163,614
Total Level 3 Investments	$	2,463,922

Schedule of Carrying Values and Fair Values of Debt

The following table presents the principal amount and fair value of the Credit Facility, the Senior Notes, and the 2015-1N Debt as of June 30, 2026 and December 31, 2025:


	June 30, 2026				December 31, 2025
	Principal Amount		Fair Value		Principal Amount		Fair Value
Secured borrowings	$	332,137	$	332,137	$	563,660	$	563,660

2030 Notes	300,000		305,024		300,000		299,749
2031 Notes	300,000		306,878		300,000		301,436






2015-1N Aaa/AAA Class A-1-1-A Notes	240,000		240,078		240,000		240,118
2015-1N Aaa/AAA Class A-L Loans	50,000		50,016		50,000		50,025
2015-1N Aaa/AAA Class A-1-2-B Notes	20,000		20,001		20,000		20,001
2015-1N AA Class A-2-RR Notes	30,000		29,913		30,000		29,858
2015-1N A Class B-R Notes	40,000		39,916		40,000		39,799

Total	$	1,312,137	$	1,323,963	$	1,543,660	$	1,544,646

- 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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