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 and certain liabilities measured at fair value on a recurring basis by the above fair value hierarchy levels as of June 30, 2026 and December 31, 2025.


	As of June 30, 2026
	Level 1		Level 2		Level 3		Total
Assets
First-lien debt	$	-	$	303,582	$	1,468,058	$	1,771,640
Preferred equity		-		-		35,298		35,298
Other equity		-		-		15,501		15,501
Total	$	-	$	303,582	$	1,518,857		1,822,439
Investments measured at net asset value(1)								41,205
Total Investments							$	1,863,644
Liabilities
Interest Rate Swaps	$	-	$	6,257	$	-	$	6,257
Total							$	6,257

(1)

Amounts represent the Company’s investments in HPC GPFS Arsenal Co-Invest (Cayman) LP, HPC Preferred Opportunities, L.P. and Tactical Equipment III, L.P. The Company, as a practical expedient, estimates the fair value of these investments using the net asset value of the Company’s interests in HPC GPFS Arsenal Co-Invest (Cayman) LP, HPC Preferred Opportunities, L.P. and Tactical Equipment III, L.P. As such, the fair value of the Company’s investments in HPC GPFS Arsenal Co-Invest (Cayman) LP, HPC Preferred Opportunities, L.P. and Tactical Equipment III, L.P. have not been categorized within the fair value hierarchy.


	As of December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets
First-lien debt	$	-	$	496,692	$	931,151	$	1,427,843
Other equity		-		-		8,487		8,487
Preferred equity		-		-		842		842
Total	$	-	$	496,692	$	940,480		1,437,172
Investments measured at net asset value(1)								31,056
Total Investments							$	1,468,228
Liabilities
Interest Rate Swaps	$	-	$	480	$	-	$	480
Total							$	480

(1)

Amounts represent the Company’s investments in HPC GPFS Arsenal Co-Invest (Cayman) LP and Tactical Equipment III, L.P. The Company, as a practical expedient, estimates the fair value of these investments using the net asset value of the Company’s interests in HPC GPFS Arsenal Co-Invest (Cayman) LP and Tactical Equipment III, L.P. As such, the fair value of the Company’s investments in HPC GPFS Arsenal Co-Invest (Cayman) LP and Tactical Equipment III, L.P. have not been categorized within the fair value hierarchy.

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 that continue to be held are as follows:


	Financial Assets For the Three Months Ended June 30, 2026								Financial Assets For the Six Months Ended June 30, 2026
	First-Lien Debt			Preferred Equity and Other Equity		Total			First-Lien Debt			Preferred Equity and Other Equity		Total
Balance, beginning of period	$	1,130,368		$	11,990	$	1,142,358		$	931,151		$	9,329	$	940,480
Purchases		259,374			37,886		297,260			501,320			40,742		542,062
Paydowns		(28,121	)		-		(28,121	)		(107,146	)		-		(107,146	)
Accretion of discount		1,053		-			1,053			1,571		-			1,571
PIK interest		-		-			-			2,777		-			2,777
Net change in unrealized appreciation (depreciation)		1,365			923		2,288			(982	)		728		(254	)
Transfers into Level 3		104,019			-		104,019			194,515			-		194,515
Transfers out of Level 3		-			-		-			(55,148	)		-		(55,148	)
Balance, end of period	$	1,468,058		$	50,799	$	1,518,857		$	1,468,058		$	50,799	$	1,518,857
Net change in unrealized appreciation (depreciation) included in earnings related to investments that continue to be held at the reporting date included in net change in unrealized appreciation on investments on the Consolidated Statements of Operations	$	1,154		$	923	$	2,077		$	(782	)	$	728	$	(54	)


	Financial Assets For the Three Months Ended June 30, 2025								Financial Assets For the Six Months Ended June 30, 2025
	First-Lien Debt			Preferred Equity and Other Equity		Total			First-Lien Debt			Preferred Equity and Other Equity		Total
Balance, beginning of period	$	324,866		$	9,367	$	334,233		$	265,090		$	5,987	$	271,077
Purchases		120,101		-			120,101			178,555			2,938		181,493
Paydowns		(223	)		-		(223	)		(430	)		-		(430	)
Accretion of discount		359		-			359			619		-			619
PIK interest		241		-			241			292		-			292
Net change in unrealized appreciation		1,825			331		2,156			3,043			773		3,816
Balance, end of period	$	447,169		$	9,698	$	456,867		$	447,169		$	9,698	$	456,867
Net change in unrealized appreciation included in earnings related to investments that continue to be held at the reporting date included in net change in unrealized appreciation on investments on the Consolidated Statements of Operations	$	1,825		$	331	$	2,156		$	3,043		$	773	$	3,816

Schedule of Fair Value Inputs and Valuation Techniques

The following table summarizes the quantitative information related to the significant unobservable inputs for Level 3 instruments which are carried at fair value as of June 30, 2026:


					Range
	Fair Value as of June 30, 2026		Valuation Techniques	Significant Unobservable Inputs	Low			High			Weighted Average
First-lien debt	$	1,295,527	Yield Analysis	Discount Rate		8.13	%		13.51	%		9.74	%
		172,531	Recent Transactions	Transaction Price		98.00			99.25			98.23
Preferred equity		480	Yield Analysis	Discount Rate		19.10	%		19.10	%		19.10	%
		34,818	Market Approach	EBITDA Multiple	11.55x			30.25x				11.74	x
Other equity		1,941	Market Approach	EBITDA Multiple		8.50	x	30.25x				12.73	x
		13,560	Market Approach	Revenue Multiple		4.00	x		22.25	x		7.63	x
Total Level 3 investments	$	1,518,857

The following table summarizes the quantitative information related to the significant unobservable inputs for Level 3 instruments which are carried at fair value as of December 31, 2025:


					Range
	Fair Value as of December 31, 2025		Valuation Techniques	Significant Unobservable Inputs	Low			High			Weighted Average
First-lien debt	$	778,997	Yield Analysis	Discount Rate		8.50	%		15.34	%		10.25	%
		152,154	Recent Transactions	Transaction Price		99.50			100.00			99.63
Preferred equity		480	Yield Analysis	Discount Rate		19.00	%		19.00	%		19.00	%
		362	Market Approach	EBITDA Multiple	30.50x			30.50x			30.50x
Other equity		307	Market Approach	EBITDA Multiple	30.50x			30.50x			30.50x
		8,180	Market Approach	Revenue Multiple	6.00x			12.00x			7.76x
Total Level 3 investments	$	940,480

Schedule of Carrying Values and Fair Values of Debt

The following table presents the carrying value and fair value of the Company’s debt as of June 30, 2026 and December 31, 2025:


	As of June 30, 2026				As of December 31, 2025
	Carrying Value		Fair Value		Carrying Value		Fair Value
Debt	$	959,410	$	959,410	$	544,819	$	544,819

- 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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