v3.26.1
FAIR VALUE MEASUREMENTS - Schedule of Fair Value Inputs and Valuation Techniques (Details)
$ in Thousands
Jun. 30, 2026
USD ($)
Dec. 31, 2025
USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Fair Value $ 1,863,644 [1],[2] $ 1,468,228 [3],[4],[5]
First-lien debt    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Fair Value 1,771,640 1,427,843
Preferred Equity    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Fair Value 35,298 842
Total Other Equity    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Fair Value 15,501 8,487
Level 3    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Fair Value 1,518,857 940,480
Level 3 | First-lien debt    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Fair Value 1,468,058 931,151
Level 3 | First-lien debt | Yield Analysis | Discount Rate    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Fair Value $ 1,295,527 $ 778,997
Level 3 | First-lien debt | Yield Analysis | Low | Discount Rate    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Investment company, investment owned, measurement input 0.0813 0.085
Level 3 | First-lien debt | Yield Analysis | High | Discount Rate    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Investment company, investment owned, measurement input 0.1351 0.1534
Level 3 | First-lien debt | Yield Analysis | Weighted Average | Discount Rate    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Investment company, investment owned, measurement input 0.0974 0.1025
Level 3 | First-lien debt | Recent Transactions | Transaction Price    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Fair Value $ 172,531 $ 152,154
Level 3 | First-lien debt | Recent Transactions | Low | Transaction Price    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Investment company, investment owned, measurement input 0.98 0.995
Level 3 | First-lien debt | Recent Transactions | High | Transaction Price    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Investment company, investment owned, measurement input 0.9925 1
Level 3 | First-lien debt | Recent Transactions | Weighted Average | Transaction Price    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Investment company, investment owned, measurement input 0.9823 0.9963
Level 3 | Preferred Equity    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Fair Value $ 35,298 $ 842
Level 3 | Preferred Equity | Yield Analysis | Discount Rate    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Fair Value $ 480 $ 480
Level 3 | Preferred Equity | Yield Analysis | Low | Discount Rate    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Investment company, investment owned, measurement input 0.191 0.19
Level 3 | Preferred Equity | Yield Analysis | High | Discount Rate    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Investment company, investment owned, measurement input 0.191 0.19
Level 3 | Preferred Equity | Yield Analysis | Weighted Average | Discount Rate    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Investment company, investment owned, measurement input 0.191 0.19
Level 3 | Preferred Equity | Market Approach | EBITDA Multiple    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Fair Value $ 34,818 $ 362
Level 3 | Preferred Equity | Market Approach | Low | EBITDA Multiple    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Investment company, investment owned, measurement input 0.1155 0.305
Level 3 | Preferred Equity | Market Approach | High | EBITDA Multiple    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Investment company, investment owned, measurement input 0.3025 0.305
Level 3 | Preferred Equity | Market Approach | Weighted Average | EBITDA Multiple    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Investment company, investment owned, measurement input 0.1174 0.305
Level 3 | Total Other Equity    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Fair Value $ 15,501 $ 8,487
Level 3 | Total Other Equity | Market Approach | EBITDA Multiple    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Fair Value 1,941 307
Level 3 | Total Other Equity | Market Approach | Revenue Multiple    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Fair Value $ 13,560 $ 8,180
Level 3 | Total Other Equity | Market Approach | Low | EBITDA Multiple    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Investment company, investment owned, measurement input 0.085 0.305
Level 3 | Total Other Equity | Market Approach | Low | Revenue Multiple    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Investment company, investment owned, measurement input 0.04 0.06
Level 3 | Total Other Equity | Market Approach | High | EBITDA Multiple    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Investment company, investment owned, measurement input 0.3025 0.305
Level 3 | Total Other Equity | Market Approach | High | Revenue Multiple    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Investment company, investment owned, measurement input 0.2225 0.12
Level 3 | Total Other Equity | Market Approach | Weighted Average | EBITDA Multiple    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Investment company, investment owned, measurement input 0.1273 0.305
Level 3 | Total Other Equity | Market Approach | Weighted Average | Revenue Multiple    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Investment company, investment owned, measurement input 0.0763 0.0776
[1] The Company uses an internally developed industry classification system which was developed using the Global Industry Classification Standard (“GICS”®) as a reference. All investments are ultimately focused in enterprise software, data and technology-enabled business sectors.
[2] Unless otherwise indicated, all investments held by the Company (the “Company” includes the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in U.S. dollars and headquartered in the United States. All investments are income producing unless otherwise indicated. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount (in thousands) is presented for all debt investment and preferred equity. Unit amount is presented for Other Equity, with the exception of HPC GPFS Arsenal Co-Invest (Cayman) LP, HPC Preferred Opportunities, L.P. and Tactical Equipment III, L.P., which presents investment cost.
[3] The Company uses an internally developed industry classification system which was developed using the Global Industry Classification Standard (“GICS”®) as a reference. All investments are ultimately focused in enterprise software, data and technology-enabled business sectors.
[4] The following table shows the portfolio composition by geographic region at amortized cost and fair value as a percentage of total investments in portfolio companies. The geographic composition is determined by the location of the corporate headquarters of the portfolio company, which is not always indicative of the primary source of the portfolio company’s business:
[5] Unless otherwise indicated, all investments held by the Company (the “Company” includes the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in U.S. dollars and headquartered in the United States. All investments are income producing unless otherwise indicated. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount (in thousands) is presented for all debt investment and preferred equity. Unit amount is presented for Other Equity, with the exception of HPC GPFS Arsenal Co-Invest (Cayman) LP and Tactical Equipment III, L.P., which presents investment cost.