Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2026

Summary of Fair Value Measurements of Investments

The following table presents fair value measurements of investments as of June 30, 2026 (in thousands):


Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total
Senior Secured First Lien	$	—	$	—	$	373,862	$	373,862
Unitranche First Lien		—		15,690		1,023,475		1,039,165
Unitranche First Lien – Last Out		—		—		18,733		18,733
Senior Secured Second Lien		—		—		14,666		14,666
Unsecured Debt		—		—		25,180		25,180
Equity & Other		39		—		69,123		69,162
Subtotal	$	39	$	15,690	$	1,525,039	$	1,540,768
Investments Measured at NAV (1)		—		—		—		29,900
Total Investments	$	39	$	15,690	$	1,525,039	$	1,570,668

Cash Equivalents	$	6,994	$	—	$	—	$	6,994
Interest Rate Swaps - Liabilities		—		3,040		—		3,040
Foreign Currency Forward Contracts - Assets		—		1,255		—		1,255
Foreign Currency Forward Contracts - Liabilities		—		1,756		—		1,756

The following table presents fair value measurements of investments as of December 31, 2025 (in thousands):


Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total
Senior Secured First Lien	$	—	$	—	$	350,795	$	350,795
Unitranche First Lien		—		9,290		1,038,457		1,047,747
Unitranche First Lien – Last Out		—		—		26,290		26,290
Senior Secured Second Lien		—		-		12,180		12,180
Unsecured Debt		—		—		19,003		19,003
Equity & Other		43		46		77,136		77,225
Subtotal	$	43	$	9,336	$	1,523,861	$	1,533,240
Investments Measured at NAV (1)		—		—		—		36,178
Total Investments	$	43	$	9,336	$	1,523,861	$	1,569,418

Cash Equivalents	$	2,967	$	—	$	—	$	2,967
Foreign Currency Forward Contracts - Assets		—		2,135		—		2,135
Foreign Currency Forward Contracts - Liabilities		—		2,134		—		2,134

(1)

In accordance with ASC 820-10, certain investments that are measured using the net asset value per share (or its equivalent) as a practical expedient for fair value have not been classified in the fair value hierarchy. These investments are generally not redeemable. 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.

Summary of Reconciliation of Investments that Use Level 3 Inputs

The following table provides a reconciliation of the beginning and ending balances for total investments that use Level 3 inputs for the six months ended June 30, 2026, based off of the fair value hierarchy as of June 30, 2026 (in thousands):


	Senior Secured First Lien			Unitranche First Lien			Unitranche First - Last Out			Senior Secured Second Lien			Unsecured Debt			Equity & Other			Total
Balance as of January 1, 2026	$	350,795		$	1,038,457		$	26,290		$	12,180		$	19,003		$	77,136		$	1,523,861
Amortized discounts/premiums		630			1,446			42			5			124			—			2,247
Paid in-kind interest		626			1,509			-			193			1,253			—			3,581
Net realized gain (loss)		(12,182	)		(8,785	)		—			(3,482	)		—			(2,514	)		(26,963	)
Net change in unrealized appreciation (depreciation)		4,842			(7,762	)		(660	)		3,363			(1,276	)		(11,488	)		(12,981	)
Purchases		55,881			93,393			(6,609	)		11,041			13,429			4,713			171,848
Sales/return of capital/principal repayments/paydowns		(26,730	)		(86,542	)		(330	)		(8,634	)		(7,353	)		1,229			(128,360	)
Transfers in		—			3,471			—			—			—			47			3,518
Transfers out		—			(11,712	)		—			—			—			—			(11,712	)
Balance as of June 30, 2026	$	373,862		$	1,023,475		$	18,733		$	14,666		$	25,180		$	69,123		$	1,525,039
Net change in unrealized appreciation (depreciation) from investments still held as of June 30, 2026	$	(6,063	)	$	(12,859	)	$	(660	)	$	(98	)	$	(860	)	$	(8,213	)	$	(28,753	)

The following table provides a reconciliation of the beginning and ending balances for total investments that use Level 3 inputs for the six months ended June 30, 2025, based off of the fair value hierarchy as of June 30, 2025 (in thousands):


	Senior Secured First Lien			Unitranche First Lien			Unitranche First - Last Out		Senior Secured Second Lien			Unsecured Debt		Equity & Other			Total
Balance as of January 1, 2025	$	379,628		$	1,013,934		$	14,741	$	24,351		$	17,525	$	63,735		$	1,513,914
Amortized discounts/premiums		755			2,971			34		21			82		—			3,863
Paid in-kind interest		1,187			2,401			443		167			1,214		—			5,412
Net realized gain (loss)		(7,671	)		4			—		(693	)		—		(454	)		(8,814	)
Net change in unrealized appreciation (depreciation)		5,590			(2,915	)		1,263		1,971			50		2,604			8,563
Purchases		42,573			107,727			9,670		—					2,288			162,258
Sales/return of capital/principal repayments/paydowns		(40,737	)		(110,478	)		—		(2,315	)		—		-			(153,530	)
Transfers in		—			3,507			—		—			—		—			3,507
Transfers out		—			—			—		—			—		—			—
Balance as of June 30, 2025	$	381,325		$	1,017,151		$	26,151	$	23,502		$	18,871	$	68,173		$	1,535,173
Net change in unrealized appreciation (depreciation) from investments still held as of June 30, 2025	$	(809	)	$	(1,741	)	$	1,263	$	1,669		$	51	$	2,150		$	2,583

Summary of Fair Value of Level 3 Investments and Ranges of Significant Unobservable Inputs Used to Value Level 3 Investments

The following tables present the fair value of Level 3 investments and the ranges of significant unobservable inputs used to value the Company’s Level 3 investments as of June 30, 2026 and December 31, 2025. These ranges represent the significant unobservable inputs that were used in the valuation of each type of investment. These inputs are not representative of the inputs that could have been used in the valuation of any one investment. For example, the highest market yield presented in the table for senior secured first lien investments is appropriate for valuing a specific investment but may not be appropriate for valuing any other investment. Accordingly, the ranges of inputs presented below do not represent uncertainty in, or possible ranges of, fair value measurements of the Company’s Level 3 investments.


Security Type	Fair Value as of June 30, 2026 (in thousands)		Valuation Technique	Unobservable Input	Range (Weighted Avg)
Senior Secured First Lien	$	348,583	Discounted Cash Flows	Discount Rate	6.3%	-	28.7%	(9.7%)
		24,407	Enterprise Value	Comparable EBITDA Multiple	4.8x	-	11.7x	(9.3x)
		872	Transactions Precedent	Transaction Price			N/A
	$	373,862

Unitranche First Lien		934,632	Discounted Cash Flows	Discount Rate	7.0%	-	18.7%	(9.7%)
		54,654	Enterprise Value	Comparable EBITDA Multiple	6.9x	-	11.6x	(10.1x)
		9,436	Transactions Precedent	Transaction Price			N/A
		24,753	Broker Quoted	Broker Quote			N/A
	$	1,023,475

Unitranche First Lien - Last Out		18,733	Discounted Cash Flows	Discount Rate	7.6%	-	17.1%	(11.7%)
	$	18,733

Senior Secured Second Lien		3,251	Discounted Cash Flows	Discount Rate	10.5%	-	10.5%	(10.5%)
		375	Enterprise Value	Comparable EBITDA Multiple			3.2x
		11,040	Transactions Precedent	Transaction Price			N/A
	$	14,666

Unsecured Debt		19,844	Discounted Cash Flows	Discount Rate	8.8%	-	14.3%	(10.9%)
		5,336	Enterprise Value	Comparable EBITDA Multiple	9.5x	-	11.7x	(10.7x)
	$	25,180

Equity & Other		67,005	Enterprise Value	Comparable EBITDA Multiple	3.2x	-	25.1x	(14.1x)
		2,118	Transactions Precedent	Transaction Price			N/A
	$	69,123

Total	$	1,525,039


Security Type	Fair Value as of December 31, 2025 (in thousands)		Valuation Technique	Unobservable Input	Range (Weighted Avg)
Senior Secured First Lien	$	303,854	Discounted Cash Flows	Discount Rate	4.7%	-	19.5%	(9.8%)
		38,452	Enterprise Value	Comparable EBITDA Multiple	2.3x	-	11.7x	(9.0x)
		8,489	Transaction Precedent	Transaction Price			N/A
	$	350,795

Unitranche First Lien		897,161	Discounted Cash Flows	Discount Rate	7.6%	-	19.1%	(9.8%)
		41,357	Enterprise Value	Comparable EBITDA Multiple	6.7x	-	12.0x	(9.1x)
		33,097	Transactions Precedent	Transaction Price			N/A
		66,842	Broker Quoted	Broker Quote			N/A
	$	1,038,457

Unitranche First Lien - Last Out		18,905	Discounted Cash Flows	Discount Rate	7.6%	-	15.9%	(11.3%)
		7,385	Enterprise Value	Comparable EBITDA Multiple			10.6x
	$	26,290

Senior Secured Second Lien		8,076	Discounted Cash Flows	Discount Rate	11.7%	-	12.7%	(12.3%)
		4,104	Enterprise Value	Comparable EBITDA Multiple			3.3x
	$	12,180

Unsecured Debt		16,904	Discounted Cash Flows	Discount Rate	10.6%	-	15.5%	(13.6%)
		2,099	Enterprise Value	Comparable EBITDA Multiple			11.7x
	$	19,003

Equity & Other		77,136	Enterprise Value	Comparable EBITDA Multiple	2.3x	-	28.0x	(13.7x)
	$	77,136

Total	$	1,523,861

- 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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