| Schedule of Fair Value Hierarchy of Investments |
The following tables present the fair value hierarchy of investments as of June 30, 2026 and December 31, 2025. Note that the valuation levels below are not necessarily an indication of the risk associated with the underlying investment.
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Fair Value Hierarchy as of June 30, 2026 |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
|
First-lien senior secured debt investments |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
2,222,793 |
|
|
$ |
2,222,793 |
|
Equity investments |
|
- |
|
|
- |
|
|
|
43,825 |
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|
|
43,825 |
|
Total portfolio company investments at fair value |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
2,266,618 |
|
|
$ |
2,266,618 |
|
Investments in money market funds |
|
|
25,184 |
|
|
- |
|
|
- |
|
|
|
25,184 |
|
Interest rate swaps |
|
- |
|
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(2,901 |
) |
|
- |
|
|
|
(2,901 |
) |
Total |
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$ |
25,184 |
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$ |
(2,901 |
) |
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$ |
2,266,618 |
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$ |
2,288,901 |
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Fair Value Hierarchy as of December 31, 2025 |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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First-lien senior secured debt investments |
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$ |
- |
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|
$ |
46,678 |
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$ |
2,110,721 |
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$ |
2,157,399 |
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Equity investments |
|
- |
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|
- |
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|
|
41,022 |
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|
|
41,022 |
|
Total portfolio company investments at fair value |
|
$ |
- |
|
|
$ |
46,678 |
|
|
$ |
2,151,743 |
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|
$ |
2,198,421 |
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Investments in money market funds |
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25,409 |
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|
- |
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- |
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|
25,409 |
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Interest rate swaps |
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- |
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(299 |
) |
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- |
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|
(299 |
) |
Total |
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$ |
25,409 |
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$ |
46,379 |
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$ |
2,151,743 |
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$ |
2,223,531 |
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| Schedule of Fair Value of Investments for which Level 3 Inputs |
The following tables present changes in the fair value of investments for which Level 3 inputs were used to determine the fair value as of and for the three and six months ended June 30, 2026 and 2025.
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For the three months ended June 30, 2026 |
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First-lien
senior secured
debt investments |
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Private
equity
investments |
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Total |
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Fair value, beginning of period |
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$ |
2,124,277 |
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$ |
42,697 |
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$ |
2,166,974 |
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Purchases of investments |
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138,056 |
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|
552 |
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|
138,608 |
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Proceeds from sales of investments and principal repayments |
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(28,649 |
) |
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- |
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(28,649 |
) |
Net change in unrealized gain (loss) |
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(7,752 |
) |
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|
576 |
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(7,176 |
) |
Net realized gain (loss) |
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(10,342 |
) |
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- |
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(10,342 |
) |
Net accretion of discount on investments |
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|
3,043 |
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- |
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|
3,043 |
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PIK interest and dividends |
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|
4,160 |
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- |
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|
4,160 |
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Transfers into (out of) Level 3 |
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- |
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- |
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|
- |
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Fair value, end of period |
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$ |
2,222,793 |
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$ |
43,825 |
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$ |
2,266,618 |
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For the three months ended June 30, 2025 |
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First-lien
senior secured
debt investments |
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Private
equity
investments |
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Total |
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Fair value, beginning of period |
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$ |
1,918,740 |
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$ |
24,123 |
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$ |
1,942,863 |
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Purchases of investments |
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|
124,395 |
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|
165 |
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|
124,560 |
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Proceeds from sales of investments and principal repayments |
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(72,046 |
) |
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(30 |
) |
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(72,076 |
) |
Net change in unrealized gain (loss) |
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(5,996 |
) |
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|
1,151 |
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(4,845 |
) |
Net realized gain (loss) |
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- |
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30 |
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30 |
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Net accretion of discount on investments |
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3,261 |
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- |
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3,261 |
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PIK interest |
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2,135 |
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- |
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|
2,135 |
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Transfers into (out of) Level 3 |
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- |
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- |
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- |
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Fair value, end of period |
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$ |
1,970,489 |
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$ |
25,439 |
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$ |
1,995,928 |
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For the six months ended June 30, 2026 |
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First-lien
senior secured
debt investments |
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Private
equity
investments |
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Total |
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Fair value, beginning of period |
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$ |
2,110,721 |
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$ |
41,022 |
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$ |
2,151,743 |
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Purchases of investments |
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|
226,834 |
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|
606 |
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|
227,440 |
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Proceeds from sales of investments and principal repayments |
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(103,283 |
) |
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- |
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(103,283 |
) |
Net change in unrealized gain (loss) |
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(16,423 |
) |
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|
2,197 |
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(14,226 |
) |
Net realized gain (loss) |
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(12,299 |
) |
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- |
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(12,299 |
) |
Net accretion of discount on investments |
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6,278 |
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- |
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6,278 |
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PIK interest and dividends |
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10,965 |
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- |
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|
10,965 |
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Transfers into (out of) Level 3 |
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- |
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- |
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- |
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Fair value, end of period |
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$ |
2,222,793 |
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$ |
43,825 |
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$ |
2,266,618 |
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For the six months ended June 30, 2025 |
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First-lien
senior secured
debt investments |
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Private
equity
investments |
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Total |
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Fair value, beginning of period |
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$ |
1,719,182 |
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$ |
22,737 |
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$ |
1,741,919 |
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Purchases of investments |
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|
411,719 |
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|
665 |
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|
412,384 |
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Proceeds from sales of investments and principal repayments |
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(158,303 |
) |
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(846 |
) |
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(159,149 |
) |
Net change in unrealized gain (loss) |
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(11,419 |
) |
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|
2,287 |
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(9,132 |
) |
Net realized gain (loss) |
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- |
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|
596 |
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|
596 |
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Net accretion of discount on investments |
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6,817 |
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- |
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|
6,817 |
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PIK interest |
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|
2,493 |
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- |
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|
2,493 |
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Transfers into (out of) Level 3 |
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|
- |
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|
- |
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|
- |
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Fair value, end of period |
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$ |
1,970,489 |
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$ |
25,439 |
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$ |
1,995,928 |
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| Schedule of Quantitative Information about Significant Unobservable Inputs of the Company’s Level 3 Investments |
The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of June 30, 2026 and December 31, 2025.
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As of June 30, 2026 |
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Valuation |
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Unobservable |
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Weighted |
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Fair Value |
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Technique |
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Input |
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Range |
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Average |
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First-lien senior secured debt investments |
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$ |
2,222,793 |
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Discounted cash flow analysis |
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Discount rate |
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6.6% - 16.9% |
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10.1 |
% |
Preferred equity investment |
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16,508 |
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Discounted cash flow analysis |
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Discount rate |
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15.0% |
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|
15.0 |
% |
Other equity investments |
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26,817 |
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Comparable Multiples |
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EV / EBITDA
EV / Tangible Book Value |
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3.3 - 17.2 |
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6.7 |
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Common equity investments |
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500 |
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Precedent Transaction Analysis |
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Original Cost |
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|
1.0 |
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|
1.0 |
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$ |
2,266,618 |
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As of December 31, 2025 |
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Valuation |
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Unobservable |
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Weighted |
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Fair Value |
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Technique |
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Input |
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Range |
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Average |
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First-lien senior secured debt investments |
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$ |
2,110,721 |
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Discounted cash flow analysis |
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Discount rate |
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6.4% - 15.0% |
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9.5 |
% |
Preferred equity investment |
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|
15,767 |
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Discounted cash flow analysis |
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Discount rate |
|
15.0% |
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|
15.0 |
% |
Common equity investment |
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14,000 |
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Precedent Transaction Analysis |
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Original cost |
|
1.0 |
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1.0 |
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Other equity investments |
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11,255 |
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Comparable Multiples |
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EV / EBITDA |
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6.3 - 17.2 |
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|
10.6 |
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$ |
2,151,743 |
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