FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Portfolio Investments by Level in the Fair Value Hierarchy

The following tables present the fair value hierarchy of the investments as of:


	June 30, 2026								December 31, 2025
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
First Lien Debt	$	—	$	370,392	$	5,390,820	$	5,761,212	$	—	$	530,125	$	5,894,570	$	6,424,695
Second Lien Debt		—		13,006		6,648		19,654		—		15,887		16,136		32,023
Other Debt Investments		—		—		6,587		6,587		—		—		11,564		11,564
Equity		—		2,039		82,768		84,807		—		2,037		55,015		57,052
Total Investments	$	—	$	385,437	$	5,486,823	$	5,872,260	$	—	$	548,049	$	5,977,285	$	6,525,334
Investment measured at net asset value(1)							$	108,372							$	85,276
Total Investments							$	5,980,632							$	6,610,610
Cash and cash equivalents	$	135,854	$	—	$	—	$	135,854	$	199,865	$	—	$	—	$	199,865
Unaffiliated money market	$	28,898	$	—	$	—	$	28,898	$	38,403	$	—	$	—	$	38,403

(1) The Company, as a practical expedient, estimates the fair value of its investment in NH Keystone, LLC using the net asset value of the Company’s members’ interest in the entity. As such, the fair value has not been classified within the fair value hierarchy.

Changes in Level III Portfolio Investments

The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the three months ended June 30, 2026:


	First Lien Debt			Second Lien Debt			Other Debt			Equity			Total Investments
Fair value, beginning of period	$	5,681,184		$	6,911		$	7,380		$	61,930		$	5,757,405
Purchases of investments (1)		240,646			—			—			19,047			259,693
Proceeds from principal repayments and sales of investments (2)		(560,821	)		(1	)		—			(1,173	)		(561,995	)
Accretion of discount/amortization of premium		6,010			—			2			—			6,012
Payment-in-kind		5,193			84			271			5,048			10,596
Net change in unrealized appreciation (depreciation)		(14,013	)		(346	)		(1,066	)		(2,103	)		(17,528	)
Net realized gains (losses)		(25,483	)		—			—			19			(25,464	)
Transfers into/(out) of Level 3 (3)		58,104			—			—			—			58,104
Fair value, end of period	$	5,390,820		$	6,648		$	6,587		$	82,768		$	5,486,823

Net change in unrealized appreciation (depreciation) from investments still held as of June 30, 2026	$	(13,230	)	$	(347	)	$	(1,066	)	$	(2,104	)	$	(16,747	)

(1)

Purchases may include investments received in corporate actions and restructurings.

(2)

Sales may include investments received in corporate actions and restructurings.

(3)

Transfer of portfolio investments within the three-level hierarchy is recorded during the period of such reclassification occurrence at the fair value as of the beginning of the respective period. Generally, reclassifications are primarily due to increase/decrease of price transparency.

The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the six months ended June 30, 2026:


	First Lien Debt			Second Lien Debt			Other Debt			Equity			Total Investments
Fair value, beginning of period	$	5,894,570		$	16,136		$	11,564		$	55,015		$	5,977,285
Purchases of investments (1)		388,686			—			—			30,489			419,175
Proceeds from principal repayments and sales of investments (2)		(883,765	)		(9,261	)		(3,253	)		(1,173	)		(897,452	)
Accretion of discount/amortization of premium		11,669			1			55			—			11,725
Payment-in-kind		9,155			239			566			6,228			16,188
Net change in unrealized appreciation (depreciation)		(32,355	)		(467	)		(1,980	)		(7,811	)		(42,613	)
Net realized gains (losses)		(55,244	)		—			(365	)		20			(55,589	)
Transfers into/(out) of Level 3 (3)		58,104			—			—			—			58,104
Fair value, end of period	$	5,390,820		$	6,648		$	6,587		$	82,768		$	5,486,823

Net change in unrealized appreciation (depreciation) from investments still held as of June 30, 2026	$	(30,318	)	$	(467	)	$	(1,980	)	$	(7,811	)	$	(40,576	)

(1)

Purchases may include investments received in corporate actions and restructurings.

(2)

Sales may include investments received in corporate actions and restructurings.

(3)

The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the three months ended June 30, 2025:


	First Lien Debt			Second Lien Debt		Other Securities			Equity			Total Investments
Fair value, beginning of period	$	5,546,968		$	15,367	$	10,828		$	53,815		$	5,626,978
Purchases of investments (1)		498,261			2		—			—			498,263
Proceeds from principal repayments and sales of investments (2)		(219,684	)		—		—			—			(219,684	)
Accretion of discount/amortization of premium		5,258			—		26			—			5,284
Payment-in-kind		4,386			193		274			746			5,599
Net change in unrealized appreciation (depreciation)		(7,236	)		139		(70	)		(1,779	)		(8,946	)
Net realized gains (losses)		48			—		—			—			48
Transfers into/(out) of Level 3 (3)		—			—		—			—			—
Fair value, end of period	$	5,828,001		$	15,701	$	11,058		$	52,782		$	5,907,542

Net change in unrealized appreciation (depreciation) from investments still held as of June 30, 2025		(7,094	)	$	139		(70	)		(1,779	)		(8,804	)

(1)

Purchases may include investments received in corporate actions and restructurings.

(2)

Sales may include investments received in corporate actions and restructurings.

(3)

The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the six months ended June 30, 2025:


	First Lien Debt			Second Lien Debt			Other Securities			Equity			Total Investments
Fair value, beginning of period	$	5,442,166		$	2,112		$	6,520		$	55,995		$	5,506,793
Purchases of investments (1)		900,215			13,407			4,468			4,286			922,376
Proceeds from principal repayments and sales of investments (2)		(515,857	)		—			—			(8,473	)		(524,330	)
Accretion of discount/amortization of premium		11,358			1			63			—			11,422
Payment-in-kind		10,865			211			406			966			12,448
Net change in unrealized appreciation (depreciation)		(15,885	)		(30	)		(399	)		(3,111	)		(19,425	)
Net realized gains (losses)		(6,930	)		—			—			3,119			(3,811	)
Transfers into/(out) of Level 3 (3)		2,069			—			—			—			2,069
Fair value, end of period	$	5,828,001		$	15,701		$	11,058		$	52,782		$	5,907,542

Net change in unrealized appreciation (depreciation) from investments still held as of June 30, 2025		(14,079	)		(30	)		(66	)		(3,005	)		(17,180	)

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments as of June 30, 2026 and December 31, 2025, respectively. The tables are not intended to be all-inclusive but instead capture the significant unobservable inputs relevant to the Company’s determination of fair value.

          
         June 30, 2026

          
         Fair

         Valuation

         Significant Unobservable

         Range (1)

         Weighted

          
         Value

         Technique (2)

         Input

         Low

         High

         Average (3)

Investments in first lien debt

5,310,402

Yield Analysis

Discount Rate

7.40

22.00

9.96

80,418

Market Approach

EBITDA Multiple

6.25x

12.00x

9.30x

Investments in second lien debt

1,383

Yield Analysis

Discount Rate

13.45

20.42

14.52

5,265

Market Approach

EBITDA Multiple

6.25x

9.50x

6.49x

Other debt

3,186

Yield Analysis

Discount Rate

18.45

3,401

Market Approach

EBITDA Multiple

6.25x

Preferred equity

23,780

Yield Analysis

Discount Rate

9.98

15.86

11.25

28,602

Market Approach

EBITDA Multiple

6.25x

18.00x

14.50x

Common equity

5,838

Market Approach

Revenue Multiple

4.30x

20.25x

16.50x

24,548

Market Approach

EBITDA Multiple

1.00x

17.75x

10.77x

Total Investments

5,486,823

(1)

For an asset category that contains a single investment, the range is not included.

(2)

During the six months ended June 30, 2026, five debt investments with a combined fair value of $97.7 million transitioned from a yield analysis approach to a market approach using an EBITDA multiple. Three equity investment with a fair value of $7.7 million transitioned from yield analysis to a market approach. One debt investment with a fair value of $1.9 million transitioned from market approach using an EBITDA multiple to a market approach using a revenue multiple. One common equity investment with a fair value of $0.3 million transitioned from a market approach using an EBITDA multiple to market approach using a revenue multiple.

(3)

Weighted average for an asset category consisting of multiple investments is calculated by weighting the significant unobservable input by the relative fair value of the investment. Weighted average for an asset category consisting of a single investment represents the significant unobservable input used in the fair value of the investment.

          
         December 31, 2025

          
         Fair

         Valuation

         Significant
Unobservable

         Range (1)

         Weighted

          
         Value

         Technique (2)

         Input

         Low

         High

         Average (3)

Investments in first lien debt

5,844,425

Yield Analysis

Discount Rate

7.48

39.21

10.10

50,145

Market Approach

EBITDA Multiple

6.25x

10.00x

8.31x

Investments in second lien debt

1,461

Yield Analysis

Discount Rate

12.27

12.75

12.38

14,675

Market Approach

EBITDA Multiple

7.75x

10.00x

7.86x

Other debt

6,667

Yield Analysis

Discount Rate

13.70

14.95

14.36

4,897

Market Approach

EBITDA Multiple

6.25x

7.75x

7.75x

Preferred equity

30,136

Income Approach

Discount Rate

12.09

15.66

13.55

12,439

Market Approach

EBITDA Multiple

7.75x

15.43x

12.99x

Common equity

6,693

Market Approach

Revenue Multiple

5.00x

22.25x

17.25x

5,747

Market Approach

EBITDA Multiple

1.20x

24.60x

11.61x

Total Investments

5,977,285

(1)

For an asset category that contains a single investment, the range is not included.

(2)

During the year ended December 31, 2025, one unsecured debt position with a fair value of $3.07 million transitioned from an income approach to a yield analysis valuation technique.

(3)

Schedule of Carrying Values and Fair Values of Debt

The carrying value and fair value of the Company’s debt were as follows:


	June 30, 2026					December 31, 2025
	Level	Carrying Value		Fair Value		Carrying Value		Fair Value
ING Facility	3	$	14,552	$	14,552	$	254,537	$	254,537
Wells Funding Facility	3		431,250		431,250		497,250		497,250
CBNA Funding Facility	3		225,000		225,000		225,000		225,000
JPM Funding Facility	3		838,072		838,072		744,073		744,073
Series A 2028 Notes(1)(6)	3		143,875		144,416		145,151		146,080
Series B 2026 Notes(2)(6)	3		—		—		106,745		106,683
Series B 2028 Notes(2)(6)	3		125,770		126,397		127,227		128,152
Series C 2027 Notes(3)(6)	3		136,416		136,722		135,966		137,638
Series C 2029 Notes(3)(6)	3		163,285		164,204		162,425		167,204
Series D 2027 Notes(4)(6)	3		99,090		99,520		99,390		100,272
Series D 2029 Notes(4)(6)	3		195,831		197,255		198,349		200,709
2030 Notes(5)	3		295,389		298,103		294,837		294,837
2028 Notes(7)	3		290,953		293,803		294,582		294,080
Total		$	2,959,483	$	2,969,294	$	3,285,532	$	3,296,515

(1)

The carrying value of the Company’s Series A 2028 Notes (as defined below) was presented net of unamortized debt issuance costs of $541, as of June 30, 2026, and $849, as of December 31, 2025.

(2)

The carrying value of the Company’s Series B 2026 Notes and Series B 2028 Notes (each as defined below) was presented net of unamortized debt issuance costs of $- and $626, respectively, as of June 30, 2026, and $255 and $773, respectively, as of December 31, 2025.

(3)

The carrying value of the Company’s Series C 2027 Notes and Series C 2029 Notes (each as defined below) was presented net of unamortized debt issuance costs of $307 and $919, respectively, as of June 30, 2026, and $534 and $1,075, respectively, as of December 31, 2025.

(4)

The carrying value of the Company’s Series D 2027 Notes and Series D 2029 Notes (each as defined below) was presented net of unamortized debt issuance costs of $430 and $1,424, respectively, as of June 30, 2026, and $610 and $1,651, respectively, as of December 31, 2025.

(5)

The carrying value of the Company’s 2030 Notes (as defined below) was presented on the Consolidated Statements of Financial Condition net of unamortized debt issuance cost on the Consolidated Statements of Financial Condition of $2,714, as of June 30, 2026, and $3,080 as of December 31, 2025. The carrying value of the Company’s 2030 Notes was presented net of unamortized original issue discount of $1,830, as of June 30, 2026, and $2,083 as of December 31, 2025.

(6)

Inclusive of change in fair market value of effective hedge.

(7)

The carrying value of the Company’s 2028 Notes (as defined below) was presented net of unamortized debt issuance costs and unamortized original issue discount of $2,850, and $1,579, respectively, as of June 30, 2026 and $3,488 and $1,930, respectively, as of December 31, 2025.

- 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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