| 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 fair value hierarchy 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 |
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First-lien senior secured debt investments |
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$ |
- |
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|
$ |
- |
|
|
$ |
329,401 |
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|
$ |
329,401 |
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Total portfolio company investments at fair value |
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$ |
- |
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$ |
- |
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|
$ |
329,401 |
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|
$ |
329,401 |
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Investments in money market funds |
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|
22,597 |
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|
- |
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|
- |
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|
|
22,597 |
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Total |
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$ |
22,597 |
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$ |
- |
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|
$ |
329,401 |
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|
$ |
351,998 |
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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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$ |
- |
|
|
$ |
- |
|
|
$ |
317,355 |
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|
$ |
317,355 |
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Total portfolio company investments at fair value |
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$ |
- |
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$ |
- |
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$ |
317,355 |
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$ |
317,355 |
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Investments in money market funds |
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34,361 |
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- |
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- |
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|
34,361 |
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Total |
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$ |
34,361 |
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$ |
- |
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|
$ |
317,355 |
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|
$ |
351,716 |
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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, respectively.
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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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Fair value, beginning of period |
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$ |
315,786 |
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Purchases of investments |
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|
18,732 |
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Proceeds from sales of investments and principal repayments |
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|
(4,419 |
) |
Net change in unrealized gain (loss) |
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|
(1,466 |
) |
Net realized gain (loss) |
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|
(236 |
) |
Net accretion of discount on investments |
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|
462 |
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PIK interest |
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|
542 |
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Transfers into (out of) Level 3 |
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|
- |
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Fair value, end of period |
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$ |
329,401 |
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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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Fair value, beginning of period |
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$ |
303,112 |
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Purchases of investments |
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|
21,392 |
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Proceeds from sales of investments and principal repayments |
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(8,725 |
) |
Net change in unrealized gain (loss) |
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(128 |
) |
Net realized gain (loss) |
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- |
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Net accretion of discount on investments |
|
485 |
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PIK interest |
|
278 |
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Transfers into (out of) Level 3 |
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- |
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Fair value, end of period |
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$ |
316,414 |
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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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Fair value, beginning of period |
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$ |
317,355 |
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Purchases of investments |
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|
32,664 |
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Proceeds from sales of investments and principal repayments |
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(19,250 |
) |
Net change in unrealized gain (loss) |
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(2,807 |
) |
Net realized gain (loss) |
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|
(236 |
) |
Net accretion of discount on investments |
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|
969 |
|
PIK interest |
|
706 |
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Transfers into (out of) Level 3 |
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|
- |
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Fair value, end of period |
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$ |
329,401 |
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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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Fair value, beginning of period |
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$ |
261,833 |
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Purchases of investments |
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|
73,706 |
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Proceeds from principal payments and sales of investments |
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(20,384 |
) |
Net change in unrealized gain (loss) |
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(73 |
) |
Net realized gain (loss) |
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- |
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Net accretion of discount on investments |
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|
1,000 |
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PIK interest |
|
332 |
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Transfers into (out of) Level 3 |
|
- |
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Fair value, end of period |
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$ |
316,414 |
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| Schedule of Significant Unobservable Inputs of 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. The tables are not intended to be all-inclusive but instead capture the significant unobservable inputs relevant to the Advisor’s determination of fair value. The Company calculates weighted average, based on the value of the unobservable input of each investment relative to the fair value of the investment compared to the total fair value of all investments.
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As of June 30, 2026 |
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Fair Value |
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Valuation
Technique |
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Unobservable
Input |
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Range |
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Weighted
Average |
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First-lien senior secured debt investments |
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$ |
329,401 |
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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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|
9.9 |
% |
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As of December 31, 2025 |
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Fair Value |
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Valuation
Technique |
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Unobservable
Input |
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Range |
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Weighted
Average |
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First-lien senior secured debt investments |
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$ |
317,355 |
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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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|
9.2 |
% |
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