Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value of Financial Instruments

Summary of investments categorized in the fair value hierarchy


		As of June 30, 2026
		Fair Value			Level 1			Level 2			Level 3
Senior Secured First Lien Term Loan		$	584,052		$	—		$	—		$	584,052
Senior Secured Term Loan			176,198			—			—			176,198
Delayed Draw Term Loan			33,216			—			—			33,216
Revolver			11,400			—			—			11,400
Convertible Promissory Note			43			—			—			43
Common Units			6,219			—			—			6,219
Preferred Units			8,960			—			—			8,960
Warrants			401			—			—			401
Total Investments			820,489			—			—			820,489
Cash Equivalents			3,625			3,625			—			—
Total Investments and cash equivalents		$	824,114		$	3,625		$	—		$	820,489


		As of December 31, 2025
		Fair Value			Level 1			Level 2			Level 3
Senior Secured First Lien Term Loan		$	561,494		$	—		$	—		$	561,494
Senior Secured Term Loan			175,761			—			—			175,761
Delayed Draw Term Loan			36,902			—			—			36,902
Revolver			9,111			—			—			9,111
Convertible Promissory Note			62			—			—			62
Common Units			8,929			—			—			8,929
Preferred Units			7,377			—			—			7,377
Warrants			464			—			—			464
Total Investments			800,100			—			—			800,100
Cash Equivalents			1,374			1,374			—			—
Total Investments and cash equivalents		$	801,474		$	1,374		$	—		$	800,100

Summary of reconciliation of investments for which significant unobservable inputs (Level 3) were used in determining fair value


		For the Six Months Ended June 30, 2026
		Senior			Senior
		Secured			Secured			Delayed															Convertible
		First Lien			Term			Draw						Common			Preferred						Promissory
		Term Loan			Loan			Term Loan			Revolver			Units			Units			Warrants			Note			Total
Fair value at beginning of year		$	561,494		$	175,761		$	36,902		$	9,111		$	8,929		$	7,377		$	464		$	62		$	800,100
Purchases			75,763			19,238			5,589			2,442			568			1,051			—			32			104,683
Accretion of discount (amortization of premium)			1,542			623			163			61			—			—			—			—			2,389
Sales and repayments			(57,228)			(13,625)			(9,299)			(3,115)			(4,304)			—			—			—			(87,571)
Unrealized gain (loss)			1,430			(5,943)			(363)			2,853			(2,176)			532			(63)			(51)			(3,781)
Paid in-kind interest			1,051			144			224			48			—			—			—			—			1,467
Net transfers in or out of Level 3			—			—			—			—			—			—			—			—			—
Realized gain (loss)			—			—			—			—			3,202			—			—			—			3,202
Fair value at end of year		$	584,052		$	176,198		$	33,216		$	11,400		$	6,219		$	8,960		$	401		$	43		$	820,489
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date		$	1,430		$	(5,943)		$	(363)		$	2,853		$	(2,176)		$	532		$	(63)		$	(51)		$	(3,781)


		For the Six Months Ended June 30, 2025
		Senior
		Secured		Senior
		First		Secured		Delayed										Convertible
		Lien Term		Term		Draw				Common		Preferred				Promissory
		Loan		Loan		Term Loan		Revolver		Units		Units		Warrants		Note		Total
Fair value at beginning of period		479,581		240,610		27,378		14,337		4,603		9,663		17		—		776,189
Purchases		73,444		—		7,535		5,717		100		—		—		42		86,838
Accretion of discount (amortization of premium)		1,389		930		165		102		—		—		—		—		2,586
Sales and repayments		(19,537)		(13,599)		(957)		(2,716)		—		—		—		—		(36,809)
Unrealized gain (loss)		(702)		(2,170)		(1,105)		(759)		(340)		(724)		33		—		(5,767)
Paid in-kind interest		210		—		—		—		—		—		—		—		210
Net transfers in or out of Level 3		—		—		—		—		—		—		—		—		—
Fair value at end of period		534,385		225,771		33,016		16,681		4,363		8,939		50		42		823,247
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date		(702)		(2,170)		(1,105)		(759)		(340)		(724)		33		—		(5,767)

Summary of valuation techniques and significant unobservable inputs used in Level 3 fair value measurements

The valuation techniques and significant unobservable inputs used in Level 3 fair value measurements as of June 30, 2026, were as follows:


Type of Investment		Fair Value			Valuation Technique		Unobservable Inputs *		Range (Weighted Average) **
Debt investments		$	719,963		Discounted Cash Flows		Discount Rate		7.51%-25.65% (11.29%)
		$	42,562		Enterprise Value		Revenue Multiple		0.10x-10.00x (5.28x)
		$	14,948		Broker Quoted		Broker Quote		N/A
Equity investments		$	14,679		Enterprise Value		EBITDA Multiple		3.50x-12.75x (7.54x)
Warrants		$	401		Enterprise Value		EBITDA Multiple		0.10x-10.75x (7.75x)
Total		$	792,553

*

In determining certain of these inputs, the Company evaluates a variety of factors including economic conditions, industry and market developments, market valuations of comparable companies and company-specific developments including exit strategies and realization opportunities. The Company has determined that market participants would take these inputs into account when valuing the investments. EBITDA means Earnings Before Interest, Taxes, Depreciation and Amortization.

**	Unobservable inputs were weighted by the relative fair value of the instruments.

The valuation techniques and significant unobservable inputs used in Level 3 fair value measurements as of December 31, 2025, were as follows:


Type of Investment		Fair Value			Valuation Technique		Unobservable Inputs *		Range (Weighted Average) **
Debt investments		$	719,243		Discounted Cash Flows		Discount Rate		6.80% - 22.20% (10.39%)
		$	39,605		Enterprise Value		Revenue Multiple		0.13x – 13.00x (4.52x)
		$	14,566		Broker Quoted		Broker Quote		N/A
Equity investments		$	12,005		Enterprise Value		EBITDA Multiple		2.00x – 13.00x (7.38x)
Warrants		$	464		Enterprise Value		EBITDA Multiple		0.13x – 8.50x (7.02x)
Total		$	785,883

*

In determining certain of these inputs, the Company evaluates a variety of factors including economic conditions, industry and market developments, market valuations of comparable companies and company-specific developments including exit strategies and realization opportunities. The Company has determined that market participants would take these inputs into account when valuing the investments. EBITDA means Earnings Before Interest, Taxes, Depreciation and Amortization.

**	Unobservable inputs were weighted by the relative fair value of the instruments.

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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