Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2026

As of June 30, 2026 and December 31, 2025, the Company’s investments were categorized as follows in the fair value hierarchy:


Valuation Inputs	June 30, 2026 (Unaudited)		December 31, 2025
Level 1—Price quotations in active markets	$	—	$	—
Level 2—Significant other observable inputs	113,776		145,102
Level 3—Significant unobservable inputs	1,439,771		1,391,266
	$	1,553,547	$	1,536,368

Schedule of Reconciliation Fair Value, Assets

The following is a reconciliation of investments for which significant unobservable inputs (Level 3) were used in determining fair value for the six months ended June 30, 2026 and 2025:


	For the Six Months Ended June 30, 2026
	Senior Secured Loans—First Lien		Subordinated Debt		Asset Based Finance		Equity/Other		Total
Fair value at beginning of period	$	1,089,801	$	—	$	301,465	$	—	$	1,391,266
Accretion of discount (amortization of premium)	342		—		707		—		1,049
Net realized gain (loss)	(4,342)		—		32		—		(4,310)
Net change in unrealized appreciation (depreciation)	(19,590)		—		(107)		—		(19,697)
Purchases	139,429		1,032		88,228		2,384		231,073
Paid-in-kind interest	977		—		950		—		1,927
Sales and repayments	(89,232)		—		(72,305)		—		(161,537)
Transfers into Level 3	—		—		—		—		—
Transfers out of Level 3	—		—		—		—		—
Fair value at end of period	$	1,117,385	$	1,032	$	318,970	$	2,384	$	1,439,771
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	$	(19,968)	$	—	$	470	$	—	$	(19,498)


	For the Six Months Ended June 30, 2025
	Senior Secured Loans—First Lien		Asset Based Finance		Total
Fair value at beginning of period	$	385,040	$	33,348	$	418,388
Accretion of discount (amortization of premium)	153		89		242
Net realized gain (loss)	(133)		(49)		(182)
Net change in unrealized appreciation (depreciation)	2,994		2,295		5,289
Purchases	308,997		98,505		407,502
Paid-in-kind interest	717		393		1,110
Sales and repayments	(21,209)		(18,056)		(39,265)
Transfers into Level 3	—		—		—
Transfers out of Level 3	—		—		—
Fair value at end of period	$	676,559	$	116,525	$	793,084
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	$	3,033	$	2,295	$	5,328

Schedule of Valuation Techniques and Significant Unobservable Inputs Used in Recurring Level 3 Fair Value

The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements as of June 30, 2026 and December 31, 2025 were as follows:

Type of Investment

Fair Value at June 30, 2026

(Unaudited)

Valuation
Technique

Unobservable
Input

Range (Weighted Average)

Impact to Valuation from an Increase in Input(1)

Senior Debt

1,088,971

Discounted Cash Flow

Discount Rate

4.3% - 15.6% (9.2%)

Decrease

11,178

Waterfall

EBITDA Multiple

6.7x - 16.7x (12.0x)

Increase

17,236

Cost(2)

Subordinated Debt

1,032

Waterfall

EBITDA Multiple

7.2x - 7.2x (7.2x)

Increase

Asset Based Finance

307,086

Discounted Cash Flow

Discount Rate

6.1% - 18.4% (11.0%)

Decrease

5,901

Cost(2)

5,983

Other(3)

Equity/Other

2,384

Waterfall

EBITDA Multiple

7.2x - 7.2x (7.2x)

Increase

Total

1,439,771

Type of Investment

Fair Value at December 31, 2025

Valuation
Technique

Unobservable
Input

Range (Weighted Average)

Impact to Valuation from an Increase in Input(1)

Senior Debt

992,515

Discounted Cash Flow

Discount Rate

4.6% - 12.7% (8.4%)

Decrease

97,286

Cost(2)

Asset Based Finance

151,963

Discounted Cash Flow

Discount Rate

4.7% - 16.0% (9.2%)

Decrease

80,653

Cost(2)

68,849

Other(3)

Total

1,391,266

________________

(1)Represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the input would have the opposite effect. Significant changes in these inputs in isolation could result in significantly higher or lower fair value measurements.

(2)Fair value was determined based on recent transaction pricing with no material changes in operations of the related portfolio company since the transaction date.

(3)Fair value based on expected outcome of proposed corporate transactions and/or other factors.

- 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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