v3.26.1
FAIR VALUE MEASUREMENTS
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
Fair Value Disclosures
The following table presents fair value measurements of investments, by major class, as of June 30, 2026 and December 31, 2025, according to the fair value hierarchy:
As of June 30, 2026Level 1Level 2Level 3
Measured at NAV (2)
Total
Assets:
First-Lien Debt
$— $317,888 $2,698,336 $— $3,016,224 
Subordinated Debt (1)
— 2,527 153,016 — 155,543 
Equity Investments— — 40,481 43,637 84,118 
Cash Equivalents58,122 — — — 58,122 
Total Investments and Cash Equivalents$58,122 $320,415 $2,891,833 $43,637 $3,314,007 
_______________
(1)Subordinated Debt was further comprised of second lien term loans and/or second lien notes of $69,981 and mezzanine debt of $85,562.
(2)Certain investments are measured at fair value using NAV as a practical expedient and have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated statements of assets and liabilities.

As of December 31, 2025Level 1Level 2Level 3
Measured at NAV (2)
Total
Assets:
First-Lien Debt
$— $263,046 $1,738,850 $— $2,001,896 
Subordinated Debt (1)
— 2,516 107,783 — 110,299 
Equity Investments— — 19,581 24,070 43,651 
Cash Equivalents46,560 — — — 46,560 
Total Investments and Cash Equivalents$46,560 $265,562 $1,866,214 $24,070 $2,202,406 
_______________
(1)Subordinated Debt was further comprised of second lien term loans and/or second lien notes of $61,168, mezzanine debt of $47,832, and structured debt of $1,299.
(2)Certain investments are measured at fair value using NAV as a practical expedient and have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated statements of assets and liabilities.
The following tables provide a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the following periods:
As of and for the Three Months Ended June 30, 2026
First-Lien DebtSubordinated DebtEquity InvestmentsTotal
Balance as of March 31, 2026$1,972,627 $111,569 $28,957 $2,113,153 
Purchase of investments 887,873 48,617 12,520 949,010 
Proceeds from principal repayments and sales of investments (114,927)(9,007)— (123,934)
Payment-in-kind interest594 1,820 — 2,414 
Amortization of premium/accretion of discount, net844 181 — 1,025 
Net realized gain (loss) on investments346 66 — 412 
Net change in unrealized appreciation (depreciation) on investments(8,261)(230)(996)(9,487)
Transfers out of Level 3 (1)
(54,569)— — (54,569)
Transfers to Level 3 (1)
13,809 — — 13,809 
Balance as of June 30, 2026$2,698,336 $153,016 $40,481 $2,891,833 
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held as of June 30, 2026
$(8,430)$(298)$(996)$(9,724)


As of and for the Six Months Ended June 30, 2026
First-Lien DebtSubordinated DebtEquity InvestmentsTotal
Balance as of December 31, 2025
$1,738,850 $107,783 $19,581 $1,866,214 
Purchase of investments1,141,987 51,295 22,758 1,216,040 
Proceeds from principal repayments and sales of investments(134,567)(9,013)(69)(143,649)
Payment-in-kind interest1,434 3,295 — 4,729 
Amortization of premium/accretion of discount, net1,815 324 — 2,139 
Net realized gain (loss) on investments(394)67 — (327)
Net change in unrealized appreciation (depreciation) on investments(19,658)(735)(1,197)(21,590)
Transfers out of Level 3 (1)
(50,320)— — (592)(50,912)
Transfers to Level 3 (1)
19,189 — — — 19,189 
Balance as of June 30, 2026$2,698,336 $153,016 $40,481 $2,891,833 
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held as of June 30, 2026
$(19,785)$(802)$(1,203)$(21,790)
________________
(1) Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the three and six months ended June 30, 2026, transfers between Level 3 and Level 2 were a result of changes in the observability of significant inputs for certain portfolio companies.
As of and for the Three Months Ended June 30, 2025
First-Lien DebtSubordinated DebtEquity InvestmentsTotal
Balance as of March 31, 2025$1,416,119 $111,897 $20,671 $1,548,687 
Purchase of investments119,231 1,512 1,598 122,341 
Proceeds from principal repayments and sales of investments(53,866)(13,636)— (67,502)
Payment-in-kind interest143 1,495 — 1,638 
Amortization of premium/accretion of discount, net608 91 — 699 
Net realized gain (loss) on investments(2,837)39 — (2,798)
Net change in unrealized appreciation (depreciation) on investments(4,121)(205)691 (3,635)
Transfers out of Level 3 (1)
(13,801)— (9,232)(23,033)
Transfers to Level 3 (1)
1,920 — — 1,920 
Balance as of June 30, 2025
$1,463,396 $101,193 $13,728 $1,578,317 
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held as of June 30, 2025
$(6,685)$(164)$691 $(6,158)

As of and for the Six Months Ended June 30, 2025
First-Lien DebtSubordinated DebtEquity InvestmentsTotal
Balance as of December 31, 2024
$1,270,084 $102,993 $19,714 $1,392,791 
Purchase of investments316,850 9,320 1,607 327,777 
Proceeds from principal repayments and sales of investments(110,538)(13,642)— (124,180)
Payment-in-kind interest177 3,006 — 3,183 
Amortization of premium/accretion of discount, net1,644 214 — 1,858 
Net realized gain (loss) on investments(2,613)39 — (2,574)
Net change in unrealized appreciation (depreciation) on investments(10,397)(737)356 (10,778)
Transfers out of Level 3 (1)
(7,980)— (7,949)(15,929)
Transfers to Level 3 (1)
6,169 — — 6,169 
Balance as of June 30, 2025
$1,463,396 $101,193 $13,728 $1,578,317 
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held as of June 30, 2025
$(11,162)$(844)$356 $(11,650)
______________
(1) Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the three and six months ended June 30, 2025, transfers out of Level 3 to Level 2 were a result of changes in the observability of significant inputs for certain portfolio companies.
Significant Unobservable Inputs
ASC Topic 820 requires disclosure of quantitative information about the significant unobservable inputs used in the valuation of assets and liabilities classified as Level 3 within the fair value hierarchy. The valuation techniques and significant unobservable inputs used in Level 3 fair value measurements of assets as of June 30, 2026 and December 31, 2025 were as follows:
Investment TypeFair Value at June 30, 2026Valuation TechniquesUnobservable InputsRangesWeighted Average
First-Lien Debt$2,563,598 Yield MethodMarket Yield Discount Rate6.85 %17.90 %9.49 %
First-Lien Debt33,719 Market ApproachEBITDA Multiple7.50x13.00x11.14x
First-Lien Debt8,680 Market ApproachRevenue Multiple0.30x0.65x0.54x
Subordinated Debt152,036 Yield MethodMarket Yield Discount Rate10.92 %25.25 %14.90 %
Equity36,153 Market ApproachEBITDA Multiple6.75x20.25x13.37x
Equity — Market ApproachRevenue Multiple0.30x0.48x0.0x
Equity736 Yield MethodMarket Yield Discount Rate8.90 %15.16 %13.95 %
Total$2,794,922 
First Lien Debt, Subordinated Debt, and Equity investments in the amount of $92,339, $980, and $3,592, respectively, at June 30, 2026 have been excluded from the table above as these investments are valued using recent transaction price.
Investment TypeFair Value at December 31, 2025Valuation TechniquesUnobservable InputsRangesWeighted Average
First-Lien Debt$1,541,771 Yield MethodMarket Yield Discount Rate6.71 %17.25 %8.93 %
First-Lien Debt26,503 Market ApproachEBITDA Multiple7.25x10.50x9.39x
First-Lien Debt4,807 Market ApproachRevenue Multiple0.33x0.50x0.46x
Subordinated Debt98,529 Yield MethodMarket Yield Discount Rate12.04 %26.50 %15.76 %
Equity 16,744 Market ApproachEBITDA Multiple5.50x19.50x11.94x
Equity— Market ApproachRevenue Multiple0.33x0.50x0.0x
Equity789 Yield MethodMarket Yield Discount Rate8.63 %15.01 %13.55 %
Total$1,689,143 
First Lien Debt, Subordinated Debt, and Equity investments in the amount of $165,769, $9,254, and $2,048, respectively, at December 31, 2025 have been excluded from the table above as these investments are valued using recent transaction price.
Debt investments are generally valued using the yield method. Under the yield method, a price is ascribed for each investment based upon an assessment of current and expected market yields for similar investments and risk profiles. Additional consideration is given to the expected remaining life, portfolio company performance since the initial investment date, and other terms and risks associated with the investment. Among other factors, key risk determinants include the amount of leverage used by the portfolio company relative to its total enterprise value, current and projected financial performance of the portfolio company, and the rights and remedies of the Fund’s investment within the portfolio company’s capital structure. Debt investments also may be valued using a market approach. The market approach utilizes market value (EBITDA) multiples of publicly traded comparable companies and available precedent sales transactions of comparable companies. Certain factors are considered when selecting the appropriate companies, including the type of organization, similarity to the business being valued and relevant risk factors, and relative size, profitability and growth expectations. Adjustments may be applied to comparable company multiples to reflect differences in size, liquidity, growth prospects, or other company-specific factors. A recent transaction, if applicable, also may be considered in the valuation if the transaction price is believed to be representative of fair value.
Equity investments are generally valued using a market approach, which utilizes market value (EBITDA or revenue) multiples of publicly traded comparable companies and available precedent sales transactions of comparable companies. The selected multiple is used to estimate the enterprise value of the underlying portfolio company, from which the fair value of the Fund’s investment is derived after giving consideration to the portfolio company’s capital structure, including the seniority and terms of all outstanding debt and equity securities.
The significant unobservable input used under the yield method is a discount rate based on comparable market yields for similar investments. Significant increases or decreases in discount rates in isolation would result in a significantly lower or higher fair value measurement, respectively. The significant unobservable input used in the market approach is the performance multiple, which may include a revenue multiple, EBITDA multiple, or forward-looking metrics. The multiple is used to estimate the enterprise value of the underlying portfolio company. An increase or decrease in the multiple would result in an increase or decrease, respectively, in the fair value.
Alternative valuation methodologies may be used as deemed appropriate for debt or equity investments and may include, but are not limited to, a market approach, income approach, or liquidation (recovery) approach. The selection of an alternative methodology may reflect investment-specific circumstances or market conditions that warrant consideration of additional valuation approaches.
Weighted average inputs are calculated based on the relative fair value of the investments within each investment category.
Financial Instruments disclosed but not carried at fair value
The carrying value and fair value of the Fund’s debt obligations were as follows:
June 30, 2026December 31, 2025
Carrying Value (1)
Fair Value
Carrying Value (1)
Fair Value
Bank of America Credit Facility$332,500 $332,500 $67,000 $67,000 
Citi Credit Facility95,000 95,000 — — 
Scotiabank Credit Facility I209,000 209,000 46,000 46,000 
Scotiabank Credit Facility II508,500 508,500 — — 
SMBC Revolving Credit Facility— — 21,500 21,500 
2024 Debt306,000 306,128 306,000 306,503 
2025 Debt355,000 355,779 355,000 356,090 
Total$1,806,000 $1,806,907 $795,500 $797,093 
_______________
(1)Carrying value on the consolidated statements of assets and liabilities are net of deferred financing and issuance costs.

The carrying value of the Fund's credit facilities approximates their fair value. These fair value measurements were based on significant inputs that are not observable and thus represent Level 3 measurements.
The fair value of the 2024 Debt and 2025 Debt (as defined in Note 6) was based on market quotation(s) received from broker/dealer(s). The fair value measurement was based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly and thus represent Level 2 measurements.