FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Fair Value Measurements of Investments

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, 2026	Level 1		Level 2		Level 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 Equivalents	58,122		—		—		—		58,122
Total Investments and Cash Equivalents	$	58,122	$	320,415	$	2,891,833	$	43,637	$	3,314,007

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(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, 2025	Level 1		Level 2		Level 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 Equivalents	46,560		—		—		—		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.

Schedule of Reconciliation of the Beginning and Ending Balances for Investments

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 Debt		Subordinated Debt		Equity Investments		Total
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 interest	594		1,820		—		2,414
Amortization of premium/accretion of discount, net	844		181		—		1,025
Net realized gain (loss) on investments	346		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 Debt			Subordinated Debt		Equity Investments		Total
Balance as of December 31, 2025	$	1,738,850		$	107,783	$	19,581	$	1,866,214
Purchase of investments	1,141,987			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 interest	1,434			3,295		—		4,729
Amortization of premium/accretion of discount, net	1,815			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 Debt		Subordinated Debt		Equity Investments		Total
Balance as of March 31, 2025	$	1,416,119	$	111,897	$	20,671	$	1,548,687
Purchase of investments	119,231		1,512		1,598		122,341
Proceeds from principal repayments and sales of investments	(53,866)		(13,636)		—		(67,502)
Payment-in-kind interest	143		1,495		—		1,638
Amortization of premium/accretion of discount, net	608		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 Debt		Subordinated Debt		Equity Investments		Total
Balance as of December 31, 2024	$	1,270,084	$	102,993	$	19,714	$	1,392,791
Purchase of investments	316,850		9,320		1,607		327,777
Proceeds from principal repayments and sales of investments	(110,538)		(13,642)		—		(124,180)
Payment-in-kind interest	177		3,006		—		3,183
Amortization of premium/accretion of discount, net	1,644		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.

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

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 Type	Fair Value at June 30, 2026		Valuation Techniques	Unobservable Inputs	Ranges				Weighted Average
First-Lien Debt	$	2,563,598	Yield Method	Market Yield Discount Rate	6.85	%	17.90	%	9.49	%
First-Lien Debt	33,719		Market Approach	EBITDA Multiple	7.50x		13.00x		11.14x
First-Lien Debt	8,680		Market Approach	Revenue Multiple	0.30x		0.65x		0.54x
Subordinated Debt	152,036		Yield Method	Market Yield Discount Rate	10.92	%	25.25	%	14.90	%

Equity	36,153		Market Approach	EBITDA Multiple	6.75x		20.25x		13.37x
Equity	—		Market Approach	Revenue Multiple	0.30x		0.48x		0.0x
Equity	736		Yield Method	Market Yield Discount Rate	8.90	%	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 Type	Fair Value at December 31, 2025		Valuation Techniques	Unobservable Inputs	Ranges				Weighted Average
First-Lien Debt	$	1,541,771	Yield Method	Market Yield Discount Rate	6.71	%	17.25	%	8.93	%
First-Lien Debt	26,503		Market Approach	EBITDA Multiple	7.25x		10.50x		9.39x
First-Lien Debt	4,807		Market Approach	Revenue Multiple	0.33x		0.50x		0.46x
Subordinated Debt	98,529		Yield Method	Market Yield Discount Rate	12.04	%	26.50	%	15.76	%


Equity	16,744		Market Approach	EBITDA Multiple	5.50x		19.50x		11.94x
Equity	—		Market Approach	Revenue Multiple	0.33x		0.50x		0.0x
Equity	789		Yield Method	Market Yield Discount Rate	8.63	%	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.

Schedule of Carrying Values and Fair Values of Debt Obligations

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


	June 30, 2026				December 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 Facility	95,000		95,000		—		—
Scotiabank Credit Facility I	209,000		209,000		46,000		46,000
Scotiabank Credit Facility II	508,500		508,500		—		—
SMBC Revolving Credit Facility	—		—		21,500		21,500
2024 Debt	306,000		306,128		306,000		306,503
2025 Debt	355,000		355,779		355,000		356,090
Total	$	1,806,000	$	1,806,907	$	795,500	$	797,093

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(1)Carrying value on the consolidated statements of assets and liabilities are net of deferred financing and issuance costs.

- 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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