Fair Value Measurements - Investments (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Fair Value Measurements of Investments, by Major Class

The following tables present fair value measurements of investments, by major class, according to the fair value hierarchy:


	June 30, 2026
Investments	Level I		Level II		Level III		Investments Measured at Net Asset Value(1)		Fair Value
Portfolio companies	$	22,538	$	10,198	$	10,444,090	$	5,411	$	10,482,237
Unrealized appreciation on foreign currency forward contracts	—		31,711		—		—		31,711
Unrealized depreciation on foreign currency forward contracts	—		(4,579)		—		—		(4,579)
Investments in Money Market Funds	1,875,256		—		—		—		1,875,256
Total	$	1,897,794	$	37,330	$	10,444,090	$	5,411	$	12,384,625

(1) Certain investments that are measured at fair value using the net asset value practical expedient under ASC 820 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.

During the six months ended June 30, 2026, the Company transferred $4,525 out of Level III category of measurement into Level II due to changes in the observability of the inputs used in the fair value measurements at period end.


	December 31, 2025
Investments	Level I		Level II		Level III		Investments Measured at Net Asset Value(1)		Fair Value
Portfolio companies	$	23,278	$	—	$	8,980,760	$	5,411	$	9,009,449
Unrealized appreciation on foreign currency forward contracts	—		27,607		—		—		27,607
Unrealized depreciation on foreign currency forward contracts	—		(5,177)		—		—		(5,177)
Investments in Money Market Funds	963,528		—		—		—		963,528
Total	$	986,806	$	22,430	$	8,980,760	$	5,411	$	9,995,407

Schedule of Reconciliation of Infrastructure Assets, Level III Inputs

The following table provides a reconciliation of the beginning and ending balances for investments that use Level III inputs for the six months ended June 30, 2026:


Six Months Ended June 30, 2026
Investments	Balance as of December 31, 2025		Purchases		Sales and Proceeds from Investments		Transfers out of Level III		Change in Gain (Loss) included in Net Assets		Net change in unrealized appreciation on investments		Net change in unrealized appreciation on foreign currency translation		Balance as of June 30, 2026
Portfolio companies	$	8,980,760	$	829,513	$	(2,704)	$	(4,525)	$	(134)	$	725,643	$	(84,463)	$	10,444,090

The following table provides a reconciliation of the beginning and ending balances for investments that use Level III inputs for the six months ended June 30, 2025:


Six Months Ended June 30, 2025
Investments	Balance as of December 31, 2024		Purchases		Sales and Proceeds from Investments		Realized gain on investments		Net change in unrealized appreciation on investments		Net change in unrealized appreciation on foreign currency translation		Balance as of June 30, 2025
Portfolio companies	$	3,918,519	$	1,092,644	$	(64,366)	$	32,761	$	445,940	$	167,788	$	5,593,286

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The following tables present the quantitative information about Level III fair value measurements of the Company’s portfolio companies as of June 30, 2026:

Level III Assets

Fair Value

June 30, 2026

Valuation Methodology and Inputs

Unobservable Input(s)(1)

Weighted Average (2)

Range

Impact to Valuation from an Increase in Input (3)

Portfolio companies

$10,444,090

Inputs to market comparables, discounted cash flow and transaction price/other

Weight Ascribed to Market Comparables

44.7%

0.0% - 100.0%

(4)

Weight Ascribed to Discounted Cash Flow

45.0%

0.0% - 75.0%

(5)

Weight Ascribed to Transaction Price/Other

10.3%

0.0% - 100.0%

(6)

Market Comparables

Enterprise Value / Forward EBITDA Multiple

14.1x

5.5x - 25.5x

Increase

Enterprise Value / Forward Revenues Multiple

8.2x

2.3x - 11.9x

Increase

Discounted Cash Flow

Weighted Average Cost of Capital

14.1%

6.8% - 23.5%

Decrease

Enterprise Value / EBITDA Exit Multiple

14.6x

8.0x - 23.3x

Increase

(1) In determining the inputs, management 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 Manager has determined that market participants would take these inputs into account when valuing the investments.

(2) Inputs are weighted based on fair value of the investments included in the range.

(3) Unless otherwise noted, this column represents the directional change in the fair value of the Level III investments that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements.

(4) The directional change from an increase in the weight ascribed to the market comparables approach would increase the fair value of the Level III investments if the market comparables approach results in a higher valuation than the discounted cash flow approach and transaction price approach. The opposite would be true if the market comparables approach results in a lower valuation than the discounted cash flow approach and transaction price approach.

(5) The directional change from an increase in the weight ascribed to the discounted cash flow approach would increase the fair value of the Level III investments if the discounted cash flow approach results in a higher valuation than the market comparables approach and transaction price approach. The opposite would be true if the discounted cash flow approach results in a lower valuation than the market comparables approach and transaction price approach.

(6) The directional change from an increase in the weight ascribed to the transaction price approach would increase the fair value of the Level III investments if the transaction price approach results in a higher valuation than the market comparables approach and discounted cash flow approach. The opposite would be true if the transaction price approach results in a lower valuation than the market comparables approach and discounted cash flow approach.

- 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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