| Summary by Major Security Type of Fair Valuations According to Inputs Used in Valuing Investments |
The following is a summary by major security type of the fair valuations according to inputs used in valuing investments listed in the Consolidated Schedule of Investments as of June 30, 2026:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Debt |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
511,195 |
|
|
$ |
511,195 |
|
Equity |
|
|
— |
|
|
|
— |
|
|
|
95,884 |
|
|
|
95,884 |
|
Cash equivalents |
|
|
8,452 |
|
|
|
— |
|
|
|
— |
|
|
|
8,452 |
|
Short-term investments |
|
|
567,923 |
|
|
|
— |
|
|
|
— |
|
|
|
567,923 |
|
Total Assets |
|
$ |
576,375 |
|
|
$ |
— |
|
|
$ |
607,079 |
|
|
$ |
1,183,454 |
|
The following is a summary by major security type of the fair valuations according to inputs used in valuing investments listed in the Consolidated Schedule of Investments as of December 31, 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Debt |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
544,564 |
|
|
$ |
544,564 |
|
Equity |
|
|
— |
|
|
|
— |
|
|
|
100,629 |
|
|
|
100,629 |
|
Cash equivalents |
|
|
9,352 |
|
|
|
— |
|
|
|
— |
|
|
|
9,352 |
|
Short-term investments |
|
|
543,753 |
|
|
|
— |
|
|
|
— |
|
|
|
543,753 |
|
Total Assets |
|
$ |
553,105 |
|
|
$ |
— |
|
|
$ |
645,193 |
|
|
$ |
1,198,298 |
|
|
| Reconciliation of Beginning and Ending Balances for Total Investments |
The following tables provide a reconciliation of the beginning and ending balances for total investments that use Level 3 inputs for the three and six months ended June 30, 2026:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt |
|
|
Equity |
|
|
Total |
|
Balance, April 1, 2026 |
|
$ |
557,846 |
|
|
$ |
99,478 |
|
|
$ |
657,324 |
|
Purchases, including payments received in-kind and reorganizations |
|
|
12,541 |
|
|
|
— |
|
|
|
12,541 |
|
Sales and paydowns of investments and reorganizations |
|
|
(46,709 |
) |
|
|
— |
|
|
|
(46,709 |
) |
Amortization of premium and accretion of discount, net |
|
|
142 |
|
|
|
— |
|
|
|
142 |
|
Net change in unrealized appreciation/(depreciation) |
|
|
(12,625 |
) |
|
|
(3,594 |
) |
|
|
(16,219 |
) |
Balance, June 30, 2026 |
|
$ |
511,195 |
|
|
$ |
95,884 |
|
|
$ |
607,079 |
|
Net change in unrealized appreciation/(depreciation) in investments held as of June 30, 2026 |
|
$ |
(12,625 |
) |
|
$ |
(3,593 |
) |
|
$ |
(16,218 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt |
|
|
Equity |
|
|
Total |
|
Balance, January 1, 2026 |
|
$ |
544,564 |
|
|
$ |
100,629 |
|
|
$ |
645,193 |
|
Purchases, including payments received in-kind and reorganizations |
|
|
36,177 |
|
|
|
— |
|
|
|
36,177 |
|
Sales and paydowns of investments and reorganizations |
|
|
(51,593 |
) |
|
|
(4,215 |
) |
|
|
(55,808 |
) |
Amortization of premium and accretion of discount, net |
|
|
198 |
|
|
|
— |
|
|
|
198 |
|
Net realized gains |
|
|
— |
|
|
|
4,215 |
|
|
|
4,215 |
|
Net change in unrealized appreciation/(depreciation) |
|
|
(18,151 |
) |
|
|
(4,745 |
) |
|
|
(22,896 |
) |
Balance, June 30, 2026 |
|
$ |
511,195 |
|
|
$ |
95,884 |
|
|
$ |
607,079 |
|
Net change in unrealized appreciation/(depreciation) in investments held as of June 30, 2026 |
|
$ |
(18,177 |
) |
|
$ |
(4,745 |
) |
|
$ |
(22,922 |
) |
The following tables provide a reconciliation of the beginning and ending balances for total investments that use Level 3 inputs for the three and six months ended June 30, 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt |
|
|
Equity |
|
|
Total |
|
Balance, April 1, 2025 |
|
$ |
741,544 |
|
|
$ |
61,778 |
|
|
$ |
803,322 |
|
Purchases, including payments received in-kind and reorganizations |
|
|
141,135 |
|
|
|
65,984 |
|
|
|
207,119 |
|
Sales and paydowns of investments and reorganizations |
|
|
(273,571 |
) |
|
|
— |
|
|
|
(273,571 |
) |
Amortization of premium and accretion of discount, net |
|
|
495 |
|
|
|
— |
|
|
|
495 |
|
Net realized losses |
|
|
(92,145 |
) |
|
|
(5,246 |
) |
|
|
(97,391 |
) |
Net change in unrealized appreciation/(depreciation) |
|
|
73,633 |
|
|
|
(21,651 |
) |
|
|
51,982 |
|
Balance, June 30, 2025 |
|
$ |
591,091 |
|
|
$ |
100,865 |
|
|
$ |
691,956 |
|
Net change in unrealized appreciation/(depreciation) in investments held as of June 30, 2025 |
|
$ |
(6,437 |
) |
|
$ |
(26,898 |
) |
|
$ |
(33,335 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt |
|
|
Equity |
|
|
Total |
|
Balance, January 1, 2025 |
|
$ |
775,319 |
|
|
$ |
71,878 |
|
|
$ |
847,197 |
|
Purchases, including payments received in-kind and reorganizations |
|
|
225,821 |
|
|
|
65,984 |
|
|
|
291,805 |
|
Sales and paydowns of investments and reorganizations |
|
|
(332,768 |
) |
|
|
— |
|
|
|
(332,768 |
) |
Amortization of premium and accretion of discount, net |
|
|
1,071 |
|
|
|
— |
|
|
|
1,071 |
|
Net realized losses |
|
|
(96,397 |
) |
|
|
(5,246 |
) |
|
|
(101,643 |
) |
Net change in unrealized appreciation/(depreciation) |
|
|
18,045 |
|
|
|
(31,751 |
) |
|
|
(13,706 |
) |
Balance, June 30, 2025 |
|
$ |
591,091 |
|
|
$ |
100,865 |
|
|
$ |
691,956 |
|
Net change in unrealized appreciation/(depreciation) in investments held as of June 30, 2025 |
|
$ |
(8,714 |
) |
|
$ |
(34,502 |
) |
|
$ |
(43,216 |
) |
|
| Summary of Valuation Techniques and Quantitative Information in Determining Fair value of Level 3 Investments |
The following table summarizes the valuation techniques and quantitative information utilized in determining the fair value of the Level 3 investments as of June 30, 2026:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Type |
|
Fair Value |
|
|
Valuation Technique |
|
Unobservable Input |
|
Range |
|
Weighted
Average* |
|
Impact to
Valuation from an
Increase in Input |
Debt |
|
$ |
91,362 |
|
|
Income Method |
|
Discount Rate |
|
11.5% to 19.9% |
|
17.4% |
|
Decrease |
Debt |
|
$ |
95,339 |
|
|
Market Method |
|
EBITDA Multiple |
|
5.3x to 10.0x |
|
8.7x |
|
Increase |
|
|
|
|
|
Market Method |
|
Revenue Multiple |
|
0.6x to 1.1x |
|
0.9x |
|
Increase |
Debt |
|
$ |
106,517 |
|
|
Market Method |
|
EBITDA Multiple |
|
5.5x to 8.5x |
|
6.6x |
|
Increase |
Debt |
|
$ |
217,977 |
|
|
Market Method |
|
Revenue Multiple |
|
0.1x to 1.6x |
|
0.8x |
|
Increase |
Equity |
|
$ |
23,458 |
|
|
Market Method |
|
EBITDA Multiple |
|
5.5x to 8.5x |
|
6.4x |
|
Increase |
Equity |
|
$ |
54,522 |
|
|
Market Method |
|
Revenue Multiple |
|
0.1x to 1.6x |
|
1.4x |
|
Increase |
Equity |
|
$ |
17,904 |
|
|
Market Method |
|
EBITDA Multiple |
|
5.3x to 10.0x |
|
9.5x |
|
Increase |
|
|
|
|
|
Market Method |
|
Revenue Multiple |
|
0.6x to 1.1x |
|
1.0x |
|
Increase |
* Weighted based on fair value The following table summarizes the valuation techniques and quantitative information utilized in determining the fair value of the Level 3 investments as of December 31, 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Type |
|
Fair Value |
|
|
Valuation
Technique |
|
Unobservable Input |
|
Range |
|
Weighted
Average* |
|
Impact to
Valuation from an
Increase in Input |
Debt |
|
$ |
23,093 |
|
|
Income Method |
|
Discount Rate |
|
11.3% to 12.9% |
|
12.1% |
|
Decrease |
Debt |
|
$ |
21,808 |
|
|
Market Method |
|
EBITDA Multiple |
|
6.8x to 7.8x |
|
7.3x |
|
Increase |
|
|
|
|
|
Market Method |
|
Revenue Multiple |
|
0.6x to 0.8x |
|
0.7x |
|
Increase |
Debt |
|
$ |
161,140 |
|
|
Market Method |
|
EBITDA Multiple |
|
5.8x to 9.5x |
|
7.4x |
|
Increase |
Debt |
|
$ |
299,684 |
|
|
Market Method |
|
Revenue Multiple |
|
0.2x to 1.5x |
|
0.9x |
|
Increase |
Debt |
|
$ |
38,839 |
|
|
Income Method |
|
Discount Rate |
|
16.0% to 20.0% |
|
18.0% |
|
Decrease |
|
|
|
|
|
Market Method |
|
Indicative Bid |
|
100.0% to 100.0% |
|
100.0% |
|
Increase |
Equity |
|
$ |
20,390 |
|
|
Market Method |
|
EBITDA Multiple |
|
5.8x to 9.5x |
|
6.5x |
|
Increase |
Equity |
|
$ |
80,239 |
|
|
Market Method |
|
Revenue Multiple |
|
0.2x to 1.5x |
|
1.2x |
|
Increase |
Equity |
|
$ |
— |
|
|
Market Method |
|
EBITDA Multiple |
|
6.8x to 7.8x |
|
7.3x |
|
Increase |
|
|
|
|
|
Market Method |
|
Revenue Multiple |
|
0.6x to 0.8x |
|
0.7x |
|
Increase |
* Weighted based on fair value
|