| Summary by Major Security Type of Fair Valuation 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 |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
208,025 |
|
|
$ |
208,025 |
|
Equity |
|
|
14,888 |
|
|
|
— |
|
|
|
1,765 |
|
|
|
16,653 |
|
Cash equivalents |
|
|
4,940 |
|
|
|
— |
|
|
|
— |
|
|
|
4,940 |
|
Total |
|
$ |
19,828 |
|
|
$ |
— |
|
|
$ |
209,790 |
|
|
$ |
229,618 |
|
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 |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
201,253 |
|
|
$ |
201,253 |
|
Equity |
|
|
— |
|
|
|
— |
|
|
|
7,262 |
|
|
|
7,262 |
|
Cash equivalents |
|
|
4,426 |
|
|
|
— |
|
|
|
— |
|
|
|
4,426 |
|
Total |
|
$ |
4,426 |
|
|
$ |
— |
|
|
$ |
208,515 |
|
|
$ |
212,941 |
|
|
| Summary of Reconciliation of 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 |
|
$ |
216,543 |
|
|
$ |
8,413 |
|
|
$ |
224,956 |
|
Purchases, including payments received in-kind |
|
|
15,970 |
|
|
|
57 |
|
|
|
16,027 |
|
Sales and paydowns of investments |
|
|
(22,946 |
) |
|
|
(444 |
) |
|
|
(23,390 |
) |
Amortization of premium and accretion of discount, net |
|
|
661 |
|
|
|
— |
|
|
|
661 |
|
Net realized gain |
|
|
8 |
|
|
|
196 |
|
|
|
204 |
|
Net change in unrealized appreciation/(depreciation) |
|
|
(2,211 |
) |
|
|
(6,457 |
) |
|
|
(8,668 |
) |
Balance, June 30, 2026 |
|
$ |
208,025 |
|
|
$ |
1,765 |
|
|
$ |
209,790 |
|
Change in net unrealized appreciation/(depreciation) in investments held as of June 30, 2026 |
|
$ |
(1,796 |
) |
|
$ |
(1,088 |
) |
|
$ |
(2,884 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt |
|
|
Equity |
|
|
Total |
|
Balance, January 1, 2026 |
|
$ |
201,253 |
|
|
$ |
7,262 |
|
|
$ |
208,515 |
|
Purchases, including payments received in-kind |
|
|
50,517 |
|
|
|
57 |
|
|
|
50,574 |
|
Sales and paydowns of investments |
|
|
(41,165 |
) |
|
|
(444 |
) |
|
|
(41,609 |
) |
Amortization of premium and accretion of discount, net |
|
|
1,067 |
|
|
|
— |
|
|
|
1,067 |
|
Net realized gain |
|
|
8 |
|
|
|
196 |
|
|
|
204 |
|
Net change in unrealized appreciation/(depreciation) |
|
|
(3,655 |
) |
|
|
(5,306 |
) |
|
|
(8,961 |
) |
Balance, June 30, 2026 |
|
$ |
208,025 |
|
|
$ |
1,765 |
|
|
$ |
209,790 |
|
Change in net unrealized appreciation/(depreciation) in investments held as of June 30, 2026 |
|
$ |
(3,170 |
) |
|
$ |
63 |
|
|
$ |
(3,107 |
) |
3.Investment Valuations and Fair Value Measurements (Continued) 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 |
|
$ |
176,122 |
|
|
$ |
357 |
|
|
$ |
176,479 |
|
Purchases, including payments received in-kind |
|
|
34,261 |
|
|
|
101 |
|
|
|
34,362 |
|
Sales and paydowns of investments |
|
|
(11,581 |
) |
|
|
(44 |
) |
|
|
(11,625 |
) |
Amortization of premium and accretion of discount, net |
|
|
371 |
|
|
|
— |
|
|
|
371 |
|
Net realized loss |
|
|
(10 |
) |
|
|
— |
|
|
|
(10 |
) |
Net change in unrealized appreciation/(depreciation) |
|
|
(2,888 |
) |
|
|
943 |
|
|
|
(1,945 |
) |
Balance, June 30, 2025 |
|
$ |
196,275 |
|
|
$ |
1,357 |
|
|
$ |
197,632 |
|
Change in net unrealized appreciation/(depreciation) in investments held as of June 30, 2025 |
|
$ |
(2,743 |
) |
|
$ |
943 |
|
|
$ |
(1,800 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt |
|
|
Equity |
|
|
Total |
|
Balance, January 1, 2025 |
|
$ |
150,147 |
|
|
$ |
35 |
|
|
$ |
150,182 |
|
Purchases, including payments received in-kind |
|
|
63,802 |
|
|
|
235 |
|
|
|
64,037 |
|
Sales and paydowns of investments |
|
|
(13,761 |
) |
|
|
(44 |
) |
|
|
(13,805 |
) |
Amortization of premium and accretion of discount, net |
|
|
611 |
|
|
|
— |
|
|
|
611 |
|
Net realized loss |
|
|
(10 |
) |
|
|
— |
|
|
|
(10 |
) |
Net change in unrealized appreciation/(depreciation) |
|
|
(4,514 |
) |
|
|
1,131 |
|
|
|
(3,383 |
) |
Balance, June 30, 2025 |
|
$ |
196,275 |
|
|
$ |
1,357 |
|
|
$ |
197,632 |
|
Change in net unrealized appreciation/(depreciation) in investments held as of June 30, 2025 |
|
$ |
(4,369 |
) |
|
$ |
1,131 |
|
|
$ |
(3,238 |
) |
|
| Summary of Valuation Techniques and Quantitative Information |
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 if
Input Increases |
Debt |
|
$ |
185,115 |
|
|
Income Method |
|
Discount Rate |
|
9.2% to 32.0% |
|
12.1% |
|
Decrease |
Debt |
|
$ |
22,910 |
|
|
Market Method |
|
EBITDA Multiple |
|
5.0x to 6.9x |
|
5.9x |
|
Increase |
Equity |
|
$ |
53 |
|
|
Market Method |
|
Revenue Multiple |
|
1.2x to 1.4x |
|
1.3x |
|
Increase |
Equity |
|
$ |
1,601 |
|
|
Market Method |
|
EBITDA Multiple |
|
4.6x to 7.0x |
|
5.2x |
|
Increase |
Equity |
|
$ |
111 |
|
|
Market Method |
|
EBITDA Multiple |
|
4.5x to 5.5x |
|
5.0x |
|
Increase |
|
|
|
|
|
Income Method |
|
Implied Volatility |
|
45.0% to 55.0% |
|
50.0% |
|
Decrease |
|
|
|
|
|
Income Method |
|
Expected Term (in years) |
|
4.5 to 5.5 |
|
5.0 |
|
Decrease |
* 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 if
Input Increases |
Debt |
|
$ |
147,341 |
|
|
Income Method |
|
Discount Rate |
|
8.8 to 19.1% |
|
11.1% |
|
Decrease |
Debt |
|
$ |
30,374 |
|
|
Market Method |
|
EBITDA Multiple |
|
4.5x to 9.5x |
|
6.8x |
|
Increase |
Debt |
|
$ |
9,707 |
|
|
Market Method |
|
Indicative Bid |
|
99.3% to 99.3% |
|
99.3% |
|
Increase |
Debt |
|
$ |
8,252 |
|
|
Income Method |
|
Discount Rate |
|
15.4% to 18.1% |
|
16.8% |
|
Decrease |
|
|
|
|
|
Market Method |
|
Indicative Bid |
|
101.0% to 101.0% |
|
101.0% |
|
Increase |
Debt |
|
$ |
5,579 |
|
|
Income Method |
|
Discount Rate |
|
22.0% to 27.0% |
|
24.5% |
|
Decrease |
|
|
|
|
|
Market Method |
|
EBITDA Multiple |
|
6.5x to 7.5x |
|
7.0x |
|
Increase |
Equity |
|
$ |
43 |
|
|
Market Method |
|
Revenue Multiple |
|
1.3x to 1.5x |
|
1.4x |
|
Increase |
Equity |
|
$ |
7,219 |
|
|
Market Method |
|
EBITDA Multiple |
|
4.8x to 10.8x |
|
8.2x |
|
Increase |
* Weighted based on fair value
|