| 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 |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
613,345 |
|
|
$ |
613,345 |
|
Equity |
|
|
40,610 |
|
|
|
— |
|
|
|
5,016 |
|
|
|
45,626 |
|
Cash equivalents |
|
|
28,121 |
|
|
|
— |
|
|
|
— |
|
|
|
28,121 |
|
Total |
|
$ |
68,731 |
|
|
$ |
— |
|
|
$ |
618,361 |
|
|
$ |
687,092 |
|
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 |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,169,913 |
|
|
$ |
1,169,913 |
|
Equity |
|
|
— |
|
|
|
— |
|
|
|
39,875 |
|
|
|
39,875 |
|
Cash equivalents |
|
|
41,045 |
|
|
|
— |
|
|
|
— |
|
|
|
41,045 |
|
Total |
|
$ |
41,045 |
|
|
$ |
— |
|
|
$ |
1,209,788 |
|
|
$ |
1,250,833 |
|
|
| 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 |
|
$ |
1,263,318 |
|
|
$ |
46,335 |
|
|
$ |
1,309,653 |
|
Purchases |
|
|
52,814 |
|
|
|
— |
|
|
|
52,814 |
|
Sales and paydowns of investments |
|
|
(60,950 |
) |
|
|
(782 |
) |
|
|
(61,732 |
) |
Investments transferred pursuant to Exchange Offer |
|
|
(637,861 |
) |
|
|
(23,395 |
) |
|
|
(661,256 |
) |
Amortization of premium and accretion of discount, net |
|
|
1,485 |
|
|
|
— |
|
|
|
1,485 |
|
Net realized (loss) gain |
|
|
(25,828 |
) |
|
|
14,558 |
|
|
|
(11,270 |
) |
Net change in unrealized appreciation/(depreciation) |
|
|
20,367 |
|
|
|
(31,700 |
) |
|
|
(11,333 |
) |
Balance, June 30, 2026 |
|
$ |
613,345 |
|
|
$ |
5,016 |
|
|
$ |
618,361 |
|
Change in net unrealized appreciation/(depreciation) in investments held as of June 30, 2026 |
|
$ |
22,393 |
|
|
$ |
2,778 |
|
|
$ |
25,171 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt |
|
|
Equity |
|
|
Total |
|
Balance, January 1, 2026 |
|
$ |
1,169,913 |
|
|
$ |
39,875 |
|
|
$ |
1,209,788 |
|
Purchases, including payments received in-kind |
|
|
285,933 |
|
|
|
357 |
|
|
|
286,290 |
|
Sales and paydowns of investments |
|
|
(195,837 |
) |
|
|
(1,139 |
) |
|
|
(196,976 |
) |
Investments transferred pursuant to Exchange Offer |
|
|
(637,861 |
) |
|
|
(23,395 |
) |
|
|
(661,256 |
) |
Amortization of premium and accretion of discount, net |
|
|
3,569 |
|
|
|
— |
|
|
|
3,569 |
|
Net realized gain |
|
|
(25,761 |
) |
|
|
14,558 |
|
|
|
(11,203 |
) |
Net change in unrealized appreciation/(depreciation) |
|
|
13,389 |
|
|
|
(25,240 |
) |
|
|
(11,851 |
) |
Balance, June 30, 2026 |
|
$ |
613,345 |
|
|
$ |
5,016 |
|
|
$ |
618,361 |
|
Change in net unrealized appreciation/(depreciation) in investments held as of June 30, 2026 |
|
$ |
15,799 |
|
|
$ |
3,944 |
|
|
$ |
19,743 |
|
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 |
|
$ |
1,097,095 |
|
|
$ |
2,031 |
|
|
$ |
1,099,126 |
|
Purchases |
|
|
263,529 |
|
|
|
1,176 |
|
|
|
264,705 |
|
Sales and paydowns of investments |
|
|
(105,893 |
) |
|
|
(277 |
) |
|
|
(106,170 |
) |
Amortization of premium and accretion of discount, net |
|
|
2,267 |
|
|
|
— |
|
|
|
2,267 |
|
Net realized loss |
|
|
(75 |
) |
|
|
— |
|
|
|
(75 |
) |
Net change in unrealized appreciation/(depreciation) |
|
|
(22,002 |
) |
|
|
5,610 |
|
|
|
(16,392 |
) |
Balance, June 30, 2025 |
|
$ |
1,234,921 |
|
|
$ |
8,540 |
|
|
$ |
1,243,461 |
|
Change in net unrealized appreciation/(depreciation) in investments held as of June 30, 2025 |
|
$ |
(21,121 |
) |
|
$ |
5,610 |
|
|
$ |
(15,511 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt |
|
|
Equity |
|
|
Total |
|
Balance, January 1, 2025 |
|
$ |
941,903 |
|
|
$ |
224 |
|
|
$ |
942,127 |
|
Purchases, including payments received in-kind |
|
|
438,398 |
|
|
|
1,933 |
|
|
|
440,331 |
|
Sales and paydowns of investments |
|
|
(121,305 |
) |
|
|
(401 |
) |
|
|
(121,706 |
) |
Amortization of premium and accretion of discount, net |
|
|
3,703 |
|
|
|
— |
|
|
|
3,703 |
|
Net change in unrealized appreciation/(depreciation) |
|
|
(27,703 |
) |
|
|
6,784 |
|
|
|
(20,919 |
) |
Balance, June 30, 2025 |
|
$ |
1,234,921 |
|
|
$ |
8,540 |
|
|
$ |
1,243,461 |
|
Change in net unrealized appreciation/(depreciation) in investments held as of June 30, 2025 |
|
$ |
(26,823 |
) |
|
$ |
6,784 |
|
|
$ |
(20,039 |
) |
|