| 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:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
NAV(1) |
|
|
Total |
|
Debt |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
50,710 |
|
|
$ |
— |
|
|
$ |
50,710 |
|
Equity |
|
|
— |
|
|
|
— |
|
|
|
110,653 |
|
|
|
— |
|
|
|
110,653 |
|
Investment funds & vehicles(1) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
16,982 |
|
|
|
16,982 |
|
Short-term investments |
|
|
246,923 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
246,923 |
|
Cash equivalents |
|
|
5,937 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,937 |
|
Total |
|
$ |
252,860 |
|
|
$ |
— |
|
|
$ |
161,363 |
|
|
$ |
16,982 |
|
|
$ |
431,205 |
|
(1)Includes equity investments in Strategic Ventures. In accordance with ASC Topic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified 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. 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:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
NAV(1) |
|
|
Total |
|
Debt |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
112,090 |
|
|
$ |
— |
|
|
$ |
112,090 |
|
Equity |
|
|
— |
|
|
|
— |
|
|
|
114,444 |
|
|
|
— |
|
|
|
114,444 |
|
Investment Funds & Vehicles(1) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
37,189 |
|
|
|
37,189 |
|
Short-term investments |
|
|
395,457 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
395,457 |
|
Cash equivalents |
|
|
20,992 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
20,992 |
|
Total |
|
$ |
416,449 |
|
|
$ |
— |
|
|
$ |
226,534 |
|
|
$ |
37,189 |
|
|
$ |
680,172 |
|
(1)Includes equity investments in Strategic Ventures. In accordance with ASC Topic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified 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.
|
| 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:
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|
|
|
|
|
|
|
|
|
|
|
|
|
Debt |
|
|
Equity |
|
|
Total |
|
Balance, April 1, 2026 |
|
$ |
86,897 |
|
|
$ |
129,494 |
|
|
$ |
216,391 |
|
Purchases, including payments received in-kind |
|
|
512 |
|
|
|
— |
|
|
|
512 |
|
Sales and paydowns of investments |
|
|
(36,585 |
) |
|
|
— |
|
|
|
(36,585 |
) |
Net change in unrealized appreciation/(depreciation) |
|
|
(114 |
) |
|
|
(18,841 |
) |
|
|
(18,955 |
) |
Balance, June 30, 2026 |
|
$ |
50,710 |
|
|
$ |
110,653 |
|
|
$ |
161,363 |
|
Change in net unrealized appreciation/(depreciation) in investments held as of June 30, 2026 |
|
|
(614 |
) |
|
|
(18,841 |
) |
|
|
(19,455 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt |
|
|
Equity |
|
|
Total |
|
Balance, January 1, 2026 |
|
$ |
112,090 |
|
|
$ |
114,444 |
|
|
$ |
226,534 |
|
Purchases, including payments received in-kind |
|
|
12,376 |
|
|
|
29,766 |
|
|
|
42,142 |
|
Sales and paydowns of investments |
|
|
(74,898 |
) |
|
|
— |
|
|
|
(74,898 |
) |
Net realized losses |
|
|
(133,640 |
) |
|
|
(2,111 |
) |
|
|
(135,751 |
) |
Net change in unrealized appreciation/(depreciation) |
|
|
134,782 |
|
|
|
(31,446 |
) |
|
|
103,336 |
|
Balance, June 30, 2026 |
|
$ |
50,710 |
|
|
$ |
110,653 |
|
|
$ |
161,363 |
|
Change in net unrealized appreciation/(depreciation) in investments held as of June 30, 2026 |
|
$ |
(280 |
) |
|
$ |
(4,565 |
) |
|
$ |
(4,845 |
) |
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 |
|
$ |
166,033 |
|
|
$ |
124,804 |
|
|
$ |
290,837 |
|
Purchases, including payments received in-kind |
|
|
8,345 |
|
|
|
— |
|
|
|
8,345 |
|
Sales and paydowns of investments |
|
|
(864 |
) |
|
|
— |
|
|
|
(864 |
) |
Amortization of premium and accretion of discount, net |
|
|
43 |
|
|
|
— |
|
|
|
43 |
|
Net change in unrealized appreciation/(depreciation) |
|
|
(4,800 |
) |
|
|
(3,972 |
) |
|
|
(8,772 |
) |
Balance, June 30, 2025 |
|
$ |
168,757 |
|
|
$ |
120,832 |
|
|
$ |
289,589 |
|
Change in net unrealized appreciation/(depreciation) in investments held as of June 30, 2025 |
|
$ |
(4,800 |
) |
|
$ |
(3,972 |
) |
|
$ |
(8,772 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt |
|
|
Equity |
|
|
Total |
|
Balance, January 1, 2025 |
|
$ |
172,216 |
|
|
$ |
108,136 |
|
|
$ |
280,352 |
|
Purchases, including payments received in-kind |
|
|
11,075 |
|
|
|
— |
|
|
|
11,075 |
|
Sales and paydowns of investments |
|
|
(1,256 |
) |
|
|
— |
|
|
|
(1,256 |
) |
Amortization of premium and accretion of discount, net |
|
|
14 |
|
|
|
— |
|
|
|
14 |
|
Net realized losses |
|
|
(32,894 |
) |
|
|
— |
|
|
|
(32,894 |
) |
Net change in unrealized appreciation/(depreciation) |
|
|
19,602 |
|
|
|
12,696 |
|
|
|
32,298 |
|
Balance, June 30, 2025 |
|
$ |
168,757 |
|
|
$ |
120,832 |
|
|
$ |
289,589 |
|
Change in net unrealized appreciation/(depreciation) in investments held as of June 30, 2025 |
|
$ |
(9,866 |
) |
|
$ |
12,697 |
|
|
$ |
2,831 |
|
|
| 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.
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|
Investment Type |
|
Fair Value |
|
|
Valuation
Technique |
|
Unobservable
Input |
|
Range |
|
Weighted
Average* |
|
Impact to
Valuation if
Input Increases |
Debt |
|
$ |
26,870 |
|
|
Market Method |
|
EBITDA Multiple |
|
7.5x to 11.5x |
|
10.2x |
|
Increase |
Debt |
|
$ |
15,323 |
|
|
Market Method |
|
EBITDA Multiple |
|
6.5x to 7.5x |
|
7.0x |
|
Increase |
|
|
|
|
|
Market Method |
|
Revenue Multiple |
|
0.2x to 0.2x |
|
0.2x |
|
Increase |
Debt |
|
$ |
8,517 |
|
|
Market Method |
|
Indicative Bid |
|
100.0% to 100.0% |
|
100.0% |
|
Increase |
Equity |
|
$ |
14,890 |
|
|
Market Method |
|
Indicative Bid |
|
$364 to $364 |
|
$364 |
|
Increase |
Equity |
|
$ |
82,694 |
|
|
Market Method |
|
EBITDA Multiple |
|
5.3x to 11.5x |
|
9.3x |
|
Increase |
Equity |
|
$ |
13,069 |
|
|
Market Method |
|
EBITDA Multiple |
|
6.5x to 7.5x |
|
7.0x |
|
Increase |
|
|
|
|
|
Market Method |
|
Revenue Multiple |
|
0.2x to 0.2x |
|
0.2x |
|
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.
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Type |
|
Fair Value |
|
|
Valuation
Technique |
|
Unobservable
Input |
|
Range |
|
Weighted
Average* |
|
Impact to
Valuation if
Input Increases |
Debt |
|
$ |
27,145 |
|
|
Income Method |
|
Discount Rate |
|
15.4% to 17.8% |
|
16.6% |
|
Decrease |
Debt |
|
$ |
7,153 |
|
|
Market Method |
|
EBITDA Multiple |
|
6.8x to 7.8x |
|
7.2x |
|
Increase |
Debt |
|
$ |
77,792 |
|
|
Market Method |
|
Revenue Multiple |
|
0.2x to 1.4x |
|
0.7x |
|
Increase |
Equity |
|
$ |
50,214 |
|
|
Market Method |
|
EBITDA Multiple |
|
5.0x to 7.8x |
|
6.7x |
|
Increase |
Equity |
|
$ |
64,230 |
|
|
Market Method |
|
Revenue Multiple |
|
0.2x to 1.4x |
|
0.9x |
|
Increase |
* Weighted based on fair value
|