Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2026

As of June 30, 2026 and December 31, 2025, the Company’s investments were categorized as follows in the fair value hierarchy:


Valuation Inputs	June 30, 2026 (Unaudited)		December 31, 2025
Level 1—Price quotations in active markets	$	—	$	—
Level 2—Significant other observable inputs	193,350		244,873
Level 3—Significant unobservable inputs	2,455,814		2,380,222
	$	2,649,164	$	2,625,095

Schedule of Reconciliation Fair Value, Assets

The following is a reconciliation of investments for which significant unobservable inputs (Level 3) were used in determining fair value for the six months ended June 30, 2026 and 2025:


	For the Six Months Ended June 30, 2026
	Senior Secured Loans—First Lien		Subordinated Debt		Asset Based Finance		Equity/Other		Total
Fair value at beginning of period	$	1,839,213	$	2,015	$	538,994	$	—	$	2,380,222
Accretion of discount (amortization of premium)	1,096		1		1,312		—		2,409
Net realized gain (loss)	(1,406)		—		808		—		(598)
Net change in unrealized appreciation (depreciation)	(31,893)		3		(3,005)		—		(34,895)
Purchases	287,714		206		170,433		479		458,832
Paid-in-kind interest	1,489		141		1,512		—		3,142
Sales and repayments	(180,541)		—		(172,757)		—		(353,298)
Transfers into Level 3	—		—		—		—		—
Transfers out of Level 3	—		—		—		—		—
Fair value at end of period	$	1,915,672	$	2,366	$	537,297	$	479	$	2,455,814
The amount of total gains or (losses) for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	$	(31,821)	$	3	$	(1,795)	$	—	$	(33,613)


	For the Six Months Ended June 30, 2025
	Senior Secured Loans—First Lien		Subordinated Debt		Asset Based Finance		Total
Fair value at beginning of period	$	865,488	$	1,667	$	155,263	$	1,022,418
Accretion of discount (amortization of premium)	1,484		—		266		1,750
Net realized gain (loss)	(116)		—		(151)		(267)
Net change in unrealized appreciation (depreciation)	2,127		94		5,996		8,217
Purchases	415,632		—		153,145		568,777
Paid-in-kind interest	1,122		122		1,096		2,340
Sales and repayments	(93,681)		—		(45,332)		(139,013)
Transfers into Level 3	—		—		—		—
Transfers out of Level 3	—		—		—		—
Fair value at end of period	$	1,192,056	$	1,883	$	270,283	$	1,464,222
The amount of total gains or (losses) for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	$	3,699	$	94	$	6,125	$	9,918

Schedule of Valuation Techniques and Significant Unobservable Inputs Used in Recurring Level 3 Fair Value

The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements as of June 30, 2026 and December 31, 2025 were as follows:

Type of Investment

Fair Value at June 30, 2026

(Unaudited)

Valuation
Technique

Unobservable
Input

Range (Weighted Average)

Impact to Valuation from an Increase in Input(1)

Senior Debt

1,882,961

Discounted Cash Flow

Discount Rate

4.3% - 15.6% (9.3%)

Decrease

3,980

Waterfall

EBITDA Multiple

6.7x - 16.7x (14.1x)

Increase

28,731

Cost(2)

Subordinated Debt

2,160

Discounted Cash Flow

Discount Rate

14.1% - 14.1% (14.1%)

Decrease

206

Waterfall

EBITDA Multiple

7.2x - 7.2x (7.2x)

Increase

Asset Based Finance

517,773

Discounted Cash Flow

Discount Rate

6.1% - 43.1% (11.2%)

Decrease

9,445

Cost(2)

10,079

Other(3)

Equity/Other

479

Waterfall

EBITDA Multiple

7.2x - 7.2x (7.2x)

Increase

Total

2,455,814

Type of Investment

Fair Value at December 31, 2025

Valuation
Technique

Unobservable
Input

Range (Weighted Average)

Impact to Valuation from an Increase in Input(1)

Senior Debt

1,667,582

Discounted Cash Flow

Discount Rate

4.6% - 12.7% (8.4%)

Decrease

171,631

Cost(2)

Subordinated Debt

2,015

Discounted Cash Flow

Discount Rate

14.1% - 14.1% (14.1%)

Decrease

Asset Based Finance

298,014

Discounted Cash Flow

Discount Rate

4.7% - 43.7% (9.9%)

Decrease

130,135

Cost(2)

110,845

Other(3)

Total

2,380,222

________________

(1)Represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the input would have the opposite effect. Significant changes in these inputs in isolation could result in significantly higher or lower fair value measurements.

(2)Fair value was determined based on recent transaction pricing with no material changes in operations of the related portfolio company since the transaction date.

(3)Fair value based on expected outcome of proposed corporate transactions and/or other factors.

- 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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