| Schedule of Fair Value Disaggregated Into Three Levels of Fair Value Hierarchy |
The table below shows the composition of our investment portfolio as of June 30, 2026, with the fair value disaggregated into the three levels of the fair value hierarchy in accordance with ASC 820:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Hierarchy |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost |
|
|
Fair Value |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
First Lien Secured Debt |
|
$ |
|
697,983 |
|
|
$ |
|
692,598 |
|
|
$ |
|
- |
|
|
$ |
|
72,816 |
|
|
$ |
|
619,782 |
|
Preferred Equity |
|
|
|
15 |
|
|
|
|
15 |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
15 |
|
Common Equity |
|
|
|
1,875 |
|
|
|
|
1,772 |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
1,772 |
|
Total Investments |
|
$ |
|
699,873 |
|
|
$ |
|
694,385 |
|
|
$ |
|
- |
|
|
$ |
|
72,816 |
|
|
$ |
|
621,569 |
|
Money Market Fund |
|
|
|
39,144 |
|
|
|
|
39,144 |
|
|
|
|
39,144 |
|
|
|
|
- |
|
|
|
|
- |
|
Total Cash Equivalents |
|
|
|
39,144 |
|
|
|
|
39,144 |
|
|
|
|
39,144 |
|
|
|
|
- |
|
|
|
|
- |
|
Total Investments after Cash Equivalents |
|
$ |
|
739,017 |
|
|
$ |
|
733,529 |
|
|
$ |
|
39,144 |
|
|
$ |
|
72,816 |
|
|
$ |
|
621,569 |
|
The following table shows the composition of our investments as of December 31, 2025, with the fair value disaggregated into the three levels of the fair value hierarchy in accordance with ASC 820:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Hierarchy |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost |
|
|
Fair Value |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
First Lien Secured Debt |
|
$ |
|
637,787 |
|
|
$ |
|
639,300 |
|
|
$ |
|
- |
|
|
$ |
|
56,301 |
|
|
$ |
|
582,999 |
|
Preferred Equity |
|
|
|
15 |
|
|
|
|
15 |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
15 |
|
Common Equity |
|
|
|
761 |
|
|
|
|
761 |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
761 |
|
Total Investments |
|
$ |
|
638,563 |
|
|
$ |
|
640,076 |
|
|
$ |
|
- |
|
|
$ |
|
56,301 |
|
|
$ |
|
583,775 |
|
Money Market Fund |
|
|
|
28,771 |
|
|
|
|
28,771 |
|
|
|
|
28,771 |
|
|
|
|
- |
|
|
|
|
- |
|
Total Cash Equivalents |
|
|
|
28,771 |
|
|
|
|
28,771 |
|
|
|
|
28,771 |
|
|
|
|
- |
|
|
|
|
- |
|
Total Investments after Cash Equivalents |
|
$ |
|
667,334 |
|
|
$ |
|
668,847 |
|
|
$ |
|
28,771 |
|
|
$ |
|
56,301 |
|
|
$ |
|
583,775 |
|
|
| Schedule of Changes in Fair Value of Investments |
The following table shows changes in the fair value of our Level 3 investments during the three months ended June 30, 2026:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2026 |
|
|
|
First Lien
Secured
Debt (2) |
|
|
Preferred
Equity |
|
|
Common Equity |
|
|
Total |
|
Fair value as of March 31, 2026 |
|
$ |
|
599,800 |
|
|
$ |
|
15 |
|
|
$ |
|
1,864 |
|
|
$ |
|
601,679 |
|
Net realized gains (losses) |
|
|
|
151 |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
151 |
|
Net change in unrealized gains (losses) |
|
|
|
483 |
|
|
|
|
- |
|
|
|
|
(121 |
) |
|
|
|
362 |
|
Net amortization on investments |
|
|
|
229 |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
229 |
|
Purchases, including capitalized PIK (1) |
|
|
|
61,745 |
|
|
|
|
- |
|
|
|
|
29 |
|
|
|
|
61,774 |
|
Sales (1) |
|
|
|
(18,192 |
) |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
(18,192 |
) |
Transfers out of Level 3 (3) |
|
|
|
(24,434 |
) |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
(24,434 |
) |
Transfers into Level 3 (3) |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
Fair value as of June 30, 2026 |
|
$ |
|
619,782 |
|
|
$ |
|
15 |
|
|
$ |
|
1,772 |
|
|
$ |
|
621,569 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in unrealized gains (losses) on Level 3 investments still held as of June 30, 2026 |
|
$ |
|
483 |
|
|
$ |
|
- |
|
|
$ |
|
(121 |
) |
|
$ |
|
362 |
|
The following table shows changes in the fair value of our Level 3 investments during the six months ended June 30, 2026:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2026 |
|
|
|
First Lien
Secured
Debt (2) |
|
|
Preferred
Equity |
|
|
Common Equity |
|
|
Total |
|
Fair value as of December 31, 2025 |
|
$ |
|
582,999 |
|
|
$ |
|
15 |
|
|
$ |
|
761 |
|
|
$ |
|
583,775 |
|
Net realized gains (losses) |
|
|
|
177 |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
177 |
|
Net change in unrealized gains (losses) |
|
|
|
(6,193 |
) |
|
|
|
- |
|
|
|
|
(103 |
) |
|
|
|
(6,296 |
) |
Net amortization on investments |
|
|
|
470 |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
470 |
|
Purchases, including capitalized PIK (1) |
|
|
|
91,680 |
|
|
|
|
- |
|
|
|
|
1,114 |
|
|
|
|
92,794 |
|
Sales (1) |
|
|
|
(24,917 |
) |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
(24,917 |
) |
Transfers out of Level 3 (3) |
|
|
|
(24,434 |
) |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
(24,434 |
) |
Transfers into Level 3 (3) |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
Fair value as of June 30, 2026 |
|
$ |
|
619,782 |
|
|
$ |
|
15 |
|
|
$ |
|
1,772 |
|
|
$ |
|
621,569 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in unrealized gains (losses) on Level 3 investments still held as of June 30, 2026 |
|
$ |
|
(6,193 |
) |
|
$ |
|
- |
|
|
$ |
|
(103 |
) |
|
$ |
|
(6,296 |
) |
(1)Includes reorganizations and restructuring of investments. (2)Includes unfunded commitments measured at fair value. (3)Transfers out (if any) of Level 3 are due to an increase in the quantity and reliability of broker quotes obtained and transfers into (if any) Level 3 are due to a
decrease in the quantity and reliability of broker quotes obtained as assessed by the Adviser. Transfers are assumed to have occurred at the end of the period. There were no transfers between Level 1 and Level 2 fair value measurements during the periods shown. The following table shows changes in the fair value of our Level 3 investments during the three months ended June 30, 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2025 |
|
|
|
First Lien
Secured
Debt (2) |
|
|
Preferred
Equity |
|
|
Common Equity |
|
|
Total |
|
Fair value as of March 31, 2025 |
|
$ |
|
420,108 |
|
|
$ |
|
15 |
|
|
$ |
|
- |
|
|
$ |
|
420,123 |
|
Net realized gains (losses) |
|
|
|
527 |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
527 |
|
Net change in unrealized gains (losses) |
|
|
|
(251 |
) |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
(251 |
) |
Net amortization on investments |
|
|
|
355 |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
355 |
|
Purchases, including capitalized PIK (1) |
|
|
|
28,459 |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
28,459 |
|
Sales (1) |
|
|
|
(3,763 |
) |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
(3,763 |
) |
Transfers out of Level 3 (3) |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
Transfers into Level 3 (3) |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
Fair value as of June 30, 2025 |
|
$ |
|
445,435 |
|
|
$ |
|
15 |
|
|
$ |
|
- |
|
|
$ |
|
445,450 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in unrealized gains (losses) on Level 3 investments still held as of June 30, 2025 |
|
$ |
|
(251 |
) |
|
$ |
|
- |
|
|
$ |
|
- |
|
|
$ |
|
(251 |
) |
The following table shows changes in the fair value of our Level 3 investments during the six months ended June 30, 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2025 |
|
|
|
First Lien
Secured
Debt (2) |
|
|
Preferred
Equity |
|
|
Common Equity |
|
|
Total |
|
Fair value as of December 31, 2024 |
|
$ |
|
- |
|
|
$ |
|
- |
|
|
$ |
|
- |
|
|
$ |
|
- |
|
Net realized gains (losses) |
|
|
|
564 |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
564 |
|
Net change in unrealized gains (losses) |
|
|
|
(135 |
) |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
(135 |
) |
Net amortization on investments |
|
|
|
364 |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
364 |
|
Purchases, including capitalized PIK (1) |
|
|
|
452,046 |
|
|
|
|
15 |
|
|
|
|
- |
|
|
|
|
452,061 |
|
Sales (1) |
|
|
|
(7,404 |
) |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
(7,404 |
) |
Transfers out of Level 3 (3) |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
Transfers into Level 3 (3) |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
Fair value as of June 30, 2025 |
|
$ |
|
445,435 |
|
|
$ |
|
15 |
|
|
$ |
|
- |
|
|
$ |
|
445,450 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in unrealized gains (losses) on Level 3 investments still held as of June 30, 2025 |
|
$ |
|
(135 |
) |
|
$ |
|
- |
|
|
$ |
|
- |
|
|
$ |
|
(135 |
) |
(1)Includes reorganizations and restructuring of investments. (2)Includes unfunded commitments measured at fair value. (3)Transfers out (if any) of Level 3 are due to an increase in the quantity and reliability of broker quotes obtained and transfers into (if any) Level 3 are due to a decrease in the quantity and reliability of broker quotes obtained as assessed by the Adviser. Transfers are assumed to have occurred at the end of the period. There were no transfers between Level 1 and Level 2 fair value measurements during the periods shown.
|
| Schedule of Unobservable Inputs Used in Fair Value Measurements of Level 3 Investments |
The following tables summarize the significant unobservable inputs the Company used to value its investments categorized within Level 3 as of June 30, 2026 and December 31, 2025. In addition to the techniques and inputs noted in the tables below, according to our valuation policy we may also use other valuation techniques and methodologies when determining our fair value measurements. The below tables are not intended to be all-inclusive, but rather provide information on the significant unobservable inputs as they relate to the Company’s determination of fair values. The unobservable inputs used in the fair value measurement of our Level 3 investments as of June 30, 2026 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quantitative Information about Level 3 Fair Value Measurements |
Asset Category |
|
Fair Value |
|
Valuation
Techniques/
Methodologies |
|
Unobservable
Input |
|
Range |
|
Weighted
Average (1) |
First Lien Secured Debt |
|
$ |
28,521 |
|
Transactional Value |
|
Cost |
|
N/A |
- |
N/A |
|
N/A |
|
|
|
574,540 |
|
Yield Analysis |
|
Discount Rate |
|
7.4% |
- |
15.2% |
|
9.5% |
|
|
|
16,721 |
|
Asset Recoverability |
|
Recoverability % |
|
79.5% |
- |
79.5% |
|
79.5% |
Preferred Equity |
|
|
15 |
|
Yield Analysis |
|
Discount Rate |
|
11.6% |
- |
11.6% |
|
11.6% |
Common Equity |
|
|
1,772 |
|
Yield Analysis |
|
Discount Rate |
|
15.1% |
- |
18.9% |
|
16.5% |
Total Level 3 Investments |
|
$ |
621,569 |
|
|
|
|
|
|
|
|
|
|
(1)The weighted average information is generally derived by assigning each disclosed unobservable input a proportionate weight based on the fair value of the related investment. The unobservable inputs used in the fair value measurement of our Level 3 investments as of December 31, 2025 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quantitative Information about Level 3 Fair Value Measurements |
Asset Category |
|
Fair Value |
|
|
Valuation
Techniques/
Methodologies |
|
Unobservable
Input |
|
Range |
|
Weighted
Average (1) |
First Lien Secured Debt |
|
$ |
|
71,024 |
|
|
Transactional Value |
|
Cost |
|
N/A |
- |
N/A |
|
N/A |
|
|
|
|
511,975 |
|
|
Yield Analysis |
|
Discount Rate |
|
6.6% |
- |
11.6% |
|
8.7% |
Preferred Equity |
|
|
|
15 |
|
|
Yield Analysis |
|
Discount Rate |
|
11.6% |
- |
11.6% |
|
11.6% |
Common Equity |
|
|
|
761 |
|
|
Transactional Value |
|
Cost |
|
N/A |
- |
N/A |
|
N/A |
Total Level 3 Investments |
|
$ |
|
583,775 |
|
|
|
|
|
|
|
|
|
|
|
The weighted average information is generally derived by assigning each disclosed unobservable input a proportionate weight based on the fair value of the related investment.
|