| Schedule of Portfolio Investments by Level in the Fair Value Hierarchy |
The following tables present the fair value hierarchy of investments and cash equivalents:
| | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | Level 1 | | Level 2 | | Level 3 | | Total | | First lien debt | $ | — | | | $ | 255,044 | | | $ | 1,517,444 | | | $ | 1,772,488 | | | Second lien debt | — | | | — | | | 10,045 | | | 10,045 | | | Other secured debt | — | | | — | | | 79,396 | | | 79,396 | | | Unsecured debt | — | | | 28,606 | | | 27,552 | | | 56,158 | | | Structured finance investments | — | | | — | | | 39,466 | | | 39,466 | | | Preferred equity | — | | | — | | | 262,887 | | | 262,887 | | | Other equity investments | — | | | 24 | | | 50,544 | | | 50,568 | | | Total Investments | $ | — | | | $ | 283,674 | | | $ | 1,987,334 | | | $ | 2,271,008 | | | Cash equivalents | $ | 28,812 | | | $ | — | | | $ | — | | | $ | 28,812 | |
| | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Level 1 | | Level 2 | | Level 3 | | Total | | First lien debt | $ | — | | | $ | 313,595 | | | $ | 1,481,458 | | | $ | 1,795,053 | | | Second lien debt | — | | | — | | | 7,906 | | | 7,906 | | | Other secured debt | — | | | — | | | 64,380 | | | 64,380 | | | Unsecured debt | — | | | — | | | 48,111 | | | 48,111 | | | Structured finance investments | — | | | — | | | 17,206 | | | 17,206 | | | Preferred equity | — | | | — | | | 196,010 | | | 196,010 | | | Other equity investments | — | | | 21 | | | 49,134 | | | 49,155 | | | Total Investments | $ | — | | | $ | 313,616 | | | $ | 1,864,205 | | | $ | 2,177,821 | | | Cash equivalents | $ | 9,700 | | | $ | — | | | $ | — | | | $ | 9,700 | |
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| Schedule of Changes in Level 3 Portfolio Investments |
The following tables present the change in the fair value of investments for which Level 3 inputs were used to determine fair value:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2026 | | First Lien Debt | | Second Lien Debt | | Other Secured Debt | | Unsecured Debt | | Structured Finance Investments | | Preferred Equity | | Other Equity Investments | | Total Investments | | Fair value, beginning of period | $ | 1,492,185 | | | $ | 7,982 | | | $ | 74,116 | | | $ | 48,633 | | | $ | 18,944 | | | $ | 246,909 | | | $ | 49,636 | | | $ | 1,938,405 | | Purchases of investments(1) | 63,777 | | | 2,092 | | | 7,312 | | | 6,949 | | | 19,140 | | | 4,490 | | | 412 | | | 104,172 | | | Principal repayments and sales of investments | (23,348) | | | — | | | (1,997) | | | — | | | — | | | (161) | | | (177) | | | (25,683) | | | Accretion of discount/amortization of premium | 2,097 | | | 6 | | | 131 | | | 13 | | | — | | | — | | | — | | | 2,247 | | | Net realized gain (loss) | 449 | | | — | | | — | | | — | | | — | | | — | | | 64 | | | 513 | | | Net change in unrealized appreciation (depreciation) | (12,312) | | | (35) | | | (166) | | | (48) | | | 1,382 | | | 9,427 | | | 609 | | | (1,143) | | Transfers in(2) | — | | | — | | | — | | | — | | | — | | | 2,222 | | | — | | | 2,222 | | Transfers out(2) | (5,404) | | | — | | | — | | | (27,995) | | | — | | | — | | | — | | | (33,399) | | | Fair value, end of period | $ | 1,517,444 | | | $ | 10,045 | | | $ | 79,396 | | | $ | 27,552 | | | $ | 39,466 | | | $ | 262,887 | | | $ | 50,544 | | | $ | 1,987,334 | | Net change in unrealized appreciation (depreciation) related to financial instruments still held as of June 30, 2026 | $ | (11,800) | | | $ | (35) | | | $ | (166) | | | $ | (48) | | | $ | 1,382 | | | $ | 9,426 | | | $ | 609 | | | $ | (632) | |
(1)Purchases include PIK interest and PIK dividends, if applicable. (2)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the three months ended June 30, 2026, transfers out of level 3 of $(31.2) million were due to an increase in the number of market quotations and/or an increase in the reliability of market quotations obtained by the Adviser. For the three months ended June 30, 2026, transfers between investment types were $2.2 million.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2026 | | First Lien Debt | | Second Lien Debt | | Other Secured Debt | | Unsecured Debt | | Structured Finance Investments | | Preferred Equity | | Other Equity Investments | | Total Investments | | Fair value, beginning of period | $ | 1,481,458 | | | $ | 7,906 | | | $ | 64,380 | | | $ | 48,111 | | | $ | 17,206 | | | $ | 196,010 | | | $ | 49,134 | | | $ | 1,864,205 | | Purchases of investments(1) | 172,725 | | | 2,188 | | | 33,655 | | | 7,618 | | | 20,949 | | | 51,352 | | | 679 | | | 289,166 | | | Principal repayments and sales of investments | (112,687) | | | — | | | (19,802) | | | — | | | — | | | (2,063) | | | (177) | | | (134,729) | | | Accretion of discount/amortization of premium | 5,029 | | | 11 | | | 340 | | | 25 | | | — | | | — | | | — | | | 5,405 | | | Net realized gain (loss) | 1,510 | | | — | | | 824 | | | — | | | — | | | 210 | | | 64 | | | 2,608 | | | Net change in unrealized appreciation (depreciation) | (25,780) | | | (60) | | | (908) | | | (40) | | | 1,311 | | | 15,156 | | | 844 | | | (9,477) | | Transfers in(2) | 891 | | | — | | | 907 | | | — | | | — | | | 2,222 | | | — | | | 4,020 | | Transfers out(2) | (5,702) | | | — | | | — | | | (28,162) | | | — | | | — | | | — | | | (33,864) | | | Fair value, end of period | $ | 1,517,444 | | | $ | 10,045 | | | $ | 79,396 | | | $ | 27,552 | | | $ | 39,466 | | | $ | 262,887 | | | $ | 50,544 | | | $ | 1,987,334 | | Net change in unrealized appreciation (depreciation) related to financial instruments still held as of June 30, 2026 | $ | (23,886) | | | $ | (60) | | | $ | (542) | | | $ | (40) | | | $ | 1,311 | | | $ | 15,165 | | | $ | 844 | | | $ | (7,208) | |
(1)Purchases include PIK interest and PIK dividends, if applicable. (2)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the six months ended June 30, 2026, transfers out of level 3 of $(30.7) million, were due to an increase in the number of market quotations and/or an increase in the reliability of market quotations obtained by the Adviser. For the six months ended June 30, 2026, transfers into level 3 of $0.9 million were due to a decrease in the number of market quotations and/or a decrease in the reliability of market quotations obtained by the Adviser. For the six months ended June 30, 2026, transfers between investment types were $3.1 million. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2025 | | First Lien Debt | | Second Lien Debt | | Other Secured Debt | | Unsecured Debt | | Structured Finance Investments | | Preferred Equity | | Other Equity Investments | | Total Investments | | Fair value, beginning of period | $ | 1,004,807 | | | $ | 4,314 | | | $ | 18,307 | | | $ | 17,971 | | | $ | — | | | $ | 31,187 | | | $ | 47,153 | | | $ | 1,123,739 | | Purchases of investments(1) | 168,535 | | | 59 | | | 307 | | | 609 | | | 83 | | | 89,630 | | | 287 | | | 259,510 | | | Principal repayments and sales of investments | (55,426) | | | — | | | (1,667) | | | — | | | — | | | — | | | (4,994) | | | (62,087) | | | Accretion of discount/amortization of premium | 1,575 | | | 3 | | | 48 | | | 13 | | | — | | | 2 | | | — | | | 1,641 | | | Net realized gain (loss) | (228) | | | — | | | — | | | — | | | — | | | — | | | — | | | (228) | | | Net change in unrealized appreciation (depreciation) | 3,785 | | | (3) | | | (45) | | | (322) | | | — | | | 3,207 | | | 550 | | | 7,172 | | Transfers in(2) | 1,554 | | | — | | | — | | | — | | | — | | | — | | | — | | | 1,554 | | Transfers out(2) | (613) | | | — | | | — | | | — | | | — | | | — | | | (36) | | | (649) | | | Fair value, end of period | $ | 1,123,989 | | | $ | 4,373 | | | $ | 16,950 | | | $ | 18,271 | | | $ | 83 | | | $ | 124,026 | | | $ | 42,960 | | | $ | 1,330,652 | | Net change in unrealized appreciation (depreciation) related to financial instruments still held as of June 30, 2025 | $ | 4,443 | | | $ | (3) | | | $ | (45) | | | $ | (322) | | | $ | — | | | $ | 3,207 | | | $ | 550 | | | $ | 7,830 | |
(1)Purchases include PIK interest, if applicable. (2)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the three months ended June 30, 2025, transfers into or out of Level 3 were primarily due to decreased or increased price transparency, respectively.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2025 | | First Lien Debt | | Second Lien Debt | | Other Secured Debt | | Unsecured Debt | | Structured Finance Investments | | Preferred Equity | | Other Equity Investments | | Total Investments | | Fair value, beginning of period | $ | 701,826 | | | $ | 5,329 | | | $ | 17,960 | | | $ | 17,385 | | | $ | — | | | $ | 28,588 | | | $ | 45,225 | | | $ | 816,313 | | Purchases of investments(1) | 475,625 | | | 115 | | | 2,253 | | | 1,192 | | | 83 | | | 90,375 | | | 299 | | | 569,942 | | | Principal repayments and sales of investments | (61,665) | | | — | | | (3,333) | | | — | | | — | | | — | | | (4,994) | | | (69,992) | | | Accretion of discount/amortization of premium | 2,689 | | | 6 | | | 99 | | | 25 | | | — | | | 4 | | | — | | | 2,823 | | | Net realized gain (loss) | (227) | | | — | | | — | | | — | | | — | | | — | | | — | | | (227) | | | Net change in unrealized appreciation (depreciation) | 4,666 | | | (2) | | | (29) | | | (331) | | | — | | | 5,059 | | | 2,465 | | | 11,828 | | Transfers in(2) | 1,075 | | | — | | | — | | | — | | | — | | | — | | | — | | | 1,075 | | Transfers out(2) | — | | | (1,075) | | | — | | | — | | | — | | | — | | | (35) | | | (1,110) | | | Fair value, end of period | $ | 1,123,989 | | | $ | 4,373 | | | $ | 16,950 | | | $ | 18,271 | | | $ | 83 | | | $ | 124,026 | | | $ | 42,960 | | | $ | 1,330,652 | | Net change in unrealized appreciation (depreciation) related to financial instruments still held as of June 30, 2025 | $ | 5,001 | | | $ | (2) | | | $ | (29) | | | $ | (331) | | | $ | — | | | $ | 5,059 | | | $ | 2,465 | | | $ | 12,163 | |
(1)Purchases include PIK interest, if applicable. (2)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the six months ended June 30, 2025, transfers into or out of Level 3 were primarily due to decreased or increased price transparency, respectively.
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| Schedule of Fair Value Measurement Inputs and Valuation Techniques |
The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments. The tables are not intended to be all-inclusive but instead captures the significant unobservable inputs relevant to the Company’s determination of fair value.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | Fair Value(1) | | Valuation Technique | | Unobservable Input | | Range | | Weighted Average(2) | | Impact to Valuation from an Increase in Input | | | | | Low | | High | | | | Investments in first lien debt | $ | 1,332,471 | | | Yield analysis | | Discount rate | | 6.09 | % | | 25.82 | % | | 11.26 | % | | Decrease | | 11,738 | | | Discounted cash flow | | Discount rate | | 5.39 | % | | 20.00 | % | | 12.01 | % | | Decrease | | | | | | Exit multiple | | 6.45x | | 8.75x | | 7.40x | | Increase | | 11,857 | | | Recovery analysis | | Recovery rate | | 86.82 | % | | 99.23 | % | | 89.30 | % | | Increase | | Investments in second lien debt | 10,046 | | | Yield analysis | | Discount rate | | 13.66 | % | | 16.48 | % | | 14.69 | % | | Decrease | | Investments in other secured debt | 66,698 | | | Yield analysis | | Discount rate | | 10.36 | % | | 14.85 | % | | 10.87 | % | | Decrease | | Investments in unsecured debt | 21,302 | | | Yield analysis | | Discount rate | | 13.04 | % | | 13.04 | % | | 13.04 | % | | Decrease | | Investments in structured finance investments | 12,631 | | | Yield analysis | | Discount rate | | 6.35 | % | | 12.42 | % | | 10.74 | % | | Decrease | | 5,528 | | | Estimated Net Asset Value | | Net Asset Value | | 138.19 | % | | 138.19 | % | | 138.19 | % | | Increase | | Investments in preferred equity | 258,169 | | | Yield analysis | | Discount rate | | 6.57 | % | | 20.43 | % | | 13.03 | % | | Decrease | | 187 | | | Discounted cash flow | | Discount rate | | 20.00 | % | | 20.00 | % | | 20.00 | % | | Decrease | | | | | | Exit multiple | | 8.75x | | 8.75x | | 8.75x | | Increase | | Investments in other equity | 34,055 | | | Yield analysis | | Discount rate | | 8.00 | % | | 10.00 | % | | 9.34 | % | | Decrease | | 15,226 | | | Discounted cash flow | | Discount rate | | 7.33 | % | | 10.50 | % | | 7.33 | % | | Decrease | | | | | | Exit multiple | | 5.82x | | 6.62x | | 5.82x | | Increase |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Fair Value(1) | | Valuation Technique | | Unobservable Input | | Range | | Weighted Average(2) | | Impact to Valuation from an Increase in Input | | | | | Low | | High | | | | Investments in first lien debt | $ | 1,183,807 | | | Yield analysis | | Discount rate | | 6.06 | % | | 26.10 | % | | 10.89 | % | | Decrease | | 11,819 | | | Discounted cash flow | | Discount rate | | 5.66 | % | | 20.00 | % | | 11.82 | % | | Decrease | | | | | | Exit multiple | | 6.43x | | 8.75x | | 7.34x | | Increase | | Investments in second lien debt | 4,961 | | | Yield analysis | | Discount rate | | 15.25 | % | | 16.24 | % | | 15.58 | % | | Decrease | | Investments in other secured debt | 31,310 | | | Yield analysis | | Discount rate | | 10.63 | % | | 15.91 | % | | 11.71 | % | | Decrease | | Investments in unsecured debt | 48,111 | | | Yield analysis | | Discount rate | | 12.78 | % | | 13.04 | % | | 12.89 | % | | Decrease | | Investments in structured finance investments | 8,626 | | | Yield analysis | | Discount rate | | 6.23 | % | | 12.24 | % | | 10.35 | % | | Decrease | | Investments in preferred equity | 164,724 | | | Yield analysis | | Discount rate | | 6.80 | % | | 24.23 | % | | 11.07 | % | | Decrease | | 1,980 | | | Discounted cash flow | | Discount rate | | 20.00 | % | | 20.00 | % | | 20.00 | % | | Decrease | | | | | | Exit multiple | | 8.75x | | 8.75x | | 8.75x | | Increase | | Investments in other equity | 32,580 | | | Yield analysis | | Discount rate | | 8.00 | % | | 10.00 | % | | 9.33 | % | | Decrease | | 15,634 | | | Discounted cash flow | | Discount rate | | 7.31 | % | | 7.31 | % | | 7.31 | % | | Decrease | | | | | | Exit multiple | | 5.55x | | 5.55x | | 5.55x | | Increase |
(1)As of June 30, 2026, included within the fair value of Level 3 assets of $1,987,334 is an amount of $207,426 for which the Adviser did not develop the unobservable inputs (examples include third-party pricing and transaction prices). As of December 31, 2025, included within the fair value of Level 3 assets of $1,864,205 is an amount of $360,653 for which the Adviser did not develop the unobservable inputs (examples include third-party pricing and transaction prices). (2)Weighted averages are calculated based on fair value of investments.
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