v3.26.1
Fair Value Measurement and Disclosures (Tables)
 6 Months Ended
Jun. 30, 2026
Investment Company [Abstract]  
Schedule of the Valuation of the Company's Investments in the Fair Value Hierarchy Levels

The following tables summarize the valuation of the Company’s investments and cash and cash equivalents in the fair value hierarchy levels as of June 30, 2026 and December 31, 2025:

 

June 30, 2026

 

Description

 

Total

 

Level I

 

Level II

 

Level III

 

Investments
Measured at NAV(1)(2)(3)

 

Series I

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in Partnership Investment Vehicle

 

$

475,273

 

$

-

 

$

-

 

$

256,823

 

$

218,450

 

Investments in Loans

 

 

133,103

 

 

-

 

 

-

 

 

133,103

 

 

-

 

Total Investments

 

$

608,376

 

$

-

 

$

-

 

$

389,926

 

$

218,450

 

Foreign Currency Forward Contracts

 

 

1,284

 

 

-

 

 

1,284

 

 

 

 

-

 

Total Derivative Assets(4)

 

$

1,284

 

$

-

 

$

1,284

 

$

-

 

$

-

 

Foreign Currency Forward Contracts

 

 

(168

)

 

-

 

 

(168

)

 

 

 

-

 

Total Derivative Liabilities(4)

 

$

(168

)

$

-

 

$

(168

)

$

-

 

$

-

 

Cash and cash equivalents and foreign currencies at fair value

 

 

49,409

 

 

49,409

 

 

-

 

 

-

 

 

-

 

Total

 

$

658,901

 

$

49,409

 

$

1,116

 

$

389,926

 

$

218,450

 

 

 

 

 

 

 

 

 

 

 

 

 

Series II

 

 

 

 

 

 

 

 

 

 

 

Investments in Partnership Investment Vehicle

 

$

1,166,689

 

$

-

 

$

-

 

$

630,443

 

$

536,246

 

Investments in Loans

 

 

326,732

 

 

-

 

 

-

 

 

326,732

 

 

-

 

Total Investments

 

$

1,493,421

 

$

-

 

$

-

 

$

957,175

 

$

536,246

 

Foreign Currency Forward Contracts

 

 

3,128

 

 

-

 

 

3,128

 

 

 

 

-

 

Total Derivative Assets(4)

 

$

3,128

 

$

-

 

$

3,128

 

$

-

 

$

-

 

Foreign Currency Forward Contracts

 

 

(391

)

 

-

 

 

(391

)

 

 

 

-

 

Total Derivative Liabilities(4)

 

$

(391

)

$

-

 

$

(391

)

$

-

 

$

-

 

Cash and cash equivalents and foreign currencies at fair value

 

 

124,106

 

 

124,106

 

 

-

 

 

-

 

 

-

 

Total

 

$

1,620,264

 

$

124,106

 

$

2,737

 

$

957,175

 

$

536,246

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

Investments in Partnership Investment Vehicle

 

$

1,641,962

 

$

-

 

$

-

 

$

887,266

 

$

754,696

 

Investments in Loans

 

 

459,835

 

 

-

 

 

-

 

 

459,835

 

 

-

 

Total Investments

 

$

2,101,797

 

$

-

 

$

-

 

$

1,347,101

 

$

754,696

 

Foreign Currency Forward Contracts

 

 

4,412

 

 

-

 

 

4,412

 

 

 

 

-

 

Total Derivative Assets(4)

 

$

4,412

 

$

-

 

$

4,412

 

$

-

 

$

-

 

Foreign Currency Forward Contracts

 

 

(559

)

 

-

 

 

(559

)

 

 

 

-

 

Total Derivative Liabilities(4)

 

$

(559

)

$

-

 

$

(559

)

$

-

 

$

-

 

Cash and cash equivalents and foreign currencies at fair value

 

 

173,515

 

 

173,515

 

 

-

 

 

-

 

 

-

 

Total

 

$

2,279,165

 

$

173,515

 

$

3,853

 

$

1,347,101

 

$

754,696

 

 

(1)
Included within certain investments measured at NAV were Level III investments. Series I, Series II, and the Company Level III amounts of these investments were $193,995, $476,213, and $670,208, respectively.
(2)
As of June 30, 2026, Series I, Series II and the Company had unfunded commitments of $18,777, $46,092, and $64,869, respectively, related to investments measured at NAV.
(3)
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 statement of assets and liabilities.
(4)
Refer to Note 4. Derivative Instruments for additional information of derivative assets and derivative liabilities.

 

December 31, 2025

 

Description

 

Total

 

Level I

 

Level II

 

Level III

 

Investments
Measured at NAV(1)(2)

 

Series I

 

 

 

 

 

 

 

 

 

 

 

Investments in Partnership Investment Vehicle

 

$

333,548

 

$

-

 

$

-

 

$

136,428

 

$

197,120

 

Investments in Loans(3)

 

 

134,855

 

 

-

 

 

-

 

 

134,855

 

 

-

 

Total Investments

 

$

468,403

 

$

-

 

$

-

 

$

271,283

 

$

197,120

 

Foreign Currency Forward Contracts

 

 

313

 

 

-

 

 

313

 

 

 

 

-

 

Total Derivative Assets(4)

 

$

313

 

$

-

 

$

313

 

$

-

 

$

-

 

Foreign Currency Forward Contracts

 

 

(332

)

 

-

 

 

(332

)

 

 

 

-

 

Total Derivative Liabilities(4)

 

$

(332

)

$

-

 

$

(332

)

$

-

 

$

-

 

Cash and cash equivalents and foreign currencies at fair value

 

 

58,446

 

 

58,446

 

 

-

 

 

-

 

 

-

 

Total

 

$

526,830

 

$

58,446

 

$

(19

)

$

271,283

 

$

197,120

 

Series II

 

 

 

 

 

 

 

 

 

 

 

Investments in Partnership Investment Vehicle

 

$

788,260

 

$

-

 

$

-

 

$

322,418

 

$

465,842

 

Investments in Loans

 

 

318,700

 

 

-

 

 

-

 

 

318,700

 

 

-

 

Total Investments

 

$

1,106,960

 

$

-

 

$

-

 

$

641,118

 

$

465,842

 

Foreign Currency Forward Contracts

 

 

747

 

 

-

 

 

747

 

 

 

 

-

 

Total Derivative Assets(4)

 

$

747

 

$

-

 

$

747

 

$

-

 

$

-

 

Foreign Currency Forward Contracts

 

 

(857

)

 

-

 

 

(857

)

 

 

 

-

 

Total Derivative Liabilities(4)

 

$

(857

)

$

-

 

$

(857

)

$

-

 

$

-

 

Cash and cash equivalents and foreign currencies at fair value

 

 

140,072

 

 

140,072

 

 

-

 

 

-

 

 

-

 

Total

 

$

1,246,922

 

$

140,072

 

$

(110

)

$

641,118

 

$

465,842

 

Total

 

 

 

 

 

 

 

 

 

 

 

Investments in Partnership Investment Vehicle

 

$

1,121,808

 

$

-

 

$

-

 

$

458,846

 

$

662,962

 

Investments in Loans

 

 

453,555

 

 

-

 

 

-

 

 

453,555

 

 

-

 

Total Investments

 

$

1,575,363

 

$

-

 

$

-

 

$

912,401

 

$

662,962

 

Foreign Currency Forward Contracts

 

 

1,060

 

 

-

 

 

1,060

 

 

 

 

-

 

Total Derivative Assets(4)

 

$

1,060

 

$

-

 

$

1,060

 

$

-

 

$

-

 

Foreign Currency Forward Contracts

 

 

(1,189

)

 

-

 

 

(1,189

)

 

 

 

-

 

Total Derivative Liabilities(4)

 

$

(1,189

)

$

-

 

$

(1,189

)

$

-

 

$

-

 

Cash and cash equivalents and foreign currencies at fair value

 

 

198,518

 

 

198,518

 

 

-

 

 

-

 

 

-

 

Total

 

$

1,773,752

 

$

198,518

 

$

(129

)

$

912,401

 

$

662,962

 

 

(1)
Included within certain investments measured at NAV were Level III investments. Series I, Series II and the Company Level III amounts of these investments were $171,384, $405,023, and $576,407, respectively
(2)
As of December 31, 2025, Series I, Series II and the Company had unfunded commitments of $25,414, $60,058, and $85,472, respectively, related to investments measured at NAV
(3)
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 statement of assets and liabilities.
(4)
Refer to Note 4. Derivative Instruments for additional information of derivative assets and derivative liabilities.
Schedule of Changes in the Fair Value of Our Level III Investment

The following table shows changes in the fair value of our Level III investment during the three and six months ended June 30, 2026.

 

Description

 

Level III Investments

 

 

 

Series I

 

Series II

 

Total

 

Balance as of December 31, 2025

 

$

271,283

 

$

641,118

 

$

912,401

 

Purchases, including capitalized PIK and rebalancing transaction

 

 

65,637

 

 

162,956

 

 

228,593

 

Net change in unrealized appreciation/(depreciation) from investments

 

 

2,979

 

 

6,206

 

 

9,185

 

Sale and syndication

 

 

(33,264

)

 

(79,046

)

 

(112,310

)

Transfers out of Level III

 

 

-

 

 

-

 

 

-

 

Transfers into Level III

 

 

-

 

 

-

 

 

-

 

Balance as of March 31, 2026

 

$

306,635

 

$

731,234

 

$

1,037,869

 

Purchases, including capitalized PIK and rebalancing transaction

 

$

104,466

 

$

280,895

 

$

385,361

 

Net change in unrealized appreciation/(depreciation) from investments

 

 

4,816

 

 

8,817

 

 

13,633

 

Sale and syndication

 

 

(29,546

)

 

(72,497

)

 

(102,043

)

Transfers out of Level III

 

 

-

 

 

-

 

 

-

 

Transfers into Level III(1)

 

 

3,555

 

 

8,726

 

 

12,281

 

Balance as of June 30, 2026

 

$

389,926

 

$

957,175

 

$

1,347,101

 

 

(1) For the three and six months ended June 30, 2026, the transfers into Level III financial assets were primarily due to a change of observability of inputs used in the valuation of such assets.

The following table shows the change in the fair value of our Level III investment during the three and six months ended June 30, 2025:

 

Description

 

Level III Investments

 

 

 

Series I

 

Series II

 

Total

 

Balance as of December 31, 2024

 

$

109,471

 

$

305,614

 

$

415,085

 

Purchases, including capitalized PIK and rebalancing transaction

 

 

67,779

 

 

135,806

 

 

203,585

 

Net change in unrealized appreciation/(depreciation) from investments

 

 

591

 

 

1,505

 

 

2,096

 

Sale and syndication

 

 

(71

)

 

(177

)

 

(248

)

Transfers out of Level III

 

 

-

 

 

-

 

 

-

 

Transfers into Level III

 

 

-

 

 

-

 

 

-

 

Balance as of March 31, 2025

 

$

177,770

 

$

442,748

 

$

620,518

 

Purchases, including capitalized PIK and rebalancing transaction

 

$

24,525

 

$

40,366

 

$

64,891

 

Net change in unrealized appreciation/(depreciation) from investments

 

 

(1,657

)

 

(5,864

)

 

(7,521

)

Sale and syndication

 

 

(37,874

)

 

(91,890

)

 

(129,764

)

Transfers out of Level III

 

 

-

 

 

-

 

 

-

 

Transfers into Level III

 

 

-

 

 

-

 

 

-

 

Balance as of June 30, 2025

 

$

162,764

 

$

385,360

 

$

548,124

 
Schedule of Quantitative Measure Used to Determine the Fair Values of the Level III Investments

The following tables provide quantitative measure used to determine the fair values of the Level III investments as of June 30, 2026 and December 31, 2025:

 

June 30, 2026

Asset Type

 

Level III Fair Value

 

Valuation Technique

Unobservable Input

Input

Series I

 

 

 

 

 

 

Investments in Partnership Investment Vehicle

 

$

256,823

 

Discounted Cash Flow

Discount Rate

9.40% - 19.70%

 

 

 

 

 

Securitization Rate

4.00%

 

 

 

 

 

Terminal Multiple

8.5x - 14.3x

 

 

 

 

 

Exit Cap Rate

6.50x - 7.50x

 

 

 

 

Transaction Price

N/A

N/A

Investments in Loans

 

$

133,103

 

Discounted Cash Flow

Discount Rate

6.20% - 18.10%

 

 

 

 

Transaction Price

N/A

N/A

Total

 

$

389,926

 

 

 

 

 

 

 

 

 

 

 

Series II

 

 

 

 

 

 

Investments in Partnership Investment Vehicle

 

$

630,443

 

Discounted Cash Flow

Discount Rate

9.40% - 19.70%

 

 

 

 

 

Securitization Rate

4.00%

 

 

 

 

 

Terminal Multiple

8.5x - 14.3x

 

 

 

 

 

Exit Cap Rate

6.50x - 7.50x

 

 

 

 

Transaction Price

N/A

N/A

Investments in Loans

 

$

326,732

 

Discounted Cash Flow

Discount Rate

6.20% - 18.10%

 

 

 

 

Transaction Price

N/A

N/A

Total

 

$

957,175

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

Investments in Partnership Investment Vehicle

 

$

887,266

 

Discounted Cash Flow

Discount Rate

9.40% - 19.70%

 

 

 

 

 

Securitization Rate

4.00%

 

 

 

 

 

Terminal Multiple

8.5x - 14.3x

 

 

 

 

 

Exit Cap Rate

6.50x - 7.50x

 

 

 

 

Transaction Price

N/A

N/A

Investments in Loans

 

$

459,835

 

Discounted Cash Flow

Discount Rate

6.20% - 18.10%

 

 

 

 

Transaction Price

N/A

N/A

Total

 

$

1,347,101

 

 

 

 

 

 

December 31, 2025

Asset Type

 

Level III Fair Value

 

Valuation Technique

Unobservable Input

Input

Series I

 

 

 

 

 

 

Investments in Partnership Investment Vehicle

 

$

136,428

 

Discounted Cash Flow

Discount Rate

7.77% - 15.14%

 

 

 

 

 

Terminal Multiple

8.5x - 14.3x

 

 

 

 

 

Exit Cap Rate

6.5x - 7.5x

 

 

 

 

Transaction Price

N/A

N/A

Investments in Loans

 

$

134,855

 

Discounted Cash Flow

Discount Rate

5.68% - 18.10%

 

 

 

 

Transaction Price

N/A

N/A

Total

 

$

271,283

 

 

 

 

 

 

 

 

 

 

 

Series II

 

 

 

 

 

 

Investments in Partnership Investment Vehicle

 

$

322,418

 

Discounted Cash Flow

Discount Rate

7.77% - 15.14%

 

 

 

 

 

Terminal Multiple

8.5x - 14.3x

 

 

 

 

 

Exit Cap Rate

6.5x - 7.5x

 

 

 

 

Transaction Price

N/A

N/A

Investments in Loans

 

$

318,700

 

Discounted Cash Flow

Discount Rate

5.68% - 18.10%

 

 

 

 

Transaction Price

N/A

N/A

Total

 

$

641,118

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

Investments in Partnership Investment Vehicle

 

$

458,846

 

Discounted Cash Flow

Discount Rate

7.77% - 15.14%

 

 

 

 

 

Terminal Multiple

8.5x - 14.3x

 

 

 

 

 

Exit Cap Rate

6.5x - 7.5x

 

 

 

 

Transaction Price

N/A

N/A

Investments in Loans

 

$

453,555

 

Discounted Cash Flow

Discount Rate

5.68% - 18.10%

 

 

 

 

Transaction Price

N/A

N/A

Total

 

$

912,401

 

 

 

 
Summary of Financial Information of the Applicable Significant Subsidiaries

The following table presents summarized financial information of the applicable significant subsidiaries in which the Company, Series I, and Series II has an indirect equity interest for the six months ended June 30, 2026:

 

 

For the six months ended June 30, 2026

 

For the six months ended June 30, 2025(1)

 

Total Revenue

$

 

242,239

 

$

 

-

 

Gross profit

 

 

242,239

 

 

 

-

 

Income (loss) before taxes

 

 

242,239

 

 

 

-

 

Net income (loss)

 

 

242,239

 

 

 

-

 

 

(1) Comparative period disclosure has not been presented as Series I, Series II and the Company acquired equity interest in the applicable significant subsidiary after June 30, 2025.