The Fund follows guidance in ASC 820, Fair Value Measurement (“ASC 820”), where fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are determined within a framework that establishes a three-tier hierarchy which maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities.

In accordance with ASC 820, these inputs are summarized into the following hierarchy:

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given financial instrument is based on the lowest level of input that is significant to the fair value measurement. The Adviser’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument.

This includes investment securities that are valued using “bid” and “ask” prices obtained from independent third party pricing services or directly from brokers (described in further detail below). Classifying securities as Level 3 is based on reviewing ASC 820-10-35 (formerly FSP No. 157-3, issued on October 10, 2008). As quotes received from independent third party pricing services or directly from brokers are generally indicative and not binding, and may also not be based on actual transactions, these inputs typically do not qualify as Level 2 inputs and therefore, in most cases, will be considered Level 3 inputs.

Under ASC 820, the fair value measurement also assumes that the transaction to sell an asset occurs in the principal market for the asset or, in the absence of a principal market, the most advantageous market for the asset, which may be a hypothetical market, and excludes transaction costs. The principal market for any asset is the market with the greatest volume and level of activity for such asset in which the reporting entity would or could sell or transfer the asset. In determining the principal market for an asset or liability under ASC 820, it is assumed that the reporting entity has access to such market as of the measurement date. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable and willing and able to transact.

The Adviser determines fair value to be the price that would be received for an investment in a current sale, which assumes an orderly market is available for the market participants at the measurement date. When available, the Adviser bases the fair value of a large portion of the Fund’s investments on directly observable market prices or on market data derived from comparable assets. The Adviser’s valuation policy considers the fact that no ready market exists for many of the securities in which the Fund invests and that fair value for the Fund’s investments must be determined using unobservable inputs. The Adviser’s valuation policy is intended to provide a consistent basis for determining the fair value of the Fund’s portfolio.

Inputs used to measure the fair value of an investment reflect management’s best estimate of assumptions that would be used by market participants in pricing such investment in a hypothetical transaction. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Fund’s investments may differ from the values that would have been used had a ready market existed for such investments and may differ materially from the values that the Fund may ultimately realize upon the sale or liquidation of such investments.

As of June 30, 2026, $980,877,202 of the Fund’s investments were valued using unobservable inputs, and $146,628,454 were valued using observable inputs. During the six months ended June 30, 2026, $67,209,816 and $28,131,418 transferred into and out of Level 3, respectively.

As of December 31, 2025, $863,695,606 of the Fund’s investments were valued using unobservable inputs, and $86,128,835 of the Fund's investments were valued using observable inputs.

The following tables present the Fund’s investments carried at fair value as of June 30, 2026 and December 31, 2025, by caption on the Fund’s accompanying Consolidated Statements of Assets and Liabilities and by security type.


	Fair Value of Assets as of June 30, 2026
Assets	Level 1		Level 2		Level 3		Total
Unitranche Debt	$	—	$	10,991,327	$	570,156,724	$	581,148,051
First Lien Debt		—		135,637,127		350,028,614		485,665,741
Equity and Preferred Shares		—		—		60,691,864		60,691,864
Total	$	—	$	146,628,454	$	980,877,202	$	1,127,505,656


	Fair Value of Assets as of December 31, 2025
Assets	Level 1		Level 2		Level 3		Total
Unitranche Debt	$	—	$	21,320,806	$	567,732,131	$	589,052,937
First Lien Debt		—		64,808,029		230,306,745		295,114,774
Second Lien Debt		—		—		5,141,793		5,141,793
Equity and Preferred Shares		—		—		60,514,937		60,514,937
Total	$	—	$	86,128,835	$	863,695,606	$	949,824,441

In accordance with ASC 820, the following table provides quantitative information about the Level 3 fair value measurements of the Fund’s investments as of June 30, 2026.

         June 30, 2026

          
         Fair Value

         Valuation Approach

         Unobservable Inputs (1)

         Range

         Weighted
Average(3)

Unitranche Debt

392,483,136

Analysis of trend in leverage

Maturity Modified Market Yield(2)

4.82% - 8.40%

7.20%

Unitranche Debt

11,057,757

Total Enterprise Value

EBITDA Multiple

9.00x

9.00x

Unitranche Debt

142,460,568

Matrix Pricing

Senior Leverage

2.71x - 7.75x

5.58x

          
         Total Leverage

         2.71x - 8.24x

         5.68x

          
         Interest Coverage

         1.39x - 4.14x

         1.89x

          
         Debt Service Coverage

         1.14x - 2.32x

         1.50x

          
         TEV Coverage

         1.54x - 4.27x

         2.27x

          
         Liquidity

         81.66% - 201.58%

         130.00%

          
         Spread Comparison

         425bps - 600bps

         505bps

First Lien Debt

118,653,118

Analysis of trend in leverage

Maturity Modified Market Yield(2)

5.16% - 9.66%

6.85%

First Lien Debt

17,263,099

Total Enterprise Value

EBITDA Multiple

1.45x - 9.50x

8.43

First Lien Debt

199,154,167

Matrix Pricing

Senior Leverage

0.92x - 6.52x

4.29x

          
         Total Leverage

         1.00x - 9.68x

         4.67x

          
         Interest Coverage

         1.34x - 4.93x

         2.33x

          
         Debt Service Coverage

         1.06x - 3.83x

         1.83x

          
         TEV Coverage

         1.63x - 11.99x

         3.11x

          
         Liquidity

         23.43% - 639.06%

         146.80%

          
         Spread Comparison

         325bps - 575bps

         478bps

Equity and Preferred Shares

59,984,365

Total Enterprise Value

EBITDA Multiple

1.45x - 19.00x

13.67x

941,056,210

(1)

For any portfolio company, the unobservable input “Liquidity” is a fraction, expressed as a percentage, the numerator of which is the sum of the company's undrawn revolving credit facility capacity plus cash, and the denominator of which is the total amount that may be borrowed under the company's revolving credit facility. The unobservable input “Spread Comparison” is a comparison of the spread over the referenced rate for each investment to the spread over the referenced rate for general leveraged loan transactions.

(2)

Maturity Modified Market Yield is calculated based on the Market Yield of the security relative to its actual coupon and maturity date. The Market Yield is modified 75 basis points for every 1x delta in actual leverage versus market leverage of that issuer.

(3)

Inputs are weighted based on the fair value of the investments included in the range.

The table does not include $39,820,992 of other investments, which are valued at the purchase price.

In accordance with ASC 820, the following table provides quantitative information about the Level 3 fair value measurements of the Fund’s investments as of December 31, 2025.

         December 31, 2025

        

          
         Fair Value

         Valuation Approach

         Unobservable Inputs (1)

         Range

         Weighted
Average(3)

Unitranche Debt

433,333,738

Analysis of trend in leverage

Maturity Modified Market Yield(2)

5.15% - 8.65%

7.12%

Unitranche Debt

26,151,725

Total Enterprise Value

EBITDA Multiple

8.75x - 10.50x

9.09x

Unitranche Debt

70,308,389

Matrix Pricing

Senior Leverage

3.87x - 6.58x

5.63x

          
         Total Leverage

         3.87x - 6.63x

         5.69x

          
         Interest Coverage

         1.39x - 2.27x

         1.72x

          
         Debt Service Coverage

         1.01x - 1.69x

         1.37x

          
         TEV Coverage

         1.60x - 2.46x

         1.90x

          
         Liquidity

         100.00% - 175.83%

         116.29%

          
         Spread Comparison

         400bps - 600bps

         504bps

First Lien Debt

82,960,396

Analysis of trend in leverage

Maturity Modified Market Yield(2)

5.97% - 8.55%

7.10%

First Lien Debt

11,353,306

Total Enterprise Value

EBITDA Multiple

6.00x - 9.00x

6.52x

First Lien Debt

119,448,975

Matrix Pricing

Senior Leverage

2.43x - 6.50x

4.36x

          
         Total Leverage

         2.43x - 6.50x

         4.44x

          
         Interest Coverage

         1.17x - 4.68x

         2.30x

          
         Debt Service Coverage

         1.06x - 3.42x

         1.76x

          
         TEV Coverage

         2.00x - 5.75x

         2.93x

          
         Liquidity

         1.13% - 227.00%

         110.67%

          
         Spread Comparison

         375bps - 550bps

         478bps

Second Lien Debt

5,141,793

Total Enterprise Value

EBITDA Multiple

10.5x

10.5x

Equity and Preferred Shares

59,650,906

Total Enterprise Value

EBITDA Multiple

6.00x - 19.50x

14.19x

808,349,228

(1)

(2)

(3)

Inputs are weighted based on the fair value of the investments included in the range.

The table does not include $55,346,378 of other investments, which are valued at the purchase price.

Fair value measurements can be sensitive to changes in one or more of the valuation inputs. Changes in market yields, discounts rates, leverage, or EBITDA multiples, each in isolation, may change the fair value of certain of the Fund’s investments. Generally, an increase or decrease in market yields, discount rates or leverage or a decrease in EBITDA or EBITDA multiples may result in a corresponding decrease or increase, respectively, in the fair value of certain of the Fund’s investments.

The following tables provide the changes in fair value, broken out by security type, during the three and six months ended June 30, 2026 and 2025 for all investments for which the Fund determines fair value using unobservable (Level 3) factors.


Three Months Ended June 30, 2026	Unitranche Debt			First Lien Debt			Equity and Preferred Shares			Total
Fair Value as of March 31, 2026	$	563,475,956		$	283,064,225		$	59,293,078		$	905,833,259
Transfers into Level 3		38,511,059			28,698,757			—			67,209,816
Transfers out of Level 3		(15,097,875	)		(13,033,543	)		—			(28,131,418	)
Reclassification of investment types(d)		(24,659,310	)		24,659,310			—			—
Net realized gain (loss)(a)		5,656			(10,991	)		2,291			(3,044	)
Net unrealized (depreciation) appreciation(b)		(1,106,801	)		(2,961,865	)		652,220			(3,416,446	)
New investments, repayments and settlements:(c)
Purchase of investments		26,748,850			36,071,871			746,566			63,567,287
Proceeds from disposition and repayments of investments		(17,951,842	)		(6,764,460	)		(2,291	)		(24,718,593	)
Net amortization of premiums, PIK, discounts and fees		231,031			305,310			—			536,341
Fair Value as of June 30, 2026	$	570,156,724		$	350,028,614		$	60,691,864		$	980,877,202

(a)

Included in net realized gain on the accompanying Consolidated Statements of Operations for the three months ended June 30, 2026.

(b)

Included in net change in unrealized depreciation on the accompanying Consolidated Statements of Operations for the three months ended June 30, 2026.

(c)

Included increases in the cost basis of investments resulting from portfolio investments, the amortization of discounts, and PIK, as well as decreases in the cost basis of investments resulting from principal repayments or sales, amortization of premiums and acquisition costs and other cost-basis adjustments.

(d)

As part of an enhancement to the Adviser's investment classification policy, certain portfolio company investments were reclassified during the year based on refined criteria used to evaluate investment type.


Six Months Ended June 30, 2026	Unitranche Debt			First Lien Debt			Second Lien Debt			Equity and Preferred Shares			Total
Fair Value as of December 31, 2025	$	567,732,131		$	230,306,745		$	5,141,793		$	60,514,937		$	863,695,606
Transfers into Level 3		17,688,188			43,222,548			—			—			60,910,736
Transfers out of Level 3		(15,097,875	)		(10,428,550	)		—			—			(25,526,425	)
Reclassification of investment types(d)		(35,873,259	)		41,015,052			(5,141,793	)		—			—
Net realized gain(a)		9,772			48,313			—			2,291			60,376
Net unrealized (depreciation) appreciation(b)		(798,367	)		(9,010,149	)		—			(906,230	)		(10,714,746	)
New investments, repayments and settlements:(c)
Purchase of investments		70,412,844			86,009,387			—			1,083,157			157,505,388
Proceeds from disposition and repayments of investments		(34,431,241	)		(31,669,292	)		—			(2,291	)		(66,102,824	)
Net amortization of premiums, PIK, discounts and fees		514,531			534,560			—			—			1,049,091
Fair Value as of June 30, 2026	$	570,156,724		$	350,028,614		$	—		$	60,691,864		$	980,877,202

(a)

Included in net realized gain on the accompanying Consolidated Statements of Operations for the six months ended June 30, 2026.

(b)

Included in net change in unrealized depreciation on the accompanying Consolidated Statements of Operations for the six months ended June 30, 2026.

(c)

(d)


Three Months Ended June 30, 2025	Unitranche Debt			First Lien Debt			Second Lien Debt			Equity and Preferred Shares		Total
Fair Value as of March 31, 2025	$	463,137,492		$	86,472,312		$	—		$	48,608,568	$	598,218,372
Reclassification of investment types(d)		—			(7,706,568	)		5,718,231			1,988,337		—
Net realized gain(a)		30,837			(125	)		—			—		30,712
Net unrealized (depreciation) appreciation(b)		(5,560,648	)		1,003,934			(607,539	)		784,035		(4,380,218	)
New investments, repayments and settlements:(c)
Purchase of investments		52,966,481			18,199,381			754,994			40,600		71,961,456
Proceeds from disposition and repayments of investments		(15,318,987	)		(2,940,700	)		(285,983	)		—		(18,545,670	)
Net amortization of premiums, PIK, discounts and fees		115,253			343,731			141,671			—		600,655
Fair Value as of June 30, 2025	$	495,370,428		$	95,371,965		$	5,721,374		$	51,421,540	$	647,885,307

(a)

Included in net realized gain on the accompanying Consolidated Statements of Operations for the three months ended June 30, 2025.

(b)

Included in net change in unrealized depreciation on the accompanying Consolidated Statements of Operations for the three months ended June 30, 2025.

(c)

(d)


Six Months Ended June 30, 2025	Unitranche Debt			First Lien Debt			Second Lien Debt			Equity and Preferred Shares			Total
Fair Value as of December 31, 2024	$	487,531,141		$	112,846,004		$	—		$	50,597,621		$	650,974,766
Reclassification of investment types(d)		—			(7,706,568	)		5,718,231			1,988,337			—
Net realized gain (loss)(a)		24,142			1,284			—			861,781			887,207
Net unrealized (depreciation) appreciation(b)		(9,320,355	)		(357,373	)		(607,539	)		2,159,358			(8,125,909	)
New investments, repayments and settlements:(c)
Purchase of investments		73,232,427			23,693,122			754,994			140,482			97,821,025
Proceeds from disposition and repayments of investments		(56,368,885	)		(34,038,136	)		(285,983	)		(4,326,039	)		(95,019,043	)
Net amortization of premiums, PIK, discounts and fees		271,958			933,632			141,671			—			1,347,261
Fair Value as of June 30, 2025	$	495,370,428		$	95,371,965		$	5,721,374		$	51,421,540		$	647,885,307

(a)

Included in net realized gain on the accompanying Consolidated Statements of Operations for the six months ended June 30, 2025.

(b)

Included in net change in unrealized depreciation on the accompanying Consolidated Statements of Operations for the six months ended June 30, 2025.

(c)

(a)

During the three months ended June 30, 2026, $67,209,816 and $28,131,418 transferred into and out of Level 3, respectively, due to a decrease or increase in observable price inputs in the market for these securities and a corresponding need to utilize unobservable inputs. During the six months ended June 30, 2026, $60,910,736 and $25,526,425 transferred into and out of Level 3, respectively, due to a decrease or increase in observable price inputs in the market for these securities and a corresponding need to utilize unobservable inputs. Transfers between levels, if any, are recognized at the beginning of the quarter in which the transfers occur. Transfers into Level 3 represent situations when the valuation designee believes there is not sufficient market activity to support using a market quote to support fair value. Transfers out of Level 3 represent situations when the valuation designee believes there is sufficient market activity to support using a market quote to support fair value.

There were no Level 3 transfers during the three and six months ended June 30, 2025.

The change in unrealized value attributable to investments still held at June 30, 2026 and 2025 was $(10,853,060) and $(6,931,954), respectively.

The following tables outline the Fund’s investments by security type as of June 30, 2026 and December 31, 2025.


	June 30, 2026
	Cost		Percentage of Total Investments			Fair Value		Percentage of Total Investments
Unitranche Debt	$	588,282,284		51.69	%	$	581,148,051		51.55	%
First Lien Debt		500,945,245		44.01	%		485,665,741		43.07	%
Equity and Preferred Shares		48,963,466		4.30	%		60,691,864		5.38	%
Total Investments	$	1,138,190,995		100.00	%	$	1,127,505,656		100.00	%


	December 31, 2025
	Cost		Percentage of Total Investments			Fair Value		Percentage of Total Investments
Unitranche Debt	$	599,376,770		63.11	%	$	589,052,937		62.02	%
First Lien Debt		295,418,678		31.11	%		295,114,774		31.07	%
Second Lien Debt		6,980,953		0.74	%		5,141,793		0.54	%
Equity and Preferred Shares		47,880,319		5.04	%		60,514,937		6.37	%
Total Investments	$	949,656,720		100.00	%	$	949,824,441		100.00	%

Investments at fair value were included in the following geographic regions of the United States as of June 30, 2026 and December 31, 2025.


	June 30, 2026					December 31, 2025
Geographic Region	Fair Value		Percentage of Total Investments			Fair Value		Percentage of Total Investments
Northeast	$	277,166,097		24.6	%	$	250,549,018		26.4	%
Midwest		191,282,545		17.0	%		158,701,692		16.7	%
Southwest		170,031,870		15.1	%		101,377,719		10.7	%
Southeast		166,178,875		14.7	%		113,616,930		11.9	%
East		120,810,491		10.7	%		113,622,924		12.0	%
West		93,977,669		8.3	%		121,931,251		12.8	%
Canada(1)		36,638,096		3.2	%		23,798,881		2.5	%
Northwest		35,999,230		3.2	%		36,002,045		3.8	%
South		29,810,783		2.7	%		30,223,981		3.2	%
United Kingdom(2)		5,610,000		0.5	%		—		0.0	%
Total Investments	$	1,127,505,656		100.0	%	$	949,824,441		100.0	%

(1)

The company headquarters for Allyant, Klick Health and PayByPhone are located in Canada.

(2)

The company headquarters for Forged Solutions is located in the United Kingdom.

The geographic region indicates the location of the headquarters of the Fund’s portfolio companies. A portfolio company may have a number of other business locations in other geographic regions.

The following table summarizes the contractual principal repayments and maturity of the Fund’s investment portfolio by fiscal year, assuming no voluntary prepayments, as of June 30, 2026:


For the Fiscal Years Ending December 31	Amount
2027	$	79,050,494
2028		149,181,769
2029		126,000,982
2030		215,300,001
2031		216,678,536
Thereafter		319,042,227
Total contractual repayments	$	1,105,254,009
Adjustment to cost basis on debt investments (a)		(16,026,480	)
Total Cost Basis of Debt Investments Held at June 30, 2026:	$	1,089,227,529

(a)

Adjustments to cost basis related to unamortized balance of market discount on investments.

The following table summarizes the contractual principal repayments and maturity of the Fund’s investment portfolio by fiscal year, assuming no voluntary prepayments, as of December 31, 2025:


For the Fiscal Years Ending December 31	Amount
2026	$	70,597,320
2027		89,770,017
2028		146,443,086
2029		94,658,765
2030		190,129,108
Thereafter		323,882,256
Total contractual repayments	$	915,480,552
Adjustment to cost basis on debt investments (a)		(13,704,151	)
Total Cost Basis of Debt Investments Held at December 31, 2025:	$	901,776,401