Fair Value Measurement (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
|---|
| Fair Value Disclosures [Abstract] |
|
| Summarize the valuation of the Fund's investments |
The following table summarizes the valuation of the Fund’s investments as of June 30, 2026:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets* |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Cash Equivalents |
|
|
|
|
|
|
|
|
|
|
|
|
Money Market Funds |
|
$ |
64,436,258 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
64,436,258 |
|
Total Cash Equivalents |
|
$ |
64,436,258 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
64,436,258 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets* |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
1st Lien/Senior Secured Debt |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,885,649,413 |
|
|
$ |
1,885,649,413 |
|
2nd Lien/Junior Secured Debt |
|
|
— |
|
|
|
— |
|
|
|
1,901,860 |
|
|
|
1,901,860 |
|
Preferred Stock |
|
|
— |
|
|
|
— |
|
|
|
7,624,574 |
|
|
|
7,624,574 |
|
Common Stocks and LP Interests |
|
|
395,415 |
|
|
|
54,256 |
|
|
|
7,391,789 |
|
|
|
7,841,460 |
|
Warrants |
|
|
— |
|
|
|
— |
|
|
|
3,141,339 |
|
|
|
3,141,339 |
|
Total |
|
$ |
395,415 |
|
|
$ |
54,256 |
|
|
$ |
1,905,708,975 |
|
|
$ |
1,906,158,646 |
|
Investments valued at NAV as a practical expedient# |
|
|
|
|
|
|
|
|
|
|
|
37,479,170 |
|
Total investments# |
|
$ |
395,415 |
|
|
$ |
54,256 |
|
|
$ |
1,905,708,975 |
|
|
$ |
1,943,637,816 |
|
* See consolidated schedule of investments for industry classifications. # Certain investments that are measured at fair value using NAV have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amount presented in the consolidated statements of assets and liabilities. The following table summarizes the valuation of the Fund’s investments as of December 31, 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets* |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Cash Equivalents |
|
|
|
|
|
|
|
|
|
|
|
|
Money Market Funds |
|
$ |
81,799,316 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
81,799,316 |
|
Total Cash Equivalents |
|
$ |
81,799,316 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
81,799,316 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets* |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
1st Lien/Senior Secured Debt |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,802,229,181 |
|
|
$ |
1,802,229,181 |
|
2nd Lien/Junior Secured Debt |
|
|
— |
|
|
|
— |
|
|
|
2,574,947 |
|
|
|
2,574,947 |
|
Preferred Stock |
|
|
— |
|
|
|
— |
|
|
|
8,128,435 |
|
|
|
8,128,435 |
|
Common Stocks and LP Interests |
|
|
821,553 |
|
|
|
102,698 |
|
|
|
9,632,220 |
|
|
|
10,556,471 |
|
Warrants |
|
|
— |
|
|
|
— |
|
|
|
2,102,100 |
|
|
|
2,102,100 |
|
Total |
|
$ |
821,553 |
|
|
$ |
102,698 |
|
|
$ |
1,824,666,883 |
|
|
$ |
1,825,591,134 |
|
Investments valued at NAV as a practical expedient# |
|
|
|
|
|
|
|
|
|
|
|
35,705,328 |
|
Total investments# |
|
$ |
821,553 |
|
|
$ |
102,698 |
|
|
$ |
1,824,666,883 |
|
|
$ |
1,861,296,462 |
|
* See consolidated schedule of investments for industry classifications. # Certain investments that are measured at fair value using NAV have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amount presented in the consolidated statements of assets and liabilities.
|
| Summarize the reconciliation of Level 3 assets |
The following is a reconciliation of Level 3 Assets for the six months ended June 30, 2026:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1st
Lien/Senior
Secured Debt |
|
|
2nd Lien/
Junior
Secured Debt |
|
|
Preferred
Stock |
|
|
Common Stocks and LP Interests |
|
|
Warrants |
|
|
Total |
|
Balance as of January 1, 2026 |
|
$ |
1,802,229,181 |
|
|
$ |
2,574,947 |
|
|
$ |
8,128,435 |
|
|
$ |
9,632,220 |
|
|
$ |
2,102,100 |
|
|
$ |
1,824,666,883 |
|
Purchases (including PIK) |
|
|
178,034,667 |
|
|
|
— |
|
|
|
— |
|
|
|
(30,298 |
) |
|
|
— |
|
|
|
178,004,369 |
|
Sales and principal payments |
|
|
(72,899,114 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(72,899,114 |
) |
Realized Gain (Loss) |
|
|
39,676 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(46,823 |
) |
|
|
(7,147 |
) |
Net Amortization of
Premium/Discount |
|
|
2,860,607 |
|
|
|
5,532 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,866,139 |
|
Transfers Out |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,436,382 |
) |
|
|
— |
|
|
|
(1,436,382 |
) |
Net Change in Unrealized
Appreciation (Depreciation) |
|
|
(24,615,604 |
) |
|
|
(678,619 |
) |
|
|
(503,861 |
) |
|
|
(773,751 |
) |
|
|
1,086,062 |
|
|
|
(25,485,773 |
) |
Balance as of June 30, 2026 |
|
$ |
1,885,649,413 |
|
|
$ |
1,901,860 |
|
|
$ |
7,624,574 |
|
|
$ |
7,391,789 |
|
|
$ |
3,141,339 |
|
|
$ |
1,905,708,975 |
|
Change in Unrealized
Appreciation (Depreciation)
for Investments Still Held |
|
$ |
(24,632,238 |
) |
|
$ |
(678,620 |
) |
|
$ |
(503,861 |
) |
|
$ |
(773,750 |
) |
|
$ |
1,068,086 |
|
|
|
(25,520,383 |
) |
For the six months ended June 30, 2026, there were no transfers into Level 3. For the six months ended June 30, 2026, there were transfers out of Level 3 of $1,436,382 as these positions are now valued using their net asset values as a practical expedient and therefore are excluded from Levels 1, 2, or 3. The following is a reconciliation of Level 3 Assets for the year ended December 31, 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1st
Lien/Senior
Secured Debt |
|
|
2nd Lien/
Junior
Secured Debt |
|
|
Preferred
Stock |
|
|
Common Stocks and LP Interests |
|
|
Warrants |
|
|
Total |
|
Balance as of January 1, 2025 |
|
$ |
1,582,307,975 |
|
|
$ |
2,825,397 |
|
|
$ |
8,028,728 |
|
|
$ |
10,996,373 |
|
|
$ |
1,703,357 |
|
|
$ |
1,605,861,830 |
|
Purchases (including PIK) |
|
|
525,816,354 |
|
|
— |
|
|
|
442,239 |
|
|
|
2,209,112 |
|
|
— |
|
|
|
528,467,705 |
|
Sales and principal payments |
|
|
(304,780,076 |
) |
|
— |
|
|
|
(1,575,208 |
) |
|
|
(5,352,470 |
) |
|
— |
|
|
|
(311,707,754 |
) |
Realized Gain (Loss) |
|
|
163,320 |
|
|
— |
|
|
|
680,703 |
|
|
|
3,660,538 |
|
|
— |
|
|
|
4,504,561 |
|
Net Amortization of
Premium/Discount |
|
|
8,256,314 |
|
|
|
5,667 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
8,261,981 |
|
Transfers Out |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Net Change in Unrealized
Appreciation (Depreciation) |
|
|
(9,534,706 |
) |
|
|
(256,117 |
) |
|
|
551,973 |
|
|
|
(1,881,333 |
) |
|
|
398,743 |
|
|
|
(10,721,440 |
) |
Balance as of December 31, 2025 |
|
$ |
1,802,229,181 |
|
|
$ |
2,574,947 |
|
|
$ |
8,128,435 |
|
|
$ |
9,632,220 |
|
|
$ |
2,102,100 |
|
|
$ |
1,824,666,883 |
|
Change in Unrealized
Appreciation (Depreciation)
for Investments Still Held |
|
$ |
(6,933,652 |
) |
|
$ |
(256,117 |
) |
|
$ |
697,799 |
|
|
$ |
(1,567,794 |
) |
|
$ |
398,743 |
|
|
$ |
(7,661,021 |
) |
For the year ended December 31, 2025, there were no transfers into Level 3.
|
| Summarize the Fair Value Measurement Inputs and Valuation Techniques |
The following tables present the ranges of significant unobservable inputs used to value the Fund’s Level 3 investments as of June 30, 2026 and December 31, 2025, respectively. These ranges represent the significant unobservable inputs that were used in the valuation of each type of investment. These inputs are not representative of the inputs that could have been used in the valuation of any one investment. Accordingly, the ranges of inputs presented below do not represent uncertainty in, or possible ranges of, fair value measurements of the Fund’s Level 3 investments.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value as of
June 30, 2026 |
|
|
Valuation
Techniques |
|
Unobservable
Input |
|
Range/Input
(Weighted
Average)(1) |
|
Impact to
Valuation from an
Increase in Input |
Assets: |
|
|
|
|
|
|
|
|
|
|
|
1st Lien/Senior Secured Debt |
|
$ |
1,804,140,660 |
|
|
Market Yield Analysis |
|
Market Yield |
|
7.9% - 25.5% (10.3%) |
|
Decrease |
|
|
|
57,011,387 |
|
|
Recent Purchase |
|
Purchase Price |
|
N/A |
|
N/A |
|
|
|
15,765,846 |
|
|
Market Approach |
|
EBITDA Multiple |
|
5.8x - 7.0x (6.6x) |
|
Increase |
|
|
|
7,298,359 |
|
|
Market Approach |
|
Revenue Multiple |
|
0.7x - 0.9x (0.7x) |
|
Increase |
|
|
|
783,143 |
|
|
Recent Transaction |
|
Transaction Price |
|
N/A |
|
N/A |
|
|
|
650,018 |
|
|
Liquidation Value |
|
Recovery Rate |
|
1.0% - 16.2% (15.5%) |
|
Increase |
2nd Lien/Junior Secured Debt |
|
|
1,901,860 |
|
|
Market Yield Analysis |
|
Market Yield |
|
34.6% |
|
Decrease |
Common Stocks and LP Interests |
|
|
4,970,852 |
|
|
Market Approach |
|
EBITDA Multiple |
|
6.8x - 20.0x (13.8x) |
|
Increase |
|
|
|
1,406,175 |
|
|
Market Approach |
|
Revenue Multiple |
|
5.0x - 22.0x (9.9x) |
|
Increase |
|
|
|
550,257 |
|
|
Market Yield Analysis |
|
Market Yield |
|
14.6% |
|
Decrease |
|
|
|
370,053 |
|
|
Discounted transaction price |
|
Illiquidity Discount |
|
20.0% |
|
Decrease |
|
|
|
87,261 |
|
|
Market Approach |
|
NCF Multiple |
|
14.1x |
|
Increase |
|
|
|
7,191 |
|
|
Expected Repayment |
|
Escrow Valuation |
|
N/A |
|
N/A |
Preferred Stock |
|
|
1,280,154 |
|
|
Market Approach |
|
EBITDA Multiple |
|
8.0x - 18.8x (13.2x) |
|
Increase |
|
|
|
3,279,402 |
|
|
Market Approach |
|
Revenue Multiple |
|
2.0x - 12.0x (8.7x) |
|
Increase |
|
|
|
2,862,237 |
|
|
Market Yield Analysis |
|
Market Yield |
|
21.9% - 37.1% (31.4%) |
|
Decrease |
|
|
|
202,781 |
|
|
Discounted transaction price |
|
Illiquidity Discount |
|
20.0% |
|
Decrease |
Warrants |
|
|
3,141,339 |
|
|
Market Approach |
|
Revenue Multiple |
|
3.0x - 12.0x (11.3x) |
|
Increase |
Total Assets |
|
$ |
1,905,708,975 |
|
|
|
|
|
|
|
|
|
(1)Weighted averages are calculated based on fair value of investments.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value as of
December 31,
2025 |
|
|
Valuation
Techniques |
|
Unobservable
Input |
|
Range/Input
(Weighted
Average)(1) |
|
Impact to
Valuation from an
Increase in Input |
Assets: |
|
|
|
|
|
|
|
|
|
|
|
1st Lien/Senior Secured Debt |
|
$ |
1,684,703,626 |
|
|
Market Yield Analysis |
|
Market Yield |
|
7.4% - 20.0% (9.2%) |
|
Decrease |
|
|
|
93,576,469 |
|
|
Recent Purchase |
|
Purchase Price |
|
N/A |
|
N/A |
|
|
|
21,899,935 |
|
|
Market Approach |
|
EBITDA Multiple |
|
6.5x - 13.9x (9.1x) |
|
Increase |
|
|
|
1,263,258 |
|
|
Liquidation Value |
|
Recovery Rate |
|
1.0% - 32.2% (31.5%) |
|
Increase |
|
|
|
785,893 |
|
|
Recent Transaction |
|
Transaction Price |
|
N/A |
|
N/A |
2nd Lien/Junior Secured Debt |
|
|
2,574,947 |
|
|
Market Yield Analysis |
|
Market Yield |
|
20.8% |
|
Decrease |
Common Stocks and LP Interests |
|
|
6,027,489 |
|
|
Market Approach |
|
EBITDA Multiple |
|
6.8x - 24.3x (15.1x) |
|
Increase |
|
|
|
1,520,631 |
|
|
Market Approach |
|
Revenue Multiple |
|
6.0x - 21.0x (9.4x) |
|
Increase |
|
|
|
954,467 |
|
|
Recent Purchase |
|
Purchase Price |
|
N/A |
|
N/A |
|
|
|
527,494 |
|
|
Market Yield Analysis |
|
Market Yield |
|
13.6% |
|
Decrease |
|
|
|
431,245 |
|
|
Discounted transaction price |
|
Illiquidity Discount |
|
20.0% |
|
Decrease |
|
|
|
161,369 |
|
|
Market Approach |
|
NCF Multiple |
|
15.7x |
|
Increase |
|
|
|
9,525 |
|
|
Expected Repayment |
|
Escrow Valuation |
|
N/A |
|
N/A |
Preferred Stock |
|
|
2,843,303 |
|
|
Market Approach |
|
Revenue Multiple |
|
3.0x - 8.0x (6.5x) |
|
Increase |
|
|
|
2,624,917 |
|
|
Market Approach |
|
EBITDA Multiple |
|
10.5x - 23.0x (17.2x) |
|
Increase |
|
|
|
2,423,902 |
|
|
Market Yield Analysis |
|
Market Yield |
|
17.4% - 26.8% (25.4%) |
|
Decrease |
|
|
|
236,313 |
|
|
Discounted transaction price |
|
Illiquidity Discount |
|
20.0% |
|
Decrease |
Warrants |
|
|
2,102,100 |
|
|
Market Approach |
|
Revenue Multiple |
|
4.5x - 8.0x (7.6x) |
|
Increase |
Total Assets |
|
$ |
1,824,666,883 |
|
|
|
|
|
|
|
|
|
(1)Weighted averages are calculated based on fair value of investments.
|
| Summarize the carrying value and fair value of the Fund's financial liabilities |
The following table presents the carrying value and fair value of the Fund’s financial liabilities disclosed, but not carried, at fair value as of June 30, 2026 and the level of each financial liability within the fair value hierarchy.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carrying
Value (1) |
|
|
Fair
Value |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
Class A-1-RR Senior Secured Floating Rate Note (“Class A-1-RR”) |
|
$ |
102,574,062 |
|
|
$ |
103,901,250 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
103,901,250 |
|
Class A-1-LR Senior Secured Floating Rate Loan (“Class A-1-LR”) |
|
|
99,586,467 |
|
|
|
100,875,000 |
|
|
|
— |
|
|
|
— |
|
|
|
100,875,000 |
|
Class A-2-RR Senior Secured Floating Rate Note (“Class A-2-RR”) |
|
|
13,942,105 |
|
|
|
14,140,000 |
|
|
|
— |
|
|
|
— |
|
|
|
14,140,000 |
|
Class B-RR Senior Secured Floating Rate Note (“Class B-RR”) |
|
|
20,913,158 |
|
|
|
21,105,000 |
|
|
|
— |
|
|
|
— |
|
|
|
21,105,000 |
|
CLO XIII Class A Senior Secured Floating Rate Note (“Class A”) |
|
|
227,215,076 |
|
|
|
230,280,000 |
|
|
|
— |
|
|
|
— |
|
|
|
230,280,000 |
|
CLO XIII Class B Senior Secured Floating Rate Note (“Class B”) |
|
|
35,876,065 |
|
|
|
36,270,000 |
|
|
|
— |
|
|
|
— |
|
|
|
36,270,000 |
|
CLO XIII Class C Secured Deferrable Floating Rate Note (“Class C”) |
|
|
35,876,065 |
|
|
|
36,630,000 |
|
|
|
— |
|
|
|
— |
|
|
|
36,630,000 |
|
Total |
|
$ |
535,982,998 |
|
|
$ |
543,201,250 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
543,201,250 |
|
(1)Carrying value is net of unamortized discount and debt issuance costs. Unamortized discount and debt issuance costs associated with the Notes totaled $0 and $2,017,002, respectively as of June 30, 2026 and are reflected on the consolidated statements of assets and liabilities. The following table presents the carrying value and fair value of the Fund’s financial liabilities disclosed, but not carried, at fair value as of December 31, 2025 and the level of each financial liability within the fair value hierarchy.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carrying
Value (1) |
|
|
Fair
Value |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
Class A-1-RR Senior Secured Floating Rate Note (“Class A-1-RR”) |
|
$ |
102,492,220 |
|
|
$ |
104,030,000 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
104,030,000 |
|
Class A-1-LR Senior Secured Floating Rate Loan (“Class A-1-LR”) |
|
|
99,507,009 |
|
|
|
101,000,000 |
|
|
|
— |
|
|
|
— |
|
|
|
101,000,000 |
|
Class A-2-RR Senior Secured Floating Rate Note (“Class A-2-RR”) |
|
|
13,930,982 |
|
|
|
14,175,000 |
|
|
|
— |
|
|
|
— |
|
|
|
14,175,000 |
|
Class B-RR Senior Secured Floating Rate Note (“Class B-RR”) |
|
|
20,896,472 |
|
|
|
21,262,500 |
|
|
|
— |
|
|
|
— |
|
|
|
21,262,500 |
|
CLO XIII Class A Senior Secured Floating Rate Note (“Class A”) |
|
|
227,098,338 |
|
|
|
230,280,000 |
|
|
|
— |
|
|
|
— |
|
|
|
230,280,000 |
|
CLO XIII Class B Senior Secured Floating Rate Note (“Class B”) |
|
|
35,857,632 |
|
|
|
36,450,000 |
|
|
|
— |
|
|
|
— |
|
|
|
36,450,000 |
|
CLO XIII Class C Secured Deferrable Floating Rate Note (“Class C”) |
|
|
35,857,632 |
|
|
|
36,900,000 |
|
|
|
— |
|
|
|
— |
|
|
|
36,900,000 |
|
Total |
|
$ |
535,640,285 |
|
|
$ |
544,097,500 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
544,097,500 |
|
(1)Carrying value is net of unamortized discount and debt issuance costs. Unamortized discount and debt issuance costs associated with the Notes totaled $0 and $2,359,715 as of December 31, 2025 and are reflected on the consolidated statements of assets and liabilities.
|