Portfolio Investments (Tables)
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12 Months Ended |
Jun. 30, 2026 |
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| Schedule of Investments [Abstract] |
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| Schedule of Composition of Investment Portfolio |
The following table shows the composition of our investment portfolio as of June 30, 2026 and June 30, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | June 30, 2025 | | Cost | | Fair Value | | Cost | | Fair Value | | First Lien Revolving Line of Credit | $ | 78,795 | | | $ | 72,378 | | | $ | 83,721 | | | $ | 81,551 | | First Lien Debt(1) | 4,494,789 | | | 4,216,556 | | | 4,636,795 | | | 4,381,227 | | | Second Lien Revolving Line of Credit | 1,854 | | | 1,854 | | | — | | | — | | | Second Lien Debt | 752,658 | | | 577,354 | | | 965,712 | | | 765,806 | | | Unsecured Debt | 7,200 | | | 5,195 | | | 7,200 | | | 5,403 | | | Subordinated Structured Notes | 2,108 | | | 2,794 | | | 37,840 | | | 35,002 | | | Equity | 977,965 | | | 1,466,427 | | | 962,233 | | | 1,404,527 | | | Total Investments | $ | 6,315,369 | | | $ | 6,342,558 | | | $ | 6,693,501 | | | $ | 6,673,516 | |
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| Schedule of Fair Value of Investments |
The following table shows the fair value of our investments and derivative instruments disaggregated into the three levels of the ASC 820 valuation hierarchy as of June 30, 2026: | | | | | | | | | | | | | | | | | | | | | | | | | Level 1 | | Level 2 | | Level 3 | | Total | | First Lien Revolving Line of Credit | $ | — | | | $ | — | | | $ | 72,378 | | | $ | 72,378 | | First Lien Debt(1) | — | | | 1,192 | | | 4,215,364 | | | 4,216,556 | | | Second Lien Revolving Line of Credit | — | | | — | | | 1,854 | | | 1,854 | | | Second Lien Debt | — | | | 41 | | | 577,313 | | | 577,354 | | | Unsecured Debt | — | | | — | | | 5,195 | | | 5,195 | | | Subordinated Structured Notes | — | | | — | | | 2,794 | | | 2,794 | | | Equity | — | | | — | | | 1,466,427 | | | 1,466,427 | | | Total Investments | $ | — | | | $ | 1,233 | | | $ | 6,341,325 | | | $ | 6,342,558 | | Derivative Instruments(2) | | | | | | | | | Foreign currency forward contracts - Assets | $ | — | | | $ | 18,900 | | | $ | — | | | $ | 18,900 | | | Total Foreign currency forward contracts - Assets | $ | — | | | $ | 18,900 | | | $ | — | | | $ | 18,900 | | | Foreign currency forward contracts - Liabilities | $ | — | | | $ | — | | | $ | — | | | $ | — | | | Total Foreign currency forward contracts - Liabilities | $ | — | | | $ | — | | | $ | — | | | $ | — | |
(1) First lien debt includes loans that the Company classifies as “unitranche”. The total amortized cost and fair value of the unitranche loan was $219,582 and $155,717, respectively, as of June 30, 2026. (2) All foreign currency forward contracts are designated in hedge relationships. The following table shows the fair value of our investments disaggregated into the three levels of the ASC 820 valuation hierarchy as of June 30, 2025. There were no derivative instruments held as of June 30, 2025. | | | | | | | | | | | | | | | | | | | | | | | | | Level 1 | | Level 2 | | Level 3 | | Total | | First Lien Revolving Line of Credit | $ | — | | | $ | — | | | $ | 81,551 | | | $ | 81,551 | | First Lien Debt(1) | — | | | 42,651 | | | 4,338,576 | | | 4,381,227 | | | Second Lien Revolving Line of Credit | — | | | — | | | — | | | — | | | Second Lien Debt | — | | | 39,434 | | | 726,372 | | | 765,806 | | | Unsecured Debt | — | | | — | | | 5,403 | | | 5,403 | | | Subordinated Structured Notes | — | | | — | | | 35,002 | | | 35,002 | | | Equity | — | | | — | | | 1,404,527 | | | 1,404,527 | | | Total Investments | $ | — | | | $ | 82,085 | | | $ | 6,591,431 | | | $ | 6,673,516 | |
(1) First lien debt includes loans that the Company classifies as “unitranche” and a loan classified as “first lien last out”. The total amortized cost and fair value of the unitranche and/or last out loans were $201,585 and $166,464, respectively, as of June 30, 2025. |
| Schedule of Changes in Fair Value of Level 3 Investments |
The following tables show the aggregate changes in the fair value of our Level 3 investments during the year ended June 30, 2026: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | First Lien Revolving Line of Credit | | First Lien Debt(2) | | Second Lien Revolving Line of Credit | | Second Lien Debt | | Unsecured Debt | | Subordinated Structured Notes | | Equity | | Total | | Fair value as of June 30, 2025 | $ | 81,551 | | | $ | 4,338,576 | | | $ | — | | | $ | 726,372 | | | $ | 5,403 | | | $ | 35,002 | | | $ | 1,404,527 | | | $ | 6,591,431 | | | Net realized (losses) gains on investments | — | | | (65,745) | | | — | | | (102,859) | | | 19 | | | (5,484) | | | (50,226) | | | (224,295) | | | Net change in unrealized (losses) gains | (5,403) | | | 9,598 | | | — | | | 64,933 | | | (208) | | | 3,526 | | | 46,167 | | | 118,613 | | | Net realized and unrealized (losses) gains | (5,403) | | | (56,147) | | | — | | | (37,926) | | | (189) | | | (1,958) | | | (4,059) | | | (105,682) | | | Purchases of portfolio investments | 33,949 | | | 259,719 | | | 5,229 | | | 8,359 | | | — | | | — | | | 58,803 | | | 366,059 | | | Payment-in-kind interest | 2,849 | | | 57,164 | | | — | | | 5,790 | | | — | | | — | | | 10,011 | | | 75,814 | | | Accretion of discounts and premiums, net | (12) | | | 6,335 | | | — | | | 459 | | | — | | | — | | | — | | | 6,782 | | | Decrease to Subordinated Structured Notes cost, net(3) | — | | | — | | | — | | | — | | | — | | | (29,611) | | | — | | | (29,611) | | | Repayments and sales of portfolio investments | (27,353) | | | (443,442) | | | — | | | (66,969) | | | (19) | | | (639) | | | (5,355) | | | (543,777) | | | Transfers within Level 3(1) | (13,203) | | | 31,203 | | | (3,375) | | | (17,125) | | | — | | | — | | | 2,500 | | | — | | | Transfers out of Level 3(1) | — | | | — | | | — | | | (48,947) | | | — | | | — | | | — | | | (48,947) | | | Transfers into Level 3(1) | — | | | 21,956 | | | — | | | 7,300 | | | — | | | — | | | — | | | 29,256 | | | Fair value as of June 30, 2026 | $ | 72,378 | | | $ | 4,215,364 | | | $ | 1,854 | | | $ | 577,313 | | | $ | 5,195 | | | $ | 2,794 | | | $ | 1,466,427 | | | $ | 6,341,325 | | | | | | | | | | | | | | | | | |
(1)Transfers are assumed to have occurred at the beginning of the quarter during which the asset was transferred. During the year ended June 30, 2026, three of our first lien notes and one of our second lien notes transferred out of Level 3 to Level 2 because inputs to the valuation became observable. During the year ended June 30, 2026, two of our first lien notes transferred out of Level 2 to Level 3 because inputs to the valuation became unobservable. During the year ended June 30, 2026, one of our second lien notes transferred to two first lien loans and three equity positions. In addition, one of our second lien revolving line of credit loans transferred to one second lien loan and two of our first lien revolving line of credit loans transferred to two of our first lien loans. (2) First lien debt includes loans that the Company classifies as “unitranche” and a loan classified as “first lien last out”. The total amortized cost and fair value of the unitranche and/or last out loans were $219,582 and $155,717, respectively, as of June 30, 2026. The total amortized cost and fair value of the unitranche and/or last out loans were $201,585 and $166,464, respectively, as of June 30, 2025.
(3) Reduction to cost value of our Subordinated Structured Notes investments represents the difference between distributions received, or entitled to be received, for the year ended June 30, 2026, of $29,611 and the effective yield interest income recognized on our Subordinated Structured Notes of $0.
The following tables show the aggregate changes in the fair value of our Level 3 investments during the year ended June 30, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | First Lien Revolving Line of Credit | | First Lien Debt(2) | | Second Lien Revolving Line of Credit | | Second Lien Debt | | | | Unsecured Debt | | Subordinated Structured Notes | | Equity | | Total | | Fair value as of June 30, 2024 | $ | 86,544 | | | $ | 4,519,816 | | | $ | 4,987 | | | $ | 1,038,882 | | | | | $ | 7,200 | | | $ | 531,690 | | | $ | 1,479,473 | | | $ | 7,668,592 | | | Net realized (losses) gains on investments | — | | | (9,258) | | | — | | | (81,838) | | | | | 12 | | | (432,592) | | | 4,361 | | | (519,315) | | | Net change in unrealized (losses) gains | (1,125) | | | (134,545) | | | 160 | | | (20,233) | | | | | (1,797) | | | 89,170 | | | (219,225) | | | (287,595) | | | Net realized and unrealized (losses) gains | (1,125) | | | (143,803) | | | 160 | | | (102,071) | | | | | (1,785) | | | (343,422) | | | (214,864) | | | (806,910) | | | Purchases of portfolio investments(3) | 57,591 | | | 578,939 | | | (5,147) | | | 55,694 | | | | | — | | | — | | | 109,282 | | | 796,359 | | | Payment-in-kind interest | 2,778 | | | 89,671 | | | — | | | 2,187 | | | | | — | | | — | | | — | | | 94,636 | | | Accretion of discounts and premiums, net | 56 | | | 5,511 | | | — | | | 1,253 | | | | | — | | | — | | | — | | | 6,820 | | | Decrease to Subordinated Structured Notes cost, net(4) | — | | | — | | | — | | | — | | | | | — | | | (77,660) | | | — | | | (77,660) | | | Repayments and sales of portfolio investments(3) | (15,538) | | | (701,471) | | | — | | | (227,569) | | | | | (12) | | | (75,606) | | | (6,224) | | | (1,026,420) | | | Transfers within Level 3(1)(3) | (48,755) | | | 10,706 | | | — | | | 1,189 | | | | | — | | | — | | | 36,860 | | | — | | | Transfers out of Level 3(1) | — | | | (147,000) | | | — | | | (43,193) | | | | | — | | | — | | | — | | | (190,193) | | | Transfers into Level 3(1) | — | | | 126,207 | | | — | | | — | | | | | — | | | — | | | — | | | 126,207 | | | Fair value as of June 30, 2025 | $ | 81,551 | | | $ | 4,338,576 | | | $ | — | | | $ | 726,372 | | | | | $ | 5,403 | | | $ | 35,002 | | | $ | 1,404,527 | | | $ | 6,591,431 | |
(1) Transfers are assumed to have occurred at the beginning of the quarter during which the asset was transferred. During the year ended June 30, 2025, two of our first lien notes and two of our second lien notes transferred out of Level 3 to Level 2 because inputs to the valuation became observable. During the year ended June 30, 2025, one of our first lien notes transferred out of Level 2 to Level 3 because inputs to the valuation became unobservable.
(2) First lien debt includes a loan that the Company classifies as “unitranche” and a loan classified as “first lien last out.” The total amortized cost and fair value of the unitranche and/or last out loans were $201,585 and $166,464, respectively, as of June 30, 2025. The total amortized cost and fair value of the unitranche and/or last out loans were $22,359 and $22,413, respectively, as of June 30, 2024. (3)Includes reorganizations and restructuring of investments. (4) Reduction to cost value of our Subordinated Structured Notes investments represents the difference between distributions received, or entitled to be received, for the year ended June 30, 2025, of $84,604 and the effective yield interest income recognized on our Subordinated Structured Notes of $14,017.
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| Schedule of Industries Comprising Greater than 10% of Portfolio Fair Value |
The following table shows industries that comprise of greater than 10% of our portfolio at fair value as of June 30, 2026 and June 30, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | June 30, 2025 | | Cost | | Fair Value | | % of Portfolio | | Cost | | Fair Value | | % of Portfolio | | Consumer Finance | $ | 760,592 | | | $ | 1,149,153 | | | 18.1 | % | | $ | 741,932 | | | $ | 953,320 | | | 14.3 | % | | Equity Real Estate Investment Trusts (REITs) | 896,889 | | | 1,081,596 | | | 17.1 | % | | 922,647 | | | 1,300,972 | | | 19.5 | % | | Health Care Providers & Services | 776,917 | | | 758,688 | | | 12.0 | % | | 767,993 | | | 731,527 | | | 11.0 | % | | All Other Industries | 3,880,971 | | | 3,353,121 | | | 52.8 | % | | 4,260,929 | | | 3,687,697 | | | 55.2 | % | | Total | $ | 6,315,369 | | | $ | 6,342,558 | | | 100.0 | % | | $ | 6,693,501 | | | $ | 6,673,516 | | | 100.0 | % |
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| Schedule of Unobservable Inputs Used in Fair Value Measurement of Level 3 Investments |
The ranges of unobservable inputs used in the fair value measurement of our Level 3 investments as of June 30, 2026 were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Unobservable Input | | Asset Category | | Fair Value | | Primary Valuation Approach or Technique | | Input | | Range | | Weighted
Average (3) | | First Lien Debt | | $ | 1,387,300 | | | Discounted cash flow (Yield analysis) | | Market yield | | 8.0% | to | 24.0% | | 12.0% | | First Lien Debt | | 876,859 | | | Discounted cash flow | | Discount Rate | | 6.5% | to | 10.5% | | 7.3% | | Terminal Cap Rate | | 5.5% | to | 8.3% | | 6.1% | | First Lien Debt | | 655,124 | | | Enterprise value waterfall (Market approach) | | EBITDA multiple | | 5.3x | to | 12.5x | | 9.7x | | Enterprise value waterfall (Discounted cash flow) | | Discount rate | | 11.3% | to | 16.0% | | 13.3% | | First Lien Debt | | 506,062 | | | Enterprise value waterfall (Market approach) | | EBITDA multiple | | 4.8x | to | 10.0x | | 8.4x | | First Lien Debt | | 460,264 | | | Enterprise value waterfall (Market approach) | | Tangible book value multiple | | 3.5x | to | 4.0x | | 4.0x | | | | Earnings multiple | | 8.8x | to | 13.3x | | 13.3x | | First Lien Debt | | 307,175 | | | Enterprise value waterfall (Market approach) | | Revenue multiple | | 0.3x | to | 3.0x | | 1.5x | | First Lien Debt | | 56,537 | | | Enterprise value waterfall (Market approach) | | Tangible book value multiple | | 0.9x | to | 1.6x | | 1.3x | | First Lien Debt | | 18,034 | | | Discounted cash flow (Yield analysis) | | Market yield | | 13.1% | to | 13.1% | | 13.1% | | Option Pricing Model | | Expected volatility | | 50.0% | to | 60.0% | | 60.0% | | First Lien Debt | | 11,012 | | | Enterprise value waterfall (Discounted cash flow) | | Discount rate | | 10.0% | to | 20.0% | | 15.0% | | First Lien Debt | | 9,375 | | | Enterprise value waterfall (Market approach) | | Revenue multiple | | 1.1x | to | 1.5x | | 1.5x | | Enterprise value waterfall (Discounted cash flow) | | Discount rate | | 18.3% | to | 20.3% | | 18.3% | | Second Lien Debt | | 480,118 | | | Discounted cash flow (Yield analysis) | | Market yield | | 11.4% | to | 57.7% | | 17.0% | | Second Lien Debt | | 61,802 | | | Enterprise value waterfall (Market approach) | | EBITDA multiple | | 6.3x | to | 7.3x | | 7.3x | | Second Lien Debt | | 21,402 | | | Enterprise value waterfall (Market approach) | | EBITDA multiple | | 9.3x | to | 9.8x | | 9.5x | | Discounted cash flow (Yield analysis) | | Equity rates of return | | 25.0% | to | 30.0% | | 25.0% | | Second Lien Debt | | 8,429 | | | Enterprise value waterfall (Market approach) | | EBITDA multiple | | 5.3x | to | 8.0x | | 6.6x | | Enterprise value waterfall (Discounted cash flow) | | Discount rate | | 11.3% | to | 13.3% | | 12.3% | | Second Lien Debt | | 7,416 | | | Asset recovery analysis | | Recoverable amount | | n/a | | n/a | | Subordinated Structured Notes | | 2,794 | | | Discounted cash flow | | Discount rate (1) | | 13.8% | to | 13.9% | | 13.9% | | Unsecured Debt | | 5,195 | | | Enterprise value waterfall (Market approach) | | EBITDA multiple | | 5.3x | to | 6.8x | | 6.8x | | Preferred Equity | | 158,791 | | | Enterprise value waterfall (Market approach) | | EBITDA multiple | | 3.5x | to | 10.0x | | 8.7x | | Preferred Equity | | 35,496 | | | Option Pricing Model | | Expected volatility | | 55.0% | to | 70.0% | | 66.9% | | Enterprise value waterfall (Market approach) | | EBITDA multiple | | 6.0x | to | 7.5x | | 7.2x | | Liquidation Trust | | 12,264 | | | Deficiency claim analysis | | Recoverable amount | | n/a | | n/a | | Common Equity/Interests/Warrants | | 503,988 | | | Enterprise value waterfall (Market approach) | | EBITDA multiple | | 4.5x | to | 11.3x | | 8.1x | | Common Equity/Interests/Warrants | | 500,514 | | | Enterprise value waterfall (Market approach) | | Tangible book value multiple | | 3.5x | to | 4.0x | | 4.0x | | Earnings multiple | | 8.8x | to | 13.3x | | 13.3x |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Unobservable Input | | Asset Category | | Fair Value | | Primary Valuation Approach or Technique | | Input | | Range | | Weighted
Average (3) | | Common Equity/Interests/Warrants | | 187,771 | | | Discounted cash flow | | Discount rate | | 6.5% | to | 10.5% | | 7.3% | | Terminal Cap Rate | 5.5% | to | 8.3% | 6.1% | | Common Equity/Interests/Warrants | | 20,720 | | | Enterprise value waterfall (Discounted cash flow) | | Discount rate | | 10.0% | to | 20.0% | | 15.0% | | Common Equity/Interests/Warrants (2) | | 16,966 | | | Discounted cash flow | | Discount rate | | 6.5% | to | 10.5% | | 7.3% | | | | Terminal Cap Rate | | 5.5% | to | 8.3% | | 6.1% | | Common Equity/Interests/Warrants | | 14,710 | | | Enterprise value waterfall (Market Approach) | | EBITDA multiple | | 5.8x | to | 12.5x | | 6.8x | | Enterprise value waterfall (Discounted cash flow) | | Discount rate | | 12.3% | to | 16.0% | | 15.0% | | Common Equity/Interests/Warrants | | 12,077 | | | Asset recovery analysis | | Recoverable amount | | n/a | | n/a | | Common Equity/Interests/Warrants | | 3,128 | | | Enterprise value waterfall (Market approach) | | Revenue multiple | | 0.4x | to | 3.0x | | 3.0x | | Common Equity/Interests/Warrants | | 2 | | | Discounted cash flow | | Discount rate | | 21.5% | to | 22.5% | | 21.5% | | Total Level 3 Investments | | $ | 6,341,325 | | | | | | | | | | | |
(1)Represents the implied discount rate based on our internally generated single-cash flow model that is derived from the fair value estimated by the corresponding multi-path cash flow model utilized by the independent valuation firm. (2)Represents Residual Profit Interests in Real Estate Investments. (3)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 ranges of unobservable inputs used in the fair value measurement of our Level 3 investments as of June 30, 2025 were as follows:
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Average (4) | | First Lien Debt | | $ | 1,605,991 | | | Discounted cash flow (Yield analysis) | | Market yield | | 7.8% | to | 28.9% | | 11.8% | | First Lien Debt | | 902,617 | | | Discounted cash flow | | Discount Rate | | 6.5% | to | 10.3% | | 7.3% | | Terminal Cap Rate | | 5.3% | to | 8.3% | | 6.0% | | First Lien Debt | | 630,095 | | | Enterprise value waterfall (Market approach) | | EBITDA multiple | | 4.8x | to | 12.8x | | 10.6x | | Enterprise value waterfall (Discounted cash flow) | | Discount rate | | 14.5% | to | 38.8% | | 17.2% | | First Lien Debt | | 452,172 | | | Enterprise value waterfall (Market approach) | | Tangible book value multiple | | 3.0x | to | 3.5x | | 3.5x | | Earnings multiple | | 8.0x | to | 12.5x | | 12.5x | | First Lien Debt | | 351,480 | | | Enterprise value waterfall (Market approach) | | EBITDA multiple | | 5.0x | to | 11.5x | | 9.8x | | First Lien Debt | | 236,073 | | | Enterprise value waterfall (Market approach) | | Revenue multiple | | 0.3x | to | 2.0x | | 1.7x | | First Lien Debt | | 78,736 | | | Enterprise value waterfall (Market approach) | | Tangible book value multiple | | 1.4x | to | 2.2x | | 2.2x | | First Lien Debt | | 54,739 | | | Enterprise value waterfall (Discounted cash flow) | | Discount rate | | 6.0% | to | 8.0% | | 6.0% | | Enterprise value waterfall | | Indicative bid estimate | | n/a | | n/a | | First Lien Debt | | 49,114 | | | Enterprise value waterfall (Market approach) | | Revenue multiple | | 0.4x | to | 1.6x | | 0.9x | | Enterprise value waterfall (Discounted cash flow) | | Discount rate | | 15.5% | to | 31.0% | | 17.8% | | First Lien Debt | | 30,673 | | | Discounted cash flow (Yield analysis) | | Market yield | | 26.4% | to | 26.4% | | 26.4% | | Option Pricing Model | | Expected volatility | | 45.0% | to | 55.0% | | 55.0% | | Enterprise value waterfall (Market approach) | | EBITDA multiple | | 8.0x | to | 9.0x | | 9.0x | | First Lien Debt | | 11,852 | | | Discounted cash flow (Yield analysis) | | Market yield | | 17.2% | to | 17.2% | | 17.2% | | Option Pricing Model | | Expected volatility | | 45.0% | to | 55.0% | | 55.0% | | First Lien Debt | | 10,663 | | | Enterprise value waterfall (Discounted cash flow) | | Discount rate | | 10.0% | to | 30.0% | | 15.3% | | First Lien Debt | | 5,922 | | | Option Pricing Model | | Expected volatility | | 30.0% | to | 40.0% | | 40.0% | | Second Lien Debt | | 651,091 | | | Discounted cash flow (Yield analysis) | | Market yield | | 11.0% | to | 48.5% | | 15.6% | | Second Lien Debt | | 54,997 | | | Enterprise value waterfall | | Purchase price | | n/a | | n/a | | Second Lien Debt | | 12,897 | | | Asset recovery analysis | | Recoverable amount | | n/a | | n/a | | Second Lien Debt | | 7,387 | | | Enterprise value waterfall (Market approach) | | EBITDA multiple | | 4.8x | to | 7.8x | | 6.3x | | Enterprise value waterfall (Discounted cash flow) | | Discount rate | | 14.5% | to | 16.5% | | 15.5% | | Subordinated Structured Notes | | 35,002 | | | Discounted cash flow | | Discount rate (2) | | 16.0% | to | 60.2% | | 17.7% | | Unsecured Debt | | 5,403 | | | Enterprise value waterfall (Market approach) | | EBITDA multiple | | 5.8x | to | 7.0x | | 7.0x | | Preferred Equity | | 89,912 | | | Enterprise value waterfall (Market approach) | | EBITDA multiple | | 4.3x | to | 11.3x | | 8.9x | | Preferred Equity | | 21,092 | | | Option Pricing Model | | Expected volatility | | 55.0% | to | 70.0% | | 65.2% | | Enterprise value waterfall (Market approach) | | EBITDA multiple | | 3.3x | to | 6.8x | | 5.3x | | Preferred Equity | | 10,914 | | | Enterprise value waterfall (Discounted cash flow) | | Discount rate | | 6.0% | to | 8.0% | | 6.0% | | Enterprise value waterfall | | Indicative bid estimate | | n/a | | n/a | | Preferred Equity | | 6,697 | | | Enterprise value waterfall (Market approach) | | Revenue multiple | | 0.3x | to | 2.0x | | 1.1x | | Liquidation Trust | | 6,500 | | | Deficiency claim analysis | | Recoverable amount | | n/a | | n/a |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Unobservable Input | | Asset Category | | Fair Value | | Primary Valuation Approach or Technique | | Input | | Range | | Weighted
Average (4) | | Common Equity/Interests/Warrants | | 454,847 | | | Enterprise value waterfall (Market approach) | | EBITDA multiple | | 4.5x | to | 11.5x | | 10.2x | | Common Equity/Interests/Warrants | | 354,269 | | | Discounted cash flow | | Discount rate | | 6.5% | to | 10.3% | | 7.3% | | Terminal Cap Rate | | 5.3% | to | 8.3% | | 6.0% | | Common Equity/Interests/Warrants | | 308,346 | | | Enterprise value waterfall (Market approach) | | Tangible book value multiple | | 3.0x | to | 3.5x | | 3.5x | | Earnings multiple | | 8.0x | to | 12.5x | | 12.5x | | Common Equity/Interests/Warrants | | 42,484 | | | Enterprise value waterfall (Market approach) | | EBITDA multiple | | 7.0x | to | 12.8x | | 11.8x | | Enterprise value waterfall (Discounted cash flow) | | Discount rate | | 16.0% | to | 38.8% | | 36.8% | | Common Equity/Interests/Warrants (3) | | 32,206 | | | Discounted cash flow | | Discount rate | | 6.5% | to | 10.3% | | 7.3% | | Terminal Cap Rate | | 5.3% | to | 8.3% | | 6.0% | | Common Equity/Interests/Warrants | | 26,817 | | | Enterprise value waterfall (Discounted cash flow) | | Discount rate | | 10.0% | to | 30.0% | | 15.5% | | Common Equity/Interests/Warrants | | 22,289 | | | Enterprise value waterfall | | Purchase price | | n/a | | n/a | | Common Equity/Interests/Warrants (1) | | 11,880 | | | Enterprise value waterfall | | Discount rate (2) | | 12.3% | to | 16.0% | | 13.0% | | Common Equity/Interests/Warrants | | 11,660 | | | Asset recovery analysis | | Recoverable amount | | n/a | | n/a | | Common Equity/Interests/Warrants | | 4,614 | | | Enterprise value waterfall (Discounted cash flow) | | Discount Rate | | 20.0% | to | 30.0% | | 20.5% | | Total Level 3 Investments | | $ | 6,591,431 | | | | | | | | | | | |
(1)Represents the fair value of investments held by NPRC (see National Property REIT Corp section below) through its wholly owned subsidiary, National General Lending Limited (“NGL”), and valued using a discounted cash flow valuation technique. (2)Represents the implied discount rate based on our internally generated single-cash flow model that is derived from the fair value estimated by the corresponding multi-path cash flow model utilized by the independent valuation firm. (3)Represents Residual Profit Interests in Real Estate Investments. (4)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.
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| Schedule of Summarized Financial Information for NPRC |
The following table shows the location, acquisition date, purchase price, and mortgage outstanding due to other parties for each of the properties held by NPRC as of June 30, 2026: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | No. | | Property Name | | City | | Acquisition Date | | Purchase Price | | Mortgage Outstanding | | 1 | | Taco Bell, OK | | Yukon, OK | | 6/4/2014 | | $ | 1,719 | | | $ | — | | | 2 | | Taco Bell, MO | | Marshall, MO | | 6/4/2014 | | 1,405 | | | — | | | 3 | | Abbie Lakes OH Partners, LLC | | Canal Winchester, OH | | 9/30/2014 | | 12,600 | | | 21,569 | | | 4 | | Kengary Way OH Partners, LLC | | Reynoldsburg, OH | | 9/30/2014 | | 11,500 | | | 22,945 | | | 5 | | Lakeview Trail OH Partners, LLC | | Canal Winchester, OH | | 9/30/2014 | | 26,500 | | | 43,656 | | | 6 | | Lakepoint OH Partners, LLC | | Pickerington, OH | | 9/30/2014 | | 11,000 | | | 25,935 | | | 7 | | Sunbury OH Partners, LLC | | Columbus, OH | | 9/30/2014 | | 13,000 | | | 21,372 | | | 8 | | Heatherbridge OH Partners, LLC | | Blacklick, OH | | 9/30/2014 | | 18,416 | | | 31,810 | | | 9 | | Jefferson Chase OH Partners, LLC | | Blacklick, OH | | 9/30/2014 | | 13,551 | | | 27,625 | | | 10 | | Goldenstrand OH Partners, LLC | | Hilliard, OH | | 10/29/2014 | | 7,810 | | | 17,195 | | | 11 | | Vesper Corpus Christi, LLC | | Corpus Christi, TX | | 9/28/2016 | | 14,250 | | | 9,905 | | | 12 | | Vesper Campus Quarters, LLC | | Corpus Christi, TX | | 9/28/2016 | | 18,350 | | | 13,000 | | | 13 | | 9220 Old Lantern Way, LLC | | Laurel, MD | | 1/30/2017 | | 187,250 | | | 147,934 | | | 14 | | 7915 Baymeadows Circle Owner, LLC | | Jacksonville, FL | | 10/31/2017 | | 95,700 | | | 85,465 | | | 15 | | 8025 Baymeadows Circle Owner, LLC | | Jacksonville, FL | | 10/31/2017 | | 15,300 | | | 14,892 | | | 16 | | 23275 Riverside Drive Owner, LLC | | Southfield, MI | | 11/8/2017 | | 52,000 | | | 52,245 | | | 17 | | 23741 Pond Road Owner, LLC | | Southfield, MI | | 11/8/2017 | | 16,500 | | | 18,073 | | | 18 | | 150 Steeplechase Way Owner, LLC | | Largo, MD | | 1/10/2018 | | 44,500 | | | 34,505 | | | 19 | | Olentangy Commons Owner LLC | | Columbus, OH | | 6/1/2018 | | 113,000 | | | 91,417 | | | 20 | | Villages of Wildwood Holdings LLC | | Fairfield, OH | | 7/20/2018 | | 46,500 | | | 57,729 | | | 21 | | Falling Creek Holdings LLC | | Richmond, VA | | 8/8/2018 | | 25,000 | | | 29,652 | | | 22 | | Lorring Owner LLC | | Forestville, MD | | 10/30/2018 | | 58,521 | | | 46,561 | | | 23 | | Hamptons Apartments Owner, LLC | | Beachwood, OH | | 1/9/2019 | | 96,500 | | | 79,107 | | | 24 | | 5224 Long Road Holdings, LLC | | Orlando, FL | | 6/28/2019 | | 26,500 | | | 21,200 | | | 25 | | Druid Hills Holdings LLC | | Atlanta, GA | | 7/30/2019 | | 96,000 | | | 74,962 | | | 26 | | Sterling Place Holdings LLC | | Columbus, OH | | 10/28/2019 | | 41,500 | | | 34,196 | | | 27 | | SPCP Hampton LLC | | Dallas, TX | | 11/2/2020 | | 36,000 | | | 38,503 | | | 28 | | Palmetto Creek Holdings LLC | | North Charleston, SC | | 11/10/2020 | | 33,182 | | | 25,668 | | | 29 | | Valora at Homewood Holdings LLC | | Homewood, AL | | 11/19/2020 | | 81,250 | | | 62,718 | | | 30 | | NPRC Fairburn LLC | | Fairburn, GA | | 12/14/2020 | | 52,140 | | | 43,900 | | | 31 | | NPRC Taylors LLC | | Taylors, SC | | 1/27/2021 | | 18,762 | | | 13,980 | | | 32 | | Parkside at Laurel West Owner LLC | | Spartanburg, SC | | 2/26/2021 | | 57,005 | | | 41,817 | | | 33 | | Willows at North End Owner LLC | | Spartanburg, SC | | 2/26/2021 | | 23,255 | | | 18,519 | | | 34 | | SPCP Edge CL Owner LLC | | Webster, TX | | 3/12/2021 | | 34,000 | | | 25,496 | | | 35 | | Jackson Pear Orchard LLC | | Ridgeland, MS | | 6/28/2021 | | 50,900 | | | 42,975 | | | 36 | | Jackson Lakeshore Landing LLC | | Ridgeland, MS | | 6/28/2021 | | 22,600 | | | 17,955 | | | 37 | | Jackson Reflection Pointe LLC | | Flowood, MS | | 6/28/2021 | | 45,100 | | | 33,203 | | | 38 | | Jackson Crosswinds LLC | | Pearl, MS | | 6/28/2021 | | 41,400 | | | 38,601 | | | 39 | | Elliot Apartments Norcross, LLC | | Norcross, GA | | 11/30/2021 | | 128,000 | | | 106,850 | | | 40 | | Orlando 442 Owner, LLC (West Vue Apartments) | | Orlando, FL | | 12/30/2021 | | 97,500 | | | 62,223 | | | 41 | | NPRC Wolfchase LLC | | Memphis, TN | | 3/18/2022 | | 82,100 | | | 60,000 | | | 42 | | NPRC Twin Oaks LLC | | Hattiesburg, MS | | 3/18/2022 | | 44,850 | | | 37,105 | | | 43 | | NPRC Lancaster LLC | | Birmingham, AL | | 3/18/2022 | | 37,550 | | | 29,961 | | | 44 | | NPRC Rutland LLC | | Macon, GA | | 3/18/2022 | | 29,750 | | | 24,700 | | | 45 | | Southport Owner LLC (Southport Crossing) | | Indianapolis, IN | | 3/29/2022 | | 48,100 | | | 36,075 | | | 46 | | TP Cheyenne, LLC | | Cheyenne, WY | | 5/26/2022 | | 27,500 | | | 17,656 | | | 47 | | TP Pueblo, LLC | | Pueblo, CO | | 5/26/2022 | | 31,500 | | | 20,166 | | | 48 | | TP Stillwater, LLC | | Stillwater, OK | | 5/26/2022 | | 26,100 | | | 15,328 | | | 49 | | TP Kokomo, LLC | | Kokomo, IN | | 5/26/2022 | | 20,500 | | | 12,753 | | | 50 | | Terraces at Perkins Rowe JV LLC | | Baton Rouge, LA | | 11/14/2022 | | 41,400 | | | 29,403 | | | 51 | | NPRC Apex Holdings LLC | | Cincinnati, OH | | 1/19/2024 | | 34,225 | | | 27,712 | | | 52 | | NPRC Parkton Holdings LLC | | Cincinnati, OH | | 1/19/2024 | | 45,775 | | | 37,090 | | | | | | | | | | $ | 2,255,316 | | | $ | 1,943,307 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | No. | | Property Name | | City | | Acquisition Date | | Purchase Price | | Mortgage Outstanding | | 1 | | Taco Bell, OK | | Yukon, OK | | 6/4/2014 | | $ | 1,719 | | | $ | — | | | 2 | | Taco Bell, MO | | Marshall, MO | | 6/4/2014 | | 1,405 | | | — | | | 3 | | Abbie Lakes OH Partners, LLC | | Canal Winchester, OH | | 9/30/2014 | | 12,600 | | | 21,569 | | | 4 | | Kengary Way OH Partners, LLC | | Reynoldsburg, OH | | 9/30/2014 | | 11,500 | | | 22,945 | | | 5 | | Lakeview Trail OH Partners, LLC | | Canal Winchester, OH | | 9/30/2014 | | 26,500 | | | 43,656 | | | 6 | | Lakepoint OH Partners, LLC | | Pickerington, OH | | 9/30/2014 | | 11,000 | | | 25,935 | | | 7 | | Sunbury OH Partners, LLC | | Columbus, OH | | 9/30/2014 | | 13,000 | | | 21,372 | | | 8 | | Heatherbridge OH Partners, LLC | | Blacklick, OH | | 9/30/2014 | | 18,416 | | | 31,810 | | | 9 | | Jefferson Chase OH Partners, LLC | | Blacklick, OH | | 9/30/2014 | | 13,551 | | | 27,625 | | | 10 | | Goldenstrand OH Partners, LLC | | Hilliard, OH | | 10/29/2014 | | 7,810 | | | 17,195 | | | 11 | | Vesper Tuscaloosa, LLC | | Tuscaloosa, AL | | 9/28/2016 | | 54,500 | | | 40,312 | | | 12 | | Vesper Corpus Christi, LLC | | Corpus Christi, TX | | 9/28/2016 | | 14,250 | | | 10,112 | | | 13 | | Vesper Campus Quarters, LLC | | Corpus Christi, TX | | 9/28/2016 | | 18,350 | | | 13,272 | | | 14 | | Vesper College Station, LLC | | College Station, TX | | 9/28/2016 | | 41,500 | | | 30,016 | | | 15 | | Vesper Statesboro, LLC | | Statesboro, GA | | 9/28/2016 | | 7,500 | | | 7,323 | | | 16 | | 9220 Old Lantern Way, LLC | | Laurel, MD | | 1/30/2017 | | 187,250 | | | 150,423 | | | 17 | | 7915 Baymeadows Circle Owner, LLC | | Jacksonville, FL | | 10/31/2017 | | 95,700 | | | 87,031 | | | 18 | | 8025 Baymeadows Circle Owner, LLC | | Jacksonville, FL | | 10/31/2017 | | 15,300 | | | 15,156 | | | 19 | | 23275 Riverside Drive Owner, LLC | | Southfield, MI | | 11/8/2017 | | 52,000 | | | 53,231 | | | 20 | | 23741 Pond Road Owner, LLC | | Southfield, MI | | 11/8/2017 | | 16,500 | | | 18,417 | | | 21 | | 150 Steeplechase Way Owner, LLC | | Largo, MD | | 1/10/2018 | | 44,500 | | | 35,185 | | | 22 | | Olentangy Commons Owner LLC | | Columbus, OH | | 6/1/2018 | | 113,000 | | | 92,876 | | | 23 | | Villages of Wildwood Holdings LLC | | Fairfield, OH | | 7/20/2018 | | 46,500 | | | 58,393 | | | 24 | | Falling Creek Holdings LLC | | Richmond, VA | | 8/8/2018 | | 25,000 | | | 25,075 | | | 25 | | Crown Pointe Passthrough LLC | | Danbury, CT | | 8/30/2018 | | 108,500 | | | 89,400 | | | 26 | | Lorring Owner LLC | | Forestville, MD | | 10/30/2018 | | 58,521 | | | 47,274 | | | 27 | | Hamptons Apartments Owner, LLC | | Beachwood, OH | | 1/9/2019 | | 96,500 | | | 79,520 | | | 28 | | 5224 Long Road Holdings, LLC | | Orlando, FL | | 6/28/2019 | | 26,500 | | | 21,200 | | | 29 | | Druid Hills Holdings LLC | | Atlanta, GA | | 7/30/2019 | | 96,000 | | | 77,261 | | | 30 | | Bel Canto NPRC Parcstone LLC | | Fayetteville, NC | | 10/15/2019 | | 45,000 | | | 42,329 | | | 31 | | Bel Canto NPRC Stone Ridge LLC | | Fayetteville, NC | | 10/15/2019 | | 21,900 | | | 21,313 | | | 32 | | Sterling Place Holdings LLC | | Columbus, OH | | 10/28/2019 | | 41,500 | | | 34,196 | | | 33 | | SPCP Hampton LLC | | Dallas, TX | | 11/2/2020 | | 36,000 | | | 38,843 | | | 34 | | Palmetto Creek Holdings LLC | | North Charleston, SC | | 11/10/2020 | | 33,182 | | | 25,865 | | | 35 | | Valora at Homewood Holdings LLC | | Homewood, AL | | 11/19/2020 | | 81,250 | | | 63,844 | | | 36 | | NPRC Fairburn LLC | | Fairburn, GA | | 12/14/2020 | | 52,140 | | | 43,900 | | | 37 | | NPRC Taylors LLC | | Taylors, SC | | 1/27/2021 | | 18,762 | | | 14,075 | | | 38 | | Parkside at Laurel West Owner LLC | | Spartanburg, SC | | 2/26/2021 | | 57,005 | | | 42,025 | | | 39 | | Willows at North End Owner LLC | | Spartanburg, SC | | 2/26/2021 | | 23,255 | | | 18,906 | | | 40 | | SPCP Edge CL Owner LLC | | Webster, TX | | 3/12/2021 | | 34,000 | | | 25,496 | | | 41 | | Jackson Pear Orchard LLC | | Ridgeland, MS | | 6/28/2021 | | 50,900 | | | 42,975 | | | 42 | | Jackson Lakeshore Landing LLC | | Ridgeland, MS | | 6/28/2021 | | 22,600 | | | 17,955 | | | 43 | | Jackson Reflection Pointe LLC | | Flowood, MS | | 6/28/2021 | | 45,100 | | | 33,203 | | | 44 | | Jackson Crosswinds LLC | | Pearl, MS | | 6/28/2021 | | 41,400 | | | 38,601 | | | 45 | | Elliot Apartments Norcross, LLC | | Norcross, GA | | 11/30/2021 | | 128,000 | | | 106,850 | | | 46 | | Orlando 442 Owner, LLC (West Vue Apartments) | | Orlando, FL | | 12/30/2021 | | 97,500 | | | 70,723 | | | 47 | | NPRC Wolfchase LLC | | Memphis, TN | | 3/18/2022 | | 82,100 | | | 60,000 | | | 48 | | NPRC Twin Oaks LLC | | Hattiesburg. MS | | 3/18/2022 | | 44,850 | | | 36,704 | | | 49 | | NPRC Lancaster LLC | | Birmingham, AL | | 3/18/2022 | | 37,550 | | | 29,673 | | | 50 | | NPRC Rutland LLC | | Macon, GA | | 3/18/2022 | | 29,750 | | | 24,383 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | No. | | Property Name | | City | | Acquisition Date | | Purchase Price | | Mortgage Outstanding | | 51 | | Southport Owner LLC (Southport Crossing) | | Indianapolis, IN | | 3/29/2022 | | 48,100 | | | 36,075 | | | 52 | | TP Cheyenne, LLC | | Cheyenne, WY | | 5/26/2022 | | 27,500 | | | 17,656 | | | 53 | | TP Pueblo, LLC | | Pueblo, CO | | 5/26/2022 | | 31,500 | | | 20,166 | | | 54 | | TP Stillwater, LLC | | Stillwater, OK | | 5/26/2022 | | 26,100 | | | 15,328 | | | 55 | | TP Kokomo, LLC | | Kokomo, IN | | 5/26/2022 | | 20,500 | | | 12,753 | | | 56 | | Terraces at Perkins Rowe JV LLC | | Baton Rouge, LA | | 11/14/2022 | | 41,400 | | | 29,566 | | | 57 | | NPRC Apex Holdings LLC | | Cincinnati, OH | | 1/19/2024 | | 34,225 | | | 27,712 | | | 58 | | NPRC Parkton Holdings LLC | | Cincinnati, OH | | 1/19/2024 | | 45,775 | | | 37,090 | | | | | | | | | | $ | 2,534,216 | | | $ | 2,191,789 | |
Summarized financial information for InterDent is below:
| | | | | | | | | | | | | Balance Sheet (1) | June 30, 2026 | | June 30, 2025 | | Current assets | $ | 42,792 | | | $ | 50,885 | | | Non-current assets | 13,124 | | | 131,993 | | | Current liabilities | 71,981 | | | 76,752 | | | Non-current liabilities | 430,653 | | | 396,403 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | For the six months ended | | For the years ended December 31, | | Summary Statement of Operations (1) | | | | | | 6/30/2026 | | 2025 | | 2024 | | 2023 | | Total revenue | | | | | | $ | 172,774 | | | $ | 325,931 | | | $ | 321,337 | | | $ | 320,763 | | | Gross profit | | | | | | 31,385 | | | 48,989 | | | 44,753 | | | 52,022 | | | Net (loss) | | | | | | $ | (18,100) | | | $ | (40,441) | | | $ | (38,044) | | | $ | (13,681) | |
(1) The fiscal year end of the portfolio company is December 31st compared to PSEC’s June 30th fiscal year end. All amounts are unaudited.
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