Fair Value (Tables)

9 Months Ended

Sep. 30, 2026

Schedule of Portfolio Investments by Levels in the Fair Value Hierarchy

The following table summarizes the levels in the fair value hierarchy that the Company’s portfolio investments fall into as of September 30, 2026:


	Total		Level I		Level II		Level III
First lien	$	1,430,905	$	—	$	56,490	$	1,374,415
Second lien	68,064		—		—		68,064
Subordinated	101,722		—		—		101,722
Structured Finance Obligations	3,217		—		—		3,217
Equity and other	656,054		—		—		656,054
Total investments	$	2,259,962	$	—	$	56,490	$	2,203,472

The following table summarizes the levels in the fair value hierarchy that the Company’s portfolio investments fall into as of December 31, 2025:


	Total		Level I		Level II		Level III
First lien	$	1,818,215	$	—	$	43,579	$	1,774,636
Second lien	91,179		—		—		91,179
Subordinated	121,487		—		—		121,487
Structured Finance Obligations	3,277		—		—		3,277
Equity and other	707,855		—		—		707,855
Total investments	$	2,742,013	$	—	$	43,579	$	2,698,434

Schedule of Changes in Fair Value of Level III Portfolio Investments

The following table summarizes the changes in fair value of Level III portfolio investments for the three months ended September 30, 2026, as well as the portion of appreciation (depreciation) included in income attributable to the net change in unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at September 30, 2026:


	Total		First Lien		Second Lien		Subordinated		Structured Finance Obligations		Equity and other
Fair Value, June 30, 2026	$	2,229,035	$	1,394,174	$	72,991	$	98,429	$	3,191	$	660,250
Total gains or losses included in earnings:
Net realized gains (losses) on investments	78		80		—		—		—		(2)
Net change in unrealized (depreciation) appreciation of investments	(14,477)		(7,060)		(2,582)		(29)		26		(4,832)
Purchases, including capitalized PIK and revolver fundings	35,603		27,678		679		3,322		—		3,924
Proceeds from sales and paydowns of investments(1)	(46,767)		(40,457)		(3,024)		—		—		(3,286)



Fair Value, September 30, 2026	$	2,203,472	$	1,374,415	$	68,064	$	101,722	$	3,217	$	656,054
Net change in unrealized (depreciation) appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period:	$	(14,486)	$	(7,070)	$	(2,581)	$	(29)	$	27	$	(4,833)

(1)Includes non-cash reorganizations and restructurings.

The following table summarizes the changes in fair value of Level III portfolio investments for the three months ended September 30, 2025, as well as the portion of appreciation (depreciation) included in income attributable to the net change in unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at September 30, 2025:


	Total		First Lien		Second Lien		Subordinated		Structured Finance Obligations		Equity and other
Fair Value, June 30, 2025	$	2,920,263	$	1,927,366	$	128,623	$	107,986	$	3,249	$	753,039
Total gains or losses included in earnings:
Net realized gains (losses) on investments	11		3		(33)		—		—		41
Net change in unrealized (depreciation) appreciation of investments	(19,504)		(7,077)		2,499		(142)		8		(14,792)
Purchases, including capitalized PIK and revolver fundings	139,332		121,173		9,464		3,187		—		5,508
Proceeds from sales and paydowns of investments	(163,342)		(98,831)		(62,656)		—		—		(1,855)
Transfers into Level III(1)	20,231		—		20,231		—		—		—
Transfers out of Level III(1)	(54,257)		(54,257)		—		—		—		—
Fair Value, September 30, 2025	$	2,842,734	$	1,888,377	$	98,128	$	111,031	$	3,257	$	741,941
Net change in unrealized (depreciation) appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period:	$	(37,652)	$	(7,387)	$	2,498	$	(143)	$	8	$	(32,628)

(1)As of September 30, 2025, portfolio investments were transferred into Level III from Level II and out of Level III into Level II at fair value as of the beginning of the quarterly period in which the reclassification occurred.

The following table summarizes the changes in fair value of Level III portfolio investments for the nine months ended September 30, 2026, as well as the portion of appreciation (depreciation) included in income attributable to the net change in unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at September 30, 2026:


	Total		First Lien		Second Lien		Subordinated		Structured Finance Obligations		Equity and other
Fair Value, December 31, 2025	$	2,698,434	$	1,774,636	$	91,179	$	121,487	$	3,277	$	707,855
Total gains or losses included in earnings:
Net realized losses on investments	(75,554)		(39,778)		(7,956)		(2,089)		—		(25,731)
Net change in unrealized (depreciation) appreciation of investments	(13,500)		(25,381)		(176)		(3,976)		(60)		16,093
Purchases, including capitalized PIK and revolver fundings	264,176		205,352		3,548		14,368		—		40,908
Proceeds from sales and paydowns of investments(1)	(679,063)		(558,527)		(9,397)		(25,313)		—		(85,826)
Transfers into Level III(2)(3)	27,018		18,113		6,150		—		—		2,755
Transfers out of Level III(2)(3)	(18,039)		—		(15,284)		(2,755)		—		—

Fair Value, September 30, 2026	$	2,203,472	$	1,374,415	$	68,064	$	101,722	$	3,217	$	656,054
Net change in unrealized depreciation for the period relating to those Level III assets that were still held by the Company at the end of the period:	$	(56,931)	$	(34,545)	$	(10,741)	$	(205)	$	(60)	$	(11,380)

(1)Includes non-cash reorganizations and restructurings.

(2)As of September 30, 2026, portfolio investments were transferred into Level III from Level II and out of Level III into Level II at fair value as of the beginning of the period in which the reclassification occurred.

(3)Includes reclassification of investment type to a claim.

The following table summarizes the changes in fair value of Level III portfolio investments for the nine months ended September 30, 2025, as well as the portion of appreciation (depreciation) included in income attributable to the net change in unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at September 30, 2025:


	Total		First Lien		Second Lien		Subordinated		Structured Finance Obligations		Equity and other
Fair Value, December 31, 2024	$	2,987,078	$	1,902,610	$	150,334	$	102,034	$	—	$	832,100
Total gains or losses included in earnings:
Net realized gains (losses) on investments	51,087		101		(2,762)		—		—		53,748
Net change in unrealized (depreciation) appreciation of investments	(98,823)		(13,738)		4,673		32		25		(89,815)
Purchases, including capitalized PIK and revolver fundings(1)	470,593		365,524		13,719		8,965		—		82,385
Proceeds from sales and paydowns of investments(1)	(550,437)		(319,690)		(94,270)		—		—		(136,477)
Transfers into Level III(2)	29,666		—		26,434		—		3,232		—
Transfers out of Level III(2)	(46,430)		(46,430)		—		—		—		—
Fair Value, September 30, 2025	$	2,842,734	$	1,888,377	$	98,128	$	111,031	$	3,257	$	741,941
Net change in unrealized (depreciation) appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period:	$	(53,505)	$	(13,964)	$	4,386	$	30	$	25	$	(43,982)

(1)Includes non-cash reorganizations and restructurings.

(2)As of September 30, 2025, portfolio investments were transferred into Level III from Level II and out of Level III into Level II at fair value as of the beginning of the period in which the reclassification occurred.

Schedule of Unobservable Inputs Used in the Fair Value Measurement

The unobservable inputs used in the fair value measurement of the Company's Level III investments as of September 30, 2026 were as follows:


					Range
Type	Fair Value as of September 30, 2026		Approach	Unobservable Input	Low		High		Weighted Average(1)
First lien	$	1,305,037	Market & Income Approach	EBITDA multiple	4.0x		22.0x		12.8x
				Revenue multiple	1.0x		10.5x		7.5x
				Discount rate	7.4	%	66.0	%	11.7	%

	69,378		Other	N/A(2)	N/A		N/A		N/A
Second lien	68,064		Market & Income Approach	EBITDA multiple	10.0x		20.5x		20.2x

				Discount rate	11.8	%	28.7	%	19.7	%


Subordinated	101,722		Market & Income Approach	EBITDA multiple	7.5x		20.0x		12.8x
				Discount rate	13.4	%	19.8	%	17.1	%

Structured Finance Obligations	3,217		Income Approach	Discount rate	11.3	%	11.3	%	11.3	%
Equity and other	277,421		Market & Income Approach	EBITDA multiple	6.0x		28.0x		11.0x

				Discount rate	10.0	%	29.0	%	15.1	%
	378,633		Income Approach	Discount rate	6.2	%	14.0	%	10.8	%



	$	2,203,472

(1)Unobservable inputs were weighted by the relative fair value of the investments.

(2)Fair value was determined based on transaction pricing, recent acquisition or sale as the best measure of fair value with no material changes in operations of the related portfolio company since the transaction date.

The unobservable inputs used in the fair value measurement of the Company's Level III investments as of December 31, 2025 were as follows:


					Range
Type	Fair Value as of December 31, 2025		Approach	Unobservable Input	Low		High		Weighted Average(1)
First lien	$	1,765,624	Market & Income Approach	EBITDA multiple	5.0x		31.3x		14.3x
				Revenue multiple	4.0x		19.5x		10.3x
				Discount rate	6.1	%	21.6	%	9.1	%

	9,012		Other	N/A(2)	N/A		N/A		N/A
Second lien	84,722		Market & Income Approach	EBITDA multiple	14.0x		18.0x		16.0x

				Discount rate	9.4	%	15.8	%	13.5	%

	6,457		Other	N/A(2)	N/A		N/A		N/A
Subordinated	121,487		Market & Income Approach	EBITDA multiple	7.0x		20.0x		13.4x
				Discount rate	11.7	%	18.9	%	14.1	%
Structured Finance Obligations	3,277		Income Approach	Discount rate	10.5	%	10.5	%	10.5	%
Equity and other	320,328		Market & Income Approach	EBITDA multiple	5.5x		21.7x		11.7x
				Revenue multiple	8.5x		10.5x		9.0x
				Discount rate	9.3	%	20.2	%	11.7	%
	387,527		Income Approach	Discount rate	6.3	%	15.7	%	11.4	%





	$	2,698,434

(1)Unobservable inputs were weighted by the relative fair value of the investments.

(2)Fair value was determined based on transaction pricing or recent acquisition or sale as the best measure of fair value with no material changes in operations of the related portfolio company since the transaction date.

Schedule of Principal Amounts and Fair Values of the Company’s Borrowings

The following are the principal amounts and fair values of the Company’s borrowings as of September 30, 2026 and December 31, 2025. Fair value is estimated by discounting remaining payments using applicable current market rates, which take into account changes in the Company’s marketplace credit ratings or market quotes, if available.


	As of
	September 30, 2026				December 31, 2025
	Principal Amount		Fair Value		Principal Amount		Fair Value
Unsecured Notes	$	790,000	$	790,775	$	990,000	$	1,002,356
Holdings Credit Facility	391,446		389,677		420,063		419,981
SBA-guaranteed debentures	120,000		97,963		196,205		175,141
NMFC Credit Facility (1)	30,212		30,278		81,074		81,097
Total Borrowings	$	1,331,658	$	1,308,693	$	1,687,342	$	1,678,575

(1) As of September 30, 2026, the principal amount of the NMFC Credit Facility was $30,212, which included €16,512 denominated in EUR and £8,666 denominated in GBP that has been translated to U.S. dollars. As of September 30, 2026, the fair value of the NMFC Credit Facility was $30,278, which included €16,547 denominated in EUR and £8,686 denominated in GBP that has been translated to U.S. dollars. As of December 31, 2025, the principal amount of the NMFC Credit Facility was $81,074, which included €16,512 denominated in EUR and £8,666 denominated in

GBP that has been translated to U.S. dollars. As of December 31, 2025, the fair value of the NMFC Credit Facility was $81,097, which included €16,479 denominated in EUR and £8,651 denominated in GBP that has been translated to U.S. dollars.

Schedule of Notional Amounts and Fair Values of the Company's Derivative Instruments

The following table summarizes the notional amounts and fair values of the Company's derivative instruments as of September 30, 2026 and December 31, 2025. The Company's derivative instruments are considered Level II investments.


	As of September 30, 2026						As of December 31, 2025
	Notional Amount		Fair Value				Notional Amount		Fair Value
			Asset		Liability				Asset		Liability
Derivatives in fair value hedging relationships:
Interest rate swaps	$	600,000	$	—	$	(9,296)	$	600,000	$	5,647	$	(366)
Total derivatives designated as hedging instruments	600,000		—		(9,296)		600,000		5,647		(366)
Total derivatives	600,000		—		(9,296)		600,000		5,647		(366)
Total net derivatives(1)	$	600,000	$	—	$	(9,296)	$	600,000	$	5,281	$	—

(1)As of September 30, 2026, the Company had a net derivative liability at fair value subject to such enforceable master netting arrangement in the amount of $9,296 and a collateral balance of $60, included in "Receivable from broker" on the Consolidated Statements of Assets and Liabilities. As of December 31, 2025, the Company had a net derivative asset at fair value subject to such enforceable master netting arrangement in the amount of $5,281 and a collateral balance of $14,630, included in "Payable to broker" on the Consolidated Statements of Assets and Liabilities. As of September 30, 2026 and December 31, 2025, if the Company had elected to offset, the net amount would be $9,236 and $0, respectively.

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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