| Schedule of Fair Value Hierarchy of Investments |
The following table presents the fair value hierarchy of investments as of September 30, 2026:
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Fair Value Hierarchy as of September 30, 2026 |
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Investments: |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
|
First-lien senior secured debt |
|
$ |
— |
|
|
$ |
943,746,262 |
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$ |
— |
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|
$ |
943,746,262 |
|
Second-lien senior secured debt |
|
|
— |
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|
|
56,200,094 |
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|
|
— |
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|
|
56,200,094 |
|
Corporate Bonds |
|
|
— |
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|
|
6,448,125 |
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|
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— |
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|
|
6,448,125 |
|
CLO Mezzanine |
|
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— |
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|
|
6,087,114 |
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|
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— |
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|
|
6,087,114 |
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CLO Equity |
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— |
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3,665,548 |
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— |
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3,665,548 |
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Equity |
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— |
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10,290,017 |
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— |
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10,290,017 |
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Short Term Investments |
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61,145,715 |
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— |
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— |
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61,145,715 |
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Total Investments |
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$ |
61,145,715 |
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|
$ |
1,026,437,160 |
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$ |
— |
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|
$ |
1,087,582,875 |
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The following table presents the fair value hierarchy of investments as of December 31, 2025:
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Fair Value Hierarchy as of December 31, 2025 |
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Investments: |
|
Level 1 |
|
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Level 2 |
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Level 3 |
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Total |
|
First-lien senior secured debt |
|
$ |
— |
|
|
$ |
1,014,924,713 |
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$ |
— |
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$ |
1,014,924,713 |
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Second-lien senior secured debt |
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— |
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|
59,868,971 |
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— |
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|
59,868,971 |
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Corporate Bonds |
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— |
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|
7,929,631 |
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— |
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7,929,631 |
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CLO Mezzanine |
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— |
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|
34,300,352 |
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— |
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34,300,352 |
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CLO Equity |
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— |
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|
|
6,087,607 |
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— |
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6,087,607 |
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Equity |
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— |
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7,812,775 |
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— |
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7,812,775 |
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Short Term Investments |
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72,716,269 |
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— |
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— |
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72,716,269 |
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Total Investments |
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$ |
72,716,269 |
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$ |
1,130,924,049 |
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$ |
— |
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$ |
1,203,640,318 |
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| Schedule of Changes in the Fair Value of Investments |
The Company did not hold any Level 3 investments during the nine months ended September 30, 2026. The following table shows the changes in the fair value of the Company's Level 3 investments during the nine months ended September 30, 2025.
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Equity |
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Fair value, beginning of period |
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$ |
— |
|
Purchases of investments, net |
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|
6,886,857 |
|
Proceeds from principal payments and sales of investments, net |
|
|
— |
|
Net change in unrealized gain (loss) |
|
|
(865,138 |
) |
Net accretion of discount on investments |
|
|
— |
|
Transfers into (out of) Level 3 |
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(6,021,719 |
) |
Fair value, end of period |
|
$ |
— |
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