Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2026

At September 30, 2026, the Company’s investments were categorized as follows:


Level	Basis for Determining Fair Value	Bank Debt (1)		Other Corporate Debt (2)		Equity Securities		Equity Investment in Continuation Vehicle		Total
1	Quoted prices in active markets for identical assets	$	—	$	—	$	165,807	$	—	$	165,807
2	Other direct and indirect observable market inputs (3)		991,961		—		—		—		991,961
3	Independent third-party valuation sources that employ significant unobservable inputs		380,293,873		51,089,279		99,434,757		—		530,817,909
3	Valuation Designee valuations with significant unobservable inputs		—		127,490		588,562		—		716,052
NAV(4) as Practical Expedient			—		—		—		10,842,711		10,842,711
Total		$	381,285,834	$	51,216,769	$	100,189,126	$	10,842,711	$	543,534,440

(1)

Includes senior secured loans

(2)

Includes senior secured notes, unsecured debt and subordinated debt

(3)

For example, quoted prices in inactive markets or quotes for comparable investments

(4)

As of September 30, 2026, the Company's investment in the Continuation Vehicle was valued using NAV per share (or its equivalent) as a practical expedient for fair value and has been excluded from the fair value hierarchy. The fair value amount presented in this table is intended to permit reconciliation of the amounts presented in the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.

At December 31, 2025, the Company’s investments were categorized as follows:


Level	Basis for Determining Fair Value	Bank Debt (1)		Other Corporate Debt (2)		Equity Securities		Total
1	Quoted prices in active markets for identical assets	$	—	$	—	$	427,941	$	427,941
2	Other direct and indirect observable market inputs (3)	—		—		—			—
3	Independent third-party valuation sources that employ significant unobservable inputs		1,358,559,662		59,756,438		113,856,216		1,532,172,316
3	Valuation Designee valuations with significant unobservable inputs	—			127,490		574,725		702,215
Total		$	1,358,559,662	$	59,883,928	$	114,858,882	$	1,533,302,472

(1)

Includes senior secured loans.

(2)

Includes senior secured notes, unsecured debt and subordinated debt.

(3)

For example, quoted prices in inactive markets or quotes for comparable investments.

2. Summary of Significant Accounting Policies — (continued)

Schedule of Unobservable Inputs

Unobservable inputs used in the fair value measurement of Level 3 investments as of September 30, 2026 included the following:


Asset Type	Fair Value		Valuation Technique	Unobservable Input	Range (Weighted Avg.) (1)
Bank Debt	$	267,062,898	Income approach	Discount rate	3.9% - 32.0% (13.0%)
		70,736,237	Market comparable companies	Revenue multiples	0.3x - 5.0x (0.8x)
		40,070,703	Market comparable companies	EBITDA multiples	2.8x - 8.0x (4.7x)
		2,424,035	Market quotations	Indicative bid/ask quotes	1 (1)
Other Corporate Debt		48,756,438	Market comparable companies	EBITDA multiples	8.0x (8.0x)
		2,332,841	Income approach	Discount rate	15.5% (15.5%)
		127,490	Asset approach (2)	N/A	N/A
Equity		70,019,340	Market comparable companies	EBITDA multiples	2.8x - 10.5x (8.4x)
		2,041,247	Market comparable companies	Revenue multiples	0.3x - 9.5x (5.8x)
		17,166,034	Income approach	Discount rate	13.2% - 18.5% (13.2%)
		8,509,791	Option Pricing Model	EBITDA/Revenue multiples	2.2x - 13.0x (6.7x)
				Implied volatility	45.0% - 60.0% (51.8%)
				Term	0.1 years - 3.0 years (1.1 years)
		2,286,907	Transaction approach (3)	N/A	N/A
	$	531,533,961

(1)

Weighted by fair value.

(2)

Fair value was determined using an asset approach and is based on the remaining cash held, net of all liabilities.

(3)

Fair value was determined using the transaction price to acquire the position. There has been no change to the valuation based on the underlying assumptions used at the closing of such transaction.

2. Summary of Significant Accounting Policies — (continued)

Certain fair value measurements may employ more than one valuation technique, with each valuation technique receiving a relative weight between 0% and 100%. Generally, a change in an unobservable input may result in a change to the value of an investment as follows:


Input	Impact to Value if Input Increases	Impact to Value if Input Decreases
Discount rate	Decrease	Increase
Revenue multiples	Increase	Decrease
EBITDA multiples	Increase	Decrease
Book value multiples	Increase	Decrease
Implied volatility	Increase	Decrease
Term	Increase	Decrease
Yield	Increase	Decrease

Unobservable inputs used in the fair value measurement of Level 3 investments as of December 31, 2025 included the following:


Asset Type	Fair Value		Valuation Technique	Unobservable Input	Range (Weighted Avg.) (1)
Bank Debt	$	1,165,504,450	Income approach	Discount rate	7.7% - 28.3% (11.3%)
		86,637,697	Market comparable companies	Revenue multiples	0.4x - 3.3x (1.7x)
		54,856,441	Market comparable companies	EBITDA multiples	4.5x - 10.0x (9.0x)
		47,153,463	Market quotations	Indicative bid/ask quotes	1 (1)
		4,407,611	Transaction approach (3)	N/A	N/A
Other Corporate Debt		59,756,438	Market comparable companies	Book value multiples	1.6x (1.6x)
		127,490	Asset approach (2)	N/A	N/A
Equity		19,318,718	Option Pricing Model	EBITDA/Revenue multiples	2.2x - 10.0x (6.3x)
				Implied volatility	45.0% - 75.0% (60.7%)
				Term	0.1 years - 3.0 years (1.8 years)
		51,042,935	Market comparable companies	Book value multiples	1.6x (1.6x)
		15,970,951	Market comparable companies	Revenue multiples	0.4x - 4.8x (0.8x)
		9,463,322	Market comparable companies	EBITDA multiples	4.5x - 19.3x (18.0x)
		16,736,055	Income approach	Discount rate	13.4% - 15.0% (13.5%)
		1,898,960	Transaction approach (3)	N/A	N/A
		1,532,874,531

(1)

Weighted by fair value.

(2)

Fair value was determined using an asset approach and is based on the remaining cash held, net of all liabilities.

(3)

Fair value was determined using the transaction price to acquire the position. There has been no change to the valuation based on the underlying assumptions used at the closing of such transaction.

Schedule of Changes in Investments

Changes in investments categorized as Level 3 during the three months ended September 30, 2026 were as follows:


	Independent Third-Party Valuation
	Bank Debt			Other Corporate Debt			Equity Securities			Total
Beginning balance	$	1,115,308,862		$	62,320,667		$	109,468,452		$	1,287,097,981
Net realized and unrealized gains (losses)		(9,064,100	)		(231,388	)		(4,784,582	)		(14,080,070	)
Acquisitions (1)		12,622,305			—			524,351			13,146,656
Dispositions		(738,573,194	)		(11,000,000	)		(5,773,464	)		(755,346,658	)
Ending balance	$	380,293,873		$	51,089,279		$	99,434,757		$	530,817,909

Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above)	$	(433,038	)	$	(231,388	)	$	(4,731,589	)	$	(5,396,015	)

(1)

Includes payments received in kind and accretion of original issue and market discounts.

2. Summary of Significant Accounting Policies — (continued)


	Valuation Designee Valuation
	Bank Debt		Other Corporate Debt		Equity Securities		Total
Beginning balance	$	—	$	127,490	$	574,725	$	702,215
Net realized and unrealized gains (losses)		—		—		13,837		13,837
Ending balance	$	—	$	127,490	$	588,562	$	716,052

Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above)	$	—	$	—	$	13,837	$	13,837

Changes in investments categorized as Level 3 during the nine months ended September 30, 2026 were as follows:


	Independent Third-Party Valuation
	Bank Debt			Other Corporate Debt			Equity Securities			Total
Beginning balance	$	1,358,559,662		$	59,756,438		$	113,856,216		$	1,532,172,316
Net realized and unrealized gains (losses)		(43,907,793	)		(216,215	)		(20,227,704	)		(64,351,712	)
Acquisitions (1)		41,437,883			2,549,056			22,025,627			66,012,566
Dispositions		(973,058,425	)		(11,000,000	)		(7,000,515	)		(991,058,940	)
Transfers out of Level 3 (2)		(2,737,454	)		—			(9,218,867	)		(11,956,321	)
Ending balance	$	380,293,873		$	51,089,279		$	99,434,757		$	530,817,909

Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above)	$	(26,673,169	)	$	(216,215	)	$	(19,793,029	)	$	(46,682,413	)

(1)

Includes payments received in kind and accretion of original issue and market discounts.

(2)

Comprised of two investments that were transferred to Level 2 due to increased number of market quotes and two investments transferred to Valuation Designee Valuation.

2. Summary of Significant Accounting Policies — (continued)


	Valuation Designee Valuation
	Bank Debt		Other Corporate Debt		Equity Securities			Total
Beginning balance	$	—	$	127,490	$	574,725		$	702,215
Net realized and unrealized gains (losses)		—		—		(961,737	)		(961,737	)
Dispositions		—		—		(8,243,293	)		(8,243,293	)
Transfers into Level 3 (1)		—		—		9,218,867			9,218,867
Ending balance	$	—	$	127,490	$	588,562		$	716,052

Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above)	$	—	$	—	$	7,542,554		$	7,542,554

(1)

Comprised of two investments that were transferred from Independent Third-Party Valuation.

Changes in investments categorized as Level 3 during the three months ended September 30, 2025 were as follows:


	Independent Third-Party Valuation
	Bank Debt			Other Corporate Debt			Equity Securities			Total
Beginning balance	$	1,525,587,362		$	59,884,621		$	188,280,321		$	1,773,752,304
Net realized and unrealized gains (losses)		(2,181,394	)		—			310,516			(1,870,878	)
Acquisitions (1)		65,391,223			—			1,344,526			66,735,749
Dispositions		(124,583,402	)		—			(15,798,919	)		(140,382,321	)
Transfers into Level 3 (2)		11,227,978			—			—			11,227,978
Transfers out of Level 3 (3)		—			(128,183	)		—			(128,183	)
Ending balance	$	1,475,441,767		$	59,756,438		$	174,136,444		$	1,709,334,649

Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above)	$	(13,419,807	)	$	—		$	(57,536	)	$	(13,477,343	)

(1)

Includes payments received in kind and accretion of original issue and market discounts.

(2)

Comprised of two investments that were transferred from Level 2 due to reduced number of market quotes.

(3)

Comprised of one investment that was transferred to Valuation Designee Valuation.

2. Summary of Significant Accounting Policies — (continued)


	Valuation Designee Valuation
	Bank Debt		Other Corporate Debt			Equity Securities		Total
Beginning balance	$	—	$	—		$	1,157,403	$	1,157,403
Net realized and unrealized gains (losses)		—		(693	)		246		(447	)
Transfers into Level 3 (1)		—		128,183			—		128,183
Ending balance	$	—	$	127,490		$	1,157,649	$	1,285,139

Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above)	$	—	$	(693	)	$	246	$	(447	)

(1)

Comprised of one investment that was transferred from Independent Third-Party Valuation.

Changes in investments categorized as Level 3 during the nine months ended September 30, 2025 were as follows:


	Independent Third-Party Valuation
	Bank Debt			Other Corporate Debt			Equity Securities			Total
Beginning balance	$	1,549,242,872		$	64,772,456		$	150,615,054		$	1,764,630,382
Net realized and unrealized gains (losses)		(55,932,526	)		—			1,712,232			(54,220,294	)
Acquisitions (1)		186,991,361			—			39,355,031			226,346,392
Dispositions		(221,083,573	)		—			(17,545,873	)		(238,629,446	)
Transfers into Level 3 (2)		16,223,633			—			—			16,223,633
Transfers out of Level 3 (3)		—			(5,016,018	)		—			(5,016,018	)
Ending balance	$	1,475,441,767		$	59,756,438		$	174,136,444		$	1,709,334,649

Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above)	$	(32,537,735	)	$	—		$	1,076,567		$	(31,461,168	)

(1)

Includes payments received in kind and accretion of original issue and market discounts.

(2)

Comprised of two investments that were transferred from Level 2 due to reduced number of market quotes.

(3)

Comprised of one investment that was transferred to Valuation Designee Valuation.

2. Summary of Significant Accounting Policies — (continued)


	Valuation Designee Valuation
	Bank Debt		Other Corporate Debt			Equity Securities		Total
Beginning balance	$	—	$	—		$	1,157,403	$	1,157,403
Net realized and unrealized gains (losses)		—		(2,349,304	)		246		(2,349,058	)
Dispositions		—		(2,539,224	)		—		(2,539,224	)
Transfers into Level 3 (1)		—		5,016,018			—		5,016,018
Ending balance	$	—	$	127,490		$	1,157,649	$	1,285,139

Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above)	$	—	$	(2,349,828	)	$	246	$	(2,349,581	)

_____________________________

(1)

Comprised of one investment that was transferred from Independent Third-Party Valuation

Schedule of Cost for U.S. Federal Income Tax

As of December 31, 2025, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:


	December 31, 2025
Tax Cost	$	1,860,387,305

Gross Unrealized Appreciation	$	116,913,526
Gross Unrealized Depreciation		(443,998,359	)
Net Unrealized Appreciation (Depreciation)	$	(327,084,833	)

- 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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