| Fair Value of Financial Instruments |
Fair Value of Financial Instruments Under existing accounting guidance, fair value is defined as the price that the Company would receive upon selling an investment or pay to transfer a liability in an orderly transaction to a market participant in the principal or most advantageous market for the investment. This accounting guidance emphasizes valuation techniques that maximize the use of observable market inputs and minimize the use of unobservable inputs. Inputs refer broadly to the assumptions that market participants would use in pricing an asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances. The Company classifies the inputs used to measure these fair values into the following hierarchy as defined by current accounting guidance: Level 1: Inputs that are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Inputs that are quoted prices for similar assets or liabilities in active markets. Level 3: Inputs that are unobservable for an asset or liability. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The following tables present fair value measurements of the Company’s assets and liabilities that are recorded at fair value and indicate the fair value hierarchy of the valuation techniques utilized to determine such fair value as of September 30, 2026 and December 31, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2026 (Unaudited) | | Description | | Level 1 | | Level 2 | | Level 3 | | Total | | Assets, at fair value: | | | | | | | | | | Investments not measured at net asset value | | $ | — | | | $ | 9 | | | $ | 9,663 | | | $ | 9,672 | | Investments measured at net asset value(1) | | | | | | | | 1,634 | | | Total investments | | — | | | 9 | | | 9,663 | | | 11,306 | | Money market funds(2) | | 13 | | | — | | | — | | | 13 | | | Foreign currency forward contracts | | — | | | 3 | | | — | | | 3 | | | Interest rate swaps | | — | | | — | | | — | | | — | | | Total assets, at fair value: | | $ | 13 | | | $ | 12 | | | $ | 9,663 | | | $ | 11,322 | | | | | | | | | | | | Liabilities, at fair value: | | | | | | | | | | Foreign currency forward contracts | | $ | — | | | $ | 2 | | | $ | — | | | $ | 2 | | | Interest rate swaps | | — | | | 60 | | | — | | | 60 | | | Total liabilities, at fair value: | | $ | — | | | $ | 62 | | | $ | — | | | $ | 62 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Description | | Level 1 | | Level 2 | | Level 3 | | Total | | Assets, at fair value: | | | | | | | | | | Investments not measured at net asset value | | $ | 22 | | | $ | 14 | | | $ | 11,005 | | | $ | 11,041 | | Investments measured at net asset value(1) | | | | | | | | 1,968 | | | Total investments | | 22 | | | 14 | | | 11,005 | | | 13,009 | | | | | | | | | | | | Foreign currency forward contracts | | — | | | — | | | — | | | — | | | Interest rate swaps | | — | | | 59 | | | — | | | 59 | | | Total assets, at fair value: | | $ | 22 | | | $ | 73 | | | $ | 11,005 | | | $ | 13,068 | | | | | | | | | | | | Liabilities, at fair value: | | | | | | | | | | Foreign currency forward contracts | | $ | — | | | $ | 10 | | | $ | — | | | $ | 10 | | | Interest rate swaps | | — | | | — | | | — | | | — | | | Total liabilities, at fair value: | | $ | — | | | $ | 10 | | | $ | — | | | $ | 10 | |
________________ (1)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheets. (2)The fair value of money market funds is included in “cash and cash equivalents” in the consolidated balance sheets. The Board of Directors is responsible for overseeing the valuation of the Company’s portfolio investments at fair value as determined in good faith pursuant to the Adviser’s valuation policy. The Board of Directors has designated the Adviser with day-to-day responsibility for implementing the portfolio valuation process set forth in the Adviser’s valuation policy. The Company’s investments consist primarily of debt investments that were acquired directly from the issuer. Debt investments, for which broker quotes are not available, are valued by independent valuation firms, which determine the fair value of such investments by considering, among other factors, the borrower’s ability to adequately service its debt, prevailing interest rates for like investments, expected cash flows, call features, anticipated repayments and other relevant terms of the investments. Except as described below, all of the Company’s equity/other investments are also valued by independent valuation firms, which determine the fair value of such investments by considering, among other factors, contractual rights ascribed to such investments, as well as various income scenarios and multiples of earnings before interest, taxes, depreciation and amortization, or EBITDA, cash flows, net income, revenues or, in limited instances, book value or liquidation value. An investment that is newly issued and purchased near the date of the financial statements is valued at cost if the Adviser determines that the cost of such investment is the best indication of its fair value. Such investments described above are typically classified as Level 3 within the fair value hierarchy. Investments that are traded on an active public market are valued at their closing price as of the date of the financial statements and are classified as Level 1 within the fair value hierarchy. Except as described above, the Adviser typically values the Company’s other investments by using the midpoint of the prevailing bid and ask prices from dealers on the date of the relevant period end, which are provided by independent third-party pricing services and screened for validity by such services and are typically classified as Level 2 within the fair value hierarchy. The Adviser periodically benchmarks the bid and ask prices it receives from the third-party pricing services and/or dealers and independent valuation firms, as applicable, against the actual prices at which the Company purchases and sells its investments. Based on the results of the benchmark analysis and the experience of the Company’s management in purchasing and selling these investments, the Adviser believes that these prices are reliable indicators of fair value. The Adviser reviewed and approved the valuation determinations made with respect to these investments in a manner consistent with the Adviser’s valuation policy. Restricted Securities The Company may invest in securities that are subject to legal or contractual restrictions on resale and may only be resold to the public pursuant to an effective registration statement under the Securities Act, or to qualified institutional buyers in transactions exempt from such registration. The Company does not consider securities to be restricted if the securities may be resold in transactions exempt from registration under the Securities Act, including pursuant to Rule 144A, and there are no restrictions that would otherwise prevent the Company from selling the securities to qualified institutional buyers as of the end of the reporting period. The Company does not incur registration costs upon the resale of securities to qualified institutional buyers in transactions exempt from registration. In certain circumstances, the issuer of restricted securities may bear the costs associated with registering such securities for resale. Such investments described above are classified as Level 3 within the fair value hierarchy. The following table presents the restricted securities held by the Company as of September 30, 2026: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Portfolio Company(1) | | Shares | | Cost | | Fair Value | | Acquisition Date | | % of Net Assets | | Asset Based Finance | | | | | | | | | | | | 801 5th Ave, Seattle, ABF Equity | | 8,355,231 | | | $ | 13.9 | | | $ | — | | | 12/19/2019 | | 0.0% | | Abacus JV, ABF Equity | | 7,943,313 | | | 7.9 | | | — | | | 11/8/2021 | | 0.0% | | Accelerator Investments Aggregator LP, ABF Equity | | 948,603 | | | 1.1 | | | 0.5 | | | 1/22/2021 | | 0.0% | | Aggregator (GreenSky Holdings I) | | 10,327,063 | | | 10.3 | | | 12.0 | | | 6/24/2024 | | 0.2% | | Aggregator (Rockloans Marketplace LLC) | | 1,436,583 | | | 1.4 | | | 1.2 | | | 3/30/2023 | | 0.0% | | Aggregator 40 Act (AOP SFR 1 LLC (FKA Avenue One PropCo)) | | 10,799,641 | | | 10.8 | | | — | | | 3/15/2024 | | 0.0% | | Aggregator 40 Act (My Community Homes PropCo 2) | | 26,991,221 | | | 27.0 | | | — | | | 3/15/2024 | | 0.0% | | Altavair AirFinance, ABF Equity | | 1,630,249.0 | | | 1.6 | | | 3.6 | | | 11/11/2022 | | 0.1% | | Australis Maritime, Common Stock | | 1,119,979 | | | 1.1 | | | 1.1 | | | 3/23/2023 | | 0.0% | | Auxilior Capital Partners Inc, Preferred Equity | | 21.5 | | | 21.5 | | | 21.4 | | | 4/30/2024 | | 0.4% | | Avida Holding AB, Common Stock | | 764,640,807 | | | 79.7 | | | 42.9 | | | 6/29/2020 | | 0.9% | | Byrider Finance LLC, ABF Equity | | 54,407 | | | — | | | — | | | 11/30/2022 | | 0.0% | | Danube - Alps Aggregator (PayPal Europe Sarl et Cie SCA) | | 13,437,240 | | | 15.1 | | | 8.8 | | | 10/11/2024 | | 0.2% | | Fourways Aggregator LP (Norway_France) | | 2,870,756 | | | 3.2 | | | 3.6 | | | 8/28/2024 | | 0.1% | | Global Jet Capital LLC, Preferred Stock | | 375,815,727 | | | 206.6 | | | 151.3 | | | 10/1/2021 | | 3.0% | | Hercules Aggregator LP (Flexsys Holdings Inc) | | 17,830,035 | | | 17.8 | | | 17.5 | | | 4/20/2026 | | 0.4% | | Kilter Finance 2.0, Common Stock | | 3,960,000 | | | 4.0 | | | 4.1 | | | 1/27/2026 | | 0.1% | | Kilter Finance, ABF Equity | | 536,709 | | | 0.5 | | | 9.8 | | | 4/16/2020 | | 0.2% | | Kilter Finance, Common Stock | | 37,119 | | | — | | | 0.3 | | | 8/8/2025 | | 0.0% | | Kilter Finance, Preferred Stock | | 94.0 | | | 94.0 | | | 94.0 | | | 1/27/2022 | | 1.9% | | KKR Altitude II Offshore Aggregator LP, Partnership Interest | | 86,353,783 | | | 86.4 | | | 93.7 | | | 10/4/2024 | | 1.9% | | KKR Altitude III Offshore Aggregator (Altitude III) | | 415,303 | | | 0.4 | | | 0.4 | | | 6/18/2026 | | 0.0% | | KKR Central Park Leasing Aggregator L.P., Partnership Interest | | 38,132,293 | | | 38.1 | | | 23.9 | | | 6/30/2018 | | 0.5% | | KKR Chord IP Aggregator LP, Partnership Interest | | 35,894 | | | — | | | 0.1 | | | 10/26/2022 | | 0.0% | | KKR Lombardy Aggregator LP (SKP German Bank) | | 3,118,590 | | | 3.7 | | | 3.5 | | | 12/17/2025 | | 0.1% | | KKR Maverick Holdco Blocker (Bond Aviation Holdings LLC) | | 78,953 | | | 0.1 | | | 0.1 | | | 10/20/2025 | | 0.0% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Portfolio Company(1) | | Shares | | Cost | | Fair Value | | Acquisition Date | | % of Net Assets | | KKR Morrow ABF Aggregator LLC (Harley-Davidson Financial Services Inc) | | 24,943,608 | | | $ | 24.9 | | | $ | 25.2 | | | 10/30/2025 | | 0.5% | | KKR Morrow OpCo Aggregator LLC (Harley-Davidson Financial Services Inc) | | 1,896,424 | | | 1.9 | | | 2.0 | | | 10/30/2025 | | 0.0% | | KKR Morrow Residual Purchase 1 LLC (Harley-Davidson Financial Services Inc) | | 5,487,825 | | | 5.5 | | | 5.8 | | | 8/8/2025 | | 0.1% | | KKR Zeno Aggregator LP (K2 Aviation), Partnership Interest | | 3,306 | | | — | | | 0.4 | | | 6/16/2021 | | 0.0% | | KSC I Aircraft LP, ABF Equity | | 17,708,647 | | | 17.7 | | | 18.0 | | | 10/21/2025 | | 0.4% | | Prime ST LLC, ABF Equity | | 4,534,461 | | | 7.0 | | | — | | | 3/12/2020 | | 0.0% | | Ravine - PIK Equity (Vehicle Secured Funding Trust) | | 9,073,134 | | | 9.1 | | | 6.7 | | | 6/26/2024 | | 0.1% | | Roemanu LLC, ABF Equity | | 220,778,388 | | | 222.9 | | | 178.8 | | | 1/2/2018 | | 3.6% | | Sea Financing Aggregator II LP (Australis Maritime II) | | 22,297,359 | | | 22.3 | | | 22.2 | | | 5/30/2023 | | 0.4% | | SPV (Residential Opportunities I LLC) | | 39 | | | — | | | 0.1 | | | 4/17/2023 | | 0.0% | | SPV (SunPower Financial) | | 2,509,227 | | | 2.5 | | | 2.0 | | | 6/29/2023 | | 0.0% | | SPV ALPS 2.0 Aggregator LP EUR (PayPal Danube 2) | | 29,964,043 | | | 34.8 | | | 35.7 | | | 11/14/2025 | | 0.7% | | SPV ALPS 2.0 Aggregator LP GBP (PayPal Danube 2) | | 2,099,064 | | | 2.8 | | | 2.9 | | | 11/14/2025 | | 0.1% | | SPV KKR Galaxy BDC Leveraged (Galaxy Container) | | 314,088 | | | 0.3 | | | 0.3 | | | 11/21/2025 | | 0.0% | | SPV Magenta Holdings (GreenSky (Platform)) | | 10,662,084 | | | 10.7 | | | 6.4 | | | 3/15/2024 | | 0.1% | | SPV Olympus Holdco Limited (TDC LLP) | | 90,027 | | | 0.1 | | | 0.1 | | | 7/29/2025 | | 0.0% | | SPV Slate US Blocker LLC (Slate Venture Holdings LP) | | 17,673,700 | | | 17.7 | | | 23.6 | | | 8/29/2024 | | 0.5% | | SPV Solaris BDC Leveraged (Newday Group Jersey Ltd) | | 4,172,556 | | | 5.6 | | | 9.1 | | | 2/26/2026 | | 0.2% | | Star Mountain Diversified Credit Income Fund III, LP, ABF Equity | | 18,887,332 | | | 18.9 | | | 24.1 | | | 8/15/2019 | | 0.5% | | Tarifa Aggregator LP (Drive Revel) | | 21,640,357.0 | | | 24.4 | | | 25.7 | | | 8/15/2023 | | 0.5% | | TDC LLP, Preferred Equity | | 16.1 | | | 21.5 | | | 21.6 | | | 5/12/2025 | | 0.4% | | Zentiva, Common Stock | | 611,982 | | | 0.7 | | | 0.8 | | | 4/2/2026 | | 0.0% | | Zentiva, Preferred Equity | | 32.9 | | | 37.2 | | | 36.6 | | | 4/2/2026 | | 0.7% | | Equity/Other | | | | | | | | | | | | 48Forty Solutions LLC, Common Stock | | 10,419 | | | 0.5 | | | — | | | 1/14/2026 | | 0.0% | | 48Forty Solutions LLC, Preferred Stock | | 10,419 | | | 55.6 | | | 42.1 | | | 1/14/2026 | | 0.8% | | Accuride Corp, Common Stock | | 4,232,815 | | | — | | | — | | | 3/7/2025 | | 0.0% | | Accuride Corp, Preferred Stock | | 2,422,249 | | | — | | | — | | | 3/11/2025 | | 0.0% | | Affordable Care Inc, Class A Common Stock | | 69,504 | | | 33.2 | | | 31.6 | | | 6/29/2026 | | 0.6% | | Affordable Care Inc, Class B Common Stock | | 4,907 | | | 2.3 | | | 2.2 | | | 6/29/2026 | | 0.0% | | Alacrity Solutions Group LLC, Common Stock | | 2,144 | | | 1.9 | | | — | | | 2/28/2025 | | 0.0% | | Alacrity Solutions Group LLC, Preferred Equity | | 2,293 | | | 2.3 | | | — | | | 2/28/2025 | | 0.0% | | American Vision Partners, Private Equity | | 2,655,491 | | | 2.7 | | | 2.6 | | | 9/30/2021 | | 0.1% | | athenahealth Inc, Preferred Stock | | 406,730 | | | 401.8 | | | 415.1 | | | 2/15/2022 | | 8.3% | | ATX Networks Corp, Class B-1 Common Stock | | 500 | | | — | | | — | | | 12/9/2022 | | 0.0% | | ATX Networks Corp, Class B-2 Common Stock | | 900 | | | — | | | — | | | 12/9/2022 | | 0.0% | | ATX Networks Corp, Common Stock | | 6,516 | | | — | | | — | | | 9/1/2021 | | 0.0% | | AVE Holdings I Corp (fka Amerivet Partners Management Inc), Preferred Stock | | 19,106 | | | 18.7 | | | — | | | 2/25/2022 | | 0.0% | | Belk Inc, Common Stock | | 632,040 | | | 12.0 | | | 19.4 | | | 7/22/2024 | | 0.4% | | Borden (New Dairy Opco), Common Stock | | 11,167,000 | | | — | | | 14.4 | | | 7/20/2020 | | 0.3% | | Bowery Farming Inc, Warrant | | 147,815,378 | | | — | | | — | | | 5/30/2024 | | 0.0% | | Bowery Farming Inc, Warrants | | 1,918,831 | | | — | | | — | | | 10/25/2023 | | 0.0% | | Bowery Farming Inc, Warrants | | 161,828 | | | — | | | — | | | 9/10/2021 | | 0.0% | | CDS US Intermediate Holdings Inc, Common Stock | | 2,023,714 | | | 18.3 | | | 21.8 | | | 11/14/2025 | | 0.4% | | Cengage Learning, Inc, Common Stock | | 227,802 | | | 7.5 | | | 4.6 | | | 8/19/2015 | | 0.1% | | Constellis Holdings LLC, Preferred Equity | | 69,653 | | | — | | | — | | | 9/16/2024 | | 0.0% | | Cubic Corp, Common Stock | | 72 | | | — | | | — | | | 7/25/2025 | | 0.0% | | Cubic Corp, Preferred Equity | | 36,445,084 | | | — | | | — | | | 7/25/2025 | | 0.0% | | Cubic Corp, Preferred Stock | | 17,077,679 | | | 12.8 | | | — | | | 7/25/2025 | | 0.0% | | Cubic Corp, Warrant | | 76 | | | — | | | — | | | 7/25/2025 | | 0.0% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Portfolio Company(1) | | Shares | | Cost | | Fair Value | | Acquisition Date | | % of Net Assets | | Dental Care Alliance Inc, Common Stock | | 3,744,469 | | | $ | 33.1 | | | $ | 32.4 | | | 6/1/2026 | | 0.7% | | Galaxy Universal LLC, Common Stock | | 1,811 | | | 0.2 | | | 0.1 | | | 11/11/2021 | | 0.0% | | Galaxy Universal LLC, Preferred Stock | | 36,149 | | | 5.6 | | | 6.1 | | | 6/9/2023 | | 0.1% | | Galaxy Universal LLC, Preferred Stock | | 20,604 | | | 5.3 | | | 9.7 | | | 12/16/2025 | | 0.2% | | Galaxy Universal LLC, Trade Claim | | 7,701,195 | | | 1.0 | | | 0.5 | | | 11/11/2021 | | 0.0% | | Gracent LLC, Class A Common Stock | | 250 | | | — | | | — | | | 7/10/2023 | | 0.0% | | Gracent LLC, Preferred Equity | | 1,000 | | | — | | | — | | | 7/12/2023 | | 0.0% | | Gracent LLC, Preferred Stock B | | 745 | | | — | | | — | | | 7/10/2023 | | 0.0% | | HM Dunn Co Inc, Common Stock | | 975 | | | — | | | 0.1 | | | 6/30/2025 | | 0.0% | | HM Dunn Co Inc, Preferred Equity | | 1,744 | | | 14.9 | | | 18.9 | | | 6/30/2025 | | 0.4% | | JW Aluminum Co, Preferred Stock | | 102,237 | | | 124.8 | | | 222.8 | | | 6/27/2025 | | 4.5% | | Kellermeyer Bergensons Services LLC, Common Stock | | 26,230,661 | | | — | | | — | | | 3/18/2024 | | 0.0% | | Kellermeyer Bergensons Services LLC, Preferred Stock | | 26,230,661 | | | 48.3 | | | — | | | 3/18/2024 | | 0.0% | | Kestra Financial Inc, Preferred Equity | | 2,251 | | | 2.3 | | | 2.3 | | | 2/3/2025 | | 0.1% | | Lido Advisors LLC, Class A Common Stock | | 4,835,590 | | | 5.0 | | | 6.2 | | | 8/6/2025 | | 0.1% | | Lido Advisors LLC, Class Z Preferred Stock | | 4,835,590 | | | 5.0 | | | 6.2 | | | 8/6/2025 | | 0.1% | | Lionbridge Technologies Inc, Common Equity | | 55,474 | | | — | | | — | | | 1/30/2026 | | 0.0% | | Lionbridge Technologies Inc, Preferred Stock | | 13,868,322 | | | — | | | — | | | 1/30/2026 | | 0.0% | | Lipari Foods LLC, Common Stock | | 9,488,222 | | | 9.5 | | | 7.7 | | | 12/30/2022 | | 0.2% | | Magna Legal Services LLC, Common Stock | | 49,382 | | | 4.9 | | | 9.1 | | | 11/21/2022 | | 0.2% | | Medallia Inc, Class A Equity | | 83,011 | | | 14.3 | | | 14.3 | | | 7/30/2026 | | 0.3% | | Medallia Inc, Preferred Equity | | 41,505 | | | 41.5 | | | 41.5 | | | 7/30/2026 | | 0.8% | | Med-Metrix, Class B Common Units | | 178,667 | | | 0.2 | | | 0.2 | | | 7/29/2026 | | 0.0% | | Med-Metrix, Common Stock | | 5,000,000 | | | 5.0 | | | 5.8 | | | 8/6/2025 | | 0.1% | | Misys Ltd, Preferred Stock | | 40,937 | | | 39.7 | | | 38.7 | | | 6/16/2021 | | 0.8% | | NCI Inc, Class A-1 Common Stock | | 42,923 | | | — | | | — | | | 11/11/2022 | | 0.0% | | NCI Inc, Class B-1 Common Stock | | 30,121 | | | — | | | 0.1 | | | 11/11/2022 | | 0.0% | | NCI Inc, Class C Common Stock | | 49,406 | | | 20.2 | | | 65.4 | | | 11/11/2022 | | 1.3% | | NCI Inc, Class I-1 Common Stock | | 42,923 | | | — | | | — | | | 11/11/2022 | | 0.0% | | New Era Technology LLC, Common Stock | | 9,426 | | | — | | | — | | | 8/21/2025 | | 0.0% | | New Era Technology LLC, Preferred Stock | | 9,426 | | | 4.8 | | | — | | | 8/21/2025 | | 0.0% | | Nidda Healthcare Holding AG, Common Stock | | 2,760,074 | | | 3.2 | | | 3.1 | | | 3/26/2026 | | 0.1% | | One Call Care Management Inc, Common Stock | | 34,872 | | | 2.1 | | | 1.3 | | | 10/25/2019 | | 0.0% | | One Call Care Management Inc, Preferred Stock A | | 371,992 | | | 22.8 | | | 17.4 | | | 10/25/2019 | | 0.3% | | One Call Care Management Inc, Preferred Stock B | | 10,965,680 | | | 11.2 | | | 9.6 | | | 10/25/2019 | | 0.2% | | Polyconcept North America Inc, Class A - 1 Units | | 30,000 | | | 3.0 | | | 2.0 | | | 8/16/2016 | | 0.0% | | Production Resource Group LLC, Common Stock | | 581,691 | | | 95.3 | | | 2.8 | | | 10/10/2025 | | 0.1% | | Proserv Acquisition LLC, Class A Preferred Units | | 837,780 | | | 3.1 | | | 0.6 | | | 5/7/2018 | | 0.0% | | Quoizel, LLC, Common Stock | | 4,563 | | | 8.3 | | | — | | | 8/30/2023 | | 0.0% | | Quorum Health Corp, Private Equity | | 5,521,128 | | | 5.5 | | | 10.3 | | | 7/28/2023 | | 0.2% | | Quorum Health Corp, Private Equity | | 2,070,423 | | | 2.1 | | | 7.5 | | | 5/7/2025 | | 0.2% | | Quorum Health Corp, Trade Claim | | 8,301,000 | | | 0.7 | | | 0.5 | | | 7/7/2020 | | 0.0% | | Quorum Health Corp, Trust Initial Funding Units | | 143,400 | | | 0.2 | | | 0.1 | | | 9/11/2020 | | 0.0% | | Sorenson Communications LLC, Common Stock | | 42,731 | | | 7.1 | | | 3.3 | | | 4/1/2022 | | 0.1% | | Stuart Weitzman Inc, Common Stock | | 5,451 | | | — | | | — | | | 5/4/2015 | | 0.0% | | Ultra Electronics Holdings PLC, Private Equity | | 1,272,105 | | | 1.3 | | | 13.3 | | | 9/8/2022 | | 0.3% | | Ultra Electronics Holdings PLC, Private Equity | | 67,364,389 | | | 0.7 | | | 7.0 | | | 8/2/2022 | | 0.1% | | Wittur Holding GmbH, Common Stock | | 11,630 | | | 7.7 | | | — | | | 3/1/2024 | | 0.0% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total | | | | $ | 2,264.2 | | | $ | 2,062.6 | | | | | 41.3% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
________________ (1)See the unaudited consolidated schedule of investments as of September 30, 2026 included herein for additional details on securities listed. The following is a reconciliation for the nine months ended September 30, 2026 and 2025 of investments for which significant unobservable inputs (Level 3) were used in determining fair value: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | For the Nine Months Ended September 30, 2026 | | | Senior Secured Loans—First Lien | | Senior Secured Loans—Second Lien | | Other Senior
Secured
Debt | | Subordinated
Debt | | Asset Based Finance | | | | Equity/Other | | Total | | Fair value at beginning of period | | $ | 7,512 | | | $ | 538 | | | $ | 52 | | | $ | 126 | | | $ | 1,694 | | | | | $ | 1,083 | | | $ | 11,005 | | | Accretion of discount (amortization of premium) | | 11 | | | 4 | | | — | | | 1 | | | — | | | | | — | | | 16 | | | Net realized gain (loss) | | (235) | | | (16) | | | (31) | | | — | | | 27 | | | | | (126) | | | (381) | | | Net change in unrealized appreciation (depreciation) | | (100) | | | (47) | | | 11 | | | (13) | | | (110) | | | | | (6) | | | (265) | | | Purchases | | 1,295 | | | — | | | 7 | | | 44 | | | 414 | | | | | 185 | | | 1,945 | | | Paid-in-kind interest | | 66 | | | — | | | 2 | | | 2 | | | 16 | | | | | 40 | | | 126 | | | Sales and repayments | | (1,899) | | | (42) | | | — | | | (59) | | | (727) | | | | | (56) | | | (2,783) | | | Transfers into Level 3 | | — | | | — | | | — | | | — | | | — | | | | | — | | | — | | | Transfers out of Level 3 | | — | | | — | | | — | | | — | | | — | | | | | — | | | — | | | Fair value at end of period | | $ | 6,650 | | | $ | 437 | | | $ | 41 | | | $ | 101 | | | $ | 1,314 | | | | | $ | 1,120 | | | $ | 9,663 | | | The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date | | $ | (271) | | | $ | (47) | | | $ | 11 | | | $ | (12) | | | $ | (97) | | | | | $ | (11) | | | $ | (427) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | For the Nine Months Ended September 30, 2025 | | | Senior Secured Loans—First Lien | | Senior Secured Loans—Second Lien | | Other Senior
Secured
Debt | | Subordinated
Debt | | Asset Based Finance | | | | Equity/Other | | Total | | Fair value at beginning of period | | $ | 7,780 | | | $ | 693 | | | $ | 46 | | | $ | 233 | | | $ | 2,102 | | | | | $ | 1,181 | | | $ | 12,035 | | | Accretion of discount (amortization of premium) | | 24 | | | 3 | | | — | | | 2 | | | 1 | | | | | 3 | | | 33 | | | Net realized gain (loss) | | (80) | | | (3) | | | (7) | | | (9) | | | 7 | | | | | (117) | | | (209) | | | Net change in unrealized appreciation (depreciation) | | (115) | | | (17) | | | 1 | | | (8) | | | 36 | | | | | 46 | | | (57) | | | Purchases | | 3,183 | | | — | | | 47 | | | 147 | | | 720 | | | | | 234 | | | 4,331 | | | Paid-in-kind interest | | 89 | | | 1 | | | 1 | | | 9 | | | 13 | | | | | 54 | | | 167 | | | Sales and repayments | | (3,110) | | | (40) | | | (33) | | | (162) | | | (953) | | | | | (410) | | | (4,708) | | | Transfers into Level 3 | | — | | | — | | | — | | | — | | | — | | | | | — | | | — | | | Transfers out of Level 3 | | — | | | — | | | — | | | — | | | — | | | | | — | | | — | | | Fair value at end of period | | $ | 7,771 | | | $ | 637 | | | $ | 55 | | | $ | 212 | | | $ | 1,926 | | | | | $ | 991 | | | $ | 11,592 | | | The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date | | $ | (171) | | | $ | (26) | | | $ | (2) | | | $ | (15) | | | $ | 44 | | | | | $ | (28) | | | $ | (198) | |
The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements as of September 30, 2026 and December 31, 2025 were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Type of Investment | | Fair Value at September 30, 2026 (Unaudited) | | Valuation Technique(1) | | Unobservable
Input | | Range (Weighted Average) | | Impact to Valuation from an Increase in Input(2) | | Senior Debt | | $ | 5,214 | | | Discounted Cash Flow | | Discount Rate | | 7.2% - 30.3% (11.3%) | | Decrease | | | 1,805 | | | Market Approach | | EBITDA Multiple | | 0.9x - 14.1x (8.4x) | | Increase | | | 109 | | | Cost | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Subordinated Debt | | 76 | | | Discounted Cash Flow | | Discount Rate | | 10.3% - 15.7% (13.3%) | | Decrease | | | | | | | | | | | | | | 25 | | | Market Approach | | EBITDA Multiple | | 4.8x - 10.8x (8.2x) | | Increase | | | | | | | | | | | | | | | | | | | | | | | | Asset Based Finance | | 789 | | | Discounted Cash Flow | | Discount Rate | | 6.2% - 17.0% (13.0%) | | Decrease | | | 355 | | | Market Approach | | EBITDA Multiple | | 1.0x - 10.5x (1.1x) | | Increase | | | 166 | | | Other(3) | | | | | | | | | 4 | | | Cost | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Equity/Other | | 631 | | | Market Approach | | EBITDA Multiple | | 3.5x - 25.0x (8.3x) | | Increase | | | 475 | | | Discounted Cash Flow | | Discount Rate | | 4.0% - 23.5% (11.8%) | | Decrease | | | 14 | | | Other(3) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total | | $ | 9,663 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Type of Investment | | Fair Value at December 31, 2025 | | Valuation Technique(1) | | Unobservable
Input | | Range | | Impact to Valuation from an Increase in Input(2) | | Senior Debt | | $ | 6,500 | | | Discounted Cash Flow | | Discount Rate | | 4.6% - 24.9% (10.4%) | | Decrease | | | 1,400 | | | Market Approach | | EBITDA Multiple | | 0.8x - 15.1x (9.5x) | | Increase | | | 202 | | | Cost | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Subordinated Debt | | 112 | | | Discounted Cash Flow | | Discount Rate | | 9.9% - 15.1% (12.4%) | | Decrease | | | 14 | | | Market Approach | | EBITDA Multiple | | 2.8x - 15.1x (7.9x) | | Increase | | | | | | | | | | | | | Asset Based Finance | | 1,103 | | | Discounted Cash Flow | | Discount Rate | | 4.7% - 43.7% (12.6%) | | Decrease | | | 429 | | | Market Approach | | EBITDA Multiple | | 1.0x - 1.3x (1.1x) | | Increase | | | | | | | Illiquidity Discount | | 10.0% - 10.0% (10.0%) | | Decrease | | | 112 | | | Other(3) | | | | | | | | | 49 | | | Cost | | | | | | | | | 1 | | | Indicative Dealer Quotes | | | | 6.9% - 6.9% (6.9%) | | Increase | | Equity/Other | | 607 | | | Market Approach | | EBITDA Multiple | | 4.5x - 25.5x (9.9x) | | Increase | | | | | | | Illiquidity Discount | | 10.0% - 15.0% (11.2%) | | Decrease | | | 457 | | | Discounted Cash Flow | | Discount Rate | | 3.8% - 20.1% (12.1%) | | Decrease | | | | | | | | | | | | | | 19 | | | Other(3) | | | | | | | | | | | | | | | | | | | Total | | $ | 11,005 | | | | | | | | | |
_______________(1)Investments using a market quotes valuation technique were primarily valued by using the midpoint of the prevailing bid and ask prices from dealers on the date of the relevant period end, which were provided by independent third-party pricing services and screened for validity by such services. Investments valued using an EBITDA multiple or a revenue multiple pursuant to the market comparables valuation technique may be conducted using an enterprise valuation waterfall analysis. (2)Represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the input would have the opposite effect. Significant changes in these inputs in isolation could result in significantly higher or lower fair value measurements. (3)Fair value based on expected outcome of proposed corporate transactions and/or other factors.
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