v3.26.3
Fair Value of Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Measurements, Recurring and Nonrecurring
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)
DescriptionLevel 1Level 2Level 3Total
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
DescriptionLevel 1Level 2Level 3Total
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 investments22 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.
Schedule of Fair Value, Restricted Securities Held
The following table presents the restricted securities held by the Company as of September 30, 2026:
Portfolio Company(1)
SharesCostFair ValueAcquisition Date% of Net Assets
Asset Based Finance
801 5th Ave, Seattle, ABF Equity8,355,231 $13.9 $— 12/19/20190.0%
Abacus JV, ABF Equity7,943,313 7.9 — 11/8/20210.0%
Accelerator Investments Aggregator LP, ABF Equity948,603 1.1 0.5 1/22/20210.0%
Aggregator (GreenSky Holdings I)10,327,063 10.3 12.0 6/24/20240.2%
Aggregator (Rockloans Marketplace LLC)1,436,583 1.4 1.2 3/30/20230.0%
Aggregator 40 Act (AOP SFR 1 LLC (FKA Avenue One PropCo))10,799,641 10.8 — 3/15/20240.0%
Aggregator 40 Act (My Community Homes PropCo 2)26,991,221 27.0 — 3/15/20240.0%
Altavair AirFinance, ABF Equity1,630,249.0 1.6 3.6 11/11/20220.1%
Australis Maritime, Common Stock1,119,979 1.1 1.1 3/23/20230.0%
Auxilior Capital Partners Inc, Preferred Equity21.5 21.5 21.4 4/30/20240.4%
Avida Holding AB, Common Stock764,640,807 79.7 42.9 6/29/20200.9%
Byrider Finance LLC, ABF Equity54,407 — — 11/30/20220.0%
Danube - Alps Aggregator (PayPal Europe Sarl et Cie SCA)13,437,240 15.1 8.8 10/11/20240.2%
Fourways Aggregator LP (Norway_France)2,870,756 3.2 3.6 8/28/20240.1%
Global Jet Capital LLC, Preferred Stock375,815,727 206.6 151.3 10/1/20213.0%
Hercules Aggregator LP (Flexsys Holdings Inc)17,830,035 17.8 17.5 4/20/20260.4%
Kilter Finance 2.0, Common Stock3,960,000 4.0 4.1 1/27/20260.1%
Kilter Finance, ABF Equity536,709 0.5 9.8 4/16/20200.2%
Kilter Finance, Common Stock37,119 — 0.3 8/8/20250.0%
Kilter Finance, Preferred Stock94.0 94.0 94.0 1/27/20221.9%
KKR Altitude II Offshore Aggregator LP, Partnership Interest86,353,783 86.4 93.7 10/4/20241.9%
KKR Altitude III Offshore Aggregator (Altitude III)415,303 0.4 0.4 6/18/20260.0%
KKR Central Park Leasing Aggregator L.P., Partnership Interest38,132,293 38.1 23.9 6/30/20180.5%
KKR Chord IP Aggregator LP, Partnership Interest35,894 — 0.1 10/26/20220.0%
KKR Lombardy Aggregator LP (SKP German Bank)3,118,590 3.7 3.5 12/17/20250.1%
KKR Maverick Holdco Blocker (Bond Aviation Holdings LLC)78,953 0.1 0.1 10/20/20250.0%
Portfolio Company(1)
SharesCostFair ValueAcquisition Date% of Net Assets
KKR Morrow ABF Aggregator LLC (Harley-Davidson Financial Services Inc)24,943,608 $24.9 $25.2 10/30/20250.5%
KKR Morrow OpCo Aggregator LLC (Harley-Davidson Financial Services Inc)1,896,424 1.9 2.0 10/30/20250.0%
KKR Morrow Residual Purchase 1 LLC (Harley-Davidson Financial Services Inc)5,487,825 5.5 5.8 8/8/20250.1%
KKR Zeno Aggregator LP (K2 Aviation), Partnership Interest3,306 — 0.4 6/16/20210.0%
KSC I Aircraft LP, ABF Equity17,708,647 17.7 18.0 10/21/20250.4%
Prime ST LLC, ABF Equity4,534,461 7.0 — 3/12/20200.0%
Ravine - PIK Equity (Vehicle Secured Funding Trust)9,073,134 9.1 6.7 6/26/20240.1%
Roemanu LLC, ABF Equity220,778,388 222.9 178.8 1/2/20183.6%
Sea Financing Aggregator II LP (Australis Maritime II)22,297,359 22.3 22.2 5/30/20230.4%
SPV (Residential Opportunities I LLC)39 — 0.1 4/17/20230.0%
SPV (SunPower Financial)2,509,227 2.5 2.0 6/29/20230.0%
SPV ALPS 2.0 Aggregator LP EUR (PayPal Danube 2)29,964,043 34.8 35.7 11/14/20250.7%
SPV ALPS 2.0 Aggregator LP GBP (PayPal Danube 2)2,099,064 2.8 2.9 11/14/20250.1%
SPV KKR Galaxy BDC Leveraged (Galaxy Container)314,088 0.3 0.3 11/21/20250.0%
SPV Magenta Holdings (GreenSky (Platform))10,662,084 10.7 6.4 3/15/20240.1%
SPV Olympus Holdco Limited (TDC LLP)90,027 0.1 0.1 7/29/20250.0%
SPV Slate US Blocker LLC (Slate Venture Holdings LP)17,673,700 17.7 23.6 8/29/20240.5%
SPV Solaris BDC Leveraged (Newday Group Jersey Ltd)4,172,556 5.6 9.1 2/26/20260.2%
Star Mountain Diversified Credit Income Fund III, LP, ABF Equity18,887,332 18.9 24.1 8/15/20190.5%
Tarifa Aggregator LP (Drive Revel)21,640,357.0 24.4 25.7 8/15/20230.5%
TDC LLP, Preferred Equity16.1 21.5 21.6 5/12/20250.4%
Zentiva, Common Stock611,982 0.7 0.8 4/2/20260.0%
Zentiva, Preferred Equity32.9 37.2 36.6 4/2/20260.7%
Equity/Other
48Forty Solutions LLC, Common Stock10,419 0.5 — 1/14/20260.0%
48Forty Solutions LLC, Preferred Stock10,419 55.6 42.1 1/14/20260.8%
Accuride Corp, Common Stock4,232,815 — — 3/7/20250.0%
Accuride Corp, Preferred Stock2,422,249 — — 3/11/20250.0%
Affordable Care Inc, Class A Common Stock69,504 33.2 31.6 6/29/20260.6%
Affordable Care Inc, Class B Common Stock4,907 2.3 2.2 6/29/20260.0%
Alacrity Solutions Group LLC, Common Stock2,144 1.9 — 2/28/20250.0%
Alacrity Solutions Group LLC, Preferred Equity2,293 2.3 — 2/28/20250.0%
American Vision Partners, Private Equity2,655,491 2.7 2.6 9/30/20210.1%
athenahealth Inc, Preferred Stock406,730 401.8 415.1 2/15/20228.3%
ATX Networks Corp, Class B-1 Common Stock500 — — 12/9/20220.0%
ATX Networks Corp, Class B-2 Common Stock900 — — 12/9/20220.0%
ATX Networks Corp, Common Stock6,516 — — 9/1/20210.0%
AVE Holdings I Corp (fka Amerivet Partners Management Inc), Preferred Stock19,106 18.7 — 2/25/20220.0%
Belk Inc, Common Stock632,040 12.0 19.4 7/22/20240.4%
Borden (New Dairy Opco), Common Stock11,167,000 — 14.4 7/20/20200.3%
Bowery Farming Inc, Warrant147,815,378 — — 5/30/20240.0%
Bowery Farming Inc, Warrants1,918,831 — — 10/25/20230.0%
Bowery Farming Inc, Warrants161,828 — — 9/10/20210.0%
CDS US Intermediate Holdings Inc, Common Stock2,023,714 18.3 21.8 11/14/20250.4%
Cengage Learning, Inc, Common Stock227,802 7.5 4.6 8/19/20150.1%
Constellis Holdings LLC, Preferred Equity69,653 — — 9/16/20240.0%
Cubic Corp, Common Stock72 — — 7/25/20250.0%
Cubic Corp, Preferred Equity36,445,084 — — 7/25/20250.0%
Cubic Corp, Preferred Stock17,077,679 12.8 — 7/25/20250.0%
Cubic Corp, Warrant76 — — 7/25/20250.0%
Portfolio Company(1)
SharesCostFair ValueAcquisition Date% of Net Assets
Dental Care Alliance Inc, Common Stock3,744,469 $33.1 $32.4 6/1/20260.7%
Galaxy Universal LLC, Common Stock1,811 0.2 0.1 11/11/20210.0%
Galaxy Universal LLC, Preferred Stock36,149 5.6 6.1 6/9/20230.1%
Galaxy Universal LLC, Preferred Stock20,604 5.3 9.7 12/16/20250.2%
Galaxy Universal LLC, Trade Claim7,701,195 1.0 0.5 11/11/20210.0%
Gracent LLC, Class A Common Stock250 — — 7/10/20230.0%
Gracent LLC, Preferred Equity1,000 — — 7/12/20230.0%
Gracent LLC, Preferred Stock B745 — — 7/10/20230.0%
HM Dunn Co Inc, Common Stock975 — 0.1 6/30/20250.0%
HM Dunn Co Inc, Preferred Equity1,744 14.9 18.9 6/30/20250.4%
JW Aluminum Co, Preferred Stock102,237 124.8 222.8 6/27/20254.5%
Kellermeyer Bergensons Services LLC, Common Stock26,230,661 — — 3/18/20240.0%
Kellermeyer Bergensons Services LLC, Preferred Stock26,230,661 48.3 — 3/18/20240.0%
Kestra Financial Inc, Preferred Equity2,251 2.3 2.3 2/3/20250.1%
Lido Advisors LLC, Class A Common Stock4,835,590 5.0 6.2 8/6/20250.1%
Lido Advisors LLC, Class Z Preferred Stock4,835,590 5.0 6.2 8/6/20250.1%
Lionbridge Technologies Inc, Common Equity55,474 — — 1/30/20260.0%
Lionbridge Technologies Inc, Preferred Stock13,868,322 — — 1/30/20260.0%
Lipari Foods LLC, Common Stock9,488,222 9.5 7.7 12/30/20220.2%
Magna Legal Services LLC, Common Stock49,382 4.9 9.1 11/21/20220.2%
Medallia Inc, Class A Equity83,011 14.3 14.3 7/30/20260.3%
Medallia Inc, Preferred Equity41,505 41.5 41.5 7/30/20260.8%
Med-Metrix, Class B Common Units178,667 0.2 0.2 7/29/20260.0%
Med-Metrix, Common Stock5,000,000 5.0 5.8 8/6/20250.1%
Misys Ltd, Preferred Stock40,937 39.7 38.7 6/16/20210.8%
NCI Inc, Class A-1 Common Stock42,923 — — 11/11/20220.0%
NCI Inc, Class B-1 Common Stock30,121 — 0.1 11/11/20220.0%
NCI Inc, Class C Common Stock49,406 20.2 65.4 11/11/20221.3%
NCI Inc, Class I-1 Common Stock42,923 — — 11/11/20220.0%
New Era Technology LLC, Common Stock9,426 — — 8/21/20250.0%
New Era Technology LLC, Preferred Stock9,426 4.8 — 8/21/20250.0%
Nidda Healthcare Holding AG, Common Stock2,760,074 3.2 3.1 3/26/20260.1%
One Call Care Management Inc, Common Stock34,872 2.1 1.3 10/25/20190.0%
One Call Care Management Inc, Preferred Stock A371,992 22.8 17.4 10/25/20190.3%
One Call Care Management Inc, Preferred Stock B10,965,680 11.2 9.6 10/25/20190.2%
Polyconcept North America Inc, Class A - 1 Units30,000 3.0 2.0 8/16/20160.0%
Production Resource Group LLC, Common Stock581,691 95.3 2.8 10/10/20250.1%
Proserv Acquisition LLC, Class A Preferred Units837,780 3.1 0.6 5/7/20180.0%
Quoizel, LLC, Common Stock4,563 8.3 — 8/30/20230.0%
Quorum Health Corp, Private Equity5,521,128 5.5 10.3 7/28/20230.2%
Quorum Health Corp, Private Equity2,070,423 2.1 7.5 5/7/20250.2%
Quorum Health Corp, Trade Claim8,301,000 0.7 0.5 7/7/20200.0%
Quorum Health Corp, Trust Initial Funding Units143,400 0.2 0.1 9/11/20200.0%
Sorenson Communications LLC, Common Stock42,731 7.1 3.3 4/1/20220.1%
Stuart Weitzman Inc, Common Stock5,451 — — 5/4/20150.0%
Ultra Electronics Holdings PLC, Private Equity1,272,105 1.3 13.3 9/8/20220.3%
Ultra Electronics Holdings PLC, Private Equity67,364,389 0.7 7.0 8/2/20220.1%
Wittur Holding GmbH, Common Stock11,630 7.7 — 3/1/20240.0%
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.
Schedule of Reconciliation Fair Value, Assets
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 FinanceEquity/OtherTotal
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)
Purchases1,295 — 7 44 414 185 1,945 
Paid-in-kind interest66 — 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 FinanceEquity/OtherTotal
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)
Purchases3,183 — 47 147 720 234 4,331 
Paid-in-kind interest89 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)
Schedule of Valuation Techniques and Significant Unobservable Inputs Used in Recurring Level 3 Fair Value
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 FlowDiscount Rate
7.2% - 30.3% (11.3%)
Decrease
1,805 Market ApproachEBITDA Multiple
0.9x - 14.1x (8.4x)
Increase
109 Cost
Subordinated Debt76 Discounted Cash FlowDiscount Rate
10.3% - 15.7% (13.3%)
Decrease
25 Market ApproachEBITDA Multiple
4.8x - 10.8x (8.2x)
Increase
Asset Based Finance789 Discounted Cash FlowDiscount Rate
6.2% - 17.0% (13.0%)
Decrease
355 Market ApproachEBITDA Multiple
1.0x - 10.5x (1.1x)
Increase
166 
Other(3)
4 
Cost
Equity/Other631 Market ApproachEBITDA Multiple
3.5x - 25.0x (8.3x)
Increase
475 Discounted Cash FlowDiscount 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 FlowDiscount Rate
4.6% - 24.9% (10.4%)
Decrease
1,400 Market ApproachEBITDA Multiple
0.8x - 15.1x (9.5x)
Increase
202 Cost
Subordinated Debt112 Discounted Cash FlowDiscount Rate
9.9% - 15.1% (12.4%)
Decrease
14 Market ApproachEBITDA Multiple
2.8x - 15.1x (7.9x)
Increase
Asset Based Finance1,103 Discounted Cash FlowDiscount Rate
4.7% - 43.7% (12.6%)
Decrease
429 Market ApproachEBITDA 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/Other607 Market ApproachEBITDA Multiple
4.5x - 25.5x (9.9x)
Increase
Illiquidity Discount
10.0% - 15.0% (11.2%)
Decrease
457 Discounted Cash FlowDiscount 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.