| Schedule of Investments Categorization in Fair Value Hierarchy |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of September 30, 2026 | | As of December 31, 2025 | | Description | Level 1 | | Level 2 | | Level 3 | | Total | | Level 1 | | Level 2 | | Level 3 | | Total | | Senior Debt | $ | — | | | $ | — | | | $ | 323,663 | | | $ | 323,663 | | | $ | — | | | $ | — | | | $ | 324,633 | | | $ | 324,633 | | | Preferred Equity | — | | | — | | | 82,792 | | | 82,792 | | | — | | | — | | | 81,285 | | | 81,285 | | | Common Equity | — | | | — | | | 1,121,697 | | | 1,121,697 | | | — | | | — | | | 998,174 | | | 998,174 | | | Total Investments | $ | — | | | $ | — | | | $ | 1,528,152 | | | $ | 1,528,152 | | | $ | — | | | $ | — | | | $ | 1,404,092 | | | $ | 1,404,092 | |
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| Schedule of Unobservable Inputs Used in Fair Value Measurement of Investments |
The ranges of unobservable inputs used in the fair value measurement of the Company’s Level 3 investments as of September 30, 2026 and December 31, 2025 were as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of September 30, 2026 | | Asset Group | | Fair Value | | Valuation Techniques | | Unobservable Inputs | | Range (Weighted Average)(1) | | Impact to Valuation from an Increase in Input(2) | | Senior Debt | | $ | 320,829 | | | Discounted Cash Flow
Market Comparables
Transaction Method | | Discount Rate
EBITDA Multiple | | 10.8% – 18.8% (14.3%) 5.0x – 19.0x (12.4x) | | Decrease
Increase | | | 2,834 | | | Transaction Precedent | | Transaction Price | | N/A | | N/A | | Preferred Equity | | 82,792 | | | Discounted Cash Flow
Market Comparables
Transaction Method | | Discount Rate
EBITDA Multiple | | 10.8% – 18.8% (14.3%) 5.0x – 19.0x (12.4x) | | Decrease
Increase | | Common Equity | | 1,091,917 | | | Discounted Cash Flow
Market Comparables
Transaction Method | | Discount Rate
EBITDA Multiple | | 10.8% – 18.8% (14.3%) 5.0x – 19.0x (12.4x) | | Decrease
Increase | | | 29,780 | | | Transaction Precedent | | Transaction Price | | N/A | | N/A | | Total | | $ | 1,528,152 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2025 | | Asset Group | | Fair Value | | Valuation Techniques | | Unobservable Inputs | | Range (Weighted Average)(1) | | Impact to Valuation from an Increase in Input(2) | | Senior Debt | | $ | 323,829 | | | Discounted Cash Flow
Market Comparables
Transaction Method | | Discount Rate
EBITDA Multiple
| | 10.0% – 17.0% (13.7%) 5.7x – 20.4x (12.8x)
| | Decrease
Increase
| | | 804 | | | Transaction Precedent | | Transaction Price | | N/A | | N/A | | Preferred Equity | | 81,285 | | | Discounted Cash Flow
Market Comparables
Transaction Method | | Discount Rate
EBITDA Multiple
| | 10.0% – 17.0% (13.7%) 5.7x – 20.4x (12.8x)
| | Decrease
Increase
| | Common Equity | | 993,978 | | | Discounted Cash Flow
Market Comparables
Transaction Method | | Discount Rate
EBITDA Multiple | | 10.0% – 17.0% (13.7%) 5.7x – 20.4x (12.8x)
| | Decrease
Increase | | | 4,196 | | | Transaction Precedent | | Transaction Price | | N/A | | N/A | | Total | | $ | 1,404,092 | | | | | | | | | |
FOOTNOTES: (1) Discount rates are relative to the enterprise value of the portfolio companies and are not the market yields on the associated debt investments. Unobservable inputs were weighted by the relative fair value of the investments. (2) This column 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.
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| Schedule of Reconciliations of Investments of Level 3 Inputs |
The following tables provide a reconciliation of investments for which Level 3 inputs were used in determining fair value for the nine months ended September 30, 2026 and 2025 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Nine Months Ended September 30, 2026 | | Senior Debt | | Preferred Equity | | Common Equity | | Total | Fair value balance as of January 1, 2026 | $ | 324,633 | | | $ | 81,285 | | | $ | 998,174 | | | $ | 1,404,092 | | | Additions | — | | | — | | | 31,198 | | | 31,198 | | | | | | | | | | | Principal repayment | (188) | | | — | | | — | | | (188) | | | PIK receivable reclass | (468) | | | (5,247) | | | — | | | (5,715) | | | PIK income capitalized | — | | | 8,220 | | | — | | | 8,220 | | Return of capital(1) | — | | | — | | | (862) | | | (862) | | | Net change in unrealized appreciation, including unrealized foreign currency gain | (314) | | | (1,466) | | | 93,187 | | | 91,407 | | | Fair value balance as of September 30, 2026 | $ | 323,663 | | | $ | 82,792 | | | $ | 1,121,697 | | | $ | 1,528,152 | | Change in net unrealized appreciation on investments held as of September 30, 2026 | $ | (314) | | | $ | (1,466) | | | $ | 93,187 | | | $ | 91,407 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Nine Months Ended September 30, 2025 | | Senior Debt | | Preferred Equity | | Common Equity | | Total | Fair value balance as of January 1, 2025 | $ | 292,284 | | | $ | 61,155 | | | $ | 787,420 | | | $ | 1,140,859 | | | Additions | 41,602 | | | 7,855 | | | 117,115 | | | 166,572 | | | Disposals and repayments of debt investments | (15,000) | | | — | | | (35,500) | | | (50,500) | | | Principal repayment | (188) | | | — | | | — | | | (188) | | | PIK income | 913 | | | 4,888 | | | — | | | 5,801 | | Return of capital(1) | — | | | — | | | (2,342) | | | (2,342) | | | Net change in unrealized appreciation | 182 | | | 4,518 | | | 87,188 | | | 91,888 | | | Fair value balance as of September 30, 2025 | $ | 319,793 | | | $ | 78,416 | | | $ | 953,881 | | | $ | 1,352,090 | | Change in net unrealized appreciation on investments held as of September 30, 2025 | $ | 182 | | | $ | 4,518 | | | $ | 87,188 | | | $ | 91,888 | |
FOOTNOTE: (1) Represents portion of distributions received which were accounted for as a return of capital. See Note 2. “Significant Accounting Policies” for information on the accounting treatment of distributions from portfolio companies.
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