| Schedule of Composition of Investment Portfolio |
The following table shows the composition of our investment portfolio as of September 30, 2026, with the fair value disaggregated into the three levels of the fair value hierarchy in accordance with ASC 820:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Hierarchy |
|
|
|
Cost |
|
|
Fair Value |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
First Lien Secured Debt |
|
$ |
2,572,628 |
|
|
$ |
2,421,340 |
|
|
$ |
— |
|
|
$ |
14,453 |
|
|
$ |
2,406,887 |
|
Second Lien Secured Debt |
|
|
92 |
|
|
|
52 |
|
|
|
— |
|
|
|
— |
|
|
|
52 |
|
Unsecured Debt |
|
|
3,414 |
|
|
|
914 |
|
|
|
— |
|
|
|
914 |
|
|
|
— |
|
Structured Products and Other |
|
|
31,160 |
|
|
|
8,579 |
|
|
|
— |
|
|
|
— |
|
|
|
8,579 |
|
Preferred Equity |
|
|
101,517 |
|
|
|
44,610 |
|
|
|
— |
|
|
|
— |
|
|
|
44,610 |
|
Common Equity/Interests |
|
|
142,833 |
|
|
|
69,513 |
|
|
|
202 |
|
|
|
27 |
|
|
|
69,284 |
|
Warrants |
|
|
389 |
|
|
|
137 |
|
|
|
— |
|
|
|
— |
|
|
|
137 |
|
Total Investments |
|
$ |
2,852,033 |
|
|
$ |
2,545,145 |
|
|
$ |
202 |
|
|
$ |
15,394 |
|
|
$ |
2,529,549 |
|
Money Market Fund |
|
$ |
187 |
|
|
$ |
187 |
|
|
$ |
187 |
|
|
$ |
— |
|
|
$ |
— |
|
Total Cash Equivalents |
|
$ |
187 |
|
|
$ |
187 |
|
|
$ |
187 |
|
|
$ |
— |
|
|
$ |
— |
|
Total Investments after Cash Equivalents |
|
$ |
2,852,220 |
|
|
$ |
2,545,332 |
|
|
$ |
389 |
|
|
$ |
15,394 |
|
|
$ |
2,529,549 |
|
Foreign currency forward transactions |
|
$ |
— |
|
|
$ |
1,256 |
|
|
$ |
— |
|
|
$ |
1,256 |
|
|
$ |
— |
|
Total Assets and Liabilities at Fair Value |
|
$ |
2,852,220 |
|
|
$ |
2,546,588 |
|
|
$ |
389 |
|
|
$ |
16,650 |
|
|
$ |
2,529,549 |
|
The following table shows the composition of our investment portfolio as of December 31, 2025, with the fair value disaggregated into the three levels of the fair value hierarchy in accordance with ASC 820:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Hierarchy |
|
|
|
Cost |
|
|
Fair Value |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
First Lien Secured Debt |
|
$ |
3,094,240 |
|
|
$ |
3,002,864 |
|
|
$ |
— |
|
|
$ |
51,441 |
|
|
$ |
2,951,423 |
|
Second Lien Secured Debt |
|
|
7,796 |
|
|
|
62 |
|
|
|
— |
|
|
|
— |
|
|
|
62 |
|
Unsecured Debt |
|
|
3,346 |
|
|
|
3,072 |
|
|
|
— |
|
|
|
1,230 |
|
|
|
1,842 |
|
Structured Products and Other |
|
|
33,421 |
|
|
|
18,350 |
|
|
|
— |
|
|
|
— |
|
|
|
18,350 |
|
Preferred Equity |
|
|
28,653 |
|
|
|
27,104 |
|
|
|
— |
|
|
|
— |
|
|
|
27,104 |
|
Common Equity/Interests |
|
|
188,925 |
|
|
|
116,060 |
|
|
|
269 |
|
|
|
— |
|
|
|
115,791 |
|
Warrants |
|
|
389 |
|
|
|
326 |
|
|
|
— |
|
|
|
— |
|
|
|
326 |
|
Total Investments |
|
$ |
3,356,770 |
|
|
$ |
3,167,838 |
|
|
$ |
269 |
|
|
$ |
52,671 |
|
|
$ |
3,114,898 |
|
Money Market Fund |
|
$ |
383 |
|
|
$ |
383 |
|
|
$ |
383 |
|
|
$ |
— |
|
|
$ |
— |
|
Total Cash Equivalents |
|
$ |
383 |
|
|
$ |
383 |
|
|
$ |
383 |
|
|
$ |
— |
|
|
$ |
— |
|
Total Investments after Cash Equivalents |
|
$ |
3,357,153 |
|
|
$ |
3,168,221 |
|
|
$ |
652 |
|
|
$ |
52,671 |
|
|
$ |
3,114,898 |
|
|
| Schedule of Changes in Fair Value of Investments |
The following table shows changes in the fair value of our Level 3 investments during the three months ended September 30, 2026:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Lien Secured Debt (2) |
|
|
Second Lien Secured Debt (2) |
|
|
Unsecured Debt |
|
|
Structured Products and Other |
|
|
Preferred Equity |
|
|
Common Equity/Interests |
|
|
Warrants |
|
|
Total |
|
Fair value as of June 30, 2026 |
|
$ |
2,556,414 |
|
|
$ |
51 |
|
|
$ |
1,842 |
|
|
$ |
14,940 |
|
|
$ |
62,893 |
|
|
$ |
95,349 |
|
|
$ |
134 |
|
|
$ |
2,731,623 |
|
Net realized gains (losses) |
|
|
(16,569 |
) |
|
|
(7,499 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(863 |
) |
|
|
— |
|
|
|
(24,931 |
) |
Net change in unrealized gains (losses) |
|
|
1,620 |
|
|
|
7,688 |
|
|
|
(1,847 |
) |
|
|
(5,270 |
) |
|
|
(18,603 |
) |
|
|
2,610 |
|
|
|
3 |
|
|
|
(13,799 |
) |
Net amortization on investments |
|
|
1,335 |
|
|
|
5 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,340 |
|
Purchases, including capitalized PIK (3) |
|
|
38,559 |
|
|
|
— |
|
|
|
5 |
|
|
|
42 |
|
|
|
320 |
|
|
|
— |
|
|
|
— |
|
|
|
38,926 |
|
Proceeds from sales and repayments of investments(3) |
|
|
(174,513 |
) |
|
|
(193 |
) |
|
|
— |
|
|
|
(1,133 |
) |
|
|
— |
|
|
|
(27,812 |
) |
|
|
— |
|
|
|
(203,651 |
) |
Transfers out of Level 3 (1) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Transfers into Level 3 (1) |
|
|
41 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
41 |
|
Fair value as of September 30, 2026 |
|
$ |
2,406,887 |
|
|
$ |
52 |
|
|
$ |
— |
|
|
$ |
8,579 |
|
|
$ |
44,610 |
|
|
$ |
69,284 |
|
|
$ |
137 |
|
|
$ |
2,529,549 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in unrealized gains (losses) on Level 3 investments still held as of September 30, 2026 |
|
$ |
(19,162 |
) |
|
$ |
2 |
|
|
$ |
(1,842 |
) |
|
$ |
(5,270 |
) |
|
$ |
(18,603 |
) |
|
$ |
1,832 |
|
|
$ |
3 |
|
|
$ |
(43,039 |
) |
(1)Transfers out (if any) of Level 3 are due to an increase in the quantity and reliability of broker quotes obtained and transfers into (if any) Level 3 are due to a decrease in the quantity and reliability of broker quotes obtained as assessed by the Investment Adviser. Transfers are assumed to have occurred at the end of the period. There were no transfers between Level 1 and Level 2 fair value measurements during the period shown. (2)Includes unfunded commitments measured at fair value of $(6,449). (3)Includes reorganizations and restructuring of investments. The following table shows changes in the fair value of our Level 3 investments during the nine months ended September 30, 2026:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Lien Secured Debt (2) |
|
|
Second Lien Secured Debt (2) |
|
|
Unsecured Debt |
|
|
Structured Products and Other |
|
|
Preferred Equity |
|
|
Common Equity/Interests |
|
|
Warrants |
|
|
Total |
|
Fair value as of December 31, 2025 |
|
$ |
2,951,423 |
|
|
$ |
62 |
|
|
$ |
1,842 |
|
|
$ |
18,350 |
|
|
$ |
27,104 |
|
|
$ |
115,791 |
|
|
$ |
326 |
|
|
$ |
3,114,898 |
|
Net realized gains (losses) |
|
|
(16,543 |
) |
|
|
(7,499 |
) |
|
|
— |
|
|
|
— |
|
|
|
(4,344 |
) |
|
|
(1,680 |
) |
|
|
— |
|
|
|
(30,066 |
) |
Net change in unrealized gains (losses) |
|
|
(54,418 |
) |
|
|
7,694 |
|
|
|
(1,847 |
) |
|
|
(7,509 |
) |
|
|
(55,360 |
) |
|
|
(254 |
) |
|
|
(189 |
) |
|
|
(111,883 |
) |
Net amortization on investments |
|
|
3,663 |
|
|
|
(12 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,651 |
|
Purchases, including capitalized PIK (3) |
|
|
196,036 |
|
|
|
95 |
|
|
|
5 |
|
|
|
149 |
|
|
|
77,210 |
|
|
|
10 |
|
|
|
— |
|
|
|
273,505 |
|
Proceeds from sales and repayments of investments(3) |
|
|
(673,315 |
) |
|
|
(288 |
) |
|
|
— |
|
|
|
(2,411 |
) |
|
|
— |
|
|
|
(44,422 |
) |
|
|
— |
|
|
|
(720,436 |
) |
Transfers out of Level 3 (1) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(161 |
) |
|
|
— |
|
|
|
(161 |
) |
Transfers into Level 3 (1) |
|
|
41 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
41 |
|
Fair value as of September 30, 2026 |
|
$ |
2,406,887 |
|
|
$ |
52 |
|
|
$ |
— |
|
|
$ |
8,579 |
|
|
$ |
44,610 |
|
|
$ |
69,284 |
|
|
$ |
137 |
|
|
$ |
2,529,549 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in unrealized gains (losses) on Level 3 investments still held as of September 30, 2026 |
|
$ |
(83,647 |
) |
|
$ |
(40 |
) |
|
$ |
(1,842 |
) |
|
$ |
(7,509 |
) |
|
$ |
(59,722 |
) |
|
$ |
(1,910 |
) |
|
$ |
(189 |
) |
|
$ |
(154,859 |
) |
(1)Transfers out (if any) of Level 3 are due to an increase in the quantity and reliability of broker quotes obtained and transfers into (if any) Level 3 are due to a decrease in the quantity and reliability of broker quotes obtained as assessed by the Investment Adviser. Transfers are assumed to have occurred at the end of the period. There were no transfers between Level 1 and Level 2 fair value measurements during the period shown. (2)Includes unfunded commitments measured at fair value of $(6,449). (3)Includes reorganizations and restructuring of investments. The following table shows changes in the fair value of our Level 3 investments during the three months ended September 30, 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Lien Secured Debt (2) |
|
|
Second Lien Secured Debt (2) |
|
|
Unsecured Debt |
|
|
Structured Products and Other |
|
|
Preferred Equity |
|
|
Common Equity/Interests |
|
|
Warrants |
|
|
Total |
|
Fair value as of June 30, 2025 |
|
$ |
3,035,815 |
|
|
$ |
75 |
|
|
$ |
21 |
|
|
$ |
21,599 |
|
|
$ |
23,895 |
|
|
$ |
168,052 |
|
|
$ |
162 |
|
|
$ |
3,249,619 |
|
Net realized gains (losses) |
|
|
(4,974 |
) |
|
|
198 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(10,627 |
) |
|
|
(576 |
) |
|
|
(15,979 |
) |
Net change in unrealized gains (losses) |
|
|
(16,191 |
) |
|
|
(8 |
) |
|
|
— |
|
|
|
(747 |
) |
|
|
(1,132 |
) |
|
|
27,460 |
|
|
|
635 |
|
|
|
10,017 |
|
Net amortization on investments |
|
|
2,225 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,225 |
|
Purchases, including capitalized PIK (3) |
|
|
165,541 |
|
|
|
5 |
|
|
|
— |
|
|
|
48 |
|
|
|
10,917 |
|
|
|
225,311 |
|
|
|
— |
|
|
|
401,822 |
|
Sales (3) |
|
|
(228,952 |
) |
|
|
(198 |
) |
|
|
— |
|
|
|
(1,639 |
) |
|
|
— |
|
|
|
(298,327 |
) |
|
|
— |
|
|
|
(529,116 |
) |
Transfers out of Level 3 (1) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Transfers into Level 3 (1) |
|
|
6,690 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6,690 |
|
Fair value as of September 30, 2025 |
|
$ |
2,960,154 |
|
|
$ |
72 |
|
|
$ |
21 |
|
|
$ |
19,261 |
|
|
$ |
33,680 |
|
|
$ |
111,869 |
|
|
$ |
221 |
|
|
$ |
3,125,278 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in unrealized gains (losses) on Level 3 investments still held as of September 30, 2025 |
|
$ |
(23,185 |
) |
|
$ |
261 |
|
|
$ |
— |
|
|
$ |
(747 |
) |
|
$ |
(1,135 |
) |
|
$ |
16,261 |
|
|
$ |
59 |
|
|
$ |
(8,485 |
) |
(1)Transfers out (if any) of Level 3 are due to an increase in the quantity and reliability of broker quotes obtained and transfers into (if any) Level 3 are due to a decrease in the quantity and reliability of broker quotes obtained as assessed by the Investment Adviser. Transfers are assumed to have occurred at the end of the period. There were no transfers between Level 1 and Level 2 fair value measurements during the period shown. (2)Includes unfunded commitments measured at fair value of $(7,219). (3)Includes reorganizations and restructuring of investments. The following table shows changes in the fair value of our Level 3 investments during the nine months ended September 30, 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Lien Secured Debt (2) |
|
|
Second Lien Secured Debt (2) |
|
|
Unsecured Debt |
|
|
Structured Products and Other |
|
|
Preferred Equity |
|
|
Common Equity/Interests |
|
|
Warrants |
|
|
Total |
|
Fair value as of December 31, 2024 |
|
$ |
2,676,253 |
|
|
$ |
5,764 |
|
|
$ |
117 |
|
|
$ |
26,101 |
|
|
$ |
24,831 |
|
|
$ |
161,648 |
|
|
$ |
136 |
|
|
$ |
2,894,850 |
|
Net realized gains (losses) |
|
|
(13,123 |
) |
|
|
(2,303 |
) |
|
|
(2,672 |
) |
|
|
— |
|
|
|
— |
|
|
|
(8,644 |
) |
|
|
(576 |
) |
|
|
(27,318 |
) |
Net change in unrealized gains (losses) |
|
|
(21,851 |
) |
|
|
(2,724 |
) |
|
|
2,576 |
|
|
|
(2,202 |
) |
|
|
(6,367 |
) |
|
|
35,410 |
|
|
|
661 |
|
|
|
5,503 |
|
Net amortization on investments |
|
|
5,470 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,470 |
|
Purchases, including capitalized PIK (3) |
|
|
848,147 |
|
|
|
14 |
|
|
|
— |
|
|
|
200 |
|
|
|
15,466 |
|
|
|
226,584 |
|
|
|
— |
|
|
|
1,090,411 |
|
Proceeds from sales and repayments of investments(3) |
|
|
(534,673 |
) |
|
|
(679 |
) |
|
|
— |
|
|
|
(4,838 |
) |
|
|
(250 |
) |
|
|
(303,129 |
) |
|
|
— |
|
|
|
(843,569 |
) |
Transfers out of Level 3 (1) |
|
|
(69 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(69 |
) |
Transfers into Level 3 (1) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Fair value as of September 30, 2025 |
|
$ |
2,960,154 |
|
|
$ |
72 |
|
|
$ |
21 |
|
|
$ |
19,261 |
|
|
$ |
33,680 |
|
|
$ |
111,869 |
|
|
$ |
221 |
|
|
$ |
3,125,278 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in unrealized gains (losses) on Level 3 investments still held as of September 30, 2025 |
|
$ |
(28,622 |
) |
|
$ |
(7,705 |
) |
|
$ |
— |
|
|
$ |
(2,202 |
) |
|
$ |
(6,368 |
) |
|
$ |
27,086 |
|
|
$ |
85 |
|
|
$ |
(17,727 |
) |
(1)Transfers out (if any) of Level 3 are due to an increase in the quantity and reliability of broker quotes obtained and transfers into (if any) Level 3 are due to a decrease in the quantity and reliability of broker quotes obtained as assessed by the Investment Adviser. Transfers are assumed to have occurred at the end of the period. There were no transfers between Level 1 and Level 2 fair value measurements during the period shown. (2)Includes unfunded commitments measured at fair value of $(7,219). (3)Includes reorganizations and restructuring of investments.
|
| Summary of Unobservable Inputs Used in Fair Value Measurements of Level 3 Investments |
The following tables summarize the significant unobservable inputs the Company used to value its investments categorized within Level 3 as of September 30, 2026 and December 31, 2025. In addition to the techniques and inputs noted in the tables below, according to our valuation policy we may also use other valuation techniques and methodologies when determining our fair value measurements. The below tables are not intended to be all-inclusive, but rather provide information on the significant unobservable inputs as they relate to the Company’s determination of fair values. The unobservable inputs used in the fair value measurement of our Level 3 investments as of September 30, 2026 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quantitative Information about Level 3 Fair Value Measurements |
Asset Category |
|
|
Fair Value |
|
|
Valuation Techniques/Methodologies |
Unobservable Input |
Range |
Weighted Average (1) |
First Lien Secured Debt |
|
$ |
|
2,205,669 |
|
|
Yield Analysis |
Discount Rate |
4.8% |
35.2% |
12.0% |
|
|
|
|
201,176 |
|
|
Recovery Analysis |
Recoverability % |
0.0% |
100.0% |
82.9% |
|
|
|
|
41 |
|
|
Public Marked |
Public Marked |
N/A |
N/A |
N/A |
Second Lien Secured Debt |
|
|
|
52 |
|
|
Recovery Analysis |
Recoverability % |
50.0% |
50.0% |
50.0% |
Unsecured Debt |
|
|
|
— |
|
|
Recovery Analysis |
Recoverability % |
0.0% |
0.0% |
0.0% |
|
|
|
|
— |
|
|
Market Comparable Technique |
Comparable Multiple |
14.5x |
14.5x |
N/A |
Structured Products and Other |
|
|
|
8,579 |
|
|
Yield Analysis |
Discount Rate |
15.2% |
17.5% |
15.7% |
Preferred Equity |
|
|
|
43,693 |
|
|
Market Comparable Technique |
Comparable Multiple |
1.0x |
38.0x |
4.5x |
|
|
|
|
100 |
|
|
Cost Approach |
Cost Approach |
N/A |
N/A |
N/A |
|
|
|
|
818 |
|
|
Yield Analysis |
Discount Rate |
12.0% |
12.0% |
12.0% |
|
|
|
|
— |
|
|
Recovery Analysis |
Recoverability % |
0.0% |
0.0% |
0 |
Common Equity/Interests |
|
|
|
42,843 |
|
|
Yield Analysis |
Discount Rate |
10.3% |
13.5% |
10.3% |
|
|
|
|
— |
|
|
Recovery Analysis |
Recoverability % |
0.0% |
0.0% |
0.0% |
|
|
|
|
12,460 |
|
|
Market Comparable Technique |
Comparable Multiple |
2.5x |
38.0x |
9.3x |
|
|
|
|
279 |
|
|
Option Pricing Model |
Expected Volatility |
30.0% |
45.0% |
35.9% |
|
|
|
|
13,702 |
|
|
Cost Approach |
Cost Approach |
N/A |
N/A |
N/A |
Warrants |
|
|
|
137 |
|
|
Option Pricing Model |
Expected Volatility |
50.0% |
50.0% |
50.0% |
|
|
|
|
— |
|
|
Market Comparable Technique |
Comparable Multiple |
2.5x |
5.3x |
N/A |
Total Level 3 Investments |
|
$ |
|
2,529,549 |
|
|
|
|
|
|
|
(1)The weighted average information is generally derived by assigning each disclosed unobservable input a proportionate weight based on the fair value of the related investment. For the commodity price unobservable input, the weighted average price is an undiscounted price based upon the estimated production level from the underlying reserves. The unobservable inputs used in the fair value measurement of our Level 3 investments as of December 31, 2025 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quantitative Information about Level 3 Fair Value Measurements |
Asset Category |
|
|
Fair Value |
|
|
Valuation Techniques/Methodologies |
Unobservable Input |
Range |
Weighted Average (1) |
First Lien Secured Debt |
|
$ |
|
2,706,879 |
|
|
Yield Analysis |
Discount Rate |
3.6% |
43.2% |
10.4% |
|
|
|
|
170,489 |
|
|
Recovery Analysis |
Recoverable Amount |
N/A |
N/A |
N/A |
|
|
|
|
66,201 |
|
|
Cost Approach |
Cost Approach |
N/A |
N/A |
N/A |
|
|
|
|
7,854 |
|
|
Market Comparable Technique |
Comparable Multiple |
4.8x |
4.8x |
4.8x |
Second Lien Secured Debt |
|
|
|
62 |
|
|
Yield Analysis |
Discount Rate |
18.8% |
18.8% |
18.8% |
Unsecured Debt |
|
|
|
1,842 |
|
|
Yield Analysis |
Discount Rate |
58.0% |
58.0% |
58.0% |
|
|
|
|
— |
|
|
Market Comparable Technique |
Comparable Multiple |
30.6x |
30.6x |
30.6x |
Structured Products and Other |
|
|
|
18,350 |
|
|
Yield Analysis |
Discount Rate |
6.3% |
13.6% |
9.5% |
Preferred Equity |
|
|
|
26,455 |
|
|
Market Comparable Technique |
Comparable Multiple |
2x |
16.5x |
9.8x |
|
|
|
|
501 |
|
|
Yield Analysis |
Discount Rate |
11.0% |
11.0% |
11.0% |
|
|
|
|
49 |
|
|
Cost Approach |
Cost Approach |
N/A |
N/A |
N/A |
|
|
|
|
99 |
|
|
Transactional Value |
Transactional Value |
N/A |
N/A |
N/A |
Common Equity/Interests |
|
|
|
84,641 |
|
|
Yield Analysis |
Discount Rate |
11.0% |
13.0% |
0.1% |
|
|
|
|
18,332 |
|
|
Estimated Proceeds |
Estimated Proceeds |
N/A |
N/A |
N/A |
|
|
|
|
12,259 |
|
|
Market Comparable Technique |
Comparable Multiple |
0.9x |
30.6x |
10.0x |
|
|
|
|
1 |
|
|
Transactional Value |
Transactional Value |
N/A |
N/A |
N/A |
|
|
|
|
197 |
|
|
Option Pricing Model |
Expected Volatility |
25.0% |
85.0% |
50.0% |
|
|
|
|
161 |
|
|
Public Marked |
Public Marked |
N/A |
N/A |
N/A |
|
|
|
|
201 |
|
|
Cost Approach |
Cost Approach |
N/A |
N/A |
N/A |
Warrants |
|
|
|
326 |
|
|
Option Pricing Model |
Expected Volatility |
50.0% |
50.0% |
50.0% |
|
|
|
|
— |
|
|
Market Comparable Technique |
Comparable Multiple |
5.0x |
5.0x |
5.0x |
Total Level 3 Investments |
|
$ |
|
3,114,898 |
|
|
|
|
|
|
|
(1)The weighted average information is generally derived by assigning each disclosed unobservable input a proportionate weight based on the fair value of the related investment. For the commodity price unobservable input, the weighted average price is an undiscounted price based upon the estimated production level from the underlying reserves.
|