Fair Value (Tables)

9 Months Ended

Sep. 30, 2026

Fair Value [Abstract]

Schedule of Fair Value Hierarchy of Investments

The following tables present the fair value hierarchy of investments as of September 30, 2026 and December 31, 2025. Note that the valuation levels below are not necessarily an indication of the risk associated with the underlying investment.


		Fair Value Hierarchy as of September 30, 2026
		Level 1				Level 2				Level 3				Total
First-lien senior secured debt investments		$	-			$	-			$	2,176,450			$	2,176,450
Equity investments		-				-					46,218				46,218
Total portfolio company investments at fair value		$	-			$	-			$	2,222,668			$	2,222,668
Investments in money market funds			22,261			-				-					22,261
Interest rate swaps		-					(6,507	)		-					(6,507	)
Total		$	22,261			$	(6,507	)		$	2,222,668			$	2,238,422


		Fair Value Hierarchy as of December 31, 2025
		Level 1				Level 2				Level 3				Total
First-lien senior secured debt investments		$	-			$	46,678			$	2,110,721			$	2,157,399
Equity investments		-				-					41,022				41,022
Total portfolio company investments at fair value		$	-			$	46,678			$	2,151,743			$	2,198,421
Investments in money market funds			25,409			-				-					25,409
Interest rate swaps		-					(299	)		-					(299	)
Total		$	25,409			$	46,379			$	2,151,743			$	2,223,531

Schedule of Fair Value of Investments for which Level 3 Inputs

The following tables present changes in the fair value of investments for which Level 3 inputs were used to determine the fair value as of and for the three and nine months ended September 30, 2026 and 2025.


For the three months ended September 30, 2026		First-lien senior secured debt investments				Private equity investments				Total
Fair value, beginning of period		$	2,222,793			$	43,825			$	2,266,618
Purchases of investments			86,937				705				87,642
Investment restructuring			(7,045	)			7,045				-
Proceeds from sales of investments and principal repayments			(114,914	)			-				(114,914	)
Net change in unrealized gain (loss)			(3,115	)			(5,357	)			(8,472	)
Net realized gain (loss)			(14,901	)			-				(14,901	)
Net accretion of discount on investments			3,739				-				3,739
PIK interest and dividends			2,956				-				2,956
Transfers into (out of) Level 3			-				-				-
Fair value, end of period		$	2,176,450			$	46,218			$	2,222,668


For the three months ended September 30, 2025		First-lien senior secured debt investments				Private equity investments				Total
Fair value, beginning of period		$	1,970,489			$	25,439			$	1,995,928
Purchases of investments			254,531				12,000				266,531
Proceeds from sales of investments and principal repayments			(73,479	)			(10	)			(73,489	)
Net change in unrealized gain (loss)			(7,001	)			1,563				(5,438	)
Net realized gain (loss)			-				10				10
Net accretion of discount on investments			3,820				-				3,820
PIK interest			2,149				-				2,149
Transfers into (out of) Level 3			-				-				-
Fair value, end of period		$	2,150,509			$	39,002			$	2,189,511


For the nine months ended September 30, 2026		First-lien senior secured debt investments				Private equity investments				Total
Fair value, beginning of period		$	2,110,721			$	41,022			$	2,151,743
Purchases of investments			313,771				1,311				315,082
Investment restructuring			(7,045	)			7,045				-
Proceeds from sales of investments and principal repayments			(218,197	)			-				(218,197	)
Net change in unrealized gain (loss)			(19,538	)			(3,160	)			(22,698	)
Net realized gain (loss)			(27,200	)			-				(27,200	)
Net accretion of discount on investments			10,017				-				10,017
PIK interest and dividends			13,921				-				13,921
Transfers into (out of) Level 3			-				-				-
Fair value, end of period		$	2,176,450			$	46,218			$	2,222,668


For the nine months ended September 30, 2025		First-lien senior secured debt investments				Private equity investments				Total
Fair value, beginning of period		$	1,719,182			$	22,737			$	1,741,919
Purchases of investments			666,250				12,665				678,915
Proceeds from sales of investments and principal repayments			(231,782	)			(856	)			(232,638	)
Net change in unrealized gain (loss)			(18,420	)			3,850				(14,570	)
Net realized gain (loss)			-				606				606
Net accretion of discount on investments			10,637				-				10,637
PIK interest			4,642				-				4,642
Transfers into (out of) Level 3			-				-				-
Fair value, end of period		$	2,150,509			$	39,002			$	2,189,511

Schedule of Quantitative Information about Significant Unobservable Inputs of the Company’s Level 3 Investments

The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of September 30, 2026 and December 31, 2025.


		As of September 30, 2026
						Valuation		Unobservable						Weighted
		Fair Value				Technique		Input		Range				Average
First-lien senior secured debt investments		$	2,176,450			Discounted cash flow analysis		Discount rate		8.1% - 15.0%					10.9	%
Preferred equity investment			16,504			Discounted cash flow analysis		Discount rate		15.0%					15.0	%
Other equity investments			29,214			Comparable Multiples		EV / EBITDA EV / Tangible Book Value		3.3 - 17.2					6.8
Common equity investments			500			Precedent Transaction Analysis		Original Cost			1.0				1.0
		$	2,222,668


		As of December 31, 2025
						Valuation		Unobservable				Weighted
		Fair Value				Technique		Input		Range		Average
First-lien senior secured debt investments		$	2,110,721			Discounted cash flow analysis		Discount rate		6.4% - 15.0%			9.5	%
Preferred equity investment			15,767			Discounted cash flow analysis		Discount rate		15.0%			15.0	%
Common equity investment			14,000			Precedent Transaction Analysis		Original cost		1.0			1.0
Other equity investments			11,255			Comparable Multiples		EV / EBITDA		6.3 - 17.2			10.6
		$	2,151,743

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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