Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2026

Schedule of Portfolio Investments by Level in the Fair Value Hierarchy

The following table presents fair value measurements of the Company’s portfolio investments as of September 30, 2026 and December 31, 2025, according to the fair value hierarchy:


	September 30, 2026(1)(2)								December 31, 2025(3)
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Senior secured first lien debt	$	—	$	—	$	1,053,970	$	1,053,970	$	—	$	—	$	1,370,525	$	1,370,525
Senior secured second lien debt	—		—		—		—		—		—		—		—

Collateralized securities and structured products - equity	—		—		—		—		—		—		5,028		5,028
Unsecured debt	—		—		7,668		7,668		—		—		6,639		6,639
Equity	3,140		—		348,094		351,234		6,268		—		294,841		301,109
Short term investments	30,397		—		—		30,397		116,010		—		—		116,010
Total Investments	$	33,537	$	—	$	1,409,732	$	1,443,269	$	122,278	$	—	$	1,677,033	$	1,799,311

(1)Excludes the Company's $10,860 investment in CION/EagleTree, which is measured at NAV.

(2)Excludes the Company's $47,523 investment in SLFP, which is measured at NAV.

(3)Excludes the Company's $13,679 investment in CION/EagleTree, which is measured at NAV.

Schedule of Changes in Level 3 Portfolio Investments

The following tables provide a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three and nine months ended September 30, 2026 and 2025:


	Three Months Ended September 30, 2026
	Senior Secured First Lien Debt		Senior Secured Second Lien Debt		Collateralized Securities and Structured Products - Equity		Unsecured Debt		Equity		Total
Beginning balance, June 30, 2026	$	1,303,616	$	—	$	—	$	7,359	$	321,520	$	1,632,495
Investments purchased(2)(3)	62,131		—		—		51		27,338		89,520
Net realized (loss) gain	(8,632)		—		—		—		1		(8,631)
Net change in unrealized (depreciation) appreciation	(9,200)		—		—		258		2,595		(6,347)
Accretion of discount	1,907		—		—		—		—		1,907
Sales and principal repayments(3)	(295,852)		—		—		—		(3,360)		(299,212)

Ending balance, September 30, 2026	$	1,053,970	$	—	$	—	$	7,668	$	348,094	$	1,409,732
Change in net unrealized (depreciation) appreciation on investments still held as of September 30, 2026(1)	$	(11,769)	$	—	$	—	$	258	$	2,595	$	(8,916)

(1)Included in net change in unrealized (depreciation) appreciation on investments in the consolidated statements of operations.

(2)Investments purchased include PIK interest.

(3)Includes non-cash restructured securities and equity investments received in settlement of fee income.


	Nine Months Ended September 30, 2026
	Senior Secured First Lien Debt		Senior Secured Second Lien Debt		Collateralized Securities and Structured Products - Equity		Unsecured Debt		Equity		Total
Beginning balance, December 31, 2025	$	1,370,525	$	—	$	5,028	$	6,639	$	294,841	$	1,677,033
Investments purchased(2)(3)	256,610		—		—		147		38,067		294,824
Net realized (loss) gain	(27,651)		—		(69)		—		1,360		(26,360)
Net change in unrealized (depreciation) appreciation	(21,433)		—		(59)		882		20,188		(422)
Accretion of discount	6,441		—		—		—		—		6,441
Sales and principal repayments(3)	(530,522)		—		(4,900)		—		(6,362)		(541,784)

Ending balance, September 30, 2026	$	1,053,970	$	—	$	—	$	7,668	$	348,094	$	1,409,732
Change in net unrealized (depreciation) appreciation on investments still held as of September 30, 2026(1)	$	(29,739)	$	—	$	—	$	882	$	20,188	$	(8,669)

(1)Included in net change in unrealized (depreciation) appreciation on investments in the consolidated statements of operations.

(2)Investments purchased include PIK interest.

(3)Includes non-cash restructured securities and equity investments received in settlement of fee income.


	Three Months Ended September 30, 2025
	Senior Secured First Lien Debt		Senior Secured Second Lien Debt		Collateralized Securities and Structured Products - Equity		Unsecured Debt		Equity		Total
Beginning balance, June 30, 2025	$	1,501,896	$	1,011	$	3,027	$	8,091	$	229,488	$	1,743,513
Investments purchased(2)(3)	128,458		70		985		45		51,308		180,866
Net realized loss	(5,965)		(3,200)		(440)		—		—		(9,605)
Net change in unrealized (depreciation) appreciation	(28,647)		2,113		462		(738)		37,376		10,566
Accretion of discount	19,404		41		—		—		—		19,445
Sales and principal repayments(3)	(225,332)		(35)		(25)		—		—		(225,392)
Net transfers in and/or (out) of Level 3	—		—		—		—		(4,555)		(4,555)
Ending balance, September 30, 2025	$	1,389,814	$	—	$	4,009	$	7,398	$	313,617	$	1,714,838
Change in net unrealized (depreciation) appreciation on investments still held as of September 30, 2025(1)	$	(14,931)	$	(892)	$	462	$	(738)	$	37,351	$	21,252

(1)Included in net change in unrealized (depreciation) appreciation on investments in the consolidated statements of operations.

(2)Investments purchased include PIK interest.

(3)Includes non-cash restructured securities.


	Nine Months Ended September 30, 2025
	Senior Secured First Lien Debt		Senior Secured Second Lien Debt		Collateralized Securities and Structured Products - Equity		Unsecured Debt		Equity		Total
Beginning balance, December 31, 2024	$	1,563,256	$	2,680	$	2,682	$	11,814	$	219,294	$	1,799,726
Investments purchased(2)(3)	293,866		214		1,964		132		62,639		358,815
Net realized loss	(35,516)		(3,200)		(440)		—		(531)		(39,687)
Net change in unrealized (depreciation) appreciation	(50,167)		289		340		(445)		37,726		(12,257)
Accretion of discount	23,602		52		—		—		—		23,654
Sales and principal repayments(3)	(405,227)		(35)		(537)		(4,103)		—		(409,902)
Net transfers in and/or (out) of Level 3	—		—		—		—		(5,511)		(5,511)
Ending balance, September 30, 2025	$	1,389,814	$	—	$	4,009	$	7,398	$	313,617	$	1,714,838
Change in net unrealized (depreciation) appreciation on investments still held as of September 30, 2025(1)	$	(38,917)	$	(1,507)	$	340	$	(445)	$	37,929	$	(2,600)

(1)Included in net change in unrealized (depreciation) appreciation on investments in the consolidated statements of operations.

(2)Investments purchased include PIK interest.

(3)Includes non-cash restructured securities.

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of investments as of September 30, 2026 and December 31, 2025 were as follows:

September 30, 2026

Fair Value

Valuation Techniques/
Methodologies

Unobservable
Inputs

Range

Weighted Average(1)

Senior secured first lien debt

829,167

Discounted Cash Flow

Discount Rates

9.6%

—

71.1%

16.3%

99,614

Market Comparable Approach

Revenue Multiple

0.75x

—

5.00x

1.84x

72,909

EBITDA Multiple

2.75x

—

12.50x

8.40x

24,699

Other(2)

Insurance Claim Recovery Rate

46%

N/A

24,104

Probability Weighted Recovery Rate

14%

—

100%

99%

3,477

Broker Quotes

N/A

Senior secured second lien debt

—

Market Comparable Approach

Revenue Multiple

1.33x

N/A

Unsecured debt

4,809

Other(2)

Probability Weighted Recovery Rate

25%

N/A

1,620

Discounted Cash Flow

Discount Rates

14.5%

N/A

1,239

Options Pricing Model

Expected Volatility

21%

N/A

Equity

146,174

Market Comparable Approach

EBITDA Multiple

2.75x

—

22.75x

11.68x

99,241

$ per kW

$938

N/A

74,352

Revenue Multiple

0.43x

—

5.00x

0.72x

19,279

Options Pricing Model

Expected Volatility

40%

—

80%

57%

6,774

Discounted Cash Flow

Discount Rates

8.5%

N/A

2,019

Other(2)

N/A

255

Broker Quotes

N/A

Total

1,409,732

(1)Weighted average amounts are based on the estimated fair values.

(2)Fair value is based on the expected outcome of proposed corporate transactions, recovery of insurance claims and/or other factors.

December 31, 2025

Fair Value

Valuation Techniques/
Methodologies

Unobservable
Inputs

Range

Weighted Average(1)

Senior secured first lien debt

1,125,658

Discounted Cash Flow

Discount Rates

8.3%

—

56.1%

13.3%

123,118

Market Comparable Approach

Revenue Multiple

0.75x

—

4.00x

1.71x

43,583

EBITDA Multiple

1.50x

—

5.00x

3.33x

34,919

Other(2)

Probability Weighted Recovery Rate

15%

—

100%

97%

23,133

Insurance Claim Recovery Rate

38.3%

N/A

20,114

Broker Quotes

N/A

Senior secured second lien debt

—

Market Comparable Approach

Revenue Multiple

1.43x

N/A

Collateralized securities and structured products - equity

5,028

Discounted Cash Flow

Discount Rates

13.5%

N/A

Unsecured debt

4,840

Other(2)

Probability Weighted Recovery Rate

25%

N/A

1,646

Discounted Cash Flow

Discount Rates

12.3%

N/A

153

Market Comparable Approach

EBITDA Multiple

9.75x

N/A

Equity

127,094

Market Comparable Approach

EBITDA Multiple

4.00x

—

26.38x

12.49x

105,657

$ per kW

$1,000

N/A

34,934

Revenue Multiple

0.35x

—

4.00x

0.63x

16,775

Options Pricing Model

Expected Volatility

43.3%

—

112.5%

57.3%

9,571

Broker Quotes

N/A

810

Other(2)

N/A

Total

1,677,033

(1)Weighted average amounts are based on the estimated fair values.

(2)Fair value is based on the expected outcome of proposed corporate transactions, recovery of insurance claims and/or other factors.

- Definition

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.

+ References + Details