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DERIVATIVE INSTRUMENTS
 9 Months Ended
Sep. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE INSTRUMENTS DERIVATIVE INSTRUMENTS
Interest Rate Swaps

The Fund entered into interest rate swaps to reduce the Fund’s exposure to interest rate volatility in relation to the Denali Credit Agreement, the Aspen Credit Agreement, the Tango Credit Agreement, the Pioneer Credit Agreement and the Rover Credit Agreement. Under the interest rate swap agreements, the Fund pays a fixed interest rate and receives a floating interest rate of SOFR. The interest rate swaps of the Fund are not hedging instruments in accordance with ASC 815.

As of September 30, 2026 and December 31, 2025, the counterparties to the Fund’s interest rate swap agreements and certain information related to the Fund’s interest rate swap instruments are presented on the consolidated schedules of investments.

The net change in unrealized appreciation (depreciation) related to the interest rate swaps was approximately $74.3 million and $(5.7) million for the three months ended September 30, 2026 and 2025, respectively, and $76.8 million and $(11.9) million for the nine months ended September 30, 2026 and 2025, respectively, which is included in “derivatives” under “net unrealized gains/(losses)” in the Fund’s consolidated statements of operations. The net swap amounts are settled quarterly, which began in February 2025, and are recorded as net realized gains/(losses) in “net realized and unrealized gains on investments and derivatives” in the Fund’s consolidated statements of operations. There were net interest rate swap payments received (paid) resulting in a realized gain (loss) of $(1.0) million and $0.5 million for the three months ended September 30, 2026 and 2025, respectively, and $(1.1) million and $1.8 million for the nine months ended September 30, 2026 and 2025, respectively.
The balance sheet impact of fair valuing the interest rate swaps as of September 30, 2026 is presented below:
DescriptionNotional AmountMaturity DateGross Amount of Recognized AssetsGross Amount of Recognized
Liabilities		Collateral (Received) PledgedNet AmountConsolidated Statements of Assets and Liabilities
Interest rate swap$39,180 09/2029$5,989 $— $— $5,989 Derivative contracts, at fair value
Interest rate swap39,180 09/20295,983 — — 5,983 Derivative contracts, at fair value
Interest rate swap19,588 09/2029706 — — 706 Derivative contracts, at fair value
Interest rate swap14,882 09/2029535 — — 535 Derivative contracts, at fair value
Interest rate swap14,882 09/2029536 — — 536 Derivative contracts, at fair value
Interest rate swap12,664 09/2029456 — — 456 Derivative contracts, at fair value
Interest rate swap11,905 09/2029429 — — 429 Derivative contracts, at fair value
Interest rate swap18,750 03/20301,538 — — 1,538 Derivative contracts, at fair value
Interest rate swap18,750 03/20301,538 — — 1,538 Derivative contracts, at fair value
Interest rate swap65,425 03/20303,815 — — 3,815 Derivative contracts, at fair value
Interest rate swap65,425 03/20303,816 — — 3,816 Derivative contracts, at fair value
Interest rate swap85,986 03/2030— (788)— (788)Derivative contracts, at fair value
Interest rate swap85,985 03/2030— (153)— (153)Derivative contracts, at fair value
Interest rate swap23,094 07/20301,756 — — 1,756 Derivative contracts, at fair value
Interest rate swap23,094 07/20301,757 — — 1,757 Derivative contracts, at fair value
Interest rate swap23,094 07/20301,758 — — 1,758 Derivative contracts, at fair value
Interest rate swap23,094 07/20301,759 — — 1,759 Derivative contracts, at fair value
Interest rate swap23,094 07/20301,759 — — 1,759 Derivative contracts, at fair value
Interest rate swap18,750 07/2030823 — — 823 Derivative contracts, at fair value
Interest rate swap18,750 07/2030824 — — 824 Derivative contracts, at fair value
Interest rate swap18,750 07/2030825 — — 825 Derivative contracts, at fair value
Interest rate swap18,750 07/2030826 — — 826 Derivative contracts, at fair value
Interest rate swap18,750 07/2030825 — — 825 Derivative contracts, at fair value
Interest rate swap18,750 07/2030826 — — 826 Derivative contracts, at fair value
Interest rate swap23,094 07/20301,758 — — 1,758 Derivative contracts, at fair value
Interest rate swap84,750 10/20308,451 — — 8,451 Derivative contracts, at fair value
Interest rate swap84,750 10/20308,387 — — 8,387 Derivative contracts, at fair value
Interest rate swap35,580 10/20302,098 — — 2,098 Derivative contracts, at fair value
Interest rate swap25,640 10/20301,483 — — 1,483 Derivative contracts, at fair value
Interest rate swap25,640 10/20301,487 — — 1,487 Derivative contracts, at fair value
Interest rate swap25,640 10/20301,480 — — 1,480 Derivative contracts, at fair value
Interest rate swap455,000 06/203316,590 — — 16,590 Derivative contracts, at fair value
Total$80,813 $(941)$— $79,872 
The balance sheet impact of fair valuing the interest rate swaps as of December 31, 2025 is presented below:
DescriptionNotional AmountMaturity DateGross Amount of Recognized AssetsGross Amount of Recognized
Liabilities		Collateral (Received) PledgedNet AmountConsolidated Statements of Assets and Liabilities
Interest rate swap$40,132 09/2029$3,756 $— $— $3,756 Derivative contracts, at fair value
Interest rate swap40,132 09/20293,743 — — 3,743 Derivative contracts, at fair value
Interest rate swap20,064 09/2029— (684)— (684)Derivative contracts, at fair value
Interest rate swap15,244 09/2029— (519)— (519)Derivative contracts, at fair value
Interest rate swap15,244 09/2029— (519)— (519)Derivative contracts, at fair value
Interest rate swap12,972 09/2029— (441)— (441)Derivative contracts, at fair value
Interest rate swap12,195 09/2029— (415)— (415)Derivative contracts, at fair value
Interest rate swap18,750 03/2030— (172)— (172)Derivative contracts, at fair value
Interest rate swap18,750 03/2030— (169)— (169)Derivative contracts, at fair value
Interest rate swap65,430 03/2030— (346)— (346)Derivative contracts, at fair value
Interest rate swap65,430 03/2030— (357)— (357)Derivative contracts, at fair value
Interest rate swap69,281 07/2030— (1,323)— (1,323)Derivative contracts, at fair value
Interest rate swap23,094 07/2030— (443)— (443)Derivative contracts, at fair value
Interest rate swap23,094 07/2030— (442)— (442)Derivative contracts, at fair value
Interest rate swap23,094 07/2030— (444)— (444)Derivative contracts, at fair value
Interest rate swap84,750 10/2030975 — — 975 Derivative contracts, at fair value
Interest rate swap84,750 10/2030884 — — 884 Derivative contracts, at fair value
Total$9,358 $(6,274)$— $3,084 

For the three and nine months ended September 30, 2026, the average outstanding notional value of interest rate swaps was $1,312.9 million and $1,112.8 million, respectively. For the three and nine months ended September 30, 2025, the average outstanding notional value of interest rate swaps was $293.2 million and $219.3 million, respectively.