v3.26.3
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
 9 Months Ended
Sep. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Investments
The following table presents fair value measurements of investments, cash equivalents and derivatives as of September 30, 2026:
Fair Value Measurements Using
Level 1 Level 2Level 3Total
Investments and cash equivalents
Common equity$— $— $6,516,384 $6,516,384 
Preferred equity— — 1,047,597 1,047,597 
Other equity— — 987,596 987,596 
First lien senior secured loans— 1,056,131 390,041 1,446,172 
Senior subordinated loans— — 510,064 510,064 
Corporate bonds— 29,722 29,400 59,122 
Money market funds4,801 — — 4,801 
Derivative contracts, at fair value
Interest rate swap contracts (asset)— 80,813 — 80,813 
Interest rate swap contracts (liability)— (941)— (941)
Total $4,801 $1,165,725 $9,481,082 $10,651,608 

The following table presents fair value measurements of investments, cash equivalents and derivatives as of December 31, 2025:
Fair Value Measurements Using
Level 1 Level 2Level 3Total
Investments
Common equity$— $— $2,168,096 $2,168,096 
Other equity— — 354,399 354,399 
First lien senior secured loans— 342,904 165,369 508,273 
Senior subordinated loans— — 89,618 89,618 
Money market funds347 — — 347 
Derivative contracts, at fair value
Interest rate swap contracts (asset)— 9,358 — 9,358 
Interest rate swap contracts (liability)— (6,274)— (6,274)
Total $347 $345,988 $2,777,482 $3,123,817 
Schedule of Significant Unobservable Inputs Used The tables are not intended to be all-inclusive, but instead to capture the significant unobservable inputs relevant to the determination of fair values.
As of September 30, 2026
Fair ValuePrimary Valuation TechniquesUnobservable Input
Asset CategoryInput
Estimated Range(1)
Weighted Average(2)
Common equity$5,055,961 Discounted cash flowDiscount rate
8.65% - 10.97%
9.42%
1,460,423 Recent transaction priceN/AN/AN/A
Preferred equity1,047,597  Recent transaction price  N/A N/AN/A
Other equity390,937  Discounted cash flow Discount rate
9.15% - 11.25%
9.36%
596,659 Recent transaction priceN/AN/AN/A
First lien senior secured loans377,230  Yield analysis Market yield
6.52% - 9.71%
7.98%
12,811  Broker quotes N/AN/AN/A
Senior subordinated loans314,064 Yield analysisMarket yield
9.03% - 9.50%
9.31%
196,000 Recent transaction priceN/AN/AN/A
Corporate bonds29,400 Recent transaction priceN/AN/AN/A
Total Level 3 investments$9,481,082 
(1) No range indicates a single investment in the asset category.
(2) Weighted average based on relative fair values as of period end.

As of December 31, 2025
Fair ValuePrimary Valuation TechniquesUnobservable Input
Asset CategoryInput
Estimated Range(1)
Weighted Average(2)
Common equity$2,012,509 Discounted cash flowDiscount rate
9.36% - 9.77%
9.57%
Other equity354,399 Discounted cash flowDiscount rate8.98%8.98%
Common equity155,587 Recent transaction priceN/AN/AN/A
Senior subordinated loans35,304 Recent transaction priceN/AN/AN/A
Senior subordinated loans54,314 Discounted cash flowDiscount rate9.91%9.91%
First lien senior secured loans165,173 Recent transaction priceN/AN/AN/A
First lien senior secured loans196 Broker quotesN/AN/AN/A
Total Level 3 investments$2,777,482 
(1) No range indicates a single investment in the asset category.
(2) Weighted average based on relative fair values as of period end.
Schedule of Investments at Level 3
The following tables present changes in investments that use Level 3 inputs as of and for the three and nine months ended September 30, 2026 and 2025:
As of and for the three months ended September 30, 2026
Balance as of June 30, 2026
$6,772,422 
Purchases2,809,358 
Net unrealized gains on investments9,641 
Return of capital(91,789)
Proceeds from repayments or sales of investments(1,187)
Transfers in to/(out of) Level 3(1)
(17,363)
Balance as of September 30, 2026
$9,481,082 
As of and for the three months ended September 30, 2025
Balance as of June 30, 2025
$795,517 
Purchases743,649 
Net unrealized gains on investments41,772 
Return of capital(2,990)
Proceeds from repayments or sales of investments(6)
Transfers in to/(out of) Level 3(1)
— 
Balance as of September 30, 2025
$1,577,942 
As of and for the
 nine months ended September 30, 2026
Balance as of December 31, 2025
$2,777,482 
Purchases6,710,109 
Net unrealized gains on investments143,733 
Return of capital(132,130)
Proceeds from repayments or sales of investments(551)
Transfers in to Level 3(1)
751 
Transfers out of Level 3(1)
(18,312)
Balance as of September 30, 2026
$9,481,082 
As of and for the
 nine months ended September 30, 2025
Balance as of December 31, 2024
$339,136 
Purchases1,164,039 
Net unrealized gains on investments84,313 
Return of capital(9,526)
Proceeds from repayments or sales of investments(20)
Transfers in to/(out of) Level 3(1)
— 
Balance as of September 30, 2025
$1,577,942 
(1) Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur.
Schedule of Carrying Value of Debt
The following are the carrying and fair values of the Fund’s debt obligations as of September 30, 2026 and December 31, 2025:
As of
September 30, 2026December 31, 2025
Carrying Value(1)(2)
Fair Value(1)
Carrying Value(1)(2)
Fair Value(1)
Denali Credit Agreement$203,041 $203,041 $207,978 $207,978 
Aspen Credit Agreement453,763 453,763 224,481 224,481 
ACI Portfolio Aggregator Credit Agreement
— — 20,000 20,000 
Tango Credit Agreement334,750 334,750 184,750 184,750 
BNP Funding Facility300,000 300,000 200,000 200,000 
Pioneer Credit Agreement481,000 481,000 226,000 226,000 
ACI Rover Term Loan (3)
905,653 905,653 — — 
Total$2,678,207 $2,678,207 $1,063,209 $1,063,209 
(1)The fair value of the debt obligations would be categorized as Level 2 under ASC 820-10. The fair value of the borrowings approximate the carrying value as the interest rate on the borrowings is a floating rate.
(2)Represents the aggregate principal amount outstanding.
(3)Represents aggregate principal, less unamortized debt issuance and unaccreted discount recorded upon issuance.