The following table shows the composition of our investments 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	$	962,651	$	927,363	$	—	$	4,528	$	922,835
Second Lien Secured Debt		—		—		—		—		—
Unsecured Debt		23		—		—		—		—
Common Equity/Interests		7,879		661		—		—		661
Total Investments before Foreign Currency Forward Contracts	$	970,553	$	928,024	$	—	$	4,528	$	923,496
Money Market Fund	$	4,819	$	4,819	$	4,819	$	—	$	—
Total Cash Equivalents	$	4,819	$	4,819	$	4,819	$	—	$	—
Total Investments after Cash Equivalents	$	975,372	$	932,843	$	4,819	$	4,528	$	923,496
Foreign currency forward contracts		—		431		—		431		—
Total Investments and Foreign Currency Forward Contracts at Fair Value	$	975,372	$	933,274	$	4,819	$	4,959	$	923,496

The following table shows the composition of our investments 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	$	954,701	$	938,801		$		—	$	6,814		$	931,987
Unsecured Debt		19		—				—		—			—
Common Equity/Interests		7,772		3,995				—		—			3,995
Total Investments before Foreign Currency Forward Contracts	$	962,492	$	942,796		$		—	$	6,814		$	935,982
Foreign currency forward contracts		—		(55	)			—		(55	)		—
Total Investments and Foreign Currency Forward Contracts at Fair Value	$	962,492	$	942,741		$		—	$	6,759		$	935,982

The following table shows changes in the fair value of our Level 3 investments during the three months ended September 30, 2026:


	Three Months Ended September 30, 2026
	First Lien Secured Debt			Unsecured Debt			Common Equity/Interests		Total
Fair value as of June 30, 2026	$	929,216		$	—		$	609	$	929,825
Net realized gains (losses)		(4,705	)		—			—		(4,705	)
Net change in unrealized gains (losses)		(586	)		(5	)		50		(541	)
Net amortization on investments		826			—			—		826
Purchases, including capitalized PIK (2)		46,264			5			2		46,271
Proceeds from sales and repayments of investments (2)		(48,180	)		—			—		(48,180	)
Transfers out of Level 3 (1)		—			—			—		—
Transfers into Level 3 (1)		—			—			—		—
Fair value as of September 30, 2026 (3)	$	922,835		$	—		$	661	$	923,496

Net change in unrealized gains (losses) on Level 3 investments still held as of September 30, 2026	$	(5,465	)	$	—		$	50	$	(5,415	)

The following table shows changes in the fair value of our Level 3 investments during the nine months ended September 30, 2026:


	Nine Months Ended September 30, 2026
	First Lien Secured Debt			Unsecured Debt			Common Equity/Interests			Total
Fair value as of December 31, 2025	$	931,987		$	—		$	3,995		$	935,982
Net realized gains (losses)		(4,115	)		—			—			(4,115	)
Net change in unrealized gains (losses)		(16,932	)		(5	)		(3,441	)		(20,378	)
Net amortization on investments		2,033			—			—			2,033
Purchases, including capitalized PIK (2)		129,114			5			107			129,226
Proceeds from sales and repayments of investments (2)		(119,252	)		—			—			(119,252	)
Transfers out of Level 3 (1)		—			—			—			—
Transfers into Level 3 (1)		—			—			—			—
Fair value as of September 30, 2026 (3)	$	922,835		$	—		$	661		$	923,496

Net change in unrealized gains (losses) on Level 3 investments still held as of September 30, 2026	$	(20,059	)	$	—		$	(3,441	)	$	(23,499	)

(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 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 periods shown.

(2)

Includes reorganizations and restructuring of investments.

(3)

Includes unfunded commitments measured at fair value of $(642).

The following table shows changes in the fair value of our Level 3 investments during the three months ended September 30, 2025:


	Three Months Ended September 30, 2025
	First Lien Secured Debt			Unsecured Debt		Common Equity/Interests			Total
Fair value as of June 30, 2025	$	917,856		$	19	$	4,286		$	922,161
Net realized gains (losses)		(8,813	)		—		—			(8,813	)
Net change in unrealized gains (losses)		5,170			—		(1,453	)		3,717
Net amortization on investments		839			—		—			839
Purchases, including capitalized PIK (2)		38,858			—		2,820			41,678
Proceeds from sales and repayments of investments (2)		(60,165	)		—		—			(60,165	)
Fair value as of September 30, 2025 (3)	$	893,745			19		5,653		$	899,417

Net change in unrealized gains (losses) on Level 3 investments still held as of September 30, 2025	$	7,357		$	—	$	(329	)	$	7,028

The following table shows changes in the fair value of our Level 3 investments during the nine months ended September 30, 2025:


	Nine Months Ended September 30, 2025
	First Lien Secured Debt			Unsecured Debt		Common Equity/Interests			Total
Fair value as of December 31, 2024	$	892,748			19		2,895		$	895,662
Net realized gains (losses)		(8,397	)		—		—			(8,397	)
Net change in unrealized gains (losses)		(3,397	)		—		(1,870	)		(5,267	)
Net amortization on investments		2,270			—		—			2,270
Purchases, including capitalized PIK (2)		166,351			—		4,628			170,979
Proceeds from sales and repayments of investments (2)		(155,830	)		—		—			(155,830	)
Fair value as of September 30, 2025 (3)	$	893,745		$	19	$	5,653		$	899,417

Net change in unrealized gains (losses) on Level 3 investments still held as of September 30, 2025	$	3,748		$	—	$	(1,865	)	$	1,883

(1)

(2)

Includes reorganizations and restructuring of investments.

(3)

Includes unfunded commitments measured at fair value of $(389).

The following table summarizes the significant unobservable inputs the Company used to value its investments categorized within Level 3 as of September 30, 2026. 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 table is 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	$		853,433	Yield Analysis	Discount Rate	4.8%	23.1%	11.5%
			31,872	Cost Approach	Cost Approach	N/A	N/A	N/A
			37,530	Recovery Analysis	Recoverability %	0.0%	100.0%	70.2%
Common Equity/Interests			609	Guideline Public Company	TEV/EBITDA	6.0x	17.5x	11.77x
			52	Cost Approach	Cost Approach	N/A	N/A	N/A
Total Level 3 Investments	$		923,496

(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	$		884,674	Yield Analysis	Discount Rate	7.6%	19.2%	10.0%
			31,262	Cost Approach	Cost Approach	N/A	N/A	N/A
			16,051	Recovery Analysis	Recoverable Amount	N/A	N/A	N/A
Common Equity/Interests			250	Cost Approach	Cost Approach	N/A	N/A	N/A
			3,745	Market Comparable Technique	Comparable Multiple	5.7x	30.6x	6.7x
Total Level 3 Investments	$		935,982

(1)

The significant unobservable inputs used in the fair value measurement of the Company’s debt and equity securities are primarily EBITDA comparable multiples and market discount rates. The Company typically uses EBITDA comparable multiples on its equity securities to determine the fair value of investments. The Company uses market discount rates for debt securities to determine if the effective yield on a debt security is commensurate with the market yields for that type of debt security. If a debt security’s effective yield is significantly less than the market yield for a similar debt security with a similar credit profile, the resulting fair value of the debt security may be lower. For certain investments where fair value is derived based on a recovery analysis, the Company uses underlying commodity prices from third party market pricing services to determine the fair value and/or recoverable amount, which represents the proceeds expected to be collected through asset sales or liquidation. Further, for certain investments, the Company also considered the probability of future events which are not in management’s control. Significant increases or decreases in any of these inputs in isolation would result in a significantly lower or higher fair value measurement. The significant unobservable inputs used in the fair value measurement of the structured products include the discount rate applied in the valuation models in addition to default and recovery rates applied to projected cash flows in the valuation models. Specifically, when a discounted cash flow model is used to determine fair value, the significant input used in the valuation model is the discount rate applied to present value the projected cash flows. Increases in the discount rate can significantly lower the fair value of an investment; conversely decreases in the discount rate can significantly increase the fair value of an investment. The discount rate is determined based on the market rates an investor would expect for a similar investment with similar risks. For certain investments such as warrants, the Company may use an option pricing technique, of which the applicable method is the Black-Scholes Option Pricing Method (“BSM”), to perform valuations. The BSM is a model of price variation over time of financial instruments, such as equity, that is used to determine the price of call or put options. Various inputs are required but the primary unobservable input into the BSM model is the underlying asset volatility.

For the three and nine months ended September 30, 2026, purchases of investments on a trade date basis were $46,303 and $127,559, respectively. For the three and nine months ended September 30, 2026, sales and repayments of investments on a trade date basis were $48,200 and $119,295, respectively.

For the three and nine months ended September 30, 2025, purchases of investments on a trade date basis were $40,895 and $168,926, respectively. For the three and nine months ended September 30, 2025, sales and repayments of investments on a trade date basis were $59,073 and $162,600, respectively.

The Company holds loans and other investments, including certain preferred equity investments, that have contractual PIK income. PIK income computed at the contractual rate is accrued into income and reflected as receivable up to the capitalization date. During the three and nine months ended September 30, 2026, PIK income earned was $416 and $1,696, respectively. During the three and nine months ended September 30, 2025, PIK income earned was $808 and $2,388, respectively.

The following table shows the change in capitalized PIK balance for the three and nine months ended September 30, 2026 and September 30, 2025:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2026			2025			2026		2025
PIK balance at beginning of period	$	8,124		$	4,991		$	6,243	$	3,839
PIK income capitalized		456			882			1,847		2,357
PIK capitalized exited from investment sales, repayments, and restructurings		(490	)		(72	)		—		(395	)
PIK balance at end of period	$	8,090		$	5,801		$	8,090	$	5,801

As of September 30, 2026, 3.8% of total investments at amortized cost, or 2.4% of total investments at fair value, were on non-accrual status. As of December 31, 2025, 2.5% of total investments at amortized cost, or 1.5% of total investments at fair value, were on non-accrual status.

In the normal course of business, the Company enters into derivative financial instruments to achieve certain risk management objectives, including managing its interest rate and foreign currency risk exposures.

Certain information related to the Company’s foreign currency forward contracts is presented below as of September 30, 2026:


Counterparty	Notional amount to be purchased		Notional amount to be sold		Settlement Date		Fair Value		Balance Sheet Location of Net Amounts
State Street Bank and Trust Company	$	9,326	£	6,899	12/16/2026			172	Unrealized appreciation (depreciation) on foreign currency forward contracts
State Street Bank and Trust Company		8,087	C$	11,132	12/16/2026			236	Unrealized appreciation (depreciation) on foreign currency forward contracts
State Street Bank and Trust Company		890	€	763	12/16/2026			23	Unrealized appreciation (depreciation) on foreign currency forward contracts
						$		431

Certain information related to the Company’s foreign currency forward contracts is presented below as of December 31, 2025:


Counterparty	Notional amount to be purchased		Notional amount to be sold		Settlement Date		Fair Value			Balance Sheet Location of Net Amounts
State Street Bank and Trust Company	$	2,898	C$	3,979	3/18/2026			(10	)	Unrealized appreciation (depreciation) on foreign currency forward contracts
State Street Bank and Trust Company		996	€	850	3/18/2026			(6	)	Unrealized appreciation (depreciation) on foreign currency forward contracts
State Street Bank and Trust Company		3,518	£	2,640	3/18/2026			(39	)	Unrealized appreciation (depreciation) on foreign currency forward contracts
						$		(55	)

The Company's foreign currency forward contracts are subject to an enforceable ISDA Master Netting Agreement with State Street Bank and Trust Company. Pursuant to the Company's accounting policy, forward contract fair values are presented net by counterparty. As of September 30, 2026, the net fair value of these contracts was a $431 asset, reflected in "Unrealized appreciation on foreign currency forward contracts" on the Consolidated Statements of Assets and Liabilities. The Company has elected not to offset cash collateral against derivative fair values; no cash collateral was posted or received in connection with these contracts.

The Company’s foreign currency forward contracts are not designated in a qualifying hedge accounting relationship. Net realized and change in unrealized gains and losses for three and nine months ended September 30, 2026 and 2025, for the Company’s foreign currency forward contracts, are in the following locations in the Consolidated Statements of Operations:


		Three Months Ended September 30,						Nine Months Ended September 30,
Derivative Instrument	Financial Statement Location	2026			2025			2026			2025
Foreign currency forward contracts	Net realized gains (losses) on foreign currency forward contracts	$	(192	)	$	(17	)	$	(83	)	$	(162	)
		$	(192	)	$	(17	)	$	(83	)		(162	)


		Three Months Ended September 30,				Nine Months Ended September 30,
Derivative Instrument	Financial Statement Location	2026		2025		2026		2025
Foreign currency forward contracts	Net change in unrealized gains (losses) on foreign currency forward contracts	$	318	$	77	$	486	$	38
		$	318	$	77	$	486	$	38