Fair Value Measurements

9 Months Ended

Sep. 30, 2026

5. Fair Value Measurements

Assets and liabilities recorded at fair value are classified and disclosed based upon a fair value hierarchy as described below. The fair value hierarchy prioritizes and ranks the levels of observability of inputs used in measuring investments at fair value. The observability of inputs is impacted by multiple factors, including the type of investment and the characteristics specific to the investment. Investments with readily available quoted prices or for which fair value can be measured from quoted prices in active markets will generally have a higher degree of market price observability and a lesser degree of judgment applied in determining fair value. Levels are based on the lowest level of significant input to valuation. See further disclosure related to valuation in Note 2- Summary of Significant Accounting Policies.

The three-level hierarchy for fair value measurement is defined as follows:

Level 1 – price quotes (unadjusted) for identical assets or liabilities that are available in active markets to which the Company has access to at the measurement date. The Company classifies unrestricted securities listed in active markets as Level 1. The Company does not adjust the quoted price for these assets or liabilities, even in situations where the Company holds a large position and the sale of such position would likely deviate from the quoted price.

Level 2 – pricing inputs, other than quoted prices included within Level 1, which are directly or indirectly observable at the measurement date. This category includes quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in non-active markets (including actionable bids from third parties for privately held assets or liabilities), and observable inputs other than quoted prices such as yield curves and forward currency rates that are entered directly into valuation models to determine the value of derivative contracts or other assets or liabilities. The Company classifies swaps and forward foreign currency contracts with observable inputs as Level 2.

Level 3 – unobservable inputs for the asset or liability are used where there is little, if any, market activity for the asset or liability at the measurement date and is based upon the Adviser's or third-party’s assessment of the assumptions that market participants would use in pricing the assets or liabilities. These investments include debt and equity investments in private or real estate companies or assets valued using the market and/or income approach and may involve pricing models whose inputs require significant judgment or estimation because of the absence of any meaningful current market data for identical or similar investments. The inputs in these valuations may include, but are not limited to, discount rates, interest rate volatility, recovery rates, multiple on invested capital ("MOIC") and market multiples, such as TEV/EBITDA multiples. Valuations based upon information from third parties, such as broker quotes and third-party valuation services, in consultation with management, which are based significantly on unobservable inputs or are otherwise not supportable as Level 2 inputs are classified as Level 3. Level 3 investments also include certain investments in affiliates whereby the underlying investments within the affiliated entities can be classified under Level 1, 2 or 3.

The following table presents the valuation of the Company’s investment portfolio at fair value by level within the fair value hierarchy as of September 30, 2026:


($ in thousands)	Level 1		Level 2			Level 3		Total
First lien debt investments	$	—	$	287,725		$	1,697,298	$	1,985,023
Mezzanine debt investments		—		—			1,434		1,434
Equity investments		7,324		—			25,912		33,236
Foreign currency forward transactions		—		(414	)		—		(414	)
Cash equivalents		23,647		—			—		23,647
Total Assets and Liabilities at Fair Value	$	30,971	$	287,311		$	1,724,644	$	2,042,926

The following table presents the valuation of the Company’s investment portfolio at fair value by level within the fair value hierarchy as of December 31, 2025:


($ in thousands)	Level 1		Level 2		Level 3		Total
First lien debt investments	$	—	$	325,853	$	1,146,863	$	1,472,716
Equity investments		—		—		16,140		16,140
Foreign currency forward transactions		—		167		—		167
Cash equivalents		87,000		—		—		87,000
Total Assets and Liabilities at Fair Value	$	87,000	$	326,020	$	1,163,003	$	1,576,023

The following tables present a roll forward of the amounts in the Consolidated Statement of Financial Condition of the Company’s investment portfolio for the periods presented, classified by the Company within Level 3 of the fair value hierarchy. When a determination is made to classify an investment within Level 3 of the fair value hierarchy, the determination is based upon the significance of the unobservable inputs to the overall fair value measurement.

The Level 3 gain/(loss) in the following tables is included as a component of net realized and unrealized gain/(loss) on investments in the Consolidated Statement of Operations for the three months ended September 30, 2026.


	For the three months ended
	September 30, 2026
($ in thousands)	First lien debt investments			Mezzanine debt investments		Equity investments			Total
Fair value, June 30, 2026	$	1,623,107		$	1,416	$	26,212		$	1,650,735
Transfer in to Level 3		13,911			—		—			13,911
Transfer out of Level 3		(17,611	)		—		—			(17,611	)
Purchases/Borrowings		110,095			—		—			110,095
Sales and Settlements/Paydowns		(33,124	)		—		—			(33,124	)
Accretion of discount/amortization of premium and paid-in-kind interest		1,067			18		—			1,085
Total net realized and net change in unrealized gain/(loss) on investments		(147	)		—		(300	)		(447	)
Fair value, September 30, 2026	$	1,697,298		$	1,434	$	25,912		$	1,724,644


	For the nine months ended
	September 30, 2026
($ in thousands)	First lien debt investments			Mezzanine debt investments		Equity investments			Total
Fair value, December 31, 2025	$	1,146,863		$	—	$	16,140		$	1,163,003
Transfer in to Level 3		15,686			—		—			15,686
Transfer out of Level 3		(21,102	)		—		—			(21,102	)
Purchases/Borrowings		690,867			1,416		6,377			698,660
Sales and Settlements/Paydowns		(131,265	)		—		(380	)		(131,645	)
Accretion of discount/amortization of premium and paid-in-kind interest		3,215			18		—			3,233
Total net realized and unrealized gain/(loss) on investments		(6,966	)		—		3,775			(3,191	)
Fair value, September 30, 2026	$	1,697,298		$	1,434	$	25,912		$	1,724,644


	For the three months ended
	September 30, 2025
($ in thousands)	First lien debt investments			Equity investments		Total
Fair value, June 30, 2025	$	325,191		$	507	$	325,698
Purchases/Borrowings		307,029			103		307,132
Sales and Settlements/Paydowns		(13,899	)		—		(13,899	)
Accretion of discount/amortization of premium and paid-in-kind interest		316			—		316
Total net realized and unrealized gain/(loss) on investments		886			131		1,017
Fair value, September 30, 2025	$	619,523		$	741	$	620,264


	For the nine months ended
	September 30, 2025
($ in thousands)	First lien debt investments			Equity investments		Total
Fair value, December 31, 2024	$	—		$	—	$	—
Purchases/Borrowings		645,544			458		646,002
Sales and Settlements/Paydowns		(27,722	)		—		(27,722	)
Accretion of discount/amortization of premium and paid-in-kind interest		389			—		389
Total net realized and unrealized gain/(loss) on investments		1,312			283		1,595
Fair value, September 30, 2025	$	619,523		$	741	$	620,264

The following tables present quantitative and qualitative information about the significant unobservable inputs used in determining the fair value of the Company’s Level 3 investments. The tables display the range of significant unobservable inputs used by valuation techniques for each Level 3 asset category. Certain inputs may not be significant inputs used in the valuation of all investments within the Level 3 asset category. Additionally, the range of such inputs presented in the tables may not be applicable to the valuation of each individual asset within a category. The categorization of assets in the below tables is determined by each individual asset’s valuation characteristics.

As of September 30, 2026 and December 31, 2025, all Level 3 investments, earlier displayed in the fair value measurement table, were included in the following tables.

Certain asset categories, fair value amounts, valuation techniques and significant unobservable inputs are disclosed in the table and represent investments held directly by the Company, it is not intended to be all inclusive. The asset categories presented within the table may be more disaggregated than the categories presented within the Consolidated Schedule of Investments in order to further describe the valuation characteristics and align with the fair value methods described herein.

As of September 30, 2026


Level 3 Asset Category	Fair Value2		Valuation Technique	Significant Unobservable Inputs	Range of Inputs		Weighted Average1
First lien debt investments	$	1,505,634	Discounted Cash Flow	Discount Rate	8.1%-13.6%		11.4%
		98,982	Black-Derman-Toy	Discount Rate	8.8%-11.0%		9.6%
				Interest Rate Volatility	30.0%		30.0%
		67,530	Broker Quotes	Broker Quotes	N/A		N/A
		19,830	Transactional Value	Transaction Price	N/A		N/A
		5,322	Recovery Analysis	Recovery Rate	38.0%		38.0%
Mezzanine debt investment	$	1,434	Discounted Cash Flow	Discount Rate	18.4%		18.4%
Equity investments	$	17,183	Monte-Carlo Simulation	Comparable Company Quotes	$	187.94	$	187.94
				Call Option Term	4 years		4 years
				Drift	15.3%		15.3%
				Volatility	75.3%		75.3%
		8,249	Valuation Multiple	LTM EBITDA	5.3x-12.3x		9.8x
				Illiquidity Discount	10.0%		10.0%
		480	Discounted Cash Flow	Discount Rate	10.9%		10.9%
Total Level 3 Assets and Liabilities	$	1,724,644

1Unobservable inputs were weighted by the relative fair value of these investments

2$ expressed in thousands

As of December 31, 2025


Level 3 Asset Category	Fair Value2		Valuation Technique	Significant Unobservable Inputs	Range of Inputs		Weighted Average1
First lien debt investments	$	963,798	Discounted Cash Flow	Discount Rate	8.3%-25.4%		10.2%
				Interest Rate Volatility	30.0%		30.0%
		129,827	Broker Quotes	Broker Quotes	N/A		N/A
		53,238	Transactional Value	Transaction Price	N/A		N/A

Equity investments	$	14,925	Monte-Carlo Simulation	Comparable Company Quotes	$	137.15	$	137.15
				Call Option Term	4 years		4 years
				Drift	14.5%		14.5%
				Volatility	82.5%		82.5%
		717	Valuation Multiple	LTM EBITDA	7.3x-12.3x		8.3x
				Illiquidity Discount	10.0%		10.0%
		498	Discounted Cash Flow	Discount Rate	10.1%		10.1%
Total Level 3 Assets and Liabilities	$	1,163,003

1Unobservable inputs were weighted by the relative fair value of these investments

2$ expressed in thousands

As of September 30, 2026 and December 31, 2025, the majority of the investments purchased by the Company were purchased alongside other funds, accounts and clients managed by the Adviser or its affiliates pursuant to the conditions of the exemptive order from the SEC that permits the Company, among other things, to co-invest with certain other persons, including certain affiliates of the Adviser and certain funds managed and controlled by the Adviser and its affiliates, subject to certain terms and conditions

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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