v3.26.3
Fair Value Measurements - Investments
 9 Months Ended
Sep. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements - Investments
4.
Fair Value Measurements—Investments

The following table presents fair value measurements of investments, by major class, as of September 30, 2026, according to the fair value hierarchy:

September 30, 2026

 

Investments

 

Level I

 

Level II

 

Level III

 

Fair Value

 

Portfolio companies

 

$

-

 

$

-

 

$

886,648

 

$

886,648

 

Investments in Money Market Funds

 

 

332,597

 

 

-

 

 

-

 

 

332,597

 

Foreign currency forward contracts

 

 

-

 

 

3,396

 

 

-

 

 

3,396

 

Total

 

$

332,597

 

$

3,396

 

$

886,648

 

$

1,222,641

 

 

The following table provides a reconciliation of the beginning and ending balances for investments that use Level III inputs for the nine months ended September 30, 2026.

 

Investments

 

Balance as of January 1, 2026

 

 

Purchases

 

 

Proceeds from investments

 

 

Net change in unrealized appreciation on investments

 

 

Net change in unrealized depreciation on foreign currency translation

 

 

Balance as of September 30, 2026

 

Portfolio companies

 

$

-

 

 

$

771,486

 

 

 

$

(3,144

)

 

 

$

124,687

 

 

 

$

(6,381

)

 

$

886,648

 

 

The following tables present the quantitative information about Level III fair value measurements of the Company’s portfolio companies as of September 30, 2026:

 

Level III Assets

 

Fair Value
 September 30, 2026

 

 

Valuation
Methodology

 

Unobservable
Input(s)(1)

 

Weighted
Average(2)

 

 

Range

 

Impact to
Valuation
From an
Increase
in Input

Portfolio companies

 

$

886,648

 

 

Inputs to market comparables and transaction
   price/other

 

Weight ascribed to Market Comparables

 

 

20.3

%

 

0% - 100%

 

(4)

 

 

 

 

 

Weight ascribed to Discounted Cash Flow

 

 

48.6

%

 

0% - 100%

 

 

 

 

 

 

 

 

 

Weight ascribed to Transaction Price/Other

 

 

31.1

%

 

0% - 100%

 

(5)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Market Comparables

 

Enterprise Value / EBITDA Multiple

 

18.3x

 

 

13.7x - 20.0x

 

Increase (3)

 

 

 

 

 

Discounted Cashflows

 

WACC

 

 

12

%

 

9.2% - 19.3%

 

Decrease (3)

 

 

 

 

 

 

 

September 30, 2026

Input

Hypothetical Change

 

Infrastructure Asset Values

Weighted Average Cost of Capital (1) (2)

0.25% decrease

 

+2.40%

 

 

 

 

 

0.25% increase

 

-2.40%

 

(1)
In determining the inputs, management evaluates a variety of factors including economic conditions, industry and market developments, market valuations of comparable companies, and company-specific developments including exit strategies and realization opportunities. The Manager has determined that market participants would take these inputs into account when valuing the investments. Inputs include unlevered discount rate for certain Infrastructure Assets.
(2)
Inputs are weighted based on fair value of the investments included in the range.
(3)
Unless otherwise noted, this column represents the directional change in the fair value of the Level III investments that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements.
(4)
The directional change from an increase in the weight ascribed to the market comparables approach would increase the fair value of the Level III investments if the market comparables approach results in a higher valuation than the discounted cash flow approach and transaction price approach. The opposite would be true if the market comparables approach results in a lower valuation than the discounted cash flow approach and transaction price approach.
(5)
The directional change from an increase in the weight ascribed to the transaction price would increase the fair value of the Level III investments if the transaction price results in a higher valuation than the market comparables approach and discounted cash flow approach. The opposite would be true if the transaction price results in a lower valuation than the market comparables approach and discounted cash flow approach.

Valuations involve subjective judgments and may not accurately reflect realizable value. The assumptions above are determined by the Manager and reviewed by the Manager’s independent valuation advisor. A change in these assumptions or factors would impact the calculation of the value of our assets.