| Summary of Fund's assets carried at fair value |
The following is a summary of the inputs used, as of September 30, 2026 and December 31, 2025, involving the Fund’s assets carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities.
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September 30, 2026 |
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
First Lien Debt |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,622,205,478 |
|
|
$ |
1,622,205,478 |
|
Unsecured Debt |
|
|
— |
|
|
|
— |
|
|
|
645,875 |
|
|
|
645,875 |
|
Equity |
|
|
— |
|
|
|
— |
|
|
|
51,324,963 |
|
|
|
51,324,963 |
|
Mutual Funds |
|
|
12,597,484 |
|
|
|
— |
|
|
|
— |
|
|
|
12,597,484 |
|
Total Investments |
|
$ |
12,597,484 |
|
|
$ |
— |
|
|
$ |
1,674,176,316 |
|
|
$ |
1,686,773,800 |
|
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|
|
|
|
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|
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|
December 31, 2025 |
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
First Lien Debt |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,600,336,929 |
|
|
$ |
1,600,336,929 |
|
Unsecured Debt |
|
|
— |
|
|
|
— |
|
|
|
103,631 |
|
|
|
103,631 |
|
Equity |
|
|
— |
|
|
|
— |
|
|
|
20,153,337 |
|
|
|
20,153,337 |
|
Mutual Funds |
|
|
19,087,624 |
|
|
|
— |
|
|
|
— |
|
|
|
19,087,624 |
|
Total Investments |
|
$ |
19,087,624 |
|
|
$ |
— |
|
|
$ |
1,620,593,897 |
|
|
$ |
1,639,681,521 |
|
|
| Summary of reconciliation of investments in securities |
The following tables provide a reconciliation of the beginning and ending balances for investments for which fair value was determined using Level 3 inputs for the nine months ended September 30, 2026 and 2025:
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|
Nine Months Ended September 30, 2026 |
|
|
|
First Lien Debt |
|
|
Unsecured Debt |
|
|
Equity |
|
|
Total Investments |
|
Fair value, beginning of period |
|
$ |
1,600,336,929 |
|
|
$ |
103,631 |
|
|
$ |
20,153,337 |
|
|
$ |
1,620,593,897 |
|
Purchases of investments |
|
|
279,649,476 |
|
⁽¹⁾ |
|
648,731 |
|
|
|
28,026,009 |
|
|
|
308,324,216 |
|
Proceeds from principal repayments and sales of investments |
|
|
(256,568,256 |
) |
|
|
(128,339 |
) |
|
|
— |
|
|
|
(256,696,595 |
) |
Accretion of discount/ amortization of premium |
|
|
7,788,942 |
|
|
|
1,018 |
|
|
|
— |
|
|
|
7,789,960 |
|
Net realized gain (loss) |
|
|
(34,533,011 |
) |
|
|
— |
|
|
|
30,621 |
|
|
|
(34,502,390 |
) |
Net change in unrealized appreciation (depreciation) |
|
|
25,531,398 |
|
|
|
20,834 |
|
|
|
3,114,996 |
|
|
|
28,667,228 |
|
Fair value, end of period |
|
$ |
1,622,205,478 |
|
|
$ |
645,875 |
|
|
$ |
51,324,963 |
|
|
$ |
1,674,176,316 |
|
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of September 30, 2026 |
|
$ |
(8,870,796 |
) |
|
$ |
(3,875 |
) |
|
$ |
3,114,994 |
|
|
$ |
(5,759,677 |
) |
(1)Amount includes the value of security transferred in-kind as part of the Merger.
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|
Nine Months Ended September 30, 2025 |
|
|
|
First Lien Debt |
|
|
Second Lien Debt |
|
|
Unsecured Debt |
|
|
Equity |
|
|
Total Investments |
|
Fair value, beginning of period |
|
$ |
1,525,175,632 |
|
|
$ |
37,433,922 |
|
|
$ |
— |
|
|
$ |
18,047,546 |
|
|
$ |
1,580,657,100 |
|
Purchases of investments |
|
|
308,647,320 |
|
|
|
— |
|
|
|
85,560 |
|
|
|
2,542,700 |
|
|
|
311,275,580 |
|
Proceeds from principal repayments and sales of investments |
|
|
(321,710,829 |
) |
|
|
(9,718,142 |
) |
|
|
— |
|
|
|
(3,524,900 |
) |
|
|
(334,953,871 |
) |
Accretion of discount/ amortization of premium |
|
|
7,422,080 |
|
|
|
3,254 |
|
|
|
— |
|
|
|
— |
|
|
|
7,425,334 |
|
Net realized gain (loss) |
|
|
715,298 |
|
|
|
— |
|
|
|
— |
|
|
|
2,024,900 |
|
|
|
2,740,198 |
|
Transfers into Level 3 |
|
|
27,433,922 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
27,433,922 |
|
Transfers out of Level 3 |
|
|
— |
|
|
|
(27,433,922 |
) |
|
|
— |
|
|
|
— |
|
|
|
(27,433,922 |
) |
Net change in unrealized appreciation (depreciation) |
|
|
(30,520,833 |
) |
|
|
(285,112 |
) |
|
|
(85,560 |
) |
|
|
1,333,601 |
|
|
|
(29,557,904 |
) |
Fair value, end of period |
|
$ |
1,517,162,590 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
20,423,847 |
|
|
$ |
1,537,586,437 |
|
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of September 30, 2025 |
|
$ |
(27,862,190 |
) |
|
$ |
— |
|
|
$ |
(85,560 |
) |
|
$ |
865,598 |
|
|
$ |
(27,082,152 |
) |
|
| Summary of Level 3 securities held by the Fundbased on unobservable inputs |
The following provides information on Level 3 securities held by the Fund that were valued as of September 30, 2026 and December 31, 2025 based on unobservable inputs:
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|
September 30, 2026 |
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|
|
Range |
|
|
|
|
|
|
|
|
Fair Value |
|
|
Valuation Technique |
|
Unobservable Input |
|
Low |
|
|
High |
|
|
Weighted Average |
|
|
Impact to Valuation from
an Increase in Input* |
First Lien Debt |
|
$ |
1,622,205,478 |
|
|
Market approach |
|
Transaction price |
|
$ |
98.50 |
|
|
$ |
100.00 |
|
|
$ |
98.71 |
|
|
Increase |
|
|
|
|
|
Market comparable |
|
Enterprise value/Revenue multiple (EV/R) |
|
|
0.4 |
|
|
|
0.6 |
|
|
|
0.4 |
|
|
Increase |
|
|
|
|
|
Discounted cash flow |
|
Yield |
|
|
9.2 |
% |
|
|
24.5 |
% |
|
|
11.4 |
% |
|
Decrease |
Unsecured Debt |
|
|
645,875 |
|
|
Market comparable |
|
Enterprise value/Revenue multiple (EV/R) |
|
|
1.3 |
|
|
|
1.3 |
|
|
|
1.3 |
|
|
Increase |
|
|
|
|
|
Discounted cash flow |
|
Yield |
|
|
16.5 |
% |
|
|
16.5 |
% |
|
|
16.5 |
% |
|
Decrease |
Equity |
|
|
51,324,963 |
|
|
Market approach |
|
Transaction price |
|
$ |
999.99 |
|
|
$ |
999.99 |
|
|
$ |
999.99 |
|
|
Increase |
|
|
|
|
|
Market comparable |
|
Enterprise value/Revenue multiple (EV/R) |
|
|
0.4 |
|
|
|
1.3 |
|
|
|
0.4 |
|
|
Increase |
|
|
|
|
|
Market comparable |
|
Enterprise value/EBITDA multiple (EV/EBITDA) |
|
|
7.0 |
|
|
|
17.0 |
|
|
|
10.8 |
|
|
Increase |
|
|
|
|
|
Book Value |
|
Book value multiple |
|
|
1.0 |
|
|
|
1.0 |
|
|
|
1.0 |
|
|
Increase |
|
|
|
|
|
Book Value |
|
Discount rate |
|
|
4.9 |
% |
|
|
4.9 |
% |
|
|
4.9 |
% |
|
Decrease |
Total |
|
$ |
1,674,176,316 |
|
|
|
|
|
|
|
|
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|
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|
December 31, 2025 |
|
|
|
|
|
|
|
|
|
Range |
|
|
|
|
|
|
|
|
Fair Value |
|
|
Valuation Technique |
|
Unobservable Input |
|
Low |
|
|
High |
|
|
Weighted Average |
|
|
Impact to Valuation from
an Increase in Input* |
First Lien Debt |
|
$ |
1,600,336,929 |
|
|
Market approach |
|
Transaction price |
|
$ |
99.00 |
|
|
$ |
99.50 |
|
|
$ |
99.00 |
|
|
Increase |
|
|
|
|
|
Market comparable |
|
Enterprise value/Revenue multiple (EV/R) |
|
|
0.3 |
|
|
|
1.2 |
|
|
|
1.1 |
|
|
Increase |
|
|
|
|
|
Discounted cash flow |
|
Yield |
|
|
7.9 |
% |
|
|
19.5 |
% |
|
|
10.1 |
% |
|
Decrease |
Unsecured Debt |
|
|
103,631 |
|
|
Market comparable |
|
Enterprise value/Revenue multiple (EV/R) |
|
|
1.2 |
|
|
|
1.2 |
|
|
|
1.2 |
|
|
Increase |
Equity |
|
|
20,153,337 |
|
|
Market approach |
|
Transaction price |
|
$ |
— |
|
|
$ |
1,000.00 |
|
|
$ |
1,000.00 |
|
|
Increase |
|
|
|
|
|
Market approach |
|
Discount rate |
|
|
40.0 |
% |
|
|
40.0 |
% |
|
|
40.0 |
% |
|
Decrease |
|
|
|
|
|
Market approach |
|
Net Asset Value |
|
$ |
1,223.00 |
|
|
$ |
1,223.00 |
|
|
$ |
1,223.00 |
|
|
Increase |
|
|
|
|
|
Market comparable |
|
Enterprise value/Revenue multiple (EV/R) |
|
|
1.2 |
|
|
|
1.2 |
|
|
|
1.2 |
|
|
Increase |
|
|
|
|
|
Market comparable |
|
Enterprise value/EBITDA multiple (EV/EBITDA) |
|
|
5.3 |
|
|
|
17.5 |
|
|
|
11.0 |
|
|
Increase |
Total |
|
$ |
1,620,593,897 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
* Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.
|