FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Fair Value Measurements of Cash and Cash Equivalents, Restricted Cash, Investments, Derivatives, and Unfunded Revolving and Delayed Draw Loan Commitments

The following table presents fair value measurements of investments, unfunded revolving and delayed draw loan commitments and derivatives as of March 31, 2026:


	Fair Value Measurements Using
	Total		Level 1		Level 2		Level 3
Investments not measured at net asset value	$	29,482	$	35	$	609	$	28,838
Investments measured at net asset value(1)	17
Total investments	$	29,499
Unfunded revolving and delayed draw loan commitments(2)	$	(33)	$	—	$	—	$	(33)
Derivatives:
Foreign currency forward contracts	$	11	$	—	$	11	$	—
Interest rate swaps	$	36	$	—	$	36	$	—

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(1)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheets.

(2)The fair value of unfunded revolving and delayed draw loan commitments is included in “accounts payable and other liabilities” in the accompanying consolidated balance sheets.

The following table presents fair value measurements of investments, unfunded revolving and delayed draw loan commitments and derivatives as of December 31, 2025:


	Fair Value Measurements Using
	Total		Level 1		Level 2		Level 3
Investments not measured at net asset value	$	29,468	$	20	$	756	$	28,692
Investments measured at net asset value(1)	17
Total investments	$	29,485
Unfunded revolving and delayed draw loan commitments(2)	$	(32)	$	—	$	—	$	(32)
Derivatives:
Foreign currency forward contracts	$	(13)	$	—	$	(13)	$	—
Interest rate swaps	$	77	$	—	$	77	$	—

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(2)The fair value of unfunded revolving and delayed draw loan commitments is included in “accounts payable and other liabilities” in the accompanying consolidated balance sheets.

Schedule of Significant Unobservable Inputs

The following tables summarize the significant unobservable inputs the Valuation Designee used to value the majority of the Company’s investments categorized within Level 3 as of March 31, 2026 and December 31, 2025. The tables are not intended to be all-inclusive, but instead to capture the significant unobservable inputs relevant to the Valuation Designee’s determination of fair values.


	As of March 31, 2026
				Unobservable Input
Asset Category	Fair Value		Primary Valuation Techniques	Input	Estimated Range	Weighted Average(1)
First lien senior secured loans	$	17,406	Yield analysis	Market yield	5.5% - 27.7%	9.7	%
Second lien senior secured loans	1,032		Yield analysis	Market yield	9.4% - 31.0%	16.3	%
Subordinated certificates of the SDLP	1,159		Discounted cash flow analysis	Discount rate	9.3% - 12.6%	11.3	%
Senior subordinated loans	1,690		Yield analysis	Market yield	7.1% - 25.8%	12.5	%
Preferred equity	2,415		Yield analysis	Market yield	4.7% - 32.7%	15.0	%
			EV market multiple analysis	EBITDA multiple	3.3x - 24.0x	12.4x
Ivy Hill Asset Management, L.P.(2)	2,661		Discounted cash flow analysis	Discount rate	9.3% - 17.0%	10.7	%

Other equity	2,475		EV market multiple analysis	EBITDA multiple	3.3x - 30.0x	13.3x
Total investments	$	28,838

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(1)Unobservable inputs were weighted by the relative fair value of the investments.

(2)Includes the Company’s subordinated loan to and equity investments in IHAM, as applicable.


	As of December 31, 2025
				Unobservable Input
Asset Category	Fair Value		Primary Valuation Techniques	Input	Estimated Range	Weighted Average(1)
First lien senior secured loans	$	17,584	Yield analysis	Market yield	5.5% - 23.6%	9.5	%
Second lien senior secured loans	1,063		Yield analysis	Market yield	8.2% - 25.3%	13.7	%
Subordinated certificates of the SDLP	1,117		Discounted cash flow analysis	Discount rate	9.4% - 12.7%	11.3	%
Senior subordinated loans	1,537		Yield analysis	Market yield	7.0% - 24.7%	12.8	%
Preferred equity	2,475		Yield analysis	Market yield	7.0% - 23.1%	13.4	%
			EV market multiple analysis	EBITDA multiple	3.5x - 26.0x	13.8x
Ivy Hill Asset Management, L.P.(2)	2,434		Discounted cash flow analysis	Discount rate	9.3% - 16.5%	10.1	%
Other equity	2,482		EV market multiple analysis	EBITDA multiple	4.5x - 33.0x	14.2x
Total investments	$	28,692

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(1)Unobservable inputs were weighted by the relative fair value of the investments.

(2)Includes the Company’s subordinated loan to and equity investments in IHAM, as applicable.

Schedule of Changes in Investments that use Level 3 Inputs

The following table presents changes in investments that use Level 3 inputs as of and for the three months ended March 31, 2026:


	As of and For the Three Months Ended March 31, 2026
Balance as of December 31, 2025	$	28,692
Net realized gains	93
Net unrealized losses	(339)
Purchases	3,407
Sales	(1,640)
Repayments	(1,458)
PIK interest and dividends	109
Net accretion of discount on investments	3
Transfers into Level 3	—
Transfers out of Level 3	(29)

Balance as of March 31, 2026	$	28,838

The following table presents changes in investments that use Level 3 inputs as of and for the three months ended March 31, 2025:


	As of and For the Three Months Ended March 31, 2025
Balance as of December 31, 2024	$	26,091
Net realized losses	(103)
Net unrealized gains	26
Purchases	2,679
Sales	(799)
Repayments	(1,456)
PIK interest and dividends	105
Net accretion of discount on investments	2
Transfers into Level 3	—
Transfers out of Level 3	(160)
Balance as of March 31, 2025	$	26,385

Schedule of Carrying and Fair Values of Debt Obligations

The following are the carrying and fair values of the Company’s debt obligations as of March 31, 2026 and December 31, 2025. Fair value is estimated by discounting remaining payments using applicable current market rates, which take into account changes in the Company’s marketplace credit ratings, or market quotes, if available.


	As of
	March 31, 2026					December 31, 2025
	Carrying Value(1)			Fair Value(6)		Carrying Value(1)			Fair Value(6)
Revolving Credit Facility	$	2,265		$	2,265	$	2,031		$	2,031
Revolving Funding Facility	1,191			1,191		1,234			1,234
SMBC Funding Facility	661			661		563			563
BNP Funding Facility	737			737		717			717
April 2036 CLO Notes (principal amount outstanding of $476)(2)	474		(3)	474		473		(3)	473
October 2036 CLO Secured Loans (principal amount outstanding of $544)(2)	541		(3)	541		541		(3)	541
January 2038 CLO Notes (principal amount outstanding of $700)(2)	697		(3)	697		697		(3)	697
January 2026 Notes (principal amount outstanding of $0 and $1,150, respectively)	—			—		1,150		(3)	1,149
July 2026 Notes (principal amount outstanding of $1,000)	999		(3)	993		999		(3)	989
January 2027 Notes (principal amount outstanding of $900)	897		(3)(4)	913		900		(3)(4)	923
June 2027 Notes (principal amount outstanding of $500)	498		(3)	487		498		(3)	490
June 2028 Notes (principal amount outstanding of $1,250)	1,248		(3)	1,182		1,248		(3)	1,196
March 2029 Notes (principal amount outstanding of $1,000)	992		(3)(4)	1,008		999		(3)(4)	1,027
July 2029 Notes (principal amount outstanding of $850)	854		(3)(4)	855		861		(3)(4)	874
September 2030 Notes (principal amount outstanding of $750)	738		(3)(4)	737		743		(3)(4)	756
January 2031 Notes (principal amount outstanding of $650)	630		(3)(4)	625		634		(3)(4)	642
April 2031 Notes (principal amount outstanding of $750 and $0, respectively)	730		(3)(4)	726		—			—
November 2031 Notes (principal amount outstanding of $700)	693		(3)	607		693		(3)	622
March 2032 Notes (principal amount outstanding of $1,000)	1,003		(3)(4)	986		1,010		(3)(4)	1,011
Total	$	15,848	(5)	$	15,685	$	15,991	(5)	$	15,935

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(1)The Revolving Credit Facility, the Revolving Funding Facility, the SMBC Funding Facility and the BNP Funding Facility carrying values are the same as the principal amounts outstanding.

(2)Excludes the April 2036 CLO Subordinated Notes, the October 2036 CLO Subordinated Notes and the January 2028 CLO Subordinated Notes which were retained by the Company and, as such, eliminated in consolidation. See Note 5 for more information on the Debt Securitizations.

(3)Represents the aggregate principal amount outstanding, less unamortized debt issuance costs and the net unaccreted/amortized discount or premium recorded upon issuance.

(4)The carrying value of the January 2027 Notes, the March 2029 Notes, the July 2029 Notes, the September 2030 Notes, the January 2031 Notes, the April 2031 Notes and the March 2032 Notes includes adjustments as a result of effective hedge accounting relationships, as applicable. See Notes 5 and 6 for more information.

(5)Total principal amount of outstanding debt totaled $15,927 and $16,012 as of March 31, 2026 and December 31, 2025, respectively.

(6)The fair value of these debt obligations would be categorized as Level 2 under ASC 820-10.

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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