FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

The Company applies fair value accounting in accordance with the terms of FASB ASC Topic 820, Fair Value Measurement (“ASC 820”). ASC 820 defines fair value as the amount that would be exchanged to sell an asset or transfer a liability in an orderly transfer between market participants at the measurement date. Effective September 8, 2022, the Investment Adviser, as the valuation designee pursuant to Rule 2a-5 under the Investment Company Act, determines in good faith the fair value of the Company’s investment portfolio for which market quotations are not readily available. The Investment Adviser values securities/instruments traded in active markets on the measurement date by multiplying the closing price of such traded securities/instruments by the quantity of shares or amount of the instrument held. The Investment Adviser may also obtain quotes with respect to certain of its investments, such as its securities/instruments traded in active markets and its liquid securities/instruments that are not traded in active markets, from pricing services, brokers, or counterparties (i.e., “consensus pricing”). When doing so, the Investment Adviser determines whether the quote obtained is sufficient according to U.S. GAAP to determine the fair value of the security. The Investment Adviser may use the quote obtained or alternative pricing sources may be utilized including valuation techniques typically utilized for illiquid securities/instruments.

Securities/instruments that are illiquid or for which the pricing source does not provide a valuation or methodology or provides a valuation or methodology that, in the judgment of the Investment Adviser, does not represent fair value shall each be valued as of the measurement date using all techniques appropriate under the circumstances and for which sufficient data is available. These valuation techniques may vary by investment and include comparable public market valuations, comparable precedent transaction valuations and/or discounted cash flow analyses. The process generally used to determine the applicable value is as follows: (i) the value of each portfolio company or investment is initially reviewed by the investment professionals responsible for such portfolio company or investment and, for non-traded investments, a standardized template designed to approximate fair market value based on observable market inputs, updated credit statistics and unobservable inputs is used to determine a preliminary value, which is also reviewed alongside consensus pricing, where available; (ii) preliminary valuation conclusions are documented and reviewed by a valuation committee comprised of personnel of the Investment Adviser; and (iii) the Investment Adviser engages a third-party valuation firm to provide positive assurance on portions of the Middle Market Senior Loans and equity investments portfolio each quarter (such that each non-traded investment is reviewed by a third-party valuation firm at least once on a rolling twelve month basis) including a review of management’s preliminary valuation and conclusion on fair value.

All factors that might materially impact the value of an investment are considered, including, but not limited to the assessment of the following factors, as relevant:

•the nature and realizable value of any collateral;

•call features, put features and other relevant terms of debt;

•the portfolio company’s leverage and ability to make payments;

•the portfolio company’s public or private credit rating;

•the portfolio company’s actual and expected earnings and discounted cash flow;

•prevailing interest rates and spreads for similar securities and expected volatility in future interest rates;

•the markets in which the portfolio company does business and recent economic and/or market events; and

•comparisons to comparable transactions and publicly traded securities.

Investment performance data utilized are the most recently available financial statements and compliance certificates received from the portfolio companies as of the measurement date which in many cases may reflect a lag in information.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period. Because of the inherent uncertainty of valuation, these estimated values may differ significantly from the values that would have been reported had a ready market for the investments existed, and it is reasonably possible that the difference could be material.

In addition, changes in the market environment and other events that may occur over the life of the investments may cause the realized gains or losses on investments to be different from the net change in unrealized appreciation or depreciation currently reflected in the audited consolidated financial statements as of December 31, 2025 and 2024.

U.S. GAAP establishes a hierarchical disclosure framework which ranks the level of observability of market price inputs used in measuring investments at fair value. The observability of inputs is impacted by a number of factors, including the type of investment and the characteristics specific to the investment and state of the marketplace, including the existence and transparency of transactions between market participants. Investments with readily available quoted prices or for which fair value can be measured from quoted prices in active markets generally have a higher degree of market price observability and a lesser degree of judgment applied in determining fair value.

Investments measured and reported at fair value are classified and disclosed based on the observability of inputs used in determination of fair values, as follows:

•Level 1—inputs to the valuation methodology are quoted prices available in active markets for identical investments as of the reporting date. Financial instruments in this category generally include unrestricted securities, including equities and derivatives, listed in active markets. The Investment Adviser does not adjust the quoted price for these investments, even in situations where the Company holds a large position and a sale could reasonably impact the quoted price.

•Level 2—inputs to the valuation methodology are either directly or indirectly observable as of the reporting date and are those other than quoted prices in active markets. Financial instruments in this category generally include less liquid and restricted securities listed in active markets, securities traded in other than active markets, government and agency securities, and certain over-the-counter derivatives where the fair value is based on observable inputs.

•Level 3—inputs to the valuation methodology are unobservable and significant to overall fair value measurement. The inputs into the determination of fair value require significant management judgment or estimation. Financial instruments in this category generally include investments in privately-held entities, structured credit investments and certain over-the-counter derivatives where the fair value is based on unobservable inputs.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the overall fair value measurement. The Investment Adviser’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment.

Transfers between levels, if any, are recognized at the beginning of the year in which the transfers occur. For the years ended December 31, 2025 and 2024, there were no transfers between levels.

The following tables summarize the Company’s investments measured at fair value on a recurring basis by the above fair value hierarchy levels as of December 31, 2025 and 2024:

	December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets
First Lien Debt	$	—	$	—	$	2,383,274	$	2,383,274
Second Lien Debt	—		—		55,729		55,729
Equity Investments	—		—		100,355		100,355
Structured Credit Investments	—		—		111,928		111,928
Total Investments	$	—	$	—	$	2,651,286	$	2,651,286
Derivative Assets(1)	—		344		—		344
Total							$	2,651,630

	December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets
First Lien Debt	$	—	$	—	$	1,720,761	$	1,720,761
Second Lien Debt	—		—		92,724		92,724
Equity Investments	—		—		75,313		75,313
Structured Credit Investments	—		—		62,471		62,471
Total Investments	$	—	$	—	$	1,951,269	$	1,951,269
Derivative Assets(1)	—		3,772		—		3,772
Total							$	1,955,041

(1)As of December 31, 2025 and 2024, derivative assets include forward currency contracts.

The changes in the Company’s investments at fair value for which the Company has used Level 3 inputs to determine fair value and net change in unrealized appreciation (depreciation) included in earnings for Level 3 investments still held are as follows:

	Financial Assets
	Year Ended December 31, 2025
	First Lien Debt		Second Lien Debt		Equity Investments		Structured Credit Investments		Total
Balance, beginning of year	$	1,720,761	$	92,724	$	75,313	$	62,471	$	1,951,269
Purchases	1,269,035		3,231		33,403		48,584		1,354,253
Sales	(58,126)		(2,599)		(13,740)		—		(74,465)
Paydowns	(529,272)		(38,180)		—		—		(567,452)
Accretion of discount	9,387		849		223		3		10,462
Net realized gains (losses)	(35,195)		(18,011)		(2,283)		—		(55,489)
Net change in unrealized appreciation (depreciation)	6,684		17,715		7,439		870		32,708
Balance, end of year	$	2,383,274	$	55,729	$	100,355	$	111,928	$	2,651,286
Net change in unrealized appreciation (depreciation) relating to Level 3 investments still held at the reporting date and included within the Consolidated Statements of Operations	$	(9,969)	$	356	$	5,211	$	870	$	(3,532)

	Financial Assets
	Year Ended December 31, 2024
	First Lien Debt		Second Lien Debt		Equity Investments		Structured Credit Investments		Total
Balance, beginning of year	$	1,572,751	$	186,479	$	61,088	$	—	$	1,820,318
Purchases	509,261		13,852		19,008		62,534		604,655
Sales	(39,075)		(22,693)		(1,524)		—		(63,292)
Paydowns	(315,557)		(66,975)		(4,549)		—		(387,081)
Accretion of discount	8,184		1,116		197		—		9,497
Net realized gains (losses)	(51,805)		(2,444)		1,991		—		(52,258)
Net change in unrealized appreciation (depreciation)	37,002		(16,611)		(898)		(63)		19,430
Balance, end of year	$	1,720,761	$	92,724	$	75,313	$	62,471	$	1,951,269
Net change in unrealized appreciation (depreciation) relating to Level 3 investments still held at the reporting date and included within the Consolidated Statements of Operations	$	(6,269)	$	(18,326)	$	258	$	(63)	$	(24,400)

The Company generally uses the following framework when determining the fair value of investments that are categorized as Level 3:

Investments in debt securities are initially evaluated to determine whether the enterprise value of the portfolio company is greater than the applicable debt. The enterprise value of the portfolio company is estimated using a market approach and an income approach. The market approach utilizes market value (EBITDA) multiples of publicly traded comparable companies and available precedent sales transactions of comparable companies. The Investment Adviser carefully considers numerous factors when selecting the appropriate companies whose multiples are used to value the Company’s portfolio companies. These factors include, but are not limited to, the type of organization, similarity to the business being valued, relevant risk factors, as well as size, profitability and growth expectations. The income approach typically uses a discounted cash flow analysis of the portfolio company.

Investments in debt securities that do not have sufficient coverage through the enterprise value analysis are valued based on an expected probability of default and discount recovery analysis.

Investments in debt securities with sufficient coverage through the enterprise value analysis are generally valued using a discounted cash flow analysis of the underlying security. Projected cash flows in the discounted cash flow typically represent the relevant security’s contractual interest, fees and principal payments plus the assumption of full principal recovery at the security’s expected maturity date. The discount rate to be used is determined using an average of two market-based methodologies. Investments in debt securities may also be valued using consensus pricing.

Investments in equities are generally valued using a market approach and/or an income approach. The market approach utilizes market value (EBITDA) multiples of publicly traded comparable companies and available precedent sales transactions of comparable companies. The income approach typically uses a discounted cash flow analysis of the portfolio company.

The following tables summarize the quantitative information related to the significant unobservable inputs for Level 3 instruments which are carried at fair value as of December 31, 2025 and December 31, 2024:

	Fair Value as of		Valuation Techniques	Significant Unobservable Inputs	Range				Weighted Average
	December 31, 2025				Low		High
Investments in First Lien Debt	$	2,016,100	Discounted Cash Flow	Discount Rate	5.54	%	23.90	%	9.38	%
	302,746		Consensus Pricing	Indicative Quotes	64.38	%	100.00	%	97.63	%
	64,428		Income Approach	Discount Rate	11.06	%	14.55	%	11.97	%
			Market Approach	Comparable Multiple	8.50x		11.50x		9.26x
Total First Lien Debt	2,383,274
Investments in Second Lien Debt	43,680		Discounted Cash Flow	Discount Rate	10.89	%	17.22	%	13.85	%
	11,984		Consensus Pricing	Indicative Quotes	92.19	%	92.19	%	92.19	%
	65		Income Approach	Discount Rate	13.35	%	13.35	%	13.35	%
Total Second Lien Debt	55,729
Investments in Structured Credit	111,928		Consensus Pricing	Indicative Quotes	95.03	%	101.13	%	99.30	%
Total Structured Credit Investments	111,928
Investments in Equity	37,832		Income Approach	Discount Rate	12.34	%	16.16	%	13.42	%
	62,523		Market Approach	Comparable Multiple	3.00x		21.25x		11.34x
Total Equity Investments	100,355
Total Level 3 Investments	$	2,651,286

	Fair Value as of		Valuation Techniques	Significant Unobservable Inputs	Range				Weighted Average
	December 31, 2024				Low		High
Investments in First Lien Debt	$	1,458,326	Discounted Cash Flow	Discount Rate	7.22	%	21.50	%	11.19	%
	143,365		Consensus Pricing	Indicative Quotes	87.15	%	100.00	%	98.87	%
	119,070		Income Approach	Discount Rate	10.65	%	14.61	%	11.49	%
			Market Approach	Comparable Multiple	8.75x		13.94x		10.55x
Total First Lien Debt	1,720,761
Investments in Second Lien Debt	65,054		Discounted Cash Flow	Discount Rate	10.40	%	17.03	%	12.80	%
	25,128		Consensus Pricing	Indicative Quotes	88.33	%	99.75	%	94.53	%
	2,542		Income Approach	Discount Rate	14.33	%	14.33	%	14.33	%
Total Second Lien Debt	92,724
Investments in Structured Credit	62,471		Consensus Pricing	Indicative Quotes	99.96	%	102.20	%	100.23	%
Total Structured Credit Investments	62,471
Investments in Equity	43,143		Income Approach	Discount Rate	12.34	%	14.61	%	13.18	%
	32,170		Market Approach	Comparable Multiple	6.25x		17.09x		11.06x
Total Equity Investments	75,313
Total Level 3 Investments	$	1,951,269

The significant unobservable inputs used in the fair value measurement of the Company’s investments in first and second lien debt securities are discount rates, indicative quotes and comparable EBITDA multiples. The significant unobservable inputs used in the fair value measurement of the Company’s investments in equities are discount rates and comparable EBITDA multiples. Significant increases in discount rates in isolation would result in a significantly lower fair value measurement. Significant decreases in indicative quotes or comparable EBITDA multiples in isolation would result in a significantly lower fair value measurement.

The significant unobservable inputs used in the fair value measurement of the Company’s structured credit investments are indicative quotes. Significant decreases in indicative quotes in isolation would result in a significantly lower fair value measurement.

Financial instruments disclosed but not carried at fair value

The following table presents the principal amount and fair value of the Credit Facilities and 2024-1 Debt as of December 31, 2025 and December 31, 2024:

	December 31, 2025				December 31, 2024
	Principal Amount		Fair Value		Principal Amount		Fair Value
SPV Credit Facility	$	388,750	$	388,750	$	164,732	$	164,732
SPV2 Credit Facility	330,000		330,000		55,000		55,000
2024-1 Aaa/AAA Class A-1 Notes	92,500		92,826		92,500		92,584
2024-1 Aaa/AAA Class A-L1 Notes	104,000		104,366		104,000		103,995
2024-1 Aaa/AAA Class A-L2 Notes	50,000		50,176		50,000		49,998
2024-1 Aaa/AAA Class A-2 Notes	17,000		17,061		17,000		16,999
2024-1 Aaa/AAA Class B Notes	25,500		25,504		25,500		25,588
Total	$	1,007,750	$	1,008,683	$	508,732	$	508,896

The carrying values of the secured borrowings under the Credit Facilities generally approximate their respective fair values due to their variable interest rates. Secured borrowings are categorized as Level 3 within the hierarchy.

The carrying value of the 2024-1 Debt approximates their fair value. The 2024-1 Debt is categorized as Level 3 within the hierarchy and is valued generally using market quotation(s) received from broker/dealer(s), which are significant unobservable inputs.

The carrying value of other financial assets and liabilities approximates their fair value based on the short-term nature of these items.