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FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Investments Measured at Fair Value on Recurring Basis

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.

Schedule of Level 3 Input Reconciliation

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)

Schedule of Fair Value Inputs and Valuation Techniques

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

Schedule of Carrying Values and Fair Values of Debt

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

- 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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