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Investments and Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Investments and Fair Value Measurements [Abstract]

Investment Portfolio at Cost and Fair Value

The composition of the Company’s investment portfolio at cost and fair value as of March 31, 2026 and December 31, 2025 were as follows:


	March 31, 2026							December 31, 2025
	Amortized Cost		Fair Value		% of Total Investments at Fair Value			Amortized Cost		Fair Value		% of Total Investments at Fair Value
First lien debt	$	1,014,407,183	$	1,007,372,250		91.88	%	$	1,014,538,515	$	1,012,512,999		91.22	%
Second lien debt		80,140,562		83,326,811		7.60	%		79,589,151		79,235,481		7.14	%
Equity		5,677,653		5,663,163		0.52	%		17,462,670		18,228,567		1.64	%
Total investments	$	1,100,225,398	$	1,096,362,224		100.00	%	$	1,111,590,336	$	1,109,977,047		100.00	%

The industry composition of investments based on fair value as of March 31, 2026 and December 31, 2025, were as follows:


	March 31, 2026			December 31, 2025
Oil, Gas & Consumable Fuels		9.20	%		9.26	%
Independent Power and Renewable Electricity Producers		7.73			7.83
Health Care Providers & Services		6.80			6.72
Building Products		6.40			6.87
Entertainment		6.20			6.24
Software		6.08			6.10
Hotels, Restaurants & Leisure		5.18			5.02
Media		5.17			5.13
Specialty Retail		5.16			5.13
Household Durables		5.15			4.73
Insurance		4.50			0.00
Biotechnology		4.27			4.24
Construction Materials		3.39			3.34
Machinery		3.28			3.28
Automobile Components		3.22			3.28
IT Services		3.08			3.05
Electric Utilities		2.49			3.67
Aerospace & Defense		2.28			2.08
Trading Companies & Distributors		2.19			2.12
Automobiles		1.73			1.72
Commercial Services & Supplies		1.65			2.93
Construction & Engineering		1.59			4.33
Textiles, Apparel & Luxury Goods		1.35			1.35
Ground Transportation		1.14			0.07
Chemicals		0.37			0.36
Gas Utilities		0.36			0.35
Air Freight & Logistics		0.04			0.04
Electronic Equipment, Instruments & Components		—			0.22
Distributors		—			0.20
Energy Equipment & Services		—			0.18
Food Products		—			0.16
Total		100.00	%		100.00	%

The geographic composition of investments at cost and fair value as of March 31, 2026 and December 31, 2025 were as follows:


	March 31, 2026										December 31, 2025
	Amortized Cost		Fair Value		% of Total Investments at Fair Value			Fair Value as % of Net Assets			Amortized Cost		Fair Value		% of Total Investments at Fair Value			Fair Value as % of Net Assets
United States	$	917,338,191	$	911,958,219		83.18	%		122.44	%	$	926,547,693	$	922,106,713		83.07	%		130.47	%
Canada		96,414,777		97,358,422		8.88	%		13.07	%		96,593,415		97,826,849		8.81	%		13.84	%
Germany		85,109,813		85,648,901		7.81	%		11.50	%		85,032,755		86,857,421		7.83	%		12.29	%
Luxembourg		—		—		—			—			1,980,476		1,999,950		0.18	%		0.28	%
United Kingdom		1,362,617		1,396,682		0.13	%		0.19	%		1,435,997		1,186,114		0.11	%		0.17	%
Total	$	1,100,225,398	$	1,096,362,224		100.00	%		147.20	%	$	1,111,590,336	$	1,109,977,047		100.00	%		157.05	%

Fair Value Hierarchy of Investments

The following tables present the fair value hierarchy of the Company’s investment portfolio as of March 31, 2026 and December 31, 2025:


	March 31, 2026
Assets	Level 1		Level 2		Level 3		Total
First Lien Debt	$	—	$	40,164,960	$	967,207,290	$	1,007,372,250
Second Lien Debt		—		—		83,326,811		83,326,811
Equity		251,926		—		825,614		1,077,540
Subtotal	$	251,926	$	40,164,960	$	1,051,359,715	$	1,091,776,601
Investment measured at net asset value(1)								4,585,623
Total investments							$	1,096,362,224

(1)

The Company, as a practical expedient, estimates the fair value of its investment in KKR Tinder TFC Aggregator L.P. using the net asset value of the Company’s members’ interest in the entity. As such, the fair value has not been classified within the fair value hierarchy.


	December 31, 2025
Assets	Level 1		Level 2		Level 3		Total
First Lien Debt	$	—	$	63,686,105	$	948,826,894	$	1,012,512,999
Second Lien Debt		—		—		79,235,481		79,235,481
Equity		338,798		—		920,642		1,259,440
Subtotal	$	338,798	$	63,686,105	$	1,028,983,017	$	1,093,007,920
Investment measured at net asset value(1)								16,969,127
Total investments							$	1,109,977,047

(1)

Fair Value of Investments

The following tables present changes in the fair value of investments for which Level 3 inputs were used to determine the fair value for the three months ended March 31, 2026 and March 31, 2025, respectively:


	First Lien Debt			Second Lien Debt		Equity			Total
Balance as of December 31, 2025	$	948,826,894		$	79,235,481	$	920,642		$	1,028,983,017
Purchases of investments		75,423,439			—		—			75,423,439
Proceeds from principal pre-payments and sales of investments		(55,326,850	)		—		—			(55,326,850	)
Payment-in-kind		1,399,530			515,774		—			1,915,304
Net accretion of discount on investments		1,483,992			35,637		—			1,519,629
Net realized gain (loss)		231,049			—		—			231,049
Net change in unrealized appreciation/(depreciation)		(4,830,764	)		3,539,919		(95,028	)		(1,385,873	)
Transfers into Level 3(1)		—			—		—			—
Transfers out of Level 3(1)		—			—		—			—
Balance as of March 31, 2026	$	967,207,290		$	83,326,811	$	825,614		$	1,051,359,715

Net change in unrealized appreciation (depreciation) on Level 3 investments still held at the end of the year	$	(4,551,978	)	$	3,539,919	$	(95,027	)	$	(1,107,086	)

Level 2 investments are valued using prices obtained from pricing services. The Company had $0 in transfers between levels on a net basis during the three months ended March 31, 2026.


	First Lien Debt			Second Lien Debt			Total
Balance as of December 31, 2024	$	531,672,622		$	75,443,518		$	607,116,140
Purchases of investments		131,056,656			—			131,056,656
Proceeds from principal pre-payments and sales of investments		(42,572,628	)		—			(42,572,628	)
Payment-in-kind		484,183			775,133			1,259,316
Net accretion of discount on investments		1,529,658			173,005			1,702,663
Net realized gain (loss)		1,449,797			—			1,449,797
Net change in unrealized appreciation/(depreciation)		(1,573,687	)		(75,726	)		(1,649,413	)
Transfers into Level 3		5,187,622			—			5,187,622
Transfers out of Level 3		(6,046,448	)		—			(6,046,448	)
Balance as of March 31, 2025	$	621,187,775		$	76,315,930		$	697,503,705

Net change in unrealized appreciation (depreciation) on Level 3 investments still held at the end of the year	$	(1,573,687	)	$	(75,726	)	$	(1,649,413	)

Valuation Techniques and Significant Unobservable Inputs of Level 3 Investments

The valuation techniques and significant unobservable inputs used in the valuation of Level 3 investments as of March 31, 2026 and December 31, 2025 were as follows:

         Investment Type

         Fair Value as of March 31, 2026

         Valuation
Technique

         Unobservable 
Input

         Range

         Weighted
Average (1)

Equity

825,614

Market Approach

EBITDA Multiple

12.50x - 13.50x

13.00x

          
         Income Approach

         Discount rate

         8.75%

         8.75%

Second Lien Debt

56,262,640

Discounted cash flow

Discount rate

12.48% - 12.48%

12.48%

27,064,171

Market Approach

EBITDA Multiple

12.50x - 13.50x

13.00x

          
         Income Approach

         Discount rate

         8.75%

         8.75%

First Lien Debt

959,183,577

Discounted cash flow

Discount rate

8.07% - 22.48%

10.86%

8,023,713

Market quotations

Broker quoted price

98.75 - 100.25

99.99

1,051,359,715

(1)

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

         Investment Type

         Fair Value as of December 31, 2025

         Valuation
Technique

         Unobservable 
Input

         Range

         Weighted
Average (2)

Equity

920,642

Market Approach

EBITDA Multiple

12.50x - 13.50x

13.00x

          
         Income Approach

         Discount rate

         9.00%

         9.00%

Second Lien Debt

52,190,555

Discounted cash flow

Discount rate

11.73% - 11.73%

11.73%

27,044,926

Market Approach

EBITDA Multiple

12.50x - 13.50x

13.00x

          
         Income Approach

         Discount rate

         9.00%

         9.00%

First Lien Debt

811,714,266

Discounted cash flow

Discount rate

8.61% - 20.14%

10.82%

12,420,497

Market quotations

Broker quoted price

96.00 - 100.63

99.47

124,692,131

Transactional Value(1)

N/A

N/A

N/A

1,028,983,017

(1)

Fair value was determined based on transaction pricing or recent acquisition or sale as the best measure of fair value with no material changes in operations of the related portfolio companies since the transaction date.

(2)

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

- 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.

+ References + Details