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Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2025

As of June 30, 2025 and December 31, 2024, the Company’s investments were categorized as follows in the fair value hierarchy:


Valuation Inputs	June 30, 2025 (Unaudited)		December 31, 2024
Level 1—Price quotations in active markets	$	—	$	—
Level 2—Significant other observable inputs	144,731		41,655
Level 3—Significant unobservable inputs	1,464,222		1,022,418
	$	1,608,953	$	1,064,073

Schedule of Reconciliation Fair Value, Assets

The following is a reconciliation of investments for which significant unobservable inputs (Level 3) were used in determining fair value for the six months ended June 30, 2025 and 2024:


	For the Six Months Ended June 30, 2025
	Senior Secured Loans—First Lien		Subordinated Debt		Asset Based Finance		Total
Fair value at beginning of period	$	865,488	$	1,667	$	155,263	$	1,022,418
Accretion of discount (amortization of premium)	1,484		—		266		1,750
Net realized gain (loss)	(116)		—		(151)		(267)
Net change in unrealized appreciation (depreciation)	2,127		94		5,996		8,217
Purchases	415,632		—		153,145		568,777
Paid-in-kind interest	1,122		122		1,096		2,340
Sales and repayments	(93,681)		—		(45,332)		(139,013)
Transfers into Level 3	—		—		—		—
Transfers out of Level 3	—		—		—		—
Fair value at end of period	$	1,192,056	$	1,883	$	270,283	$	1,464,222
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	$	3,699	$	94	$	6,125	$	9,918


	For the Six Months Ended June 30, 2024
	Senior Secured Loans—First Lien		Subordinated Debt		Asset Based Finance		Total
Fair value at beginning of period	$	204,314	$	961	$	57,041	$	262,316
Accretion of discount (amortization of premium)	273		2		61		336
Net realized gain (loss)	(25)		—		(7)		(32)
Net change in unrealized appreciation (depreciation)	4,223		(1)		1,377		5,599
Purchases	318,436		485		70,727		389,648
Paid-in-kind interest	323		103		102		528
Sales and repayments	(21,113)		—		(24,257)		(45,370)
Transfers into Level 3	—		—		—		—
Transfers out of Level 3	—		—		—		—
Fair value at end of period	$	506,431	$	1,550	$	105,044	$	613,025
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	$	4,223	$	(1)	$	1,377	$	5,599

Schedule of Valuation Techniques and Significant Unobservable Inputs Used in Recurring Level 3 Fair Value

The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements as of June 30, 2025 and December 31, 2024 were as follows:

Type of Investment

Fair Value at June 30, 2025

(Unaudited)

Valuation
Technique

Unobservable
Input

Range (Weighted Average)

Impact to Valuation from an Increase in Input(1)

Senior Debt

1,142,060

Discounted Cash Flow

Discount Rate

7.7% - 12.9% (9.1%)

Decrease

49,996

Cost(2)

Subordinated Debt

1,883

Discounted Cash Flow

Discount Rate

14.4% - 14.4% (14.4%)

Decrease

Asset Based Finance

238,892

Discounted Cash Flow

Discount Rate

4.7% - 41.3% (10.4%)

Decrease

14,437

Cost(2)

16,954

Other(3)

Total

1,464,222

Type of Investment

Fair Value at December 31, 2024

Valuation
Technique

Unobservable
Input

Range (Weighted Average)

Impact to Valuation from an Increase in Input(1)

Senior Debt

855,090

Discounted Cash Flow

Discount Rate

7.6% - 11.4% (9.5%)

Decrease

10,398

Cost(2)

Subordinated Debt

1,667

Discounted Cash Flow

Discount Rate

15.4% - 15.4% (15.4%)

Decrease

Asset Based Finance

139,551

Discounted Cash Flow

Discount Rate

4.8% - 41.7% (9.9%)

Decrease

3,516

Waterfall

EBITDA Multiple

1.1x - 1.1x (1.1x)

Increase

12,196

Cost(2)

Total

1,022,418

________________

(1)Represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the input would have the opposite effect. Significant changes in these inputs in isolation could result in significantly higher or lower fair value measurements.

(2)Fair value was determined based on recent transaction pricing with no material changes in operations of the related portfolio company since the transaction date.

(3)Fair value based on expected outcome of proposed corporate transactions and/or other factors.

- 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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