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INVESTMENTS (Tables)

9 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments

As of September 30, 2025 and December 31, 2024, investments consisted of the following:

			As of
			September 30, 2025												December 31, 2024
			Amortized Cost(1)						Fair Value						Amortized Cost(1)						Fair Value
First lien senior secured loans(2)			$	17,963					$	17,687					$	15,519					$	15,179
Second lien senior secured loans			1,738						1,649						1,935						1,847
Subordinated certificates of the SDLP(3)			1,048						1,042						1,263						1,192
Senior subordinated loans			1,484						1,399						1,384						1,351
Preferred equity			2,605						2,461						2,667						2,649
Ivy Hill Asset Management, L.P.(4)			1,800						2,018						1,701						1,915
Other equity			1,929						2,437						1,905						2,587
Total			$	28,567					$	28,693					$	26,374					$	26,720

________________________________________

(1)The amortized cost represents the original cost adjusted for any accretion of discounts, amortization of premiums and PIK interest or dividends.

(2)First lien senior secured loans include certain loans that the Company classifies as “unitranche” loans. The total amortized cost and fair value of the loans that the Company classified as “unitranche” loans were $11,182 and $11,071 respectively, as of September 30, 2025, and $8,772 and $8,624, respectively, as of December 31, 2024.

(3)The proceeds from these certificates were applied to co-investments with Varagon Capital Partners (“Varagon”) and its clients to fund first lien senior secured loans to 23 and 20 different borrowers as of September 30, 2025 and December 31, 2024, respectively.

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

The Company uses GICS for classifying the industry groupings of its portfolio companies. The industrial and geographic compositions of the Company’s portfolio at fair value as of September 30, 2025 and December 31, 2024 were as follows:

			As of
			September 30, 2025						December 31, 2024
Industry
Software and Services			23.2		%				24.5		%
Health Care Equipment and Services			11.9						12.0
Commercial and Professional Services			11.4						9.4
Financial Services(1)			10.5						9.9
Insurance			5.9						5.9
Consumer Services			5.6						5.1
Consumer Distribution and Retail			4.9						5.7
Sports, Media and Entertainment			4.4						4.6
Investment Funds and Vehicles(2)			3.7						4.6
Capital Goods			3.6						2.7
Pharmaceuticals, Biotechnology and Life Sciences			2.4						2.6
Independent Power and Renewable Electricity Producers			2.2						3.7
Materials			2.2						1.2
Consumer Durables and Apparel			2.1						2.3
Food and Beverage			1.7						1.8
Other			4.3						4.0
Total			100.0		%				100.0		%

________________________________________

(1)Includes the Company’s investment in IHAM.

(2)Includes the Company’s investment in the SDLP (as defined below), which made first lien senior secured loans to 23 and 20 different borrowers as of September 30, 2025 and December 31, 2024, respectively. The portfolio companies in the SDLP are in industries similar to the companies in the Company’s portfolio.

			As of
			September 30, 2025						December 31, 2024
Geographic Region
Midwest			22.8		%				20.9		%
West(1)			21.9						25.2
Southeast			18.3						19.3
Mid-Atlantic			16.4						16.1
Northeast(2)			14.3						12.2
International			6.3						6.3
Total			100.0		%				100.0		%

________________________________________

(1)Includes the Company’s investment in the SDLP, which represented 3.6% and 4.5% of the total investment portfolio at fair value as of September 30, 2025 and December 31, 2024, respectively.

(2)Includes the Company’s investment in IHAM, which represented 6.9% and 7.1% of the total investment portfolio at fair value as of September 30, 2025 and December 31, 2024, respectively.

The amortized cost and fair value of the Company’s investment in IHAM as of September 30, 2025 and December 31, 2024 were as follows:

			As of
			September 30, 2025												December 31, 2024
			Amortized Cost						Fair Value						Amortized Cost						Fair Value
Subordinated loan(1)			$	99					$	99					$	—					$	—
Equity			1,701						1,919						1,701						1,915
Total investment in IHAM			$	1,800					$	2,018					$	1,701					$	1,915

_______________________________________________________________________________

(1)The Company has provided a commitment to fund up to $500 to IHAM, of which the availability is solely at the Company’s discretion.

Below is a summary of the SDLP portfolio.

			As of
			September 30, 2025						December 31, 2024
Total first lien senior secured loans(1)(2)			$	4,518					$	4,759
Largest loan to a single borrower(1)			$	418					$	400
Total of five largest loans to borrowers(1)			$	1,706					$	1,692
Number of borrowers in the SDLP			23						20
Commitments to fund delayed draw loans(3)			$	260					$	489

___________________________________________________________________________

(1)At principal amount.

(2)First lien senior secured loans include certain loans that the SDLP classifies as “unitranche” loans. As of September 30, 2025 and December 31, 2024, the total principal amount of loans in the SDLP portfolio that the SDLP classified as “unitranche” loans was $3,504 and $3,937, respectively.

(3)These commitments to fund delayed draw loans have been approved by the investment committee of the SDLP and will be funded if and when conditions to funding such delayed draw loans are met.

Schedule of Dividend and Interest Income

The interest income and dividend income that the Company earned from IHAM for the three and nine months ended September 30, 2025 and 2024 were as follows:

			For the Three Months Ended September 30,												For the Nine Months Ended September 30,
			2025						2024						2025						2024
Interest income			$	1					$	1					$	2					$	2
Dividend income			$	73					$	69					$	219					$	204

The interest income, capital structuring service fees and other income earned with respect to the Company’s investment in the SDLP Certificates for the three and nine months ended September 30, 2025 and 2024 were as follows:

			For the Three Months Ended September 30,																		For the Nine Months Ended September 30,
			2025						2024												2025						2024
Interest income			$	34					$	43											$	110					$	131
Capital structuring service fees and other income			$	2					$	4											$	7					$	9

Schedule of Funded Capital and Unfunded Capital Commitments of the SDLP

The yields at amortized cost and fair value of the Company’s investments in IHAM as of September 30, 2025 and December 31, 2024 were as follows:

						As of
						September 30, 2025												December 31, 2024
						Amortized Cost						Fair Value						Amortized Cost						Fair Value
Subordinated loan						10.7		%				10.7		%				—		%				—		%
Equity(1)						17.2		%				15.2		%				16.7		%				14.8		%

_______________________________________________________________________________

(1)Represents the yield on the Company’s equity investment in IHAM, which is computed as (a) the annualized amount of the regular dividend received by the Company related to the Company’s equity investment in IHAM during the

most recent quarter end, divided by (b) the amortized cost or fair value of the Company’s equity investment in IHAM, as applicable.

Below is a summary of the funded capital and unfunded capital commitments of the SDLP.

			As of
			September 30, 2025						December 31, 2024
Total capital funded to the SDLP(1)			$	4,669					$	5,054
Total capital funded to the SDLP by the Company(1)			$	1,221					$	1,310
Total unfunded capital commitments to the SDLP(2)			$	260					$	489
Total unfunded capital commitments to the SDLP by the Company(2)			$	61					$	119

___________________________________________________________________________

(1)At principal amount.

(2)These commitments to fund delayed draw loans have been approved by the investment committee of the SDLP and will be funded if and when conditions to funding such delayed draw loans are met.

The amortized cost and fair value of the SDLP Certificates held by the Company and the Company’s yield on its investment in the SDLP Certificates at amortized cost and fair value as of September 30, 2025 and December 31, 2024 were as follows:

			As of
			September 30, 2025												December 31, 2024
			Amortized Cost						Fair Value						Amortized Cost						Fair Value
Investment in the SDLP Certificates			$	1,048					$	1,042					$	1,263					$	1,192
Yield on the investment in the SDLP Certificates			13.0		%				13.1		%				12.4		%				13.2		%

Schedule of Selected Financial Information

As a result, the Company believes an assessment of IHAM's business and the impact to the Company’s investment in IHAM is best viewed on a stand-alone basis as reflected in the first column in the tables below.

			As of September 30, 2025
			IHAM						Consolidated IHAM Vehicles(1)						Eliminations						Consolidated
Selected Balance Sheet Information:
Assets
Investments at fair value(2)			$	2,720					$	9,826					$	(2,612)					$	9,934
Cash and cash equivalents			8						656						—						664
Other assets			84						93						(72)						105
Total assets			$	2,812					$	10,575					$	(2,684)					$	10,703
Liabilities
Debt			$	888					$	7,399					$	—					$	8,287
Subordinated note from ARCC			99						—						—						99
Subordinated notes(3)			—						1,201						(862)						339
Other liabilities			20						286						(14)						292
Total liabilities			1,007						8,886						(876)						9,017
Equity
Contributed capital			1,701						—						—						1,701
Accumulated earnings			152						—						—						152
Net unrealized losses on investments and foreign currency transactions(4)			(48)						—						—						(48)
Non-controlling interests in Consolidated IHAM Vehicles(5)			—						1,689						(1,808)						(119)
Total equity			1,805						1,689						(1,808)						1,686
Total liabilities and equity			$	2,812					$	10,575					$	(2,684)					$	10,703

			As of December 31, 2024
			IHAM						Consolidated IHAM Vehicles(1)						Eliminations						Consolidated
Selected Balance Sheet Information:
Assets
Investments at fair value(2)			$	2,160					$	8,098					$	(2,086)					$	8,172
Cash and cash equivalents			9						967						—						976
Other assets			60						122						(54)						128
Total assets			$	2,229					$	9,187					$	(2,140)					$	9,276
Liabilities
Debt			$	406					$	6,550					$	—					$	6,956
Subordinated notes(3)			—						1,025						(714)						311
Other liabilities			16						266						(13)						269
Total liabilities			422						7,841						(727)						7,536
Equity
Contributed capital			1,700						—						—						1,700
Accumulated earnings			186						—						—						186
Net unrealized losses on investments and foreign currency transactions(4)			(79)						—						—						(79)
Non-controlling interests in Consolidated IHAM Vehicles(5)			—						1,346						(1,413)						(67)
Total equity			1,807						1,346						(1,413)						1,740
Total liabilities and equity			$	2,229					$	9,187					$	(2,140)					$	9,276

________________________________________

(1)Consolidated for GAAP purposes only.

(2)The determination of such fair value is determined in accordance with IHAM’s valuation process (separate and apart from the Company’s valuation process described elsewhere herein). The amortized cost of IHAM’s total investments as of September 30, 2025 and December 31, 2024 was $2,767 and $2,237, respectively. The amortized cost of the total investments of IHAM on a consolidated basis as of September 30, 2025 and December 31, 2024 was $10,086 and $8,343, respectively.

(3)Subordinated notes generally represent the most junior capital in certain of the Consolidated IHAM Vehicles and effectively represent equity in such vehicles.

(4)As of September 30, 2025 and December 31, 2024, net unrealized losses of $61 and $70, respectively, have been eliminated upon consolidation and the elimination is included in “non-controlling interests in Consolidated IHAM Vehicles” in the selected balance sheet information.

(5)Non-controlling interests in Consolidated IHAM Vehicles includes net unrealized depreciation in the Consolidated IHAM Vehicles of $152 and $171 as of September 30, 2025 and December 31, 2024, respectively.

			For the Three Months Ended September 30, 2025
			IHAM						Consolidated IHAM Vehicles(1)						Eliminations						Consolidated
Selected Statement of Operations Information:
Revenues
Investment income			$	84					$	238					$	(82)					$	240
Management fees and other income			15						2						(14)						3
Total revenues			99						240						(96)						243
Expenses
Interest expense			18						124						—						142
Distributions to subordinated notes			—						97						(84)						13
Management fees and other expenses			4						16						(14)						6
Total expenses			22						237						(98)						161
Net operating income			77						3						2						82
Net realized gains (losses) on investments and foreign currency			2						(27)						(3)						(28)
Net realized loss on extinguishment of debt			—						(2)						—						(2)
Net unrealized gains (losses) on investments, foreign currency and other transactions			(13)						11						13						11
Total net realized and unrealized losses on investments, foreign currency and other transactions			(11)						(18)						10						(19)
Net income (loss)			66						(15)						12						63
Less: Net loss attributable to non-controlling interests in Consolidated IHAM Vehicles			—						(15)						12						(3)
Net income attributable to Ivy Hill Asset Management, L.P.			$	66					$	—					$	—					$	66

			For the Nine Months Ended September 30, 2025
			IHAM						Consolidated IHAM Vehicles(1)						Eliminations						Consolidated
Selected Statement of Operations Information:
Revenues
Investment income			$	228					$	687					$	(223)					$	692
Management fees and other income			39						6						(37)						8
Total revenues			267						693						(260)						700
Expenses
Interest expense			41						362						—						403
Distributions to subordinated notes			—						161						(130)						31
Management fees and other expenses			12						44						(37)						19
Total expenses			53						567						(167)						453
Net operating income			214						126						(93)						247
Net realized losses on investments and foreign currency			(29)						(83)						18						(94)
Net realized gains (losses) on extinguishment of debt			—						20						(23)						(3)
Net unrealized gains (losses) on investments, foreign currency and other transactions			31						(8)						(8)						15
Total net realized and unrealized gains (losses) on investments, foreign currency and other transactions			2						(71)						(13)						(82)
Net income			216						55						(106)						165
Less: Net income (loss) attributable to non-controlling interests in Consolidated IHAM Vehicles			—						55						(106)						(51)
Net income attributable to Ivy Hill Asset Management, L.P.			$	216					$	—					$	—					$	216

			For the Three Months Ended September 30, 2024
			IHAM						Consolidated IHAM Vehicles(1)						Eliminations						Consolidated
Selected Statement of Operations Information:
Revenues
Investment income			$	77					$	251					$	(75)					$	253
Management fees and other income			13						2						(12)						3
Total revenues			90						253						(87)						256
Expenses
Interest expense			10						139						—						149
Distributions to subordinated notes			—						49						(37)						12
Management fees and other expenses			4						14						(12)						6
Total expenses			14						202						(49)						167
Net operating income			76						51						(38)						89
Net realized losses on investments and foreign currency			(2)						(39)						2						(39)
Net unrealized gains (losses) on investments, foreign currency and other transactions			(8)						41						10						43
Total net realized and unrealized gains (losses) on investments, foreign currency and other transactions			(10)						2						12						4
Net income			66						53						(26)						93
Less: Net income attributable to non-controlling interests in Consolidated IHAM Vehicles			—						53						(26)						27
Net income attributable to Ivy Hill Asset Management, L.P.			$	66					$	—					$	—					$	66

			For the Nine Months Ended September 30, 2024
			IHAM						Consolidated IHAM Vehicles(1)						Eliminations						Consolidated
Selected Statement of Operations Information:
Revenues
Investment income			$	263					$	784					$	(257)					$	790
Management fees and other income			41						8						(38)						11
Total revenues			304						792						(295)						801
Expenses
Interest expense			30						432						—						462
Distributions to subordinated notes			—						154						(114)						40
Management fees and other expenses			11						47						(38)						20
Total expenses			41						633						(152)						522
Net operating income			263						159						(143)						279
Net realized gains (losses) on investments and foreign currency			3						(113)						(7)						(117)
Net realized loss on extinguishment of debt			—						(1)						—						(1)
Net unrealized gains (losses) on investments, foreign currency and other transactions			(41)						88						40						87
Total net realized and unrealized losses on investments, foreign currency and other transactions			(38)						(26)						33						(31)
Net income			225						133						(110)						248
Less: Net income attributable to non-controlling interests in Consolidated IHAM Vehicles			—						133						(110)						23
Net income attributable to Ivy Hill Asset Management, L.P.			$	225					$	—					$	—					$	225

____________________________________

(1)Consolidated for GAAP purposes only.

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