XML 39 R30.htm IDEA: XBRL DOCUMENT v3.26.1
Fair Value Measurement (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Summary of Assets Categorized Within Fair Value Hierarchy

The following is a summary of the Company’s assets categorized within the fair value hierarchy:

 

 

June 30, 2026

 

 

December 31, 2025

 

Assets

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

1st Lien/Senior Secured Debt

 

$

—

 

 

$

19,870

 

 

$

2,943,461

 

 

$

2,963,331

 

 

$

—

 

 

$

54,142

 

 

$

2,974,646

 

 

$

3,028,788

 

1st Lien/Last-Out Unitranche

 

 

—

 

 

 

—

 

 

 

132,155

 

 

 

132,155

 

 

 

—

 

 

 

—

 

 

 

135,156

 

 

 

135,156

 

2nd Lien/Senior Secured Debt

 

 

—

 

 

 

—

 

 

 

55,118

 

 

 

55,118

 

 

 

—

 

 

 

—

 

 

 

47,914

 

 

 

47,914

 

Unsecured Debt

 

 

—

 

 

 

—

 

 

 

8,569

 

 

 

8,569

 

 

 

—

 

 

 

—

 

 

 

8,476

 

 

 

8,476

 

Preferred Stock

 

 

—

 

 

 

—

 

 

 

20,231

 

 

 

20,231

 

 

 

—

 

 

 

—

 

 

 

26,426

 

 

 

26,426

 

Common Stock

 

 

49

 

 

 

—

 

 

 

15,388

 

 

 

15,437

 

 

 

52

 

 

 

—

 

 

 

14,662

 

 

 

14,714

 

Warrants

 

 

—

 

 

 

—

 

 

 

407

 

 

 

407

 

 

 

—

 

 

 

—

 

 

 

247

 

 

 

247

 

Affiliated Money Market Fund

 

 

36,226

 

 

 

—

 

 

 

—

 

 

 

36,226

 

 

 

35,724

 

 

 

—

 

 

 

—

 

 

 

35,724

 

Unrealized appreciation on interest rate swaps

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

607

 

 

 

—

 

 

 

607

 

Unrealized appreciation on foreign currency forward contracts

 

 

—

 

 

 

64

 

 

 

—

 

 

 

64

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total Assets

 

$

36,275

 

 

$

19,934

 

 

$

3,175,329

 

 

$

3,231,538

 

 

$

35,776

 

 

$

54,749

 

 

$

3,207,527

 

 

$

3,298,052

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized depreciation on interest rate swaps

 

$

—

 

 

$

(16,450

)

 

$

—

 

 

$

(16,450

)

 

$

—

 

 

$

(3,570

)

 

$

—

 

 

$

(3,570

)

Unrealized depreciation on foreign currency forward contracts

 

 

—

 

 

 

(2

)

 

 

—

 

 

 

(2

)

 

 

—

 

 

 

(252

)

 

 

—

 

 

 

(252

)

Total Liabilities

 

$

—

 

 

$

(16,452

)

 

$

—

 

 

$

(16,452

)

 

$

—

 

 

$

(3,822

)

 

$

—

 

 

$

(3,822

)

 
Summary of Ranges of Significant Unobservable Inputs Used to Value Level 3 Assets The tables below present the ranges of significant unobservable inputs used to value the Company’s Level 3 assets as of June 30, 2026 and December 31, 2025.

Level 3 Instruments

 

Fair Value(1)(2)

 

Valuation Techniques(3)

Significant Unobservable
Inputs

Range of Significant
Unobservable Inputs(4)

Weighted
Average(5)

As of June 30, 2026

 

 

 

 

 

 

 

Bank Loans, Corporate Debt, and Other Debt Obligations

1st Lien/Senior Secured Debt

 

$

2,683,536

 

Discounted cash flows

Discount Rate

7.6% - 27.7%

11.3%

 

 

$

122,605

 

Comparable multiples

EV/EBITDA(6)

5.3x - 10.0x

8.5x

 

 

$

978

 

Comparable multiples

EV/Revenue

0.2x - 0.8x

0.7x

1st Lien/Last-Out Unitranche

 

$

124,363

 

Discounted cash flows

Discount Rate

8.7% - 12.0%

9.9%

 

 

$

7,234

 

Comparable multiples

EV/EBITDA(6)

—

8.8x

2nd Lien/Senior Secured Debt

 

$

32,952

 

Discounted cash flows

Discount Rate

9.3% - 13.2%

11.8%

 

 

$

6,287

 

Comparable multiples

EV/EBITDA(6)

4.0x - 8.9x

4.9x

 

 

$

9,873

 

Comparable multiples

EV/Revenue

—

0.3x

 

 

$

2,207

 

Collateral analysis

Recovery Rate

—

36.4%

Unsecured Debt

 

$

8,569

 

Discounted cash flows

Discount Rate

18.4% - 20.1%

18.7%

Equity

Preferred Stock

 

$

4,342

 

Discounted cash flows

Discount Rate

—

38.6%

 

 

$

249

 

Comparable multiples

EV/EBITDA(6)

11.6x - 12.5x

12.1x

 

 

$

15,640

 

Comparable multiples

EV/Revenue

—

3.0x

Common Stock

 

$

5,396

 

Discounted cash flows

Discount Rate

—

27.4%

 

 

$

9,203

 

Comparable multiples

EV/EBITDA(6)

2.6x - 12.5x

9.0x

 

 

$

789

 

Comparable multiples

EV/Revenue

—

6.8x

Warrants

 

$

407

 

Comparable multiples

EV/Revenue

—

3.0x

As of December 31, 2025

 

 

 

 

 

 

 

Bank Loans, Corporate Debt, and Other Debt Obligations

1st Lien/Senior Secured Debt

 

$

2,637,872

 

Discounted cash flows

Discount Rate

7.9% - 21.4%

10.5%

 

 

$

13,278

 

Collateral analysis

Recovery Rate

—

75.3%

 

 

$

66,612

 

Comparable multiples

EV/EBITDA(6)

4.8x - 10.0x

7.2x

 

 

$

158

 

Comparable multiples

EV/Revenue

—

0.3x

1st Lien/Last-Out Unitranche

 

$

70,050

 

Discounted cash flows

Discount Rate

8.1% - 11.3%

9.9%

 

 

$

11,833

 

Comparable multiples

EV/EBITDA(6)

—

8.7x

2nd Lien/Senior Secured Debt

 

$

20,970

 

Discounted cash flows

Discount Rate

19.3% - 23.6%

22.2%

 

 

$

26,944

 

Comparable multiples

EV/EBITDA(6)

3.7x - 9.0x

6.9x

Unsecured Debt

 

$

8,476

 

Discounted cash flows

Discount Rate

14.7% - 26.7%

16.5%

Equity

Preferred Stock

 

$

8,682

 

Discounted cash flows

Discount Rate

—

20.6%

 

 

$

127

 

Comparable multiples

EV/EBITDA(6)

—

13.0x

 

 

$

17,617

 

Comparable multiples

EV/Revenue

—

3.9x

Common Stock

 

$

5,396

 

Discounted cash flows

Discount Rate

—

28.5%

 

 

$

8,468

 

Comparable multiples

EV/EBITDA(6)

3.5x - 13.0x

7.5x

 

 

$

798

 

Comparable multiples

EV/Revenue

—

7.3x

Warrants

 

$

247

 

Comparable multiples

EV/Revenue

—

3.9x

 

(1)
As of June 30, 2026, included within the fair value of Level 3 assets of $3,175,329 is an amount of $140,700 for which the Investment Adviser did not develop the unobservable inputs (examples include single source broker quotations, third party pricing, and transaction prices). The income approach was used in the determination of fair value for $2,849,420 or 90.8% of Level 3 bank loans, corporate debt, and other debt obligations.
(2)
As of December 31, 2025, included within the fair value of Level 3 assets of $3,207,527 is an amount of $309,999 for which the Investment Adviser did not develop the unobservable inputs (examples include single source broker quotations, third party pricing, and transaction prices). The income approach was used in the determination of fair value for $2,737,368 or 86.5% of Level 3 bank loans, corporate debt, and other debt obligations.
(3)
The fair value of any one instrument may be determined using multiple valuation techniques. For example, market comparable and discounted cash flows may be used together to determine fair value. Therefore, the Level 3 balance encompasses both of these techniques.
(4)
The range for an asset category consisting of a single investment, if any, is not meaningful and therefore has been excluded.
(5)
Weighted average for an asset category consisting of multiple investments is calculated by weighting the significant unobservable input by the relative fair value of the investment. Weighted average for an asset category consisting of a single investment represents the significant unobservable input used in the fair value of the investment.
(6)
Enterprise value of portfolio company as a multiple of earnings before interest, taxes, depreciation and amortization (“EBITDA”).
Summary of Changes in Fair Value of Level 3 Assets By Investment Type

The following table presents a summary of changes in fair value of Level 3 assets by investment type:

 

 

Beginning Balance

 

 

Purchases
(1)

 

 

Net
Realized
Gain
(Loss)

 

 

Net Change in
Unrealized
Appreciation
(Depreciation)

 

 

Sales and
Settlements(2)

 

 

Net
Amortization
of
Premium/
Discount

 

 

Transfers
In(3)

 

 

Transfers
Out(3)

 

 

Ending
Balance

 

 

Net Change
in Unrealized
Appreciation
(Depreciation)
for assets
still held

 

For the Six Months Ended June 30, 2026

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1st Lien/Senior Secured Debt

 

$

2,974,646

 

 

$

239,414

 

 

$

(174

)

 

$

(53,176

)

 

$

(258,087

)

 

$

6,827

 

 

$

34,011

 

 

$

—

 

 

$

2,943,461

 

 

$

(57,871

)

1st Lien/Last-Out Unitranche

 

 

135,156

 

 

 

6,550

 

 

 

—

 

 

 

(5,051

)

 

 

(4,646

)

 

 

146

 

 

 

—

 

 

 

—

 

 

 

132,155

 

 

 

(5,034

)

2nd Lien/Senior Secured Debt

 

 

47,914

 

 

 

34,926

 

 

 

21,504

 

 

 

(18,093

)

 

 

(31,548

)

 

 

415

 

 

 

—

 

 

 

—

 

 

 

55,118

 

 

 

(12,893

)

Unsecured Debt

 

 

8,476

 

 

 

1,549

 

 

 

—

 

 

 

(536

)

 

 

(1,346

)

 

 

426

 

 

 

—

 

 

 

—

 

 

 

8,569

 

 

 

(536

)

Preferred Stock

 

 

26,426

 

 

 

108

 

 

 

—

 

 

 

(6,303

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

20,231

 

 

 

(6,303

)

Common Stock

 

 

14,662

 

 

 

—

 

 

 

—

 

 

 

726

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

15,388

 

 

 

726

 

Warrants

 

 

247

 

 

 

—

 

 

 

—

 

 

 

160

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

407

 

 

 

160

 

Total Assets

 

$

3,207,527

 

 

$

282,547

 

 

$

21,330

 

 

$

(82,273

)

 

$

(295,627

)

 

$

7,814

 

 

$

34,011

 

 

$

—

 

 

$

3,175,329

 

 

$

(81,751

)

For the Six Months Ended June 30, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1st Lien/Senior Secured Debt

 

$

3,136,683

 

 

$

365,336

 

 

$

(94,768

)

 

$

78,152

 

 

$

(588,881

)

 

$

10,421

 

 

$

18,015

 

 

$

—

 

 

$

2,924,958

 

 

$

(6,586

)

1st Lien/Last-Out Unitranche

 

 

165,905

 

 

 

19,162

 

 

 

—

 

 

 

2,181

 

 

 

(371

)

 

 

459

 

 

 

—

 

 

 

—

 

 

 

187,336

 

 

 

2,182

 

2nd Lien/Senior Secured Debt

 

 

46,786

 

 

 

1,819

 

 

 

(9,031

)

 

 

9,865

 

 

 

—

 

 

 

(80

)

 

 

—

 

 

 

—

 

 

 

49,359

 

 

 

835

 

Unsecured Debt

 

 

16,790

 

 

 

109

 

 

 

(1,055

)

 

 

1,553

 

 

 

(9,366

)

 

 

250

 

 

 

—

 

 

 

—

 

 

 

8,281

 

 

 

432

 

Preferred Stock

 

 

31,246

 

 

 

8,698

 

 

 

(778

)

 

 

2,064

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

41,230

 

 

 

1,286

 

Common Stock

 

 

34,166

 

 

 

6,393

 

 

 

(20,059

)

 

 

12,876

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

33,376

 

 

 

(7,183

)

Warrants

 

 

421

 

 

 

—

 

 

 

—

 

 

 

(23

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

398

 

 

 

(23

)

Total Assets

 

$

3,431,997

 

 

$

401,517

 

 

$

(125,691

)

 

$

106,668

 

 

$

(598,618

)

 

$

11,050

 

 

$

18,015

 

 

$

—

 

 

$

3,244,938

 

 

$

(9,057

)
(1)
Purchases may include PIK, securities received in corporate actions and restructurings.
(2)
Sales and Settlements may include securities delivered in corporate actions and restructuring of investments.
(3)
Transfers in (out) of Level 3 are due to a decrease (increase) in the quantity and reliability of broker quotes obtained by the Investment Adviser.
Summary of Debt Obligations Carried at Fair Value If the Company’s debt obligations were carried at fair value, the fair value and level would have been as follows:

 

 

 

 

As of

 

 

 

Level

 

June 30, 2026

 

 

December 31, 2025

 

Revolving Credit Facility

 

3

 

$

679,641

 

 

$

585,750

 

2026 Notes

 

2

 

$

—

 

 

$

499,700

 

2027 Notes

 

2

 

$

405,320

 

 

$

409,080

 

2029 Notes

 

2

 

$

390,880

 

 

$

—

 

2030 Notes

 

2

 

$

393,400

 

 

$

402,240