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Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2025

Accounting Policies [Abstract]

Schedule of Company's Investment

At September 30, 2025, the Company’s investments were categorized as follows:

Level		Basis for Determining Fair Value		Bank Debt (1)				Other Corporate Debt (2)				Equity Securities				Total
1		Quoted prices in active markets for identical    assets		$	—			$	—			$	809,843			$	809,843
2		Other direct and indirect observable market    inputs (3)			5,261,786				—				—				5,261,786
3		Independent third-party valuation sources    that employ significant unobservable inputs			1,475,441,767				59,756,438				174,136,444				1,709,334,649
3		Valuation Designee valuations with significant unobservable inputs			—				127,490				1,157,649				1,285,139
Total				$	1,480,703,553			$	59,883,928			$	176,103,936			$	1,716,691,417

(1)Includes senior secured loans

(2)Includes senior secured notes, unsecured debt and subordinated debt

(3)For example, quoted prices in inactive markets or quotes for comparable investments

At December 31, 2024, the Company’s investments were categorized as follows:

Level		Basis for Determining Fair Value		Bank Debt (1)				Other Corporate Debt (2)				Equity Securities				Total
1		Quoted prices in active markets for identical    assets		$	—			$	—			$	412,880			$	412,880
2		Other direct and indirect observable market    inputs (3)			28,557,671			—				—					28,557,671
3		Independent third-party valuation sources    that employ significant unobservable inputs			1,549,242,872				64,772,456				150,615,054				1,764,630,382
3		Valuation Designee valuations with significant unobservable inputs		—				—					1,157,403				1,157,403
Total				$	1,577,800,543			$	64,772,456			$	152,185,337			$	1,794,758,336

(1)Includes senior secured loans.

(2)Includes senior secured notes, unsecured debt and subordinated debt.

(3)For example, quoted prices in inactive markets or quotes for comparable investments.

Schedule of Unobservable Inputs

Unobservable inputs used in the fair value measurement of Level 3 investments as of September 30, 2025 included the following:

Asset Type		Fair Value				Valuation Technique		Unobservable Input		Range (Weighted Avg.) (1)
Bank Debt		$	1,221,289,917			Income approach		Discount rate		7.9% - 26.9% (11.0%)
			112,459,758			Market comparable companies		Revenue multiples		0.3x - 1.4x (1.0x)
			69,555,003			Market comparable companies		EBITDA multiples		3.8x - 10.0x (6.4x)
			64,483,443			Market quotations		Indicative bid/ask quotes		1 (1)
			7,653,646			Transaction approach (3)		N/A		N/A
Other Corporate Debt			59,756,438			Market comparable companies		Book value multiples		1.6x (1.6x)
			127,490			Asset approach (2)		N/A		N/A
Equity			59,694,545			Option Pricing Model		EBITDA/Revenue multiples		2.1x - 30.4x (10.0x)
								Implied volatility		45.0% - 75.0% (59.4%)
								Term		0.5 years - 3.0 years (2.2 years)
			51,054,000			Market comparable companies		Book value multiples		1.6x (1.6x)
			23,308,102			Market comparable companies		Revenue multiples		0.3x - 5.0x (0.9x)
			21,820,738			Market comparable companies		EBITDA multiples		3.8x - 18.0x (9.1x)
			17,381,042			Income approach		Discount rate		10.4% - 15.0% (13.2%)
			2,035,666			Transaction approach (3)		N/A		N/A
		$	1,710,619,788

(1)Weighted by fair value.

(2)Fair value was determined using an asset approach and is based on the remaining cash held, net of all liabilities.

(3)Fair value was determined using the transaction price to acquire the position. There has been no change to the valuation based on the underlying assumptions used at the closing of such transaction.

Certain fair value measurements may employ more than one valuation technique, with each valuation technique receiving a relative weight between 0% and 100%. Generally, a change in an unobservable input may result in a change to the value of an investment as follows:

Input		Impact to Value if Input Increases		Impact to Value if Input Decreases
Discount rate		Decrease		Increase
Revenue multiples		Increase		Decrease
EBITDA multiples		Increase		Decrease
Book value multiples		Increase		Decrease
Implied volatility		Increase		Decrease
Term		Increase		Decrease
Yield		Increase		Decrease

2. Summary of Significant Accounting Policies — (continued)

Unobservable inputs used in the fair value measurement of Level 3 investments as of December 31, 2024 included the following:

Asset Type		Fair Value				Valuation Technique		Unobservable Input		Range (Weighted Avg.) (1)
Bank Debt		$	1,243,224,730			Income approach		Discount rate		9.1% - 22.4% (12.3%)
			127,397,885			Market comparable companies		Revenue multiples		0.4x - 1.4x (0.9x)
			95,787,823			Market quotations		Indicative bid/ask quotes		1 (1)
			41,621,909			Asset approach (2)		N/A		N/A
			40,763,182			Market comparable companies		EBITDA multiples		3.5x - 10.8x (4.4x)
			447,343			Option Pricing Model		EBITDA/Revenue multiples		1.2x - 5.3x (4.7x)
								Implied volatility		35.0% (35.0%)
								Term		1.5 years - 1.8 years (1.5 years)
Other Corporate Debt			59,756,438			Market comparable companies		Book value multiples		1.5x (1.5x)
			5,016,018			Income approach		Discount rate		13.5% (13.5%)
Equity			65,597,083			Market comparable companies		Book value multiples		0.8x - 1.5x (1.3x)
			53,598,606			Option Pricing Model		EBITDA/Revenue multiples		1.3x - 13.8x (10.7x)
								Implied volatility		40.0% - 75.0% (54.0%)
								Term		0.3 years - 3.8 years (1.9 years)
			15,738,508			Market comparable companies		Revenue multiples		0.4x - 4.8x (2.1x)
			15,227,668			Market comparable companies		EBITDA multiples		3.5x - 12.0x (11.3x)
			1,610,592			Transaction approach (3)		N/A		N/A
		$	1,765,787,785

(1)Weighted by fair value.

(2)Fair value was determined using an asset approach and is based on the remaining cash held, net of all liabilities.

(3)Fair value was determined using the transaction price to acquire the position. There has been no change to the valuation based on the underlying assumptions used at the closing of such transaction.

Schedule of Changes in Investments

Changes in investments categorized as Level 3 during the three months ended September 30, 2025 were as follows:

		Independent Third-Party Valuation
		Bank Debt				Other Corporate Debt				Equity Securities				Total
Beginning balance		$	1,525,587,362			$	59,884,621			$	188,280,321			$	1,773,752,304
Net realized and unrealized gains (losses)			(2,181,394	)			—				310,516				(1,870,878	)
Acquisitions (1)			65,391,223				—				1,344,526				66,735,749
Dispositions			(124,583,402	)			—				(15,798,919	)			(140,382,321	)
Transfers into Level 3 (2)			11,227,978				—				—				11,227,978
Transfers out of Level 3 (3)			—				(128,183	)			—				(128,183	)
Ending balance		$	1,475,441,767			$	59,756,438			$	174,136,444			$	1,709,334,649
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above)		$	(13,419,807	)		$	—			$	(57,536	)		$	(13,477,343	)

(1)Includes payments received in kind and accretion of original issue and market discounts.

(2)Comprised of two investments that were transferred from Level 2 due to reduced number of market quotes.

(3)Comprised of one investment that was transferred to Valuation Designee Valuation.

		Valuation Designee Valuation
		Bank Debt				Other Corporate Debt				Equity Securities				Total
Beginning balance		$	—			$	—			$	1,157,403			$	1,157,403
Net realized and unrealized gains (losses)			—				(693	)			246				(447	)
Transfers into Level 3 (1)			—				128,183				—				128,183
Ending balance		$	—			$	127,490			$	1,157,649			$	1,285,139
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above)		$	—			$	(693	)		$	246			$	(447	)

(1)Comprised of one investment that was transferred from Independent Third-Party Valuation.

2. Summary of Significant Accounting Policies — (continued)

Changes in investments categorized as Level 3 during the nine months ended September 30, 2025 were as follows:

		Independent Third-Party Valuation
		Bank Debt				Other Corporate Debt				Equity Securities				Total
Beginning balance		$	1,549,242,872			$	64,772,456			$	150,615,054			$	1,764,630,382
Net realized and unrealized gains (losses)			(55,932,526	)			—				1,712,232				(54,220,294	)
Acquisitions (1)			186,991,361				—				39,355,031				226,346,392
Dispositions			(221,083,573	)			—				(17,545,873	)			(238,629,446	)
Transfers into Level 3 (2)			16,223,633				—				—				16,223,633
Transfers out of Level 3 (3)			—				(5,016,018	)			—				(5,016,018	)
Ending balance		$	1,475,441,767			$	59,756,438			$	174,136,444			$	1,709,334,649
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above)		$	(32,537,735	)		$	—			$	1,076,567			$	(31,461,168	)

(1)Includes payments received in kind and accretion of original issue and market discounts.

(2)Comprised of two investments that were transferred from Level 2 due to reduced number of market quotes.

(3)Comprised of one investment that was transferred to Valuation Designee Valuation.

		Valuation Designee Valuation
		Bank Debt				Other Corporate Debt				Equity Securities				Total
Beginning balance		$	—			$	—			$	1,157,403			$	1,157,403
Net realized and unrealized gains (losses)			—				(2,349,304	)			246				(2,349,058	)
Dispositions			—				(2,539,224	)			—				(2,539,224	)
Transfers into Level 3 (1)			—				5,016,018				—				5,016,018
Ending balance		$	—			$	127,490			$	1,157,649			$	1,285,139
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above)		$	—			$	(2,349,828	)		$	246			$	(2,349,581	)

(1)Comprised of one investment that was transferred from Independent Third-Party Valuation.

Changes in investments categorized as Level 3 during the three months ended September 30, 2024 were as follows:

		Independent Third-Party Valuation
		Bank Debt				Other Corporate Debt				Equity Securities				Total
Beginning balance		$	1,725,877,106			$	66,236,621			$	160,956,803			$	1,953,070,530
Net realized and unrealized gains (losses)			(5,646,340	)			(7,972,085	)			979,871				(12,638,554	)
Acquisitions (1)			61,713,343				7,437,500				10,483,071				79,633,914
Dispositions			(139,090,785	)			—				—				(139,090,785	)
Transfers out of Level 3 (2)			(1,887,127	)			—				—				(1,887,127	)
Ending balance		$	1,640,966,197			$	65,702,036			$	172,419,745			$	1,879,087,978
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above)		$	(3,546,233	)		$	(7,972,085	)		$	979,871			$	(10,538,447	)

(1)Includes payments received in kind and accretion of original issue and market discounts.

(2)Comprised of one investment that was transferred to Level 2 due to increased number of market quotes.

		Valuation Designee Valuation
		Bank Debt				Other Corporate Debt				Equity Securities				Total
Beginning balance		$	—			$	—			$	877,248			$	877,248
Net realized and unrealized gains (losses)			—				—				274,997				274,997
Ending balance		$	—			$	—			$	1,152,245			$	1,152,245
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above)		$	—			$	—			$	274,997			$	274,997

2. Summary of Significant Accounting Policies — (continued)

Changes in investments categorized as Level 3 during the nine months ended September 30, 2024 were as follows:

		Independent Third-Party Valuation
		Bank Debt				Other Corporate Debt				Equity Securities				Total
Beginning balance		$	1,289,587,391			$	52,318,937			$	164,340,278			$	1,506,246,606
Net realized and unrealized gains (losses)			(74,496,967	)			(7,168,644	)			(33,451,961	)			(115,117,572	)
Acquisitions (1)			747,746,344				20,551,743				44,317,910				812,615,997
Dispositions			(326,743,546	)			—				(2,786,482	)			(329,530,028	)
Transfers into Level 3 (2)			4,872,975				—				—				4,872,975
Ending balance		$	1,640,966,197			$	65,702,036			$	172,419,745			$	1,879,087,978
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above)		$	(58,869,518	)		$	(7,168,644	)		$	(31,733,365	)		$	(97,771,527	)

____________________

(1) Includes payments received in kind and accretion of original issue and market discounts and Level 3 investments acquired in connection with the Merger.

(2) Comprised of one investment that was transferred from Level 2 due to reduced number of market quotes.

		Valuation Designee Valuation
		Bank Debt				Other Corporate Debt				Equity Securities				Total
Beginning balance		$	—			$	—			$	844,615			$	844,615
Net realized and unrealized gains (losses)			—				—				307,630				307,630
Ending balance		$	—			$	—			$	1,152,245			$	1,152,245
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above)		$	—			$	—			$	307,630			$	307,630

Schedule of Cost for U.S. Federal Income Tax

As of December 31, 2024, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

		December 31, 2024
Tax Cost		$	2,120,958,894
Gross Unrealized Appreciation		$	165,148,618
Gross Unrealized Depreciation			(489,385,214	)
Net Unrealized Appreciation (Depreciation)		$	(324,236,596	)

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