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Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of Company's Investment

At December 31, 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		$	—			$	—			$	427,941			$	427,941
2		Other direct and indirect observable market    inputs (3)			—				—				—				—
3		Independent third-party valuation sources    that employ significant unobservable inputs			1,358,559,662				59,756,438				113,856,216				1,532,172,316
3		Valuation Designee valuations with significant unobservable inputs			—				127,490				574,725				702,215
Total				$	1,358,559,662			$	59,883,928			$	114,858,882			$	1,533,302,472

(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 December 31, 2025 included the following:

Asset Type		Fair Value				Valuation Technique		Unobservable Input		Range (Weighted Avg.) (1)
Bank Debt		$	1,165,504,450			Income approach		Discount rate		7.7% - 28.3% (11.3%)
			86,637,697			Market comparable companies		Revenue multiples		0.4x - 3.3x (1.7x)
			54,856,441			Market comparable companies		EBITDA multiples		4.5x - 10.0x (9.0x)
			47,153,463			Market quotations		Indicative bid/ask quotes		1 (1)
			4,407,611			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			19,318,718			Option Pricing Model		EBITDA/Revenue multiples		2.2x - 10.0x (6.3x)
								Implied volatility		45.0% - 75.0% (60.7%)
								Term		0.1 years - 3.0 years (1.8 years)
			51,042,935			Market comparable companies		Book value multiples		1.6x (1.6x)
			15,970,951			Market comparable companies		Revenue multiples		0.4x - 4.8x (0.8x)
			9,463,322			Market comparable companies		EBITDA multiples		4.5x - 19.3x (18.0x)
			16,736,055			Income approach		Discount rate		13.4% - 15.0% (13.5%)
			1,898,960			Transaction approach (3)		N/A		N/A
		$	1,532,874,531

(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

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.

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 year ended December 31, 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)			(123,888,461	)			—				(57,639,825	)			(181,528,286	)
Acquisitions (1)			208,904,178				—				37,630,089				246,534,267
Dispositions			(275,698,927	)			—				(16,176,509	)			(291,875,436	)
Transfers out of Level 3 (2)			—				(5,016,018	)			(572,593	)			(5,588,611	)
Ending balance		$	1,358,559,662			$	59,756,438			$	113,856,216			$	1,532,172,316
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)		$	(100,380,759	)		$	—			$	(57,825,719	)		$	(158,206,478	)

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

(2)Comprised of four investments that were 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	)			728,484				(1,620,820	)
Dispositions			—				(2,539,224	)			(1,883,755	)			(4,422,979	)
Transfers into Level 3 (1)			—				5,016,018				572,593				5,588,611
Ending balance		$	—			$	127,490			$	574,725			$	702,215
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	)		$	24			$	(2,349,804	)

(1) Comprised of four investments that were transferred from Independent Third-Party Valuation.

Changes in investments categorized as Level 3 during the year ended December 31, 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)			(123,839,154	)			(8,098,224	)			(56,062,993	)			(188,000,371	)
Acquisitions (1)			871,166,493				20,551,743				45,718,873				937,437,109
Dispositions			(492,544,833	)			—				(3,381,104	)			(495,925,937	)
Transfers into Level 3 (2)			4,872,975				—				—				4,872,975
Ending balance		$	1,549,242,872			$	64,772,456			$	150,615,054			$	1,764,630,382
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)		$	(110,587,996	)		$	(8,098,224	)		$	(53,880,086	)		$	(172,566,306	)

(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)			—				—				312,788				312,788
Ending balance		$	—			$	—			$	1,157,403			$	1,157,403
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)		$	—			$	—			$	312,788			$	312,788

Schedule of Reclassification of Permanent Differences, Primary Attributable to Treatment of Expenses and Investments in Partnerships

As of December 31, 2025 and December 31, 2024, the following permanent differences, primarily attributable to treatment of expenses, amortization methods for premiums and discounts on fixed income securities, were reclassified as follows:

		December 31, 2025				December 31, 2024
Paid-in capital		$	2,252,164			$	487,501,546
Accumulated Earnings (Loss)			(2,252,164	)			(487,501,546	)

Summary of Tax Character of Distributions Paid

The tax character of distributions paid was as follows:

		December 31, 2025				December 31, 2024
Ordinary income		$	95,168,075			$	115,280,678

Schedule of Tax Components of Accumulated Net Earnings (Losses)

As of December 31, 2025 and December 31, 2024, the tax components of accumulated net earnings (losses) were as follows:

		December 31, 2025				December 31, 2024
Undistributed Ordinary Income		$	19,696,032			$	15,180,444
Non-Expiring Capital Loss Carryforwards (1) (2)			(825,454,996	)			(636,962,720	)
Net Unrealized Gains (Losses) (3)			(326,611,160	)			(324,236,596	)
Total Accumulated Earnings (Loss)		$	(1,132,370,124	)		$	(946,018,872	)

______________

(1) Amount available to offset future realized capital gains.

(2) Amount subject to limitations.

(3) The difference between book-basis and tax-basis net unrealized gains (losses) was attributable primarily to the timing and recognition of partnership income, amortization methods on fixed income securities, accounting for swap agreements and the accrual of income on securities in default.

Schedule of Cost for U.S. Federal Income Tax

As of December 31, 2025 and 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, 2025				December 31, 2024
Tax Cost		$	1,860,387,305			$	2,120,958,894
Gross Unrealized Appreciation		$	116,913,526			$	165,148,618
Gross Unrealized Depreciation			(443,998,359	)			(489,385,214	)
Net Unrealized Appreciation (Depreciation)		$	(327,084,833	)		$	(324,236,596	)

Schedule of Amounts Allowable by Law

The fund hereby designates the following amounts, or maximum amounts allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended December 31, 2025:

		December 31, 2025
Interest Related Dividends for Non-U.S. Residents		$	75,439,421

The Fund hereby designates the following amount, or maximum amount allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended December 31, 2025:

		December 31, 2025
Section 163(j) Interest Dividends		$	95,168,075

The following amount, or maximum amount allowable by law, is hereby designated as qualified dividend income for individuals for the fiscal year ended December 31, 2025:

		December 31, 2025
Qualified Dividend Income		$	—

The following percentage, or maximum percentage allowable by law, of ordinary income distributions paid during the fiscal year ended December 31, 2025 qualified for the dividends-received deduction for corporate shareholders:

		December 31, 2025
Dividends-Received Deduction			—

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