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Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2025

Summary of Fair Value Measurements of Investments

The following table presents fair value measurements of investments as of September 30, 2025 (in thousands):


Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total
Senior Secured First Lien	$	—	$	—	$	352,812	$	352,812
Unitranche First Lien		—		5,769		1,034,035		1,039,804
Unitranche First Lien – Last Out		—		—		26,170		26,170
Senior Secured Second Lien		—		—		18,647		18,647
Unsecured Debt		—		—		19,531		19,531
Equity & Other		—		668		84,066		84,734
Subtotal	$	—	$	6,437	$	1,535,261	$	1,541,698
Investments Measured at NAV (1)								38,980
Total Investments							$	1,580,678

Foreign Currency Forward Contracts - Assets		—		2,082		—		2,082
Foreign Currency Forward Contracts - Liabilities		—		2,271		—		2,271

The following table presents fair value measurements of investments as of December 31, 2024 (in thousands):


Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total
Senior Secured First Lien	$	—	$	—	$	379,628	$	379,628
Unitranche First Lien		—		30,206		1,013,934		1,044,140
Unitranche First Lien – Last Out		—		—		14,741		14,741
Senior Secured Second Lien		—		14,186		24,351		38,537
Unsecured Debt		—		—		17,525		17,525
Equity & Other		—		1,125		63,735		64,860
Subtotal	$	—	$	45,517	$	1,513,914	$	1,559,431
Investments Measured at NAV (1)								39,426
Total Investments							$	1,598,857

Foreign Currency Forward Contracts - Assets		—		4,815		—		4,815
Foreign Currency Forward Contracts - Liabilities		—		—		—		—

(1)

In accordance with ASC 820-10, certain investments that are measured using the net asset value per shares (or its equivalent) as a practical expedient for fair value have not been classified in the fair value hierarchy. These investments are generally not redeemable. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.

Summary of Reconciliation of Investments that Use Level 3 Inputs

The following table provides a reconciliation of the beginning and ending balances for total investments that use Level 3 inputs for the nine months ended September 30, 2025, based off of the fair value hierarchy as of September 30, 2025 (in thousands):


	Senior Secured First Lien			Unitranche First Lien			Unitranche First - Last Out		Senior Secured Second Lien			Unsecured Debt			Equity & Other			Total
Balance as of January 1, 2025	$	379,628		$	1,013,934		$	14,741	$	24,351		$	17,525		$	63,735		$	1,513,914
Amortized discounts/premiums		1,237			3,733			53		75			157			—			5,255
Paid in-kind interest		1,622			3,681			681		352			1,862			—			8,198
Net realized gain (loss)		(8,214	)		(3,604	)		—		(693	)		—			(1,345	)		(13,856	)
Net change in unrealized appreciation (depreciation)		2,835			(10,003	)		921		1,779			(13	)		4,922			441
Purchases		60,334			149,225			9,774		—			—			16,754			236,087
Sales/return of capital/principal repayments/paydowns		(84,630	)		(147,462	)		—		(7,217	)		—			—			(239,309	)
Transfers in		—			24,531			—		—			—			—			24,531
Transfers out		—			—			—		—			—			—			-
Balance as of September 30, 2025	$	352,812		$	1,034,035		$	26,170	$	18,647		$	19,531		$	84,066		$	1,535,261
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2025	$	(3,683	)	$	(8,959	)	$	921	$	1,497		$	(13	)	$	4,469		$	(5,768	)

The following table provides a reconciliation of the beginning and ending balances for total investments that use Level 3 inputs for the nine months ended September 30, 2024, based off of the fair value hierarchy as of September 30, 2024 (in thousands):


	Senior Secured First Lien			Unitranche First Lien			Unitranche First - Last Out			Senior Secured Second Lien			Unsecured Debt		Equity & Other			Total
Balance as of January 1, 2024	$	409,945		$	948,781		$	13,544		$	44,907		$	4,061	$	48,909		$	1,470,147
Amortized discounts/premiums		1,588			4,839			93			237			17		—			6,774
Paid in-kind interest		2,326			2,201			617			1,571			1,314		—			8,029
Net realized gain (loss)		(969	)		(232	)		(2,308	)		—			—		(546	)		(4,055	)
Net change in unrealized appreciation (depreciation)		(6,373	)		3,929			2,269			(2,891	)		1,390		5,226			3,550
Purchases		84,077			194,932			—			5,000			11,904		5,778			301,691
Sales/return of capital/principal repayments/paydowns		(91,472	)		(155,817	)		(8,369	)		(18,068	)		—		(1,073	)		(274,799	)
Transfers in		2,546			19,186			—			—			—		120			21,852
Transfers out		—			—			—			(3,330	)		—		—			(3,330	)
Balance as of September 30, 2024	$	401,668		$	1,017,819		$	5,846		$	27,426		$	18,686	$	58,414		$	1,529,859
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2024	$	(6,373	)	$	3,929		$	2,269		$	(2,891	)	$	1,390	$	5,226		$	3,550

Summary of Fair Value of Level 3 Investments and Ranges of Significant Unobservable Inputs Used to Value Level 3 Investments

The following tables present the fair value of Level 3 investments and the ranges of significant unobservable inputs used to value the Company’s Level 3 investments as of September 30, 2025 and December 31, 2024. These ranges represent the significant unobservable inputs that were used in the valuation of each type of investment. These inputs are not representative of the inputs that could have been used in the valuation of any one investment. For example, the highest market yield presented in the table for senior secured first lien investments is appropriate for valuing a specific investment but may not be appropriate for valuing any other investment. Accordingly, the ranges of inputs presented below do not represent uncertainty in, or possible ranges of, fair value measurements of the Company’s Level 3 investments.


Security Type	Fair Value as of September 30, 2025 (in thousands)		Valuation Technique	Unobservable Input	Range (Weighted Avg)
Senior Secured First Lien	$	307,454	Discounted Cash Flows	Discount Rate	6.1%			-	17.6%	(10.0%)
		29,406	Enterprise Value	Comparable EBITDA Multiple	2.9x			-	12.4x	(9.4x)
		10,939	Transaction Precedent	Transaction Price					N/A
		5,013	Broker Quoted	Broker Quote					N/A
	$	352,812

Unitranche First Lien	$	896,351	Discounted Cash Flows	Discount Rate	7.6%			-	19.7%	(9.9%)
		40,041	Enterprise Value	Comparable EBITDA Multiple		7.0	x	-	13.7x	(9.7x)
		37,863	Transactions Precedent	Transaction Price					N/A
		59,780	Broker Quoted	Broker Quote					N/A
	$	1,034,035

Unitranche First Lien - Last Out	$	18,670	Discounted Cash Flows	Discount Rate	7.5%			-	16.8%	(11.5%)
		7,500	Enterprise Value	Comparable EBITDA Multiple					7.8x
	$	26,170

Senior Secured Second Lien	$	15,010	Discounted Cash Flows	Discount Rate	10.9%			-	12.8%	(11.9%)
		3,637	Enterprise Value	Comparable EBITDA Multiple					3.4x
	$	18,647

Unsecured Debt	$	17,505	Discounted Cash Flows	Discount Rate	11.0%			-	15.5%	(13.7%)
		2,026	Enterprise Value	Comparable EBITDA Multiple					12.4x
	$	19,531

Equity & Other	$	82,719	Enterprise Value	Comparable EBITDA Multiple	2.9x			-	28.0x	(14.5x)
		1,272	Transaction Precedent	Transaction Price					N/A
		75	Broker Quoted	Broker Quote					N/A
	$	84,066

Total	$	1,535,261


Security Type	Fair Value as of December 31, 2024 (in thousands)		Valuation Technique	Unobservable Input	Range (Weighted Avg)
Senior Secured First Lien	$	324,549	Discounted Cash Flows	Discount Rate	8.0%			-	18.3%			(10.8%)
		27,840	Enterprise Value	Comparable EBITDA Multiple		3.1	x	-		10.6	x	(8.1x)
		2,779	Discounted Cash Flows	Royalty Payment Discount Rate					22.4%
		24,460	Broker Quoted	Broker Quote					N/A
	$	379,628

Unitranche First Lien	$	988,714	Discounted Cash Flows	Discount Rate	8.9%			-	18.3%			(10.7%)
		12,556	Enterprise Value	Comparable EBITDA Multiple						10.9	x
		12,664	Broker Quoted	Broker Quote					N/A
	$	1,013,934

Unitranche First Lien - Last Out	$	14,741	Discounted Cash Flows	Discount Rate	11.2%			-	16.0%			(12.8%)
	$	14,741

Senior Secured Second Lien	$	15,802	Discounted Cash Flows	Discount Rate	12.4%			-	14.1%			(12.9%)
		3,549	Enterprise Value	Comparable EBITDA Multiple	1.4x			-		10.1	x	(5.1x)
		5,000	Broker Quoted	Broker Quote					N/A
	$	24,351

Unsecured Debt	$	15,706	Discounted Cash Flows	Discount Rate	13.3%			-	17.2%			(14.2%)
		1,819	Enterprise Value	Comparable EBITDA Multiple						10.6	x
	$	17,525

Equity & Other	$	63,735	Enterprise Value	Comparable EBITDA Multiple	3.1x			-	27.4x			(15.3x)
	$	63,735

Total	$	1,513,914

- 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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