| Fair Value of Investments |
Fair Value of Investments The following table presents the fair value hierarchy of investments as of March 31, 2025 and December 31, 2024, categorized by the ASC Topic 820 valuation hierarchy, as previously described (amounts in thousands):
| | | | | | | | | | | | | | | | March 31, 2025 | | Assets | Level 1 | Level 2 | Level 3 | Total | | Private Debt | $ | — | | $ | — | | $ | 637,395 | | $ | 637,395 | | | Total investments | $ | — | | $ | — | | $ | 637,395 | | $ | 637,395 | |
| | | | | | | | | | | | | | | | December 31, 2024 | | Assets | Level 1 | Level 2 | Level 3 | Total | | Private Debt | $ | — | | $ | — | | $ | 490,462 | | $ | 490,462 | | | Total investments | $ | — | | $ | — | | $ | 490,462 | | $ | 490,462 | |
The following table presents the change in the fair value of financial instruments for which Level 3 inputs were used to determine the fair value for the three months ended March 31, 2025 and the year ended December 31, 2024 (amounts in thousands): | | | | | | | | Period Ended March 31, 2025: | Private Debt | | | Fair value, beginning of period | $ | 490,462 | | | | | | | Purchases of investments (including PIK, if any) | 156,684 | | | | Proceeds from principal repayments and sales of investments | (11,961) | | | | Accretion of discount/amortization of premium | 356 | | | | Net realized gain (loss) | — | | | Net change in unrealized appreciation (depreciation) | 1,854 | | | | Transfers into Level 3 (1) | — | | | Transfers out of Level 3 (1) | — | | | Fair value, end of period | $ | 637,395 | | | | Net change in unrealized appreciation (depreciation) on non-controlled/ non-affiliated company investments still held at March 31, 2025 | $ | 1,854 | | |
| | | | | | | | | Period Ended December 31, 2024: | Private Debt | | | | Fair value, beginning of period | $ | — | | | | | Securities contributed in-kind at fair value | 386,917 | | | | | Purchases of investments (including PIK, if any) | 104,100 | | | | | Proceeds from principal repayments and sales of investments | (2,625) | | | | | Accretion of discount/amortization of premium | 152 | | | | | | | | | Net change in unrealized appreciation (depreciation) | 1,918 | | | | Transfers into Level 3 (1) | — | | | | Transfers out of Level 3 (1) | — | | | | | Fair value, end of period | $ | 490,462 | | | | Net change in unrealized appreciation (depreciation) on non-controlled/ non-affiliated company investments still held at December 31, 2024 | $ | 1,918 | | | |
(1)For the three months ended March 31, 2025, and year ended December 31, 2024, there were no transfers into or out of Level 3. Significant Unobservable Inputs In accordance with ASC Topic 820, the following table provides quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of March 31, 2025 and December 31, 2024. The table is not intended to be all-inclusive but instead captures the significant unobservable inputs relevant to the Company’s determination of fair value (amounts in thousands).
| | | | | | | | | | | | | | | | | | | Type of Investment | Fair Value as of 3/31/25 | Valuation Technique | Significant Unobservable Inputs | Range of Significant Unobservable Inputs | Weighted Average Unobservable Input | | Private Loans | $ | 485,869 | | Yield Analysis | Yield % | 7.76% - 16.33% | 9.54% | | Private Loans | 126,064 | | Market Approach | Enterprise Value/EBITDA | 5.50x - 39.00x | 18.09x | | Private Loans | 25,462 | | Recent Transaction | | | | | Total | 637,395 | | | | | |
| | | | | | | | | | | | | | | | | | | Type of Investment | Fair Value as of 12/31/24 | Valuation Technique | Significant Unobservable Inputs | Range of Significant Unobservable Inputs | Weighted Average Unobservable Input | | Private Loans | $ | 350,490 | | Yield Analysis | Yield % | 7.71% - 16.30% | 9.75% | | Private Loans | 82,331 | | Market Approach | Enterprise Value/EBITDA | 5.75x - 22.50x | 14.25x | | Recent Transaction | 57,641 | | Recent Transaction | | | | | Total | 490,462 | | | | | |
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