Fair Value of Investments (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of Fair Value Hierarchy 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

Schedule of Changes in Fair Value of Financial Instruments for Level 3 Inputs to Determine Fair Value

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.

Schedule of Quantitative Information About Significant Unobservable Inputs of Level 3 Investments

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

- 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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