Fair Value (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of Portfolio Investments by Level in the Fair Value Hierarchy

The following table summarizes the levels in the fair value hierarchy that the Company's portfolio investments fell into as of March 31, 2025:


	Total		Level I		Level II		Level III
First lien	$	1,304,600	$	—	$	31,221	$	1,273,379
Second lien	119,089		—		33,546		85,543
Subordinated	44,773		—		—		44,773
Equity and other	93,197		—		—		93,197
Total investments	$	1,561,659	$	—	$	64,767	$	1,496,892

The following table summarizes the levels in the fair value hierarchy that the Company's portfolio investments fell into as of December 31, 2024:


	Total		Level I		Level II		Level III
First lien	$	1,250,834	$	—	$	1,842	$	1,248,992
Second lien	119,089		—		46,777		72,312
Subordinated	37,360		—		—		37,360
Equity and other	88,281		—		—		88,281
Total investments	$	1,495,564	$	—	$	48,619	$	1,446,945

Changes in Level III Portfolio Investments

The following table summarizes the changes in fair value of Level III portfolio investments for the three months ended March 31, 2025, as well as the portion of appreciation (depreciation) included in income attributable to the net change in unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at March 31, 2025:


	Total		First Lien		Second Lien		Subordinated		Equity and other
Fair Value, December 31, 2024	$	1,446,945	$	1,248,992	$	72,312	$	37,360	$	88,281
Total gains or losses included in earnings:
Net realized gains (losses) on investments	(8,417)		(8,490)		—		—		73
Net change in unrealized appreciation (depreciation) of investments	1,484		3,258		(1,132)		84		(726)
Purchases, including capitalized PIK and revolver fundings (1)	144,188		124,862		—		7,329		11,997
Proceeds from sales and paydowns of investments (1)	(101,671)		(95,243)		—		—		(6,428)
Transfers into Level III (2)	14,363		—		14,363		—		—

Fair Value, March 31, 2025	$	1,496,892	$	1,273,379	$	85,543	$	44,773	$	93,197
Net change in unrealized appreciation (depreciation) for the period relating to those Level III assets that were still held by the Company at the end of the period:	$	1,455	$	3,261	$	(1,133)	$	84	$	(757)

(1)Includes non-cash reorganizations and restructurings.

(2)As of March 31, 2025, portfolio investments were transferred into Level III from Level II at fair value as of the beginning of the period in which the reclassification occurred.

The following table summarizes the changes in fair value of Level III portfolio investments for the three months ended March 31, 2024, as well as the portion of appreciation (depreciation) included in income attributable to the net change in unrealized appreciation (depreciation) related to those assets and liabilities still held by the Predecessor at March 31, 2024:


	Total		First Lien		Second Lien		Subordinated		Equity and other
Fair Value, December 31, 2023	$	1,958,982	$	1,555,234	$	269,766	$	35,080	$	98,902
Total gains or losses included in earnings:
Net realized losses on investments	(3,249)		(3,249)		—		—		—
Net change in unrealized appreciation of investments	11,301		6,208		4,071		(61)		1,083
Purchases, including capitalized PIK and revolver fundings	30,439		26,418		—		650		3,371
Proceeds from sales and paydowns of investments (1)	(83,019)		(60,519)		(22,500)		—		—
Transfers into Level III (2)	6,404		—		6,404		—		—

Fair Value, March 31, 2024	$	1,920,858	$	1,524,092	$	257,741	$	35,669	$	103,356
Net change in unrealized appreciation (depreciation) for the period relating to those Level III assets that were still held by the Company at the end of the period:	$	6,011	$	2,924	$	2,065	$	(61)	$	1,083

(1)Includes non-cash reorganizations and restructurings.

(2)As of March 31, 2024, portfolio investments were transferred into Level III from Level II at fair value as of the beginning of the period in which the reclassification occurred.

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The unobservable inputs used in the fair value measurement of the Company's Level III investments as of March 31, 2025 were as follows:

Range

Type

Fair Value as of March 31, 2025

Approach

Unobservable Input

Low

High

Weighted
Average (1)

First lien

1,251,048

Market & income approach

EBITDA multiple

8.0x

30.0x

17.5x

Revenue multiple

7.0x

18.5x

9.7x

Discount rate

7.0

21.9

9.5

22,331

Other

N/A (2)

N/A

Second lien

85,543

Market & income approach

EBITDA multiple

14.0x

20.0x

17.8x

Discount rate

9.4

14.3

10.2

Subordinated

44,773

Market & income approach

EBITDA multiple

9.0x

24.5x

19.2x

Discount rate

12.6

14.2

11.1

Equity and other

93,197

Market & income approach

EBITDA multiple

6.0x

19.0x

12.6x

Revenue multiple

5.0x

10.5x

5.5x

Discount rate

8.6

16.7

10.5

1,496,892

(1)Unobservable inputs were weighted by the relative fair value of the investments.

(2)Fair value was determined based on transaction pricing or recent acquisition or sale as the best measure of fair value with no material changes in operations of the related portfolio company since the transaction date.

The unobservable inputs used in the fair value measurement of the Company's Level III investments as of December 31, 2024 were as follows:

Range

Type

Fair Value as of December 31, 2024

Approach

Unobservable Input

Low

High

Weighted
Average (1)

First lien

1,236,463

Market & income approach

EBITDA multiple

9.0x

30.0x

17.2x

Revenue multiple

3.0x

19.5x

11.0x

Discount rate

6.9

22.1

9.8

12,529

Other

N/A (2)

N/A

Second lien

72,312

Market & income approach

EBITDA multiple

14.0x

20.0x

17.9x

Discount rate

10.1

13.4

10.7

Subordinated

37,360

Market & income approach

EBITDA multiple

9.0x

21.0x

19.1x

Discount rate

12.5%

14.3%

13.2%

Equity and other

88,281

Market & income approach

EBITDA multiple

9.0x

26.5x

15.2x

Revenue multiple

13.5x

19.5x

16.5x

Discount rate

8.2

17.2

11.9

1,446,945

(1)Unobservable inputs were weighted by the relative fair value of the investments.

Schedule of Principal Amount and Fair Values of Borrowings

The following are the principal amounts and fair values of the Company’s borrowings as of March 31, 2025 and December 31, 2024. Fair value is estimated by discounting remaining payments using applicable current market rates, which take into account changes in the Company’s marketplace credit ratings, or market quotes, if available.


	As of
	March 31, 2025				December 31, 2024
	Principal Amount		Fair Value		Principal Amount		Fair Value
GS Credit Facility	$	440,707	$	442,806	$	374,707	$	383,298
Unsecured Notes	200,000		198,362		200,000		197,053

Total Borrowings	$	640,707	$	641,168	$	574,707	$	580,351

- 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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