v3.25.2
Fair Value of Investments (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value of Investments [Abstract]  
Schedule of Fair Value Hierarchy of Investments

The following table presents the fair value hierarchy of investments as of June 30, 2025:

 

 

Fair Value Hierarchy as of June 30, 2025

 

Investments:

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

First-lien senior secured debt

 

$

—

 

 

$

1,104,986,930

 

 

$

—

 

 

$

1,104,986,930

 

Second-lien senior secured debt

 

 

—

 

 

 

72,227,601

 

 

 

—

 

 

 

72,227,601

 

Corporate Bonds

 

 

—

 

 

 

4,337,445

 

 

 

—

 

 

 

4,337,445

 

CLO Mezzanine

 

 

—

 

 

 

34,598,554

 

 

 

—

 

 

 

34,598,554

 

CLO Equity

 

 

—

 

 

 

8,096,713

 

 

 

—

 

 

 

8,096,713

 

Equity

 

 

—

 

 

 

6,772,148

 

 

 

—

 

 

 

6,772,148

 

Short Term Investments

 

 

48,773,413

 

 

 

—

 

 

 

—

 

 

 

48,773,413

 

Total Investments

 

$

48,773,413

 

 

$

1,231,019,391

 

 

$

—

 

 

$

1,279,792,804

 

 

The following table presents the fair value hierarchy of investments as of December 31, 2024:

 

 

Fair Value Hierarchy as of December 31, 2024

 

Investments:

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

First-lien senior secured debt

 

$

—

 

 

$

1,206,603,630

 

 

$

—

 

 

$

1,206,603,630

 

Second-lien senior secured debt

 

 

—

 

 

 

77,650,130

 

 

 

—

 

 

 

77,650,130

 

Corporate Bonds

 

 

—

 

 

 

4,214,315

 

 

 

—

 

 

 

4,214,315

 

CLO Mezzanine

 

 

—

 

 

 

38,147,753

 

 

 

—

 

 

 

38,147,753

 

CLO Equity

 

 

—

 

 

 

10,003,685

 

 

 

—

 

 

 

10,003,685

 

Equity

 

 

—

 

 

 

1,081,497

 

 

 

—

 

 

 

1,081,497

 

Short Term Investments

 

 

69,429,935

 

 

 

—

 

 

 

—

 

 

 

69,429,935

 

Total Investments

 

$

69,429,935

 

 

$

1,337,701,010

 

 

$

—

 

 

$

1,407,130,945

 
Schedule of Changes in the Fair Value of Investments following table shows the changes in the fair value of our Level 3 investments during the six months ended June 30, 2025. The Company did not hold any Level 3 positions at the year ended December 31, 2024.

 

 

Equity

 

Fair value, beginning of period

$

—

 

Purchases of investments, net

 

6,886,857

 

Proceeds from principal payments and sales of investments, net

 

—

 

Net change in unrealized gain (loss)

 

(865,138

)

Net accretion of discount on investments

 

—

 

Transfers into (out of) Level 3

 

(6,021,719

)

Fair value, end of period

$

—