Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of Fair Value Hierarchy Investments

As of June 30, 2025 and December 31, 2024, the Company’s investments were categorized as follows in the fair value hierarchy:



	June 30, 2025
Valuation Inputs	(Unaudited)		December 31, 2024

Level 1—Price quotations in active markets	$	3	$	1
Level 2—Significant other observable inputs	23		91
Level 3—Significant unobservable inputs	11,990		12,035
Investments measured at net asset value(1)	1,632		1,363
	$	13,648	$	13,490

____________

(1)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. 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 balance sheets.

Schedule of Reconciliation Fair Value, Assets

The following is a reconciliation for the six months ended June 30, 2025 and 2024 of investments for which significant unobservable inputs (Level 3) were used in determining fair value:


	For the Six Months Ended June 30, 2025
	Senior Secured Loans—First Lien		Senior Secured Loans—Second Lien		Other Senior Secured Debt		Subordinated Debt		Asset Based Finance		Equity/Other		Total
Fair value at beginning of period	$	7,780	$	693	$	46	$	233	$	2,102	$	1,181	$	12,035
Accretion of discount (amortization of premium)	16		2		—		1		1		3		23
Net realized gain (loss)	(62)		—		(7)		(9)		14		(89)		(153)
Net change in unrealized appreciation (depreciation)	(141)		(21)		3		(1)		11		7		(142)
Purchases	2,367		—		19		72		550		193		3,201
Paid-in-kind interest	64		1		1		5		9		36		116
Sales and repayments	(1,985)		(1)		(36)		(76)		(691)		(301)		(3,090)
Transfers into Level 3	—		—		—		—		—		—		—
Transfers out of Level 3	—		—		—		—		—		—		—
Fair value at end of period	$	8,039	$	674	$	26	$	225	$	1,996	$	1,030	$	11,990
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	$	(200)	$	(21)	$	0	$	(8)	$	12	$	(92)	$	(309)


	For the Six Months Ended June 30, 2024
	Senior Secured Loans—First Lien		Senior Secured Loans—Second Lien		Other Senior Secured Debt		Subordinated Debt		Asset Based Finance		Equity/Other		Total
Fair value at beginning of period	$	8,429	$	1,090	$	21	$	322	$	2,077	$	1,134	$	13,073
Accretion of discount (amortization of premium)	25		2		—		—		1		—		28
Net realized gain (loss)	(125)		(100)		(2)		—		(63)		(16)		(306)
Net change in unrealized appreciation (depreciation)	45		84		(1)		(4)		77		(59)		142
Purchases	2,721		51		24		27		547		58		3,428
Paid-in-kind interest	34		1		1		15		5		7		63
Sales and repayments	(3,007)		(203)		—		—		(619)		(38)		(3,867)
Transfers into Level 3	—		—		—		—		—		—		—
Transfers out of Level 3	—		—		—		—		—		—		—
Fair value at end of period	$	8,122	$	925	$	43	$	360	$	2,025	$	1,086	$	12,561
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	$	(35)	$	(7)	$	(3)	$	(3)	$	8	$	(81)	$	(121)

Schedule of Valuation Techniques and Significant Unobservable Inputs Used in Recurring Level 3 Fair Value

The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements as of June 30, 2025 and December 31, 2024 were as follows:

Type of Investment

Fair Value at

June 30, 2025

(Unaudited)

Valuation

Technique(1)

Unobservable
Input

Range (Weighted Average)

Impact to Valuation from an Increase in Input(2)

Senior Debt

7,280

Discounted Cash Flow

Discount Rate

6.8% - 20.1% (10.5%)

Decrease

1,306

Waterfall

EBITDA Multiple

0.5x - 12.6x (8.2x)

Increase

149

Cost

Other(3)

Subordinated Debt

196

Discounted Cash Flow

Discount Rate

9.0% - 15.5% (11.9%)

Decrease

Waterfall

EBITDA Multiple

5.0x - 9.0x (5.4x)

Increase

Asset Based Finance

1,519

Discounted Cash Flow

Discount Rate

4.7% - 41.3% (11.9%)

Decrease

435

Waterfall

EBITDA Multiple

1.0x - 1.3x (1.2x)

Increase

Other(3)

Indicative Dealer Quotes

16.5% - 16.5% (16.5%)

Increase

Equity/Other

529

Discounted Cash Flow

Discount Rate

4.0% - 21.0% (13.5%)

Decrease

438

Waterfall

EBITDA Multiple

1.2x - 19.0x (10.0x)

Increase

Other(3)

Option Pricing Model

Equity Illiquidity Discount

30.0% - 30.0% (30.0%)

Decrease

Total

11,990

Type of Investment

Fair Value at

December 31, 2024

Valuation

Technique(1)

Unobservable
Input

Range

Impact to Valuation from an Increase in Input(2)

Senior Debt

7,115

Discounted Cash Flow

Discount Rate

5.8% - 23.8% (10.6%)

Decrease

1,376

Waterfall

EBITDA Multiple

0.7x - 11.3x (8.6x)

Increase

Cost

Other(3)

Subordinated Debt

188

Discounted Cash Flow

Discount Rate

11.3% - 15.4% (12.7%)

Decrease

Waterfall

EBITDA Multiple

7.0x - 7.0x (7.0x)

Increase

Other(3)

Asset Based Finance

1,513

Discounted Cash Flow

Discount Rate

4.8% - 41.7% (12.8%)

Decrease

516

Waterfall

EBITDA Multiple

1.0x - 1.4x (1.2x)

Increase

Cost

Other(3)

Indicative Dealer Quotes

23.0% - 23.0% (23.0%)

Increase

Equity/Other

625

Waterfall

EBITDA Multiple

0.7x - 16.0x (8.3x)

Increase

538

Discounted Cash Flow

Discount Rate

4.3% - 24.8% (14.3%)

Decrease

Other(3)

Total

12,035

_______________

(1)Investments using a market quotes valuation technique were primarily valued by using the midpoint of the prevailing bid and ask prices from dealers on the date of the relevant period end, which were provided by independent third-party pricing services and screened for validity by such services. Investments valued using an EBITDA multiple or a revenue multiple pursuant to the market comparables valuation technique may be conducted using an enterprise valuation waterfall analysis.

(2)Represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the input would have the opposite effect. Significant changes in these inputs in isolation could result in significantly higher or lower fair value measurements.

(3)Fair value based on expected outcome of proposed corporate transactions and/or other factors.

- 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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