v3.25.2
Fair Value of Financial Instruments
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments Fair Value of Financial Instruments
The Company’s investments were categorized in the fair value hierarchy described in Note 2. “Significant Accounting Policies,” as follows as of June 30, 2025 and December 31, 2024 (in thousands):
 As of June 30, 2025As of December 31, 2024
DescriptionLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Senior Debt$— $— $334,015 $334,015 $— $— $292,284 $292,284 
Equity— — 1,028,576 1,028,576 — — 848,575 848,575 
Total Investments$— $— $1,362,591 $1,362,591 $— $— $1,140,859 $1,140,859 
The ranges of unobservable inputs used in the fair value measurement of the Company’s Level 3 investments as of June 30, 2025 and December 31, 2024 were as follows (in thousands):
As of June 30, 2025
Asset GroupFair ValueValuation TechniquesUnobservable Inputs
Range
(Weighted Average)(1)
Impact to Valuation from an Increase in
Input(2)
Senior Debt$311,015 Discounted Cash Flow
Market Comparables
Transaction Method		Discount Rate
EBITDA Multiple
10.5% – 16.0% (13.5%)
5.9x – 20.0x (12.4x)
Decrease
Increase
23,000 Transaction PrecedentTransaction PriceN/AN/A
Equity938,076 Discounted Cash Flow
Market Comparables
Transaction Method		Discount Rate
EBITDA Multiple
10.5% – 16.0% (13.5%)
5.9x – 20.0x (12.4x)
Decrease
Increase
90,500 Transaction PrecedentTransaction PriceN/AN/A
Total$1,362,591 
As of December 31, 2024
Asset GroupFair ValueValuation TechniquesUnobservable Inputs
Range
(Weighted Average)(1)
Impact to Valuation from an Increase in
Input(2)
Senior Debt$292,284 Discounted Cash Flow
Market Comparables
Transaction Method		Discount Rate
EBITDA Multiple
10.8% – 16.0% (13.4%)
6.3x – 21.7x (12.4x)

Decrease
Increase
Equity848,575 Discounted Cash Flow
Market Comparables
Transaction Method		Discount Rate
EBITDA Multiple
10.8% – 16.0% (13.4%)
6.3x – 21.7x (12.4x)

Decrease
Increase
Total$1,140,859 
FOOTNOTES:
(1)    Discount rates are relative to the enterprise value of the portfolio companies and are not the market yields on the associated debt investments. Unobservable inputs were weighted by the relative fair value of the investments.
(2)    This column 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.
The preceding tables include the significant unobservable inputs as they relate to the Company’s determination of fair values for its investments categorized within Level 3 as of June 30, 2025 and December 31, 2024. In addition to the techniques and inputs noted in the tables above, according to the Company’s valuation policy, the Company may also use other valuation techniques and methodologies when determining the fair value estimates for the Company’s investments. Any significant increases or decreases in the unobservable inputs would result in significant increases or decreases in the fair value of the Company’s investments.
Investments that do not have a readily available market value are valued utilizing a market approach, an income approach (i.e. discounted cash flow approach), a transaction approach, or a combination of such approaches, as appropriate. The market approach uses prices, including third party indicative broker quotes, and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business). The transaction approach uses pricing indications derived from recent precedent merger and acquisition transactions involving comparable target companies. The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) that are discounted based on a required or expected discount rate to derive a present value amount range. The measurement is based on the value indicated by current market expectations about those future amounts. In following these approaches, the types of factors the Company may take into account to determine the fair value of its investments include, as relevant: available current market data, including an assessment of the credit quality of the security’s issuer, relevant and applicable market trading and transaction comparables, applicable market yields and multiples, illiquidity discounts, security covenants, call protection provisions, information rights, the nature and realizable value of any collateral, the portfolio company’s ability to make payments, its earnings and cash flows, the markets in which the portfolio company does business, comparisons of financial ratios of peer companies that are public, data derived from merger and acquisition activities for comparable companies, and enterprise values, among other factors.
The following tables provide a reconciliation of investments for which Level 3 inputs were used in determining fair value for the six months ended June 30, 2025 and 2024 (in thousands):
 Six Months Ended June 30, 2025
 Senior DebtEquityTotal
Fair value balance as of January 1, 2025
$292,284 $848,575 $1,140,859 
Additions40,918 118,153 159,071 
Principal repayment(125)— (125)
PIK interest and dividends364 3,188 3,552 
Return of capital(1)
— (984)(984)
Net change in unrealized appreciation, including unrealized foreign currency gain574 59,644 60,218 
Fair value balance as of June 30, 2025$334,015 $1,028,576 $1,362,591 
Change in net unrealized appreciation on investments held as of June 30, 2025
$574 $59,644 $60,218 

 Six Months Ended June 30, 2024
Senior DebtEquityTotal
Fair value balance as of January 1, 2024
$276,158 $600,685 $876,843 
Additions1,376 92,032 93,408 
Principal repayment(125)— (125)
Return of capital(1)
— (592)(592)
Net change in unrealized appreciation— 36,469 36,469 
Fair value balance as of June 30, 2024$277,409 $728,594 $1,006,003 
Change in net unrealized appreciation on investments held as of June 30, 2024
$— $36,469 $36,469 
FOOTNOTE:
(1)    Represents portion of distributions received which were accounted for as a return of capital. See Note 2. “Significant Accounting Policies” for information on the accounting treatment of distributions from portfolio companies.