Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of Fair Value Measurements of Investments and Foreign Currency Forward Contracts, by Major Class According to the Fair Value Hierarchy

The following tables present fair value measurements of investments, by major class according to the fair value hierarchy as of June 30, 2025 and December 31, 2024:


	Fair Value Measurements
June 30, 2025	Level 1		Level 2		Level 3		Total
Investments:
Senior secured loans	$	—	$	—	$	270,091	$	270,091
Unitranche secured loans	—		—		2,183		2,183
Junior secured loans	—		—		31,679		31,679
Equity investments	—		—		33,590		33,590
Investments measured at NAV (1) (2)	—		—		—		30,157
Total investments	$	—	$	—	$	337,543	$	367,700


	Fair Value Measurements
December 31, 2024	Level 1		Level 2		Level 3		Total
Investments:
Senior secured loans	$	—	$	—	$	357,994	$	357,994
Unitranche secured loans	—		—		3,862		3,862
Junior secured loans	—		—		29,634		29,634
Equity investments	61		—		32,767		32,828
Investments measured at NAV (1) (2)	—		—		—		32,730
Total investments	$	61	$	—	$	424,257	$	457,048

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(1)Certain investments that are measured at fair value using the NAV 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 on the consolidated statements of assets and liabilities.

(2)Represents the Company’s investment in LLC equity interests in SLF. The fair value of this investment has been determined using the NAV of the Company’s ownership interest in SLF’s members’ capital.

Schedule of Reconciliation of Beginning and Ending Balances for Investments at Fair Value that Use Level 3 Inputs

The following tables provide a reconciliation of the beginning and ending balances for investments at fair value that use Level 3 inputs for the three and six months ended June 30, 2025:


	Investments
	Senior secured loans		Unitranche secured loans		Junior secured loans		Equity investments		Total Level 3 investments
Balance as of March 31, 2025	$	330,893	$	2,183	$	32,017	$	33,561	$	398,654
Net realized gain (loss) on investments	—		—		—		77		77
Net change in unrealized gain (loss) on investments	(1,853)		(2)		(1,768)		139		(3,484)
Purchases of investments and other adjustments to cost (1)	4,716		2		523		81		5,322
Proceeds from principal payments and sales of investments (2)	(62,754)		—		—		(272)		(63,026)
Reclassifications (3)	(906)		—		906		—		—

Balance as of June 30, 2025	$	270,096	$	2,183	$	31,678	$	33,586	$	337,543


	Investments
	Senior secured loans		Unitranche secured loans		Junior secured loans		Equity investments		Total Level 3 investments
Balance as of December 31, 2024	$	357,994	$	3,862	$	29,634	$	32,767	$	424,257
Net realized gain (loss) on investments	—		—		—		29		29
Net change in unrealized gain (loss) on investments	(3,676)		(9)		(1,892)		(287)		(5,864)
Purchases of investments and other adjustments to cost (1)	19,980		6		3,030		1,349		24,365
Proceeds from principal payments and sales of investments (2)	(103,296)		(1,676)		—		(272)		(105,244)
Reclassifications (3)	(906)		—		906		—		—

Balance as of June 30, 2025	$	270,096	$	2,183	$	31,678	$	33,586	$	337,543

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(1)Includes purchases of new investments, effects of refinancing and restructurings, premium and discount accretion and amortization and PIK interest capitalized.

(2)Represents net proceeds from investments sold and principal paydowns received.

(3)Represents non-cash reclassification of investment type due to a restructuring.

The following tables provide a reconciliation of the beginning and ending balances for investments at fair value that use Level 3 inputs for the three and six months ended June 30, 2024:


	Investments
	Senior secured loans		Unitranche secured loans		Junior secured loans		Equity investments		Total Level 3 investments
Balance as of March 31, 2024	$	404,051	$	6,091	$	27,427	$	29,310	$	466,879
Net realized gain (loss) on investments	50		—		—		—		50
Net change in unrealized gain (loss) on investments	315		(1)		(2,591)		(947)		(3,224)
Purchases of investments and other adjustments to cost (1)	22,437		22		1,553		103		24,115
Proceeds from principal payments and sales of investments (2)	(33,067)		(2,252)		(5)		(6)		(35,330)
Reclassifications (3)	(3,844)		—		2,304		1,540		—

Balance as of June 30, 2024	$	389,942	$	3,860	$	28,688	$	30,000	$	452,490


	Investments
	Senior secured loans		Unitranche secured loans		Junior secured loans		Equity investments		Total Level 3 investments
Balance as of December 31, 2023	$	388,882	$	13,877	$	26,594	$	25,654	$	455,007
Net realized gain (loss) on investments	50		—		—		4		54
Net change in unrealized gain (loss) on investments	(1,342)		(102)		(1,178)		(3,020)		(5,642)
Purchases of investments and other adjustments to cost (1)	46,013		122		2,640		2,048		50,823
Proceeds from principal payments and sales of investments (2)	(37,105)		(10,037)		(265)		(10)		(47,417)
Reclassifications (3)	(6,556)		—		897		5,659		—
Transfers in (out) of Level 3 (4)	—		—		—		(335)		(335)
Balance as of June 30, 2024	$	389,942	$	3,860	$	28,688	$	30,000	$	452,490

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(1)Includes purchases of new investments, effects of refinancing and restructurings, premium and discount accretion and amortization and PIK interest capitalized.

(2)Represents net proceeds from investments sold and principal paydowns received.

(3)Represents non-cash reclassification of investment type due to a restructuring.

(4)Represents non-cash transfers between fair value categories due to a restructuring.

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

The following tables present quantitative information about the valuation techniques and significant unobservable inputs of the Company's Level 3 investments as of June 30, 2025:

Fair Value

Valuation Technique

Unobservable
Input

Weighted Average Mean (1)

Range

Minimum

Maximum

Assets:

Senior secured loans

177,601

Discounted cash flow

EBITDA multiples

11.0x

5.0x

34.5x

Market yields

12.3%

7.7%

25.5%

Senior secured loans

60,090

Discounted cash flow

Revenue multiples

7.1x

0.4x

11.0x

Market yields

10.1%

8.7%

15.5%

Senior secured loans

18,266

Enterprise value

Book value multiples

1.3x

Senior secured loans

7,659

Enterprise value

EBITDA multiples

6.8x

5.0x

12.0x

Senior secured loans

4,645

Liquidation

Probability weighting of alternative outcomes

49.2%

32.2%

81.3%

Senior secured loans

1,830

Enterprise value

Revenue multiples

3.1x

0.2x

5.0x

Unitranche secured loans

2,183

Discounted cash flow

Revenue multiples

6.0x

Market yields

13.2%

Junior secured loans

22,262

Discounted cash flow

Market yields

13.3%

Junior secured loans

5,866

Enterprise value

Revenue multiples

3.3x

0.2x

5.0x

Junior secured loans

2,208

Liquidation

Probability weighting of alternative outcomes

265.0%

Junior secured loans

971

Discounted cash flow

Revenue multiples

0.2x

Market yields

19.8%

Junior secured loans

372

Enterprise value

EBITDA multiples

12.0x

Equity securities

22,782

Enterprise value

EBITDA multiples

9.3x

6.3x

17.0x

Equity securities

9,299

Enterprise value

Revenue multiples

2.6x

0.4x

11.0x

Equity securities

1,509

Option pricing model

Volatility

65.9%

24.0%

70.0%

Total Level 3 Assets

337,543

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(1)The weighted average mean of unobservable inputs is based on the fair value of investments.

The following tables present quantitative information about the valuation techniques and significant unobservable inputs of the Company's Level 3 investments as of December 31, 2024:

Fair Value

Valuation Technique

Unobservable
Input

Weighted Average Mean (1)

Range

Minimum

Maximum

Assets:

Senior secured loans

211,778

Discounted cash flow

EBITDA multiples

11.4x

4.8x

35.9x

Market yields

12.6%

8.8%

21.8%

Senior secured loans

106,963

Discounted cash flow

Revenue multiples

6.4x

1.2x

13.0x

Market yields

10.5%

8.5%

14.0%

Senior secured loans

18,437

Enterprise value

Book value multiples

1.4x

Senior secured loans

9,823

Enterprise value

Revenue multiples

2.9x

0.3x

5.3x

Senior secured loans

5,518

Liquidation

Probability weighting of alternative outcomes

58.9%

32.2%

87.2%

Senior secured loans

4,507

Enterprise value

EBITDA multiples

10.1x

6.5x

13.0x

Unitranche secured loans

3,862

Discounted cash flow

Revenue multiples

6.3x

Market yields

13.9%

Junior secured loans

19,392

Discounted cash flow

Market yields

12.6%

Junior secured loans

6,292

Enterprise value

Revenue multiples

4.3x

0.3x

5.3x

Junior secured loans

2,330

Liquidation

Probability weighting of alternative outcomes

279.6%

Junior secured loans

921

Discounted cash flow

Revenue multiples

0.2x

Market yields

18.5%

Equity investments

19,560

Enterprise value

EBITDA multiples

8.9x

6.3x

16.0x

Equity investments

10,427

Enterprise value

Revenue multiples

2.2x

0.4x

11.0x

Equity investments

1,923

Option pricing model

Volatility

55.2%

24.0%

65.0%

Total Level 3 Assets

421,733

(2)

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(1)The weighted average mean of unobservable inputs is based on the fair value of investments.

(2)Excludes investments of $2,524 at fair value where valuation (unadjusted) is obtained from a third-party pricing service or broker quote for which such disclosure is not required.

Schedule of Carrying Values and Fair Values of Debt

The following are the carrying values and fair values of the Company’s debt as of June 30, 2025 and December 31, 2024:


	As of June 30, 2025				As of December 31, 2024
	Carrying Value(1)		Fair Value		Carrying Value(1)		Fair Value
Revolving Credit Facility	$	79,080	$	79,080	$	162,872	$	162,872
2026 Notes	129,498		127,830		129,103		124,161
Total Debt	$	208,578	$	206,910	$	291,975	$	287,033

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(1)Represents the principal amount outstanding, less unamortized debt issuance costs.

The below table presents fair value measurements of the Company’s debt obligations according to the fair value hierarchy as of June 30, 2025 and December 31, 2024:


	June 30, 2025		December 31, 2024
Level 1	$	—	$	—
Level 2	—		—
Level 3	206,910		287,033
Total Debt	$	206,910	$	287,033

- 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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