Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2025

Fair Value Disclosures [Abstract]

Summary of Fair Value Hierarchy of Financial Instruments

The following table presents the fair value hierarchy of financial instruments:


		June 30, 2025
		Level 1				Level 2				Level 3				Total
First lien debt		$	—			$	170,802			$	1,410,939			$	1,581,741
Common equity			—				—				17,607				17,607
Preferred equity			—				—				78,575				78,575
Money market funds			99,925				—				—				99,925
Total		$	99,925			$	170,802			$	1,507,121			$	1,777,848

		December 31, 2024
		Level 1				Level 2				Level 3				Total
First lien debt		$	—			$	24,499			$	1,107,757			$	1,132,256
Common equity			—				—				7,500				7,500
Preferred equity			—				—				76,687				76,687
Money market funds			3,447				—				—				3,447
Total		$	3,447			$	24,499			$	1,191,944			$	1,219,890

Summary of Changes in Fair Value of Financial Instruments Level 3 Inputs

The following table presents changes in the fair value of financial instruments for which Level 3 inputs were used to determine the fair value:


		Three Months Ended June 30, 2025
		First Lien Debt				Common Equity				Preferred Equity				Total Investments
Fair value, beginning of period		$	1,283,427			$	7,742			$	76,855			$	1,368,024
Purchases of investments including capitalized PIK interest			131,148				8,487				1,329				140,964
Proceeds from principal repayments and sales of investments			(6,096	)			—				—				(6,096	)
Accretion of discounts			930				—				—				930
Net realized gain			21				—				—				21
Net unrealized gain			1,509				1,378				391				3,278
Fair value, end of period		$	1,410,939			$	17,607			$	78,575			$	1,507,121
Net unrealized gain included in earnings related to financial instruments still held as of June 30, 2025 included in net unrealized gain on the Consolidated Statements of Operations		$	1,510			$	1,378			$	391			$	3,279

		Six Months Ended June 30, 2025
		First Lien Debt				Common Equity				Preferred Equity				Total Investments
Fair value, beginning of period		$	1,107,757			$	7,500			$	76,687			$	1,191,944
Purchases of investments including capitalized PIK interest and dividends			317,102				8,487				1,329				326,918
Proceeds from principal repayments and sales of investments			(21,949	)			—				—				(21,949	)
Accretion of discounts			1,788				—				—				1,788
Net realized gain			184				—				—				184
Net unrealized gain			6,057				1,620				559				8,236
Fair value, end of period		$	1,410,939			$	17,607			$	78,575			$	1,507,121
Net unrealized gain included in earnings related to financial instruments still held as of June 30, 2025 included in net unrealized gain on the Consolidated Statements of Operations		$	6,346			$	1,620			$	559			$	8,525


		Three Months Ended June 30, 2024
		First Lien Debt				Common Equity				Preferred Equity				Total Investments
Fair value, beginning of period		$	167,278			$	—			$	—			$	167,278
Purchases of investments including capitalized PIK interest			267,508				—				—				267,508
Proceeds from principal repayments			(1,421	)			—				—				(1,421	)
Accretion of discounts			891				—				—				891
Net unrealized gain			1,968				—				—				1,968
Fair value, end of period		$	436,224			$	—			$	—			$	436,224
Net unrealized gain included in earnings related to financial instruments still held as of June 30, 2024 included in net unrealized gain on the Consolidated Statements of Operations		$	1,968			$	—			$	—			$	1,968


		Six Months Ended June 30, 2024
		First Lien Debt				Common Equity				Preferred Equity				Total Investments
Purchases of investments including capitalized PIK interest			460,617				—				—				460,617
Proceeds from principal repayments			(27,925	)			—				—				(27,925	)
Accretion of discounts			980				—				—				980
Net unrealized gain			2,552				—				—				2,552
Fair value, end of period		$	436,224			$	—			$	—			$	436,224
Net unrealized gain included in earnings related to financial instruments still held as of June 30, 2024 included in net unrealized gain on the Consolidated Statements of Operations		$	2,552			$	—			$	—			$	2,552

Summary of Quantitative Information about the Significant Unobservable Inputs of the Company's Level 3 Financial Instruments

The following table presents quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments. The table is not intended to be all-inclusive but instead captures the significant unobservable inputs relevant to the Company’s determination of fair value.

          
         June 30, 2025

          
         Range

          
         Fair Value

         Valuation Technique

         Unobservable Input

         Low

         High

         Weighted Average (1)

Investments in first lien debt

$

1,311,510

Yield analysis

Discount rate

7.91%

11.77%

9.21%

99,429

Transaction price

N/A

N/A

N/A

N/A

Investments in common equity

9,120

Market Approach

EBITDA Multiple

14.00x

14.00x

14.00x

8,487

Transaction price

N/A

N/A

N/A

N/A

Investments in preferred equity

78,575

Yield analysis

Discount rate

11.03%

12.98%

12.03%

Total

$

1,507,121

          
         December 31, 2024

          
         Range

          
         Fair Value

         Valuation Technique

         Unobservable Input

         Low

         High

         Weighted Average (1)

Investments in first lien debt

$

700,413

Yield analysis

Discount rate

8.27%

12.34%

9.63%

407,344

Transaction price

N/A

N/A

N/A

N/A

Investments in common equity

7,500

Transaction price

N/A

N/A

N/A

N/A

Investments in preferred equity

31,527

Yield analysis

Discount rate

11.31%

13.23%

11.69%

45,160

Transaction price

N/A

N/A

N/A

N/A

Total

$

1,191,944

(1)

Weighted averages are calculated based on fair value of investments as of the measurement date.

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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