FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Portfolio Investments by Level in the Fair Value Hierarchy

The following tables present the fair value hierarchy of the investments as of:


	December 31, 2025								December 31, 2024
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
First Lien Debt	$	—	$	55,441	$	516,333	$	571,774	$	—	$	29,567	$	239,278	$	268,845
Other Debt Investments		—		—		689		689	—		—			630		630
Equity		—		—		1,095		1,095	—		—			413		413
Total	$	—	$	55,441	$	518,117	$	573,558	$	—	$	29,567	$	240,321	$	269,888

Changes in Level 3 Portfolio Investments

The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the year ended December 31, 2025:


	First Lien Debt			Other Debt Investments			Equity		Total Investments
Fair value, beginning of period	$	239,278		$	630		$	413	$	240,321
Purchases of investments (1)		308,091			—			629		308,720
Proceeds from principal repayments and sales of investments (2)		(29,643	)		—			—		(29,643	)
Accretion of discount/amortization of premium		737			1			—		738
Payment-in-kind		528			88			47		663
Net change in unrealized appreciation (depreciation)		(645	)		(30	)		6		(669	)
Net realized gains (losses)		—			—			—		—
Transfers into/out of Level 3 (3)		(2,013	)		—			—		(2,013	)
Fair value, end of period	$	516,333		$	689		$	1,095	$	518,117
Net change in unrealized appreciation (depreciation) from investments still held as of December 31, 2025	$	(544	)	$	(30	)	$	6	$	(568	)

(1)

Purchases may include investments received in corporate actions and restructurings.

(2)

Sales may include investments delivered in corporate actions and restructurings.

(3)

Transfer of portfolio investments within the three-level hierarchy is recorded during the period of such reclassification occurrence at the fair value as of the beginning of the respective period. Generally, reclassifications are primarily due to increase/decrease of price transparency.

The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the year ended December 31, 2024:


	First Lien Debt			Other Debt Investments		Equity		Total Investments
Fair value, beginning of period	$	49,629		$	—	$	16	$	49,645
Purchases of investments (1)		203,274		577		376			204,227
Proceeds from principal repayments and sales of investments (2)		(15,462	)		—		—		(15,462	)
Accretion of discount/amortization of premium	419			1			—		420
Payment-in-kind	113			48		6			167
Net change in unrealized appreciation (depreciation)		1,241		4		15			1,260
Net realized gains (losses)	64				—		—		64
Transfers into/out of Level 3 (3)		—			—		—		—
Fair value, end of period	$	239,278		$	630	$	413	$	240,321
Net change in unrealized appreciation (depreciation) from investments still held as of December 31, 2024	$	1,284		$	4	$	15	$	1,303

(1)

Purchases may include investments received in corporate actions and restructurings.

(2)

Sales may include investments delivered in corporate actions and restructurings.

(3)

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments as of December 31, 2025 and December 31, 2024, respectively. The tables are not intended to be all-inclusive but instead captures the significant unobservable inputs relevant to the Company’s determination of fair value.

          
         December 31, 2025

          
         Fair

         Valuation

         Significant 
Unobservable

         Range(1)

         Weighted

          
         Value

         Technique(3)

         Input

         Low

         High

         Average(2)

Investments in first lien debt

516,333

Yield Analysis

Discount Rate

7.55

14.21

8.69

Other debt

689

Yield Analysis

Discount Rate

14.95

Preferred equity

151

Income Approach

Discount Rate

12.77

695

Market Approach

EBITDA Multiple

11.00x

15.43x

13.22x

Common equity

234

Market Approach

EBITDA Multiple

13.70x

17.50x

16.43x

15

Market Approach

Revenue Multiple

22.25x

Total Investments

518,117

(1)

For an asset category that contains a single investment, the range is not included.

(2)

Weighted average for an asset category consisting of multiple investments is calculated by weighting the significant unobservable input by the relative fair value of the investment. Weighted average for an asset category consisting of a single investment represents the significant unobservable input used in the fair value of the investment.

(3)

During the twelve months ended December 31, 2025, one preferred equity position with a fair value of $0.12 million transitioned from an income approach to a market approach valuation technique.


	December 31, 2024
	Fair		Valuation	Significant Unobservable	Range(1)						Weighted
	Value		Technique(3)	Input	Low			High			Average(2)
Investments in first lien debt		239,278	Yield Analysis	Discount Rate		7.92	%		15.23	%		9.38	%
Other debt		630	Yield Analysis	Discount Rate								9.42	%
Preferred equity		242	Income Approach	Discount Rate		14.80	%		17.50	%		16.44	%
Common equity		151	Market Approach	EBITDA Multiple	13.02x			14.80x			13.03x
		20	Market Approach	Revenue Multiple							7.60x
Total Investments	$	240,321

(1)

For an asset category that contains a single investment, the range is not included.

(2)

Weighted average is calculated by weighting the significant unobservable input by the relative fair value of the investment.

During the twelve months ended December 31, 2024, no positions transitioned valuation techniques or valuation approaches.

Schedule of Carrying Values and Fair Values of Debt

The carrying value and fair value of the Company’s debt were as follows:


			December 31, 2025				December 31, 2024
	Level		Carrying Value		Fair Value		Carrying Value		Fair Value
SMBC Facility		3	$	214,206	$	214,206	$	91,018	$	91,018
Barclays Facility		3		60,000		60,000		-		-
Total			$	274,206	$	274,206	$	91,018	$	91,018

- 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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