v3.25.4
FAIR VALUE MEASUREMENTS - Unobservable Inputs (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair Value $ 573,558 [1],[2] $ 269,888 [3],[4]
Level 3    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair Value $ 518,117 240,321
Level 3 | Income Approach | Low | EBITDA Multiple    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input [5] 0.11  
Level 3 | Income Approach | Weighted Average | EBITDA Multiple    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input [6] 0.1322  
Level 3 | Market Approach | EBITDA Multiple    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair Value $ 695  
Level 3 | Investments in first lien debt    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair Value 516,333 239,278
Level 3 | Investments in first lien debt | Yield Analysis | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair Value $ 516,333 $ 239,278
Level 3 | Investments in first lien debt | Yield Analysis | Low | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 0.0755 [5] 0.0792 [7]
Level 3 | Investments in first lien debt | Yield Analysis | High | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 0.1421 [5] 0.1523 [7]
Level 3 | Investments in first lien debt | Yield Analysis | Weighted Average | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 0.0869 [6] 0.0938 [8]
Level 3 | Other Debt Investments [Member]    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair Value $ 689 $ 630
Level 3 | Other Debt Investments [Member] | Yield Analysis | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair Value $ 689 $ 630
Level 3 | Other Debt Investments [Member] | Yield Analysis | Weighted Average | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 0.1495 [6] 0.0942 [8]
Level 3 | Preferred equity | Income Approach | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair Value $ 151 $ 242
Level 3 | Preferred equity | Income Approach | Low | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input [7]   0.148
Level 3 | Preferred equity | Income Approach | High | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input [7]   0.175
Level 3 | Preferred equity | Income Approach | High | EBITDA Multiple    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input [5] 0.1543  
Level 3 | Preferred equity | Income Approach | Weighted Average | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 0.1277 [6] 0.1644 [8]
Level 3 | Preferred equity | Market Approach    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair Value $ 120  
Level 3 | Common equity | Market Approach | EBITDA Multiple    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair Value 234 $ 151
Level 3 | Common equity | Market Approach | Revenue Multiple    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair Value $ 15 $ 20
Level 3 | Common equity | Market Approach | Low | EBITDA Multiple    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 13.7 [5] 13.02 [7]
Level 3 | Common equity | Market Approach | High | EBITDA Multiple    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 17.5 [5] 14.8 [7]
Level 3 | Common equity | Market Approach | Weighted Average | EBITDA Multiple    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 16.43 [6] 13.03 [8]
Level 3 | Common equity | Market Approach | Weighted Average | Revenue Multiple    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 22.25 [6] 7.6 [8]
[1] Assets or a portion thereof are pledged as collateral for the SMBC Facility. See Note 6 "Debt".
[2] Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments (including preferred equity investments) are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”), the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of December 31, 2025, the Company does not “control” any of these portfolio companies. Under the 1940 Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of December 31, 2025, the Company is not an “affiliated person” of any of its portfolio companies.
[3] Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”), the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its
outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of December 31, 2024, the Company does not “control” any of these portfolio companies. Under the 1940 Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of December 31, 2024, the Company is not an “affiliated person” of any of its portfolio companies.
[4] Unless otherwise indicated, the Company's investments are pledged as collateral supporting the amounts outstanding under the SMBC Facility (as defined below). See Note 6 "Debt".
[5] For an asset category that contains a single investment, the range is not included.
[6] 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.
[7] For an asset category that contains a single investment, the range is not included.
[8] Weighted average is calculated by weighting the significant unobservable input by the relative fair value of the investment.