Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2025 and December 31, 2024:


	Fair Value Measurements
December 31, 2025	Level 1		Level 2		Level 3		Total
Investments:
Senior secured loans	$	—	$	—	$	263,219	$	263,219
Unitranche secured loans	—		—		2,183		2,183
Junior secured loans	—		—		35,180		35,180
Equity investments	—		—		34,273		34,273
Total investments	$	—	$	—	$	334,855	$	334,855


	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 years ended December 31, 2025 and 2024:


	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	(862)		—		(2,029)		32		(2,859)
Net change in unrealized gain (loss) on investments	(8,076)		(11)		(904)		(869)		(9,860)
Purchases of investments and other adjustments to cost (1)	39,889		8		8,555		2,779		51,231
Proceeds from principal payments and sales of investments (2)	(124,820)		(1,676)		(982)		(436)		(127,914)
Reclassifications (3)	(906)		—		906		—		—

Balance as of December 31, 2025	$	263,219	$	2,183	$	35,180	$	34,273	$	334,855


	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	52		—		—		634		686
Net change in unrealized gain (loss) on investments	(10,299)		(108)		(2,303)		(2,678)		(15,388)
Purchases of investments and other adjustments to cost (1)	87,569		130		5,346		4,909		97,954
Proceeds from principal payments and sales of investments (2)	(96,577)		(10,037)		(5,977)		(1,076)		(113,667)
Reclassifications (3)	(11,633)		—		5,974		5,659		—
Transfers in (out) of Level 3 (4)	—		—		—		(335)		(335)
Balance as of December 31, 2024	$	357,994	$	3,862	$	29,634	$	32,767	$	424,257

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(1)Includes purchases of new investments, effects of refinancing and restructurings, premium and discount accretion and amortization, PIK interest capitalized, and the distribution-in-kind of investments previously held by SLF.

(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 December 31, 2025:

Fair Value

Valuation Technique

Unobservable
Input

Weighted Average Mean (1)

Range

Minimum

Maximum

Assets:

Senior secured loans

169,384

Discounted cash flow

EBITDA multiples

11.6x

4.5x

36.4x

Market yields

11.9%

7.2%

22.3%

Senior secured loans

54,629

Discounted cash flow

Revenue multiples

7.0x

1.0x

10.8x

Market yields

10.3%

8.5%

20.0%

Senior secured loans

18,790

Enterprise value

Book value multiples

1.3x

Senior secured loans

7,953

Enterprise value

EBITDA multiples

6.4x

5.5x

12.0x

Senior secured loans

7,891

Enterprise value

Revenue multiples

2.3x

1.0x

5.3x

Senior secured loans

4,274

Liquidation

Probability weighting of alternative outcomes

45.6%

31.8%

84.2%

Unitranche secured loans

2,183

Discounted cash flow

Revenue multiples

5.5x

Market yields

13.2%

Junior secured loans

25,517

Discounted cash flow

Market yields

13.2%

12.8%

13.3%

Junior secured loans

4,167

Enterprise value

Revenue multiples

4.4x

1.0x

5.3x

Junior secured loans

2,208

Liquidation

Probability weighting of alternative outcomes

265.0%

Junior secured loans

1,068

Discounted cash flow

Revenue multiples

0.2x

Market yields

19.5%

Junior secured loans

542

Enterprise value

EBITDA multiples

10.3x

6.0x

12.0x

Equity investments

23,978

Enterprise value

EBITDA multiples

9.5x

5.0x

15.0x

Equity investments

9,123

Enterprise value

Revenue multiples

2.5x

0.4x

10.8x

Equity investments

1,019

Option pricing model

Volatility

66.2%

24.0%

70.0%

Total Level 3 Assets

332,726

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

(2)Excludes investments of $2,129 at fair value where valuation (unadjusted) is obtained from a third-party pricing service or broker quote for which such disclosure is not required.

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 December 31, 2025 and December 31, 2024:


	December 31, 2025				December 31, 2024
	Carrying Value(1)		Fair Value		Carrying Value(1)		Fair Value
Revolving Credit Facility	$	60,860	$	60,860	$	162,872	$	162,872
2026 Notes	129,900		129,900		129,103		124,161
Total Debt	$	190,760	$	190,760	$	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 December 31, 2025 and December 31, 2024:


	December 31, 2025		December 31, 2024
Level 1	$	—	$	—
Level 2	—		—
Level 3	190,760		287,033
Total Debt	$	190,760	$	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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