v3.25.4
Fair Value Measurements - Valuation Techniques and Significant Unobservable Inputs Used in Recurring Level 3 Fair Value Measurements of Assets and Liabilities (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Fair Value Measurements    
Fair Value $ 334,855 [1],[2] $ 457,048 [3],[4]
Investments owned, fair value disclosure, third party valuation 2,129 2,524
Senior secured loans    
Fair Value Measurements    
Fair Value 263,219 357,994
Unitranche secured loans    
Fair Value Measurements    
Fair Value 2,183 3,862
Junior secured loans    
Fair Value Measurements    
Fair Value 35,180 29,634
Equity investments    
Fair Value Measurements    
Fair Value 34,273 32,828
Level 3 | Total Level 3 Assets    
Fair Value Measurements    
Fair Value 332,726 421,733
Level 3 | Senior secured loans | EBITDA multiples | Discounted cash flow    
Fair Value Measurements    
Fair Value $ 169,384 $ 211,778
Level 3 | Senior secured loans | EBITDA multiples | Discounted cash flow | Weighted Average Mean    
Fair Value Measurements    
Investments, measurement input 11.6 11.4
Level 3 | Senior secured loans | EBITDA multiples | Discounted cash flow | Minimum    
Fair Value Measurements    
Investments, measurement input 4.5 4.8
Level 3 | Senior secured loans | EBITDA multiples | Discounted cash flow | Maximum    
Fair Value Measurements    
Investments, measurement input 36.4 35.9
Level 3 | Senior secured loans | EBITDA multiples | Enterprise value    
Fair Value Measurements    
Fair Value $ 7,953 $ 4,507
Level 3 | Senior secured loans | EBITDA multiples | Enterprise value | Weighted Average Mean    
Fair Value Measurements    
Investments, measurement input 6.4 10.1
Level 3 | Senior secured loans | EBITDA multiples | Enterprise value | Minimum    
Fair Value Measurements    
Investments, measurement input 5.5 6.5
Level 3 | Senior secured loans | EBITDA multiples | Enterprise value | Maximum    
Fair Value Measurements    
Investments, measurement input 12.0 13.0
Level 3 | Senior secured loans | EBITDA Market yields | Discounted cash flow | Weighted Average Mean    
Fair Value Measurements    
Investments, measurement input 0.119 0.126
Level 3 | Senior secured loans | EBITDA Market yields | Discounted cash flow | Minimum    
Fair Value Measurements    
Investments, measurement input 0.072 0.088
Level 3 | Senior secured loans | EBITDA Market yields | Discounted cash flow | Maximum    
Fair Value Measurements    
Investments, measurement input 0.223 0.218
Level 3 | Senior secured loans | Revenue Market yields | Discounted cash flow | Weighted Average Mean    
Fair Value Measurements    
Investments, measurement input 0.103 0.105
Level 3 | Senior secured loans | Revenue Market yields | Discounted cash flow | Minimum    
Fair Value Measurements    
Investments, measurement input 0.085 0.085
Level 3 | Senior secured loans | Revenue Market yields | Discounted cash flow | Maximum    
Fair Value Measurements    
Investments, measurement input 0.200 0.140
Level 3 | Senior secured loans | Revenue multiples | Discounted cash flow    
Fair Value Measurements    
Fair Value $ 54,629 $ 106,963
Level 3 | Senior secured loans | Revenue multiples | Discounted cash flow | Weighted Average Mean    
Fair Value Measurements    
Investments, measurement input 7.0 6.4
Level 3 | Senior secured loans | Revenue multiples | Discounted cash flow | Minimum    
Fair Value Measurements    
Investments, measurement input 1.0 1.2
Level 3 | Senior secured loans | Revenue multiples | Discounted cash flow | Maximum    
Fair Value Measurements    
Investments, measurement input 10.8 13.0
Level 3 | Senior secured loans | Revenue multiples | Enterprise value    
Fair Value Measurements    
Fair Value $ 7,891 $ 9,823
Level 3 | Senior secured loans | Revenue multiples | Enterprise value | Weighted Average Mean    
Fair Value Measurements    
Investments, measurement input 2.3 2.9
Level 3 | Senior secured loans | Revenue multiples | Enterprise value | Minimum    
Fair Value Measurements    
Investments, measurement input 1.0 0.3
Level 3 | Senior secured loans | Revenue multiples | Enterprise value | Maximum    
Fair Value Measurements    
Investments, measurement input 5.3 5.3
Level 3 | Senior secured loans | Book value multiples | Enterprise value    
Fair Value Measurements    
Fair Value $ 18,790 $ 18,437
Level 3 | Senior secured loans | Book value multiples | Enterprise value | Weighted Average Mean    
Fair Value Measurements    
Investments, measurement input 1.3 1.4
Level 3 | Senior secured loans | Book value multiples | Enterprise value | Minimum    
Fair Value Measurements    
Investments, measurement input 1.3 1.4
Level 3 | Senior secured loans | Book value multiples | Enterprise value | Maximum    
Fair Value Measurements    
Investments, measurement input 1.3 1.4
Level 3 | Senior secured loans | Probability weighting of alternative outcomes | Liquidation    
Fair Value Measurements    
Fair Value $ 4,274 $ 5,518
Level 3 | Senior secured loans | Probability weighting of alternative outcomes | Liquidation | Weighted Average Mean    
Fair Value Measurements    
Investments, measurement input 0.456 0.589
Level 3 | Senior secured loans | Probability weighting of alternative outcomes | Liquidation | Minimum    
Fair Value Measurements    
Investments, measurement input 0.318 0.322
Level 3 | Senior secured loans | Probability weighting of alternative outcomes | Liquidation | Maximum    
Fair Value Measurements    
Investments, measurement input 0.842 0.872
Level 3 | Unitranche secured loans | Market yields | Discounted cash flow | Weighted Average Mean    
Fair Value Measurements    
Investments, measurement input   0.139
Level 3 | Unitranche secured loans | Market yields | Discounted cash flow | Minimum    
Fair Value Measurements    
Investments, measurement input   0.139
Level 3 | Unitranche secured loans | Market yields | Discounted cash flow | Maximum    
Fair Value Measurements    
Investments, measurement input   0.139
Level 3 | Unitranche secured loans | Revenue Market yields | Discounted cash flow | Weighted Average Mean    
Fair Value Measurements    
Investments, measurement input 0.132 0.126
Level 3 | Unitranche secured loans | Revenue Market yields | Discounted cash flow | Minimum    
Fair Value Measurements    
Investments, measurement input 0.132 0.126
Level 3 | Unitranche secured loans | Revenue Market yields | Discounted cash flow | Maximum    
Fair Value Measurements    
Investments, measurement input 0.132 0.126
Level 3 | Unitranche secured loans | Revenue multiples | Discounted cash flow    
Fair Value Measurements    
Fair Value $ 2,183 $ 3,862
Level 3 | Unitranche secured loans | Revenue multiples | Discounted cash flow | Weighted Average Mean    
Fair Value Measurements    
Investments, measurement input 5.5 6.3
Level 3 | Unitranche secured loans | Revenue multiples | Discounted cash flow | Minimum    
Fair Value Measurements    
Investments, measurement input 5.5 6.3
Level 3 | Unitranche secured loans | Revenue multiples | Discounted cash flow | Maximum    
Fair Value Measurements    
Investments, measurement input 5.5 6.3
Level 3 | Junior secured loans | EBITDA multiples | Enterprise value    
Fair Value Measurements    
Fair Value $ 542  
Level 3 | Junior secured loans | EBITDA multiples | Enterprise value | Weighted Average Mean    
Fair Value Measurements    
Investments, measurement input 10.3  
Level 3 | Junior secured loans | EBITDA multiples | Enterprise value | Minimum    
Fair Value Measurements    
Investments, measurement input 6.0  
Level 3 | Junior secured loans | EBITDA multiples | Enterprise value | Maximum    
Fair Value Measurements    
Investments, measurement input 12.0  
Level 3 | Junior secured loans | Market yields | Discounted cash flow    
Fair Value Measurements    
Fair Value   $ 19,392
Level 3 | Junior secured loans | Market yields | Discounted cash flow | Weighted Average Mean    
Fair Value Measurements    
Investments, measurement input 0.132  
Level 3 | Junior secured loans | Market yields | Discounted cash flow | Minimum    
Fair Value Measurements    
Investments, measurement input 0.128  
Level 3 | Junior secured loans | Market yields | Discounted cash flow | Maximum    
Fair Value Measurements    
Investments, measurement input 0.133  
Level 3 | Junior secured loans | Revenue Market yields | Discounted cash flow    
Fair Value Measurements    
Fair Value $ 25,517  
Level 3 | Junior secured loans | Revenue Market yields | Discounted cash flow | Weighted Average Mean    
Fair Value Measurements    
Investments, measurement input 0.195 0.185
Level 3 | Junior secured loans | Revenue Market yields | Discounted cash flow | Minimum    
Fair Value Measurements    
Investments, measurement input 0.195 0.185
Level 3 | Junior secured loans | Revenue Market yields | Discounted cash flow | Maximum    
Fair Value Measurements    
Investments, measurement input 0.195 0.185
Level 3 | Junior secured loans | Revenue multiples | Discounted cash flow    
Fair Value Measurements    
Fair Value $ 1,068 $ 921
Level 3 | Junior secured loans | Revenue multiples | Discounted cash flow | Weighted Average Mean    
Fair Value Measurements    
Investments, measurement input 0.2 0.2
Level 3 | Junior secured loans | Revenue multiples | Discounted cash flow | Minimum    
Fair Value Measurements    
Investments, measurement input 0.2 0.2
Level 3 | Junior secured loans | Revenue multiples | Discounted cash flow | Maximum    
Fair Value Measurements    
Investments, measurement input 0.2 0.2
Level 3 | Junior secured loans | Revenue multiples | Enterprise value    
Fair Value Measurements    
Fair Value $ 4,167 $ 6,292
Level 3 | Junior secured loans | Revenue multiples | Enterprise value | Weighted Average Mean    
Fair Value Measurements    
Investments, measurement input 4.4 4.3
Level 3 | Junior secured loans | Revenue multiples | Enterprise value | Minimum    
Fair Value Measurements    
Investments, measurement input 1.0 0.3
Level 3 | Junior secured loans | Revenue multiples | Enterprise value | Maximum    
Fair Value Measurements    
Investments, measurement input 5.3 5.3
Level 3 | Junior secured loans | Probability weighting of alternative outcomes | Liquidation    
Fair Value Measurements    
Fair Value $ 2,208 $ 2,330
Level 3 | Junior secured loans | Probability weighting of alternative outcomes | Liquidation | Weighted Average Mean    
Fair Value Measurements    
Investments, measurement input 2.650 2.796
Level 3 | Junior secured loans | Probability weighting of alternative outcomes | Liquidation | Minimum    
Fair Value Measurements    
Investments, measurement input 2.650 2.796
Level 3 | Junior secured loans | Probability weighting of alternative outcomes | Liquidation | Maximum    
Fair Value Measurements    
Investments, measurement input 2.650 2.796
Level 3 | Equity investments | EBITDA multiples | Enterprise value    
Fair Value Measurements    
Fair Value $ 23,978 $ 19,560
Level 3 | Equity investments | EBITDA multiples | Enterprise value | Weighted Average Mean    
Fair Value Measurements    
Investments, measurement input 9.5 8.9
Level 3 | Equity investments | EBITDA multiples | Enterprise value | Minimum    
Fair Value Measurements    
Investments, measurement input 5.0 6.3
Level 3 | Equity investments | EBITDA multiples | Enterprise value | Maximum    
Fair Value Measurements    
Investments, measurement input 15.0 16.0
Level 3 | Equity investments | Revenue multiples | Enterprise value    
Fair Value Measurements    
Fair Value $ 9,123 $ 10,427
Level 3 | Equity investments | Revenue multiples | Enterprise value | Weighted Average Mean    
Fair Value Measurements    
Investments, measurement input 2.5 2.2
Level 3 | Equity investments | Revenue multiples | Enterprise value | Minimum    
Fair Value Measurements    
Investments, measurement input 0.4 0.4
Level 3 | Equity investments | Revenue multiples | Enterprise value | Maximum    
Fair Value Measurements    
Investments, measurement input 10.8 11.0
Level 3 | Equity investments | Volatility | Option pricing model    
Fair Value Measurements    
Fair Value $ 1,019 $ 1,923
Level 3 | Equity investments | Volatility | Option pricing model | Weighted Average Mean    
Fair Value Measurements    
Investments, measurement input 0.662 0.552
Level 3 | Equity investments | Volatility | Option pricing model | Minimum    
Fair Value Measurements    
Investments, measurement input 0.240 0.240
Level 3 | Equity investments | Volatility | Option pricing model | Maximum    
Fair Value Measurements    
Investments, measurement input 0.700 0.650
[1] All of the Company’s investments are issued by eligible portfolio companies, as defined in the Investment Company Act of 1940 (the “1940 Act”), unless otherwise noted. All of the Company’s investments are issued by U.S. portfolio companies unless otherwise noted.
[2] Because there is no readily available market value for these investments, the fair value of these investments is determined in good faith using significant unobservable inputs by the Valuation Designee. (See Note 4 in the accompanying notes to the consolidated financial statements).
[3] All of the Company’s investments are issued by eligible portfolio companies, as defined in the Investment Company Act of 1940 (the “1940 Act”), unless otherwise noted. All of the Company’s investments are issued by U.S. portfolio companies unless otherwise noted.
[4] Because there is no readily available market value for these investments, the fair value of these investments is determined in good faith using significant unobservable inputs by the Valuation Designee. (See Note 4 in the accompanying notes to the consolidated financial statements)