v3.25.4
FAIR VALUE MEASUREMENTS - Level 3 Reconciliation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Fair value measurements    
Fair value, beginning of period $ 619,472 $ 673,386
Funding of investments 191,739 207,283
Non-cash interest income 2,150 7,260
Accretion of discount 3,556 4,111
Proceeds from paydowns and sales (249,727) (244,746)
Realized gains (losses) $ (35,383) $ (18,688)
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Gain (Loss) on Sale of Investments Gain (Loss) on Sale of Investments
Net unrealized appreciation (depreciation) $ 25,240 $ (9,134)
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Debt and Equity Securities, Unrealized Gain (Loss) Debt and Equity Securities, Unrealized Gain (Loss)
Fair value, end of period $ 557,047 $ 619,472
Change in unrealized appreciation (depreciation) on investments still held (4,942) (27,059)
First lien secured loans    
Fair value measurements    
Fair value, beginning of period 502,693 553,085
Funding of investments 190,001 206,830
Non-cash interest income 1,872 6,786
Accretion of discount 3,508 4,084
Proceeds from paydowns and sales (244,179) (241,304)
Conversions (12,082) (8,852)
Realized gains (losses) (35,424) (10,985)
Net unrealized appreciation (depreciation) 23,184 (6,951)
Fair value, end of period 429,573 502,693
Change in unrealized appreciation (depreciation) on investments still held (4,730) (17,190)
Second lien secured loans    
Fair value measurements    
Fair value, beginning of period 8,342 19,039
Funding of investments 1,520  
Non-cash interest income 167 380
Accretion of discount 48 22
Proceeds from paydowns and sales (5,193) (2,039)
Conversions   (11,769)
Realized gains (losses)   (5,817)
Net unrealized appreciation (depreciation) (45) 8,526
Fair value, end of period 4,839 8,342
Change in unrealized appreciation (depreciation) on investments still held   259
Unsecured Loans    
Fair value measurements    
Fair value, beginning of period 1,175 167
Non-cash interest income 111 94
Accretion of discount   5
Conversions   886
Net unrealized appreciation (depreciation)   23
Fair value, end of period 1,286 1,175
Change in unrealized appreciation (depreciation) on investments still held (6) 23
Subordinated Note to STRS JV    
Fair value measurements    
Fair value, beginning of period 84,416 84,416
Fair value, end of period 84,416 84,416
Equity (excluding STRS JV)    
Fair value measurements    
Fair value, beginning of period 22,846 16,679
Funding of investments 218 453
Proceeds from paydowns and sales (355) (1,403)
Conversions 12,082 19,735
Realized gains (losses) 41 (1,886)
Net unrealized appreciation (depreciation) 2,101 (10,732)
Fair value, end of period 36,933 22,846
Change in unrealized appreciation (depreciation) on investments still held $ (206) $ (10,151)