Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Summary of Fair Value Measurements of Investments

The following tables present fair value measurements of investments as of December 31, 2025 (in thousands):


Fair Value Hierarchy
	Level 1				Level 2				Level 3				Total
Unitranche First Lien	$	-			$	-			$	434,909			$	434,909
Equity		-				-				23,232				23,232
Total Investments	$	-			$	-			$	458,141			$	458,141
Cash Equivalents		543,791				-				-				543,791
Total Investments including Cash Equivalents	$	543,791			$	-			$	458,141			$	1,001,932

Summary of Reconciliation of Investments that Use Level 3 Inputs

The following table provides a reconciliation of the beginning and ending balances for total investments that use Level 3 inputs for the year ended December 31, 2025 (in thousands):


		Unitranche First Lien			Equity			Total
Balance as of December 31, 2024		$	-		$	-		$	-
Amortized discounts/premiums			260			-			260
Paid in-kind interest			2,855			-			2,855
Net change in unrealized appreciation (depreciation)			6,353			(1,383	)		4,970
Purchases			429,192			24,615			453,807
Sales/principal repayments/paydowns			(3,751	)		-			(3,751	)
Balance as of December 31, 2025		$	434,909		$	23,232		$	458,141
Net change in unrealized appreciation (depreciation) from investments still held as of December 31, 2025		$	6,353		$	(1,383	)	$	4,970

Summary of Fair Value of Level 3 Investments and Ranges of Significant Unobservable Inputs Used to Value Level 3 Investments

The following tables present the fair value of Level 3 investments and the ranges of significant unobservable inputs used to value the Company’s Level 3 investments as of December 31, 2025. These ranges represent the significant unobservable inputs that were used in the valuation of each type of investment. These inputs are not representative of the inputs that could have been used in the valuation of any one investment. For example, the highest market yield presented in the table for senior secured first lien investments is appropriate for valuing a specific investment but may not be appropriate for valuing any other investment. Accordingly, the ranges of inputs presented below do not represent uncertainty in, or possible ranges of, fair value measurements of the Company’s Level 3 investments.


Security Type		Fair Value as of December 31, 2025 (in thousands)				Valuation Technique		Unobservable Input		Range (Weighted Avg)
Unitranche First Lien		$	364,013			Discounted Cash Flow		Discount Rate			8.6	%	-		9.1	%	(8.8%)
			70,896			Broker Quoted		Broker Quote						N/A
		$	434,909
Equity		$	23,232			Enterprise Value		Comparable EBITDA Multiple			12.5	x	-		19.4	x	(17.3x)
		$	23,232
Total		$	458,141

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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