| Schedule of Fair Value, Assets Measured on Recurring Basis |
Investments measured at fair value on a recurring basis are categorized in the following table based upon the lowest level of significant input to the valuations as of December 31, 2025 and December 31, 2024. The Company transfers investments in and out of Levels 1, 2 and 3 as of the beginning balance sheet date, based on changes in the use of observable and unobservable inputs utilized to perform the valuation for the period. | | | | | | | | | | | | | | | | | | | | | | | | | | | Investment Type
(in thousands) | | December 31, 2025 | | Level 1 | | Level 2 | | Level 3 | | Total | | Debt investments | | $ | — | | | $ | — | | | $ | 302,379 | | | $ | 302,379 | | | Warrant investments | | — | | | — | | | 30,287 | | | 30,287 | | | Equity investments | | — | | | — | | | 26,734 | | | 26,734 | | | Total portfolio company investments | | $ | — | | | $ | — | | | $ | 359,400 | | | $ | 359,400 | | Derivative instruments(1) | | — | | | (40) | | | — | | | (40) | | | Total investments, including derivative instruments | | $ | — | | | $ | (40) | | | $ | 359,400 | | | $ | 359,360 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | Investment Type
(in thousands) | | December 31, 2024 | | Level 1 | | Level 2 | | Level 3 | | Total | | Debt investments | | $ | — | | | $ | — | | | $ | 318,838 | | | $ | 318,838 | | | Warrant investments | | — | | | — | | | 24,111 | | | 24,111 | | | Equity investments | | — | | | — | | | 16,948 | | | 16,948 | | | Total portfolio company investments | | $ | — | | | $ | — | | | $ | 359,897 | | | $ | 359,897 | | Derivative instruments(1) | | — | | | 423 | | | — | | | 423 | | | Total investments, including derivative instruments | | $ | — | | | $ | 423 | | | $ | 359,897 | | | $ | 360,320 | |
___________ (1)Derivative instruments are carried at fair value and a level 2 security within the Company’s fair value hierarchy.
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| Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation |
The following tables show information about Level 3 portfolio company investments measured at fair value for the years ended December 31, 2025 and December 31, 2024. Both observable and unobservable inputs were used to determine the fair value of positions that the Company has classified within the Level 3 category. As a result, the net unrealized gains and losses for assets within the Level 3 category may include changes in fair value that were attributable to both observable (e.g., changes in market interest rates) and unobservable (e.g., changes in unobservable long-dated volatilities) inputs. | | | | | | | | | | | | | | | | | | | | | | | | | | | Level 3
Investment Activity (in thousands) | | For the Year Ended December 31, 2025 | | Debt Investments | | Warrant Investments | | Equity Investments | | Total Portfolio Company Investments | | Fair value as of December 31, 2024 | | $ | 318,838 | | | $ | 24,111 | | | $ | 16,948 | | | $ | 359,897 | | | Funding and purchases of investments, at cost | | 149,132 | | | 3,773 | | | 2,835 | | | 155,740 | | | Principal payments and sale proceeds received from investments | | (143,736) | | | (1,852) | | | (152) | | | (145,740) | | | Amortization and accretion of premiums and discounts, net and end-of term payments | | 5,475 | | | — | | | — | | | 5,475 | | | Net realized losses on investments | | (25,121) | | | (124) | | | (353) | | | (25,598) | | | Net change in unrealized gains/(losses) included in earnings | | (5,903) | | | 5,013 | | | 5,206 | | | 4,316 | | | Payment-in-kind coupon | | 5,310 | | | — | | | — | | | 5,310 | | | Transfers between investments | | (1,616) | | | (634) | | | 2,250 | | | — | | Gross transfers out of Level 3(1) | | — | | | — | | | — | | | — | | | Fair value as of December 31, 2025 | | $ | 302,379 | | | $ | 30,287 | | | $ | 26,734 | | | $ | 359,400 | | | | | | | | | | | | Net change in unrealized gains/(losses) on Level 3 investments held as of December 31, 2025 | | $ | (14,755) | | | $ | 3,700 | | | $ | 4,668 | | | $ | (6,387) | |
___________(1)Transfers out of Level 3 are measured as of the date of the transfer. There were no transfers out of Level 3 during the year ended December 31, 2025.
| | | | | | | | | | | | | | | | | | | | | | | | | | | Level 3
Investment Activity (in thousands) | | For the Year Ended December 31, 2024 | | Debt Investments | | Warrant Investments | | Equity Investments | | Total Portfolio Company Investments | | Fair value as of December 31, 2023 | | $ | 375,025 | | | $ | 16,915 | | | $ | 8,255 | | | $ | 400,195 | | | Funding and purchases of investments, at cost | | 125,804 | | | 2,855 | | | 3,819 | | | 132,478 | | | Principal payments and sale proceeds received from investments | | (157,579) | | | (1,135) | | | — | | | (158,714) | | | Amortization and accretion of premiums and discounts, net and end-of term payments | | 3,160 | | | — | | | — | | | 3,160 | | | Net realized losses on investments | | (14,231) | | | (268) | | | (50) | | | (14,549) | | | Net change in unrealized losses included in earnings | | (12,052) | | | 5,770 | | | 109 | | | (6,173) | | | Payment-in-kind coupon | | 3,499 | | | — | | | — | | | 3,499 | | | Transfers between investments | | (4,788) | | | (26) | | | 4,815 | | | 1 | | Gross transfers out of Level 3(1) | | — | | | — | | | — | | | — | | | Fair value as of December 31, 2024 | | $ | 318,838 | | | $ | 24,111 | | | $ | 16,948 | | | $ | 359,897 | | | | | | | | | | | | Net change in unrealized losses on Level 3 investments held as of December 31, 2024 | | $ | (14,449) | | | $ | 5,409 | | | $ | 109 | | | $ | (8,931) | |
_______________ (1)Transfers out of Level 3 are measured as of the date of the transfer. There were no transfers out of Level 3 during the year ended December 31, 2024.
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| Schedule of Fair Value Measurement Inputs and Valuation Techniques |
The following tables show a summary of quantitative information about the Level 3 fair value measurements of portfolio company investments as of December 31, 2025 and December 31, 2024. In addition to the techniques and inputs noted in the tables below, the Company may also use other valuation techniques and methodologies when determining fair value measurements. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Level 3 Investments
(dollars in thousands) | | December 31, 2025 | | Fair Value | | Valuation Technique | | Unobservable Inputs | | Range | | Weighted Average | | Debt investments | | $ | 285,046 | | | Discounted Cash Flows | | Discount Rate | | 6.17% - 51.14% | | 16.02% | | | 17,333 | | | Probability-Weighted Expected Return Method | | Probability Weighting of Alternative Outcomes | | —% - 100.00% | | 71.22% | | Warrant investments | | 30,287 | | | Black Scholes Option Pricing Model | | Revenue Multiples | | 0.45x - 56.90x | | 5.27x | | | | | | | Volatility | | 35.00% - 85.00% | | 65.49% | | | | | | | Term | | 0.50 - 5.00 Years | | 3.42 years | | | | | | | Risk Free Rate | | 0.17% - 4.87% | | 3.25% | | Equity investments | | 26,734 | | | Black Scholes Option Pricing Model | | Volatility | | 40.00% - 85.00% | | 57.88% | | | | | | | Term | | 1.75 - 4.5 Years | | 3.04 years | | | | | | | Risk Free Rate | | 0.46% - 4.86% | | 3.41% | | | | | | | Revenue Multiples | | 0.55x - 11.00x | | 2.24x | | | | | | | EBITDA Multiples | | 10.50x - 11.50x | | 11.00x | | Total portfolio company investments | | $ | 359,400 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Level 3 Investments
(dollars in thousands) | | December 31, 2024 | | Fair Value | | Valuation Technique | | Unobservable Inputs | | Range | | Weighted Average | | Debt investments | | $ | 311,488 | | | Discounted Cash Flows | | Discount Rate | | 10.12% - 37.73% | | 18.04% | | | 7,350 | | | Probability-Weighted Expected Return Method | | Probability Weighting of Alternative Outcomes | | 25.00% - 100.00% | | 78.37% | | Warrant investments | | 24,111 | | | Black Scholes Option Pricing Model | | Revenue Multiples | | 0.40x - 56.90x | | 3.80x | | | | | | | Volatility | | 35.00% - 90.00% | | 65.44% | | | | | | | Term | | 0.50 - 5.50 Years | | 3.40 years | | | | | | | Risk Free Rate | | 0.17% - 4.87% | | 3.64% | | Equity investments | | 16,948 | | | Black Scholes Option Pricing Model | | Volatility | | 50.00% - 90.00% | | 56.78% | | | | | | | Term | | 1.75 - 4.00 Years | | 3.08 years | | | | | | | Risk Free Rate | | 0.46% - 4.86% | | 3.35% | | | | | | | Revenue Multiples | | 0.70x - 11.00x | | 2.34x | | Total portfolio company investments | | $ | 359,897 | | | | | | | | | |
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| Schedule of Offsetting Assets |
The following tables present the Company’s assets and liabilities related to derivatives by counterparty, net of amounts available for offset under a master netting arrangement and net of any collateral received or pledged by the Company for such assets and liabilities as of December 31, 2025 and December 31, 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2025 | | Counterparty | | Derivative Assets Subject to Master Netting Agreement | | Derivatives Available for Offset | | Non-cash Collateral Received(1) | | Cash Collateral Received(1) | | Net Amount of Derivative Assets(2) | | Zions Bancorporation, N.A. | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | Total | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | Counterparty | | Derivative Liabilities Subject to Master Netting Agreement | | Derivatives Available for Offset | | Non-cash Collateral Received(1) | | Cash Collateral Received(1) | | Net Amount of Derivative Liabilities(3) | | Zions Bancorporation, N.A. | | $ | (40) | | | $ | — | | | $ | — | | | $ | — | | | $ | (40) | | | Total | | $ | (40) | | | $ | — | | | $ | — | | | $ | — | | | $ | (40) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2024 | | Counterparty | | Derivative Assets Subject to Master Netting Agreement | | Derivatives Available for Offset | | Non-cash Collateral Received(1) | | Cash Collateral Received(1) | | Net Amount of Derivative Assets(2) | | Zions Bancorporation, N.A. | | $ | 423 | | | $ | — | | | $ | — | | | $ | — | | | $ | 423 | | | Total | | $ | 423 | | | $ | — | | | $ | — | | | $ | — | | | $ | 423 | | | Counterparty | | Derivative Liabilities Subject to Master Netting Agreement | | Derivatives Available for Offset | | Non-cash Collateral Received(1) | | Cash Collateral Received(1) | | Net Amount of Derivative Liabilities(3) | | Zions Bancorporation, N.A. | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | Total | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
_______________ (1)In some instances, the actual amount of the collateral received and/or pledged may be more than the amount shown due to overcollateralization. (2)Net amount of derivative assets represents the net amount due from the counterparty to the Company. (3)Net amount of derivative liabilities represents the net amount due from the Company to the counterparty.
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