Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Measurements, Recurring and Nonrecurring

The following tables present fair value measurements of investments as of December 31, 2025 and December 31, 2024:


	Fair Value Hierarchy at December 31, 2025
	Level 1		Level 2		Level 3		Total
First-lien debt investments	$	—	$	81,796	$	306,760	$	388,556
Second-lien debt investments	—		29,934		19,909		49,843

Equity and other investments	—		—		24,896		24,896
Total investments at fair value	$	—	$	111,730	$	351,565	$	463,295


	Fair Value Hierarchy at December 31, 2024
	Level 1		Level 2		Level 3		Total
First-lien debt investments	$	—	$	28,228	$	75,719	$	103,947



Total	$	—	$	28,228	$	75,719	$	103,947

Schedule of Fair Value, Changes in Fair Value of Investments with Level 3 Inputs Used

The following table presents the changes in the fair value of investments for which Level 3 inputs were used to determine the fair value as of and for the year ended December 31, 2025:


	As of and for the Year Ended
	December 31, 2025
	First-lien debt investments		Second-lien debt investments		Equity and other investments		Total
Balance, beginning of period	$	75,719	$	—	$	—	$	75,719
Purchases or originations	255,514		19,851		24,878		300,243
Repayments / redemptions	(26,090)		—		—		(26,090)
Sales proceeds	(1,294)		—		—		(1,294)
Paid-in-kind interest	1,396		70		—		1,466
Net change in unrealized gains (losses)	831		(61)		18		788

Net amortization of discount on securities	684		49		—		733


Balance, End of Period	$	306,760	$	19,909	$	24,896	$	351,565

The following tables present the changes in the fair value of the Ramp Vehicle's investments for which Level 3 inputs were used to determine the fair value as of and for the period from August 15, 2024 (Inception) to December 31, 2024:


	For the period from August 15, 2024 (Inception) to
	December 31, 2024
	First-lien debt investments		Total
Balance, beginning of period	$	—	$	—
Purchases or originations	75,347		75,347
Repayments / redemptions	(127)		(127)
Paid-in-kind interest	47		47
Net change in unrealized gains (losses)	393		393
Net amortization of discount on securities	59		59


Balance, End of Period	$	75,719	$	75,719

Unrealized Gain (Loss) on Investments

The following table presents information with respect to the net change in unrealized gains or losses on investments for which Level 3 inputs were used in determining fair value that are still held by the Company at December 31, 2025 and December 31, 2024:


	Net Change in Unrealized Gains or (Losses) For the Year Ended December 31, 2025 on Investments Held at December 31, 2025		Net Change in Unrealized Gains or (Losses) from August 15, 2024 (Inception) through December 31, 2024 on Investments Held at December 31, 2024
First-lien debt investments	$	844	$	393
Second-lien debt investments	(61)		—

Equity and other investments	18		—
Total	$	801	$	393

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The following tables present the fair value of Level 3 investments at fair value and the significant unobservable inputs used in the valuations of the Company's investments as of December 31, 2025 and December 31, 2024. The tables are not intended to be all-inclusive, but instead capture the significant unobservable inputs relevant to the Company’s determination of fair values.

December 31, 2025

Fair Value

Valuation
Technique

Unobservable
Input

Range/Input

First-lien debt investments

306,760

Discounted Cash Flow - Yield Analysis
Precedent Transaction

Discount Rate

8.15% to 18.39%

Second-lien debt investments

19,909

Discounted Cash Flow - Yield Analysis
Precedent Transaction

Discount Rate

13.58%

Equity and other investments

24,896

Discounted Cash Flow - Yield Analysis
Precedent Transaction

Discount Rate

21.32%

Total

351,565

December 31, 2024

Fair Value

Valuation
Technique(s)

Unobservable
Input(s)

Range (Weighted
Average)

First-lien debt investments

75,719

Discounted Cash Flow - Yield Analysis
Precedent Transaction

Discount rate
N/A

9.71% — 16.32%

N/A

Total

75,719

- 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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