Fair Value Measurements (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Fair Value Disclosures [Abstract] |
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| Summary of Fair Value Hierarchy of Financial Instruments |
The following tables present the fair value hierarchy of financial instruments according to the fair value hierarchy as described in Note 2. Significant Accounting Policies of these consolidated financial statements:
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December 31, 2025 |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Secured Debt |
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$ |
— |
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$ |
215,449 |
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$ |
1,360,859 |
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$ |
1,576,308 |
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Unsecured Debt |
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— |
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— |
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8,617 |
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8,617 |
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Equity Investments |
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— |
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— |
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24,577 |
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24,577 |
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Total non-controlled/non-affiliated investments |
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— |
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215,449 |
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1,394,053 |
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1,609,502 |
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Short-Term Investments |
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56,001 |
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— |
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— |
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56,001 |
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Total Investments at fair value |
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$ |
56,001 |
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$ |
215,449 |
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$ |
1,394,053 |
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$ |
1,665,503 |
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December 31, 2024 |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Secured Debt |
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$ |
— |
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$ |
45,651 |
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$ |
798,059 |
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$ |
843,710 |
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Unsecured Debt |
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— |
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— |
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|
703 |
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|
703 |
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Equity Investments |
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— |
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— |
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3,947 |
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3,947 |
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Total Investments before Cash Equivalents |
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— |
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45,651 |
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802,709 |
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848,360 |
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Money Market Fund |
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39,527 |
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— |
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— |
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39,527 |
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Total Investments including Cash Equivalents |
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$ |
39,527 |
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$ |
45,651 |
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$ |
802,709 |
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$ |
887,887 |
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| Summary of Changes in fair value of financial Instruments for Level 3 Inputs |
The following tables present changes in the fair value of financial instruments for which Level 3 inputs were used to determine fair value for the years ended December 31, 2025 and 2024:
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Year Ended December 31, 2025 |
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Secured Debt |
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Unsecured Debt |
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Equity Investments |
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Total Investments |
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Fair value, beginning of period |
$ |
798,059 |
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$ |
703 |
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$ |
3,947 |
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$ |
802,709 |
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Purchase of investments (including received in-kind) |
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786,507 |
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7,900 |
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19,084 |
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813,491 |
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Proceeds from sale of investments and principal repayments |
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(208,156 |
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— |
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— |
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(208,156 |
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Net accretion of discounts and amortization of premiums |
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1,979 |
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2 |
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— |
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1,981 |
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Net realized gains (losses) on investments |
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(3 |
) |
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— |
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— |
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(3 |
) |
Net change in unrealized appreciation (depreciation) on investments |
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794 |
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12 |
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1,546 |
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2,352 |
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Transfers out of Level 3 |
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(18,321 |
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— |
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— |
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(18,321 |
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Fair value, end of period |
$ |
1,360,859 |
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$ |
8,617 |
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$ |
24,577 |
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$ |
1,394,053 |
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Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held at December 31, 2025 |
$ |
498 |
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$ |
12 |
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$ |
1,546 |
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$ |
2,056 |
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| Summary of Quantitative Information About the Significant Unobservable Inputs |
The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments. The tables are not intended to be all-inclusive but instead captures the significant unobservable inputs relevant to the Company’s determination of fair value.
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December 31, 2025 |
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Range |
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Fair Value (1) |
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Valuation Technique |
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Unobservable Input |
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Low |
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High |
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Weighted Average (2) |
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Secured Debt |
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$ |
928,333 |
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Market yield analysis |
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Market yield discount rates |
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7.08 |
% |
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21.07 |
% |
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8.64 |
% |
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15,849 |
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Market Quotation |
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Quote |
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N/A |
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N/A |
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N/A |
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416,677 |
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Recent transaction |
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Transaction price |
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N/A |
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N/A |
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N/A |
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Total Secured Debt |
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1,360,859 |
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Unsecured Debt |
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824 |
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Market yield analysis |
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Market yield discount rates |
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8.28 |
% |
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8.92 |
% |
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8.60 |
% |
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7,793 |
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Recent transaction |
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Transaction price |
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N/A |
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N/A |
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N/A |
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Total Unsecured Debt |
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8,617 |
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Equity Investments |
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14,995 |
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Comparable company analysis |
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EBITDA multiples |
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9.3x |
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27.7x |
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16.3x |
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3,908 |
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Recent transaction |
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Transaction price |
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N/A |
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N/A |
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N/A |
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5,674 |
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Market yield analysis |
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Market yield discount rates |
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8.63 |
% |
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15.17 |
% |
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14.23 |
% |
Total Equity Investments |
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24,577 |
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Total |
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$ |
1,394,053 |
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December 31, 2024 |
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Range |
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Fair Value (1) |
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Valuation Technique |
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Unobservable Input |
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Low |
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High |
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Weighted Average (2) |
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Secured Debt |
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$ |
600,570 |
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Market yield analysis |
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Market yield discount rates |
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6.35 |
% |
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13.32 |
% |
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9.27 |
% |
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32,556 |
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Market quotation |
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Quote |
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95.30 |
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100.94 |
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100.13 |
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164,933 |
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Recent transaction |
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Transaction price |
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91.70 |
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100.00 |
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99.44 |
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Total Secured Debt |
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798,059 |
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Unsecured Debt |
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703 |
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Market yield analysis |
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Market yield discount rates |
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15.38 |
% |
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16.06 |
% |
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15.72 |
% |
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Equity Investments |
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3,947 |
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Recent Transaction |
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Transaction Price |
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100.00 |
% |
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100.00 |
% |
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100.00 |
% |
Total |
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$ |
802,709 |
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(1)As of December 31, 2025, included within the fair value of Level 3 assets of $1,394,053 is an amount of $444,227 for which the Adviser did not develop the unobservable inputs (examples include broker quotes and transaction prices). As of December 31, 2024, included within the fair value of Level 3 assets of $802,709 is an amount of $201,436 for which the Adviser did not develop the unobservable inputs (examples include broker quotes and transaction prices). (2)Weighted averages are calculated based on fair value of investments.
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