Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Investments Measured at Fair Value on Recurring Basis

The following table presents the valuation of the Company’s investment portfolio at fair value as of December 31, 2025 by level within the fair value hierarchy:


($ in thousands)		Level 1				Level 2				Level 3				Total
First lien debt investments		$	—			$	325,853			$	1,146,863			$	1,472,716
Preferred equity investments			—				—				16,140				16,140
Foreign currency forward transactions			—				167				—				167
Cash equivalents			87,000				—				—				87,000
Total Assets and Liabilities at Fair Value		$	87,000			$	326,020			$	1,163,003			$	1,576,023

Schedule of Level 3 Input Reconciliation

The following tables present a roll forward of the amounts in the Consolidated Statement of Financial Condition of the Company’s investment portfolio for the period from January 1, 2025 to December 31, 2025, classified by the Company within Level 3 of the fair value hierarchy. When a determination is made to classify an investment within Level 3 of the fair value hierarchy, the determination is based upon the significance of the unobservable inputs to the overall fair value measurement. The Level 3 gain/(loss) in the following tables is included as a component of net realized and unrealized gain/(loss) on investments in the Consolidated Statement of Operations for the year ended December 31, 2025.


		For the Year Ended
		December 31, 2025
($ in thousands)		First lien debt investments				Preferred equity investments				Total
Fair value, December 31, 2024		$	—			$	—			$	—
Purchases/Borrowings			1,215,930				15,959				1,231,889
Sales and Settlements/Paydowns			(67,694	)			—				(67,694	)
Accretion of discount/amortization of premium			1,004				—				1,004
Total net realized and net change in unrealized gain/(loss)
on investments			(2,377	)			181				(2,196	)
Fair value, December 31, 2025		$	1,146,863			$	16,140			$	1,163,003

Schedule of Fair Value Inputs and Valuation Techniques

As of December 31, 2025, all Level 3 investments were included in the following table.

Certain asset categories, fair value amounts, valuation techniques and significant unobservable inputs are disclosed in the table and represent investments held directly by the Company, it is not intended to be all inclusive. The asset categories presented within the table may be more disaggregated than the categories presented within the Consolidated Schedule of Investments in order to further describe the valuation characteristics and align with the fair value methods described herein.


Level 3 Asset Category		Fair Value2				Valuation Technique		Significant Unobservable Inputs		Range of Inputs		Weighted Average1
First lien debt investments		$	963,798			Discounted Cash Flow		Discount Rate		8.3%-25.4%		10.2%
								Interest Rate Volatility		30.0%		30.0%
			129,827			Broker Quotes		Broker Quotes		N/A		N/A
			53,238			Transactional Value		Transaction Price		N/A		N/A

Preferred equity investments		$	14,925			Monte-Carlo Simulation		Comparable Company Quotes		137.15		137.15
								Call Option Term		4 years		4 years
								Drift		14.5%		14.5%
								Volatility		82.5%		82.5%
			717			Valuation Multiple		LTM EBITDA		7.3x-12.3x		8.3x
								Illiquidity Discount		10.0%		10.0%
			498			Discounted Cash Flow		Discount Rate		10.1%		10.1%

1Unobservable inputs were weighted by the relative fair value of these investments

2$ expressed in thousands

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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