Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Summary of Investments and Cash Equivalents Within the Fair Value Hierarchy

The following tables summarize the Company’s investments and cash equivalents categorized within the fair value hierarchy as of March 31, 2026 and December 31, 2025:


	March 31, 2026
	Level 1			Level 2			Level 3			Total
First Lien debt investments	$	—		$	—		$	441,766		$	441,766
Second Lien debt investments		—			—			81,330			81,330
Unsecured and Subordinated debt investments		—			—			75,549			75,549
Preferred equity investments		—			—			56,801			56,801
Total Investments at fair value before Cash Equivalents		—			—			655,446			655,446
Money Market Fund		70,397			—			—			70,397
Total Cash Equivalents		70,397			—			—			70,397
Total Investments at fair value after Cash Equivalents	$	70,397		$	—		$	655,446		$	725,843


	December 31, 2025
	Level 1			Level 2			Level 3			Total
First Lien debt investments	$	—		$	—		$	309,054		$	309,054
Second Lien debt investments		—			—			88,220			88,220
Unsecured and Subordinated debt investments		—			—			—			—
Preferred equity investments		—			—			55,168			55,168
Total Investments at fair value before Cash Equivalents		—			—			452,442			452,442
Money Market Fund		138,828			—			—			138,828
Total Cash Equivalents		138,828			—			—			138,828
Total Investments at fair value after Cash Equivalents	$	138,828		$	—		$	452,442		$	591,270

Schedule of Changes in Fair Value Investments

The following tables present 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 three months ended March 31, 2026 and March 31, 2025:


	Three Months Ended
	March 31, 2026
	First Lien Debt Investments			Second Lien Debt Investments			Unsecured and Subordinated Debt Investments			Preferred Equity Investments			Total Investments
Fair value, beginning of period	$	309,054		$	88,220		$	—		$	55,168		$	452,442
Purchases and originations of investments		136,216			—			73,500			—			209,716
Paid-in-kind interest income		156			—			2,013			—			2,169
Paid-in-kind dividend income		—			—			—			1,548			1,548
Proceeds from sale of investments and principal repayments		(1,091	)		—			—			—			(1,091	)
Net change in unrealized gains (losses) on investments		(2,810	)		(6,970	)		(30	)		85			(9,725	)
Net realized gains (losses) on investments		—			—			—			—			—
Net amortization of discount on investments		241			80			66			—			387
Transfers into (out of) Level 3		—			—			—			—			—
Fair value, end of period	$	441,766		$	81,330		$	75,549		$	56,801		$	655,446
Net change in unrealized gains (losses) on non-controlled, non-affiliated investments still held at March 31, 2026	$	(2,810	)	$	(6,970	)	$	(30	)	$	85		$	(9,725	)


				Three Months Ended
	March 31, 2025
	First Lien Debt Investments			Second Lien Debt Investments			Unsecured and Subordinated Debt Investments			Preferred Equity Investments			Total Investments
Fair value, beginning of period	$	—		$	—		$	—		$	—		$	—
Purchases and originations of investments		51,324			—			—			—			51,324
Paid-in-kind interest income		—			—			—			—			—
Paid-in-kind dividend income		—			—			—			—			—
Proceeds from sale of investments and principal repayments		—			—			—			—			—
Net change in unrealized gains (losses) on investments		(28	)		—			—			—			(28	)
Net realized gains (losses) on investments		—			—			—			—			—
Net amortization of discount on investments		28			—			—			—			28
Transfers into (out of) Level 3		—			—			—			—			—
Fair value, end of period	$	51,324		$	—		$	—		$	—		$	51,324
Net change in unrealized gains (losses) on non-controlled, non-affiliated investments still held at March 31, 2025	$	(28	)	$	—		$	—		$	—		$	(28	)

Schedule of Significant Unobservable Inputs of Level 3 Investments

The following tables present the significant unobservable inputs of the Company’s Level 3 investments as of March 31, 2026 and December 31, 2025. The tables are not intended to be all-inclusive but instead capture the significant unobservable inputs relevant to the Company’s determination of fair value for the Level 3 investments.


	March 31, 2026
	Fair Value			Valuation Technique	Unobservable Input	Range (Weighted Average)(1)	Impact to Valuation from an Increase to Input
First Lien debt investments	$	372,886		Income approach	Discount rate	8.4% - 9.7% (9.2%)	Decrease
First Lien debt investments		68,880		Recent Transaction	Transaction Price	98.5% - 99.5% (98.7%)	Increase
Second Lien debt investments		81,330		Income approach	Discount rate	9.9% - 14.1% (12.1%)	Decrease
Unsecured and Subordinated debt investments		75,549		Income approach	Discount rate	12.6% - 12.6% (12.6%)	Decrease
Preferred equity investments		56,801		Income approach	Discount rate	12.0% - 12.0% (12.0%)	Decrease
Total	$	655,446

(1)

The weighted average is calculated by weighing the significant unobservable input by the relative fair value of each investment in the category.


	December 31, 2025
	Fair Value			Valuation Technique	Unobservable Input	Range (Weighted Average)(1)	Impact to Valuation from an Increase to Input
First Lien debt investments	$	259,231		Income approach	Discount rate	8.3% - 9.4% (8.8%)	Decrease
First Lien debt investments		49,823		Recent Transaction	Transaction Price	99.0% - 99.5% (99.3%)	Increase
Second Lien debt investments		88,220		Income approach	Discount rate	9.5% - 10.5% (10.1%)	Decrease
Preferred equity investments		55,168		Recent Transaction	Transaction Price	98.0% - 98.0% (98.0%)	Increase
Total	$	452,442

(1)

The weighted average is calculated by weighing the significant unobservable input by the relative fair value of each investment in the category.

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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