Investments (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Investments Measured at Fair Value on a 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 March 31, 2026 and December 31, 2025. 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)	March 31, 2026								December 31, 2025
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Debt investments	$	—	$	—	$	641,286	$	641,286	$	—	$	—	$	645,366	$	645,366
Warrant investments	—		—		52,086		52,086		—		—		49,194		49,194
Equity investments	877		155		91,231		92,263		656		—		88,328		88,984
Total portfolio company investments	$	877	$	155	$	784,603	$	785,635	$	656	$	—	$	782,888	$	783,544

Schedule of Rollforward of Level 3 Investments Measured at Fair Value

The following tables show information about Level 3 portfolio company investments measured at fair value for the three months ended March 31, 2026 and 2025. 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 Three Months Ended March 31, 2026
	Debt Investments		Warrant Investments		Equity Investments		Total Portfolio Company Investments
Fair value as of December 31, 2025	$	645,366	$	49,194	$	88,328	$	782,888
Funding and purchases of investments, at cost	25,910		573		303		26,786
Principal payments and sale proceeds received from investments	(27,182)		(301)		—		(27,483)
Net amortization and accretion of premiums and discounts and end-of-term payments	2,253		—		—		2,253
Net realized gains (losses) on investments	—		(296)		—		(296)
Net change in unrealized gains (losses) included in earnings	(8,556)		3,197		2,590		(2,769)
Payment-in-kind coupon	3,495		—		—		3,495
Transfers between investment types	—		(281)		281		—
Gross transfers out of Level 3(1)	—		—		(271)		(271)
Fair value as of March 31, 2026	$	641,286	$	52,086	$	91,231	$	784,603

Net change in unrealized gains (losses) on Level 3 investments held as of March 31, 2026	$	(8,556)	$	2,794	$	2,589	$	(3,173)

__________

(1)Transfers out of Level 3 are measured as of the date of the transfer. There was one transfer out of level 3 during the period, due to a portfolio company being acquired for publicly traded common stock subject to customary lock-up restrictions.


Level 3 Investment Activity (in thousands)	For the Three Months Ended March 31, 2025
	Debt Investments		Warrant Investments		Equity Investments		Total Portfolio Company Investments
Fair value as of December 31, 2024	$	560,105	$	39,963	$	75,565	$	675,633
Funding and purchases of investments, at cost	27,327		762		448		28,537
Principal payments and sale proceeds received from investments	(27,663)		—		(2,308)		(29,971)
Net amortization and accretion of premiums and discounts and end-of-term payments	1,467		—		—		1,467
Net realized gains (losses) on investments	—		—		2,278		2,278
Net change in unrealized gains (losses) included in earnings	422		1,272		(1,911)		(217)
Payment-in-kind coupon	3,755		—		—		3,755
Transfers between investment types	—		—		—		—
Gross transfers out of Level 3(1)	—		—		—		—
Fair value as of March 31, 2025	$	565,413	$	41,997	$	74,072	$	681,482

Net change in unrealized gains (losses) on Level 3 investments held as of March 31, 2025	$	422	$	1,272	$	(1,911)	$	(217)

_______________

(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 three months ended March 31, 2025.

Schedule of Quantitative Information About the Level 3 Fair Value Measurements

The following tables show a summary of quantitative information about the Level 3 fair value measurements of portfolio company investments as of March 31, 2026 and December 31, 2025. 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)	March 31, 2026
	Fair Value		Valuation Technique	Unobservable Inputs	Range	Weighted Average
Debt investments	$	603,656	Discounted Cash Flows	Discount Rate	6.44% - 38.07%	17.44%
	37,630		Probability-Weighted Expected Return Method	Probability Weighting of Alternative Outcomes	20.00% - 100.00%	72.32%
Warrant investments	49,952		Black Scholes Option Pricing Model	Revenue Multiples	0.15x - 11.24x	4.70x
				Volatility	35.00% - 90.00%	62.04%
				Term	0.20 - 5.00 Years	2.80
				Discount for Lack of Marketability	20.00% - 25.00%	23.23%
				Risk Free Rate	0.09% - 4.86%	3.71%

	2,134		Discounted Expected Return	Discount Rate	20.00% - 30.00%	27.41%
				Term	1.00 - 4.00 Years	2.57
				Expected Recovery Rate	18.75% - 100.00%	90.47%
Equity investments	90,165		Black Scholes Option Pricing Model	Revenue Multiples	0.15x - 11.00x	2.44x
				Volatility	35.00% - 90.00%	58.26%
				Term	1.50 - 4.50 Years	2.35
				EBITDA Multiples	10.5x - 11.50x	11.0x
				Risk Free Rate	0.13% - 5.03%	3.56%
	1,066		Option-Pricing Method and Probability-Weighted Expected Return Method	Discount Rate	14.20% - 14.20%	14.20%
				Term	2.00 - 3.00 Years	2.50
Total Level 3 portfolio company investments	$	784,603


Level 3 Investments (dollars in thousands)	December 31, 2025
	Fair Value		Valuation Technique	Unobservable Inputs	Range	Weighted Average
Debt investments	$	575,845	Discounted Cash Flows	Discount Rate	6.61% - 35.52%	17.00%
	69,521		Probability-Weighted Expected Return Method	Probability Weighting of Alternative Outcomes	20.00% - 100.00%	83.75%
Warrant investments	46,987		Black Scholes Option Pricing Model	Revenue Multiples	0.15x - 11.24x	4.60x
				Volatility	35.00% - 90.00%	62.37%
				Term	0.20 - 5.00 Years	2.82
				Discount for Lack of Marketability	20.00% - 25.00%	23.25%
				Risk Free Rate	0.09% - 4.86%	3.68%

	2,207		Discounted Expected Return	Discount Rate	20.00% - 30.00%	27.41%
				Term	1.00 - 4.00 Years	2.58
				Expected Recovery Rate	18.75% - 100.00%	90.78%
Equity investments	87,262		Black Scholes Option Pricing Model	Revenue Multiples	0.15x - 11.00x	2.41x
				Volatility	35.00% - 90.00%	58.49%
				Term	1.50 - 4.50 Years	2.33
				EBITDA Multiples	10.50x - 11.50x	11.0x
				Risk Free Rate	0.13% - 5.03%	3.53%
	1,066		Option-Pricing Method and Probability-Weighted Expected Return Method	Discount Rate	14.20% - 14.20%	14.20%
				Term	2.00 - 3.00 Years	2.50
Total Level 3 portfolio company investments	$	782,888

- 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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