v3.26.1
Fair Value of Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Hierarchy Investments
As of March 31, 2026 and December 31, 2025, the Company’s investments were categorized as follows in the fair value hierarchy:
March 31, 2026
Valuation Inputs(Unaudited)December 31, 2025
Level 1—Price quotations in active markets$— $22 
Level 2—Significant other observable inputs13 14 
Level 3—Significant unobservable inputs10,549 11,005 
Investments measured at net asset value(1)
1,707 1,968 
$12,269 $13,009 
____________
(1)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheets.
Schedule of Reconciliation Fair Value, Assets
The following is a reconciliation for the three months ended March 31, 2026 and 2025 of investments for which significant unobservable inputs (Level 3) were used in determining fair value:
 For the Three Months Ended March 31, 2026
 
Senior Secured
Loans—First
Lien
Senior Secured
Loans—Second
Lien
Other Senior
Secured
Debt		Subordinated
Debt		Asset Based FinanceEquity/OtherTotal
Fair value at beginning of period$7,512 $538 $52 $126 $1,694 $1,083 $11,005 
Accretion of discount (amortization of premium)3 1 — 1 — — 5 
Net realized gain (loss)(94)(1)— — 1 (75)(169)
Net change in unrealized appreciation (depreciation)(139)(74)(19)(6)(29)(63)(330)
Purchases503 — — 29 160 60 752 
Paid-in-kind interest21 — — — 4 13 38 
Sales and repayments(506)(5)— (51)(170)(20)(752)
Transfers into Level 3— — — — — — — 
Transfers out of Level 3— — — — — — — 
Fair value at end of period$7,300 $459 $33 $99 $1,660 $998 $10,549 
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date$(255)$(74)$(19)$(5)$(28)$(63)$(444)

 For the Three Months Ended March 31, 2025
 
Senior Secured
Loans—First
Lien
Senior Secured
Loans—Second
Lien
Other Senior
Secured
Debt		Subordinated
Debt		Asset Based FinanceEquity/OtherTotal
Fair value at beginning of period$7,780 $693 $46 $233 $2,102 $1,181 $12,035 
Accretion of discount (amortization of premium)7 1 — — 1 — 9 
Net realized gain (loss)(13)— 1 (10)14 (10)(18)
Net change in unrealized appreciation (depreciation)1 (12)— 16 1 (21)(15)
Purchases1,267 — 19 7 380 47 1,720 
Paid-in-kind interest36 1 — 4 6 17 64 
Sales and repayments(873)— (20)(8)(334)(117)(1,352)
Transfers into Level 3— — — — — — — 
Transfers out of Level 3— — — — — — — 
Fair value at end of period$8,205 $683 $46 $242 $2,170 $1,097 $12,443 
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date$(10)$(11)$— $9 $1 $(44)$(55)
Schedule of Valuation Techniques and Significant Unobservable Inputs Used in Recurring Level 3 Fair Value
The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements as of March 31, 2026 and December 31, 2025 were as follows:
Type of Investment
Fair Value at
March 31, 2026
(Unaudited)
Valuation
Technique(1)
Unobservable
Input		Range (Weighted Average)
Impact to Valuation from an Increase in Input(2)
Senior Debt$6,058 Discounted Cash FlowDiscount Rate
7.1% - 32.0% (10.5%)
Decrease
1,709 WaterfallEBITDA Multiple
1.4x - 17.1x (8.5x)
Increase
25 Cost
Subordinated Debt61 Discounted Cash FlowDiscount Rate
11.0% - 15.4% (14.4%)
Decrease
29 
Other(3)
9 WaterfallEBITDA Multiple
2.6x - 10.7x (5.7x)
Increase
Asset Based Finance1,013 Discounted Cash FlowDiscount Rate
4.6% - 28.8% (13.0%)
Decrease
425 WaterfallEBITDA Multiple
1.0x - 1.2x (1.1x)
Increase
182 
Other(3)
39 
Cost
1 Indicative Dealer Quotes
6.8% - 6.8% (6.8%)
Increase
Equity/Other521 WaterfallEBITDA Multiple
3.5x - 25.5x (8.8x)
Increase
456 Discounted Cash FlowDiscount Rate
3.5% - 21.1% (12.2%)
Decrease
18 
Cost
3 
Other(3)
Total$10,549 
 
Type of Investment
Fair Value at
December 31, 2025
Valuation
Technique(1)
Unobservable
Input		Range
Impact to Valuation from an Increase in Input(2)
Senior Debt$6,500 Discounted Cash FlowDiscount Rate
4.6% - 24.9% (10.4%)
Decrease
1,400 WaterfallEBITDA Multiple
0.8x - 15.1x (9.5x)
Increase
202 Cost
Subordinated Debt112 Discounted Cash FlowDiscount Rate
9.9% - 15.1% (12.4%)
Decrease
14 WaterfallEBITDA Multiple
2.8x - 15.1x (7.9x)
Increase
Asset Based Finance1,103 Discounted Cash FlowDiscount Rate
4.7% - 43.7% (12.6%)
Decrease
429 WaterfallEBITDA Multiple
1.0x - 1.3x (1.1x)
Increase
Illiquidity Discount
10.0% - 10.0% (10.0%)
Decrease
112 
Other(3)
49 Cost
1 Indicative Dealer Quotes
6.9% - 6.9% (6.9%)
Increase
Equity/Other607 WaterfallEBITDA Multiple
4.5x - 25.5x (9.9x)
Increase
Illiquidity Discount
10.0% - 15.0% (11.2%)
Decrease
457 Discounted Cash FlowDiscount Rate
3.8% - 20.1% (12.1%)
Decrease
19 
Other(3)
Total$11,005 
_______________
(1)Investments using a market quotes valuation technique were primarily valued by using the midpoint of the prevailing bid and ask prices from dealers on the date of the relevant period end, which were provided by independent third-party pricing services and screened for validity by such services. Investments valued using an EBITDA multiple or a revenue multiple pursuant to the market comparables valuation technique may be conducted using an enterprise valuation waterfall analysis.
(2)Represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the input would have the opposite effect. Significant changes in these inputs in isolation could result in significantly higher or lower fair value measurements.
(3)Fair value based on expected outcome of proposed corporate transactions and/or other factors.