Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Fair Value Measurements of Investments and Foreign Currency Forward Contracts, by Major Class According to the Fair Value Hierarchy

The following tables present fair value measurements of investments and foreign currency forward contracts, by major class according to the fair value hierarchy as of March 31, 2026 and December 31, 2025:


	Fair Value Measurements
March 31, 2026	Level 1		Level 2		Level 3		Total
Investments, at fair value:
Senior secured loans	$	—	$	—	$	199,088	$	199,088


Equity investments			—		12,471		12,471
Total investments, at fair value	$	—	$	—	$	211,559	$	211,559

Foreign currency forward contracts asset (liability)	$	—	$	(460)	$	—	$	(460)


	Fair Value Measurements
December 31, 2025	Level 1		Level 2		Level 3		Total
Investments, at fair value:
Senior secured loans	$	—	$	—	$	180,094	$	180,094


Equity investments	—		—		10,939		10,939
Total investments, at fair value	$	—	$	—	$	191,033	$	191,033

Foreign currency forward contracts asset (liability)	$	—	$	(343)	$	—	$	(343)

Schedule of Reconciliation of the Beginning and Ending Balances for Investments at Fair Value that Use Level 3 Inputs

The following tables provide a reconciliation of the beginning and ending balances for investments at fair value that use Level 3 inputs for the three months ended March 31, 2026:


	Investments
	Senior secured loans		Equity investments		Total investments
Balance as of January 1, 2026	$	180,095	$	10,938	$	191,033

Net change in unrealized gain (loss) on investments	300		236		536
Purchases of investments and other adjustments to cost (1)	23,909		1,297		25,206
Proceeds from principal payments and sales of investments (2)	(5,216)		—		(5,216)


Balance as of March 31, 2026	$	199,088	$	12,471	$	211,559

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(1)Includes purchases of new investments, effects of refinancing and restructurings, premium and discount accretion and amortization, and PIK interest capitalized.

(2)Represents net proceeds from investments sold and principal paydowns received.

Schedule of Valuation Techniques and Significant Unobservable Inputs Used in Recurring Level 3 Fair Value Measurements of Assets

The following table presents quantitative information about the valuation techniques and significant unobservable inputs of the Fund's Level 3 investments as of March 31, 2026:

Fair Value

Valuation
Technique

Unobservable
Input

Weighted

Average

Mean (1)

Range

Minimum

Maximum

Assets:

Senior secured loans

105,433

Discounted cash flow

EBITDA multiples

11.8x

7.3x

26.5x

Market yields

9.4

7.6

13.9

Senior secured loans

91,257

Discounted cash flow

Revenue multiples

6.3x

4.2x

13.0x

Market yields

9.6

8.6

12.9

Senior secured loans

2,398

Enterprise value

EBITDA multiples

8.3x

Equity investments

9,759

Enterprise value

EBITDA multiples

9.9x

7.8x

15.5x

Equity investments

2,446

Enterprise value

Revenue multiples

6.3x

4.5x

7.8x

Equity investments

266

Option pricing model

Volatility

65.0

Total Level 3 Assets

211,559

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(1)The weighted average mean of unobservable inputs is based on the fair value of investments.

The following table presents quantitative information about the valuation techniques and significant unobservable inputs of the Fund's Level 3 investments as of December 31, 2025:

Fair Value

Valuation
Technique

Unobservable
Input

Weighted

Average

Mean (1)

Range

Minimum

Maximum

Assets:

Senior secured loans

93,187

Discounted cash flow

EBITDA multiples

11.2x

6.8x

19.6x

Market yields

9.4

7.5

13.0

Senior secured loans

84,503

Discounted cash flow

Revenue multiples

6.8x

4.4x

14.5x

Market yields

9.6

7.5

12.8

Senior secured loans

2,404

Enterprise value

EBITDA multiples

7.8x

Equity investments

8,308

Enterprise value

EBITDA multiples

9.0x

7.3x

10.5x

Equity investments

2,356

Enterprise value

Revenue multiples

6.3x

5.0x

8.3x

Equity investments

275

Option pricing model

Volatility

70.0

Total Level 3 Assets

191,033

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(1)The weighted average mean of unobservable inputs is based on the fair value of investments.

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The following table presents the carrying values and fair values of the Fund's debt as of March 31, 2026 and December 31, 2025:


	March 31, 2026				December 31, 2025
	Carrying Value(1)		Fair Value		Carrying Value(1)		Fair Value
DB Credit Facility	$	111,321	$	111,321	$	97,068	$	97,068
Total Debt	$	111,321	$	111,321	$	97,068	$	97,068

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(1)Represents the principal amount outstanding, less unamortized debt issuance costs.

The below table presents fair value measurements of the Fund’s debt obligations according to the fair value hierarchy:


	March 31, 2026		December 31, 2025
Level 1	$	—	$	—
Level 2	—		—
Level 3	111,321		97,068
Total Debt	$	111,321	$	97,068

- 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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