FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Portfolio Investments by Level in the Fair Value Hierarchy

The following tables present the fair value hierarchy of the investments as of:


	March 31, 2026								December 31, 2025
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
First Lien Debt	$	—	$	51,817	$	542,784	$	594,601	$	—	$	55,441	$	516,333	$	571,774
Other Debt Investments		—		—		667		667		—		—		689		689
Equity		—		—		1,121		1,121		—		—		1,095		1,095
Total	$	—	$	51,817	$	544,572	$	596,389	$	—	$	55,441	$	518,117	$	573,558

Changes in Level 3 Portfolio Investments

The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the three months ended March 31, 2026:


	First Lien Debt			Other Debt Investments			Equity		Total Investments
Fair value, beginning of period	$	516,333		$	689		$	1,095	$	518,117
Purchases of investments (1)		37,514			—			—		37,514
Proceeds from principal repayments and sales of investments (2)		(7,955	)		—			—		(7,955	)
Accretion of discount/amortization of premium		253			—			—		253
Payment-in-kind		267			24			18		309
Net change in unrealized appreciation (depreciation)		(3,641	)		(46	)		8		(3,679	)
Net realized gains (losses)		13			—			—		13
Transfers into/out of Level 3 (3)		—			—			—		—
Fair value, end of period	$	542,784		$	667		$	1,121	$	544,572
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2026	$	(3,636	)	$	(46	)	$	8	$	(3,674	)

(1)

Purchases may include investments received in corporate actions and restructurings.

(2)

Sales may include investments received in corporate actions and restructurings.

(3)

Transfer of portfolio investments within the three-level hierarchy is recorded during the period of such reclassification occurrence at the fair value as of the beginning of the respective period. Generally, reclassifications are primarily due to increase/decrease of price transparency.

The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the three months ended March 31, 2025:


	First Lien Debt			Other Debt Investments			Equity			Total Investments
Fair value, beginning of period	$	239,278		$	630		$	413		$	240,321
Purchases of investments (1)		76,055			—			138			76,193
Proceeds from principal repayments and sales of investments (2)		(3,750	)		—			—			(3,750	)
Accretion of discount/amortization of premium		131			—			—			131
Payment-in-kind		141			21			2			164
Net change in unrealized appreciation (depreciation)		(382	)		(6	)		(7	)		(395	)
Transfers into/out of Level 3 (3)		(2,013	)		—			—			(2,013	)
Fair value, end of period	$	309,460		$	645		$	546		$	310,651

Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2025	$	(375	)	$	(6	)	$	(7	)	$	(388	)

(1)

Purchases may include investments received in corporate actions and restructurings.

(2)

Sales may include investments received in corporate actions and restructurings.

(3)

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments as of March 31, 2026 and December 31, 2025, respectively. The tables are not intended to be all-inclusive but instead captures the significant unobservable inputs relevant to the Company’s determination of fair value.

          
         March 31, 2026

          
         Fair

         Valuation

         Significant 
Unobservable

         Range(1)

         Weighted

          
         Value

         Technique(2)

         Input

         Low

         High

         Average(3)

Investments in first lien debt

539,623

Yield Analysis

Discount Rate

7.64

13.44

9.04

3,161

Market Approach

EBITDA Multiple

8.00x

9.50x

8.77x

Other debt

667

Yield Analysis

Discount Rate

16.45

Preferred equity

151

Income Approach

Discount Rate

13.30

696

Market Approach

EBITDA Multiple

10.00x

15.50x

12.70x

Common equity

262

Market Approach

EBITDA Multiple

13.50x

17.00x

16.16x

12

Market Approach

Revenue Multiple

19.75x

Total Investments

544,572

(1)

For an asset category that contains a single investment, the range is not included.

(2)

During the three months ended March 31, 2026, two debt positions with a fair value of $3.16 million transitioned from a yield analysis approach to a market approach valuation technique.

(3)

Weighted average for an asset category consisting of multiple investments is calculated by weighting the significant unobservable input by the relative fair value of the investment. Weighted average for an asset category consisting of a single investment represents the significant unobservable input used in the fair value of the investment.

          
         December 31, 2025

          
         Fair

         Valuation

         Significant 
Unobservable

         Range(1)

         Weighted

          
         Value

         Technique(2)

         Input

         Low

         High

         Average(3)

Investments in first lien debt

516,333

Yield Analysis

Discount Rate

7.55

14.21

8.69

Other debt

689

Yield Analysis

Discount Rate

14.95

Preferred equity

151

Income Approach

Discount Rate

12.77

695

Market Approach

EBITDA Multiple

11.00x

15.43x

13.22x

Common equity

234

Market Approach

EBITDA Multiple

13.70x

17.50x

16.43x

15

Market Approach

Revenue Multiple

22.25x

Total Investments

518,117

(1)

For an asset category that contains a single investment, the range is not included.

(2)

During the fiscal year ended December 31, 2025, one preferred equity position with a fair value of $0.12 million transitioned from an income approach to a market approach valuation technique.

(3)

Weighted average is calculated by weighting the significant unobservable input by the relative fair value of the investment.

Schedule of Carrying Values and Fair Values of Debt

The carrying value and fair value of the Company’s debt were as follows:


		March 31, 2026				December 31, 2025
	Level	Carrying Value		Fair Value		Carrying Value		Fair Value
SMBC Facility	3	$	182,172	$	182,172	$	214,206	$	214,206
Barclays Facility	3		113,000		113,000		60,000		60,000
Total		$	295,172	$	295,172	$	274,206	$	274,206

- 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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