v3.26.1
FAIR VALUE MEASUREMENTS - Unobservable Inputs (Details)
$ in Thousands
Jun. 30, 2026
USD ($)
Dec. 31, 2025
USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair Value $ 598,114 [1],[2] $ 573,558 [3],[4]
Level 3    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair Value 553,135 518,117
Level 3 | Investments in first lien debt    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair Value 550,798 516,333
Level 3 | Investments in first lien debt | Yield Analysis | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair Value $ 549,350 $ 516,333
Level 3 | Investments in first lien debt | Yield Analysis | Low | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 0.074 [5] 0.0755 [6]
Level 3 | Investments in first lien debt | Yield Analysis | High | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 0.1725 [5] 0.1421 [6]
Level 3 | Investments in first lien debt | Yield Analysis | Weighted Average | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 0.0943 [7] 0.0869 [8]
Level 3 | Investments in first lien debt | Market Approach | EBITDA Multiple    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair Value $ 1,448  
Level 3 | Investments in first lien debt | Market Approach | Weighted Average | EBITDA Multiple    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input [7] 0.0775  
Level 3 | Other Debt Investments [Member]    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair Value $ 637 $ 689
Level 3 | Other Debt Investments [Member] | Yield Analysis | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair Value $ 637 $ 689
Level 3 | Other Debt Investments [Member] | Yield Analysis | Weighted Average | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 0.1845 [7] 0.1495 [8]
Level 3 | Preferred equity | Income Approach | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair Value $ 121 $ 151
Level 3 | Preferred equity | Income Approach | Weighted Average | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 0.15 [7] 12.77 [8]
Level 3 | Preferred equity | Market Approach    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair Value   $ 120
Level 3 | Preferred equity | Market Approach | EBITDA Multiple    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair Value $ 699 $ 695
Level 3 | Preferred equity | Market Approach | Low | EBITDA Multiple    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 0.10 [5] 11 [6]
Level 3 | Preferred equity | Market Approach | High | EBITDA Multiple    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 0.15 [5] 15.43 [6]
Level 3 | Preferred equity | Market Approach | Weighted Average | EBITDA Multiple    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 0.1243 [7] 13.22 [8]
Level 3 | Common equity | Market Approach | EBITDA Multiple    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair Value $ 870 $ 234
Level 3 | Common equity | Market Approach | Revenue Multiple    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair Value $ 10 $ 15
Level 3 | Common equity | Market Approach | Low | EBITDA Multiple    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 0.095 [5] 13.7 [6]
Level 3 | Common equity | Market Approach | High | EBITDA Multiple    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 0.1725 [5] 17.5 [6]
Level 3 | Common equity | Market Approach | Weighted Average | EBITDA Multiple    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 0.1167 [7] 16.43 [8]
Level 3 | Common equity | Market Approach | Weighted Average | Revenue Multiple    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 0.1975 [7] 22.25 [8]
[1]

Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term “Company” includes the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”), the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of June 30, 2026, the Company does not “control” any of these portfolio companies. Under the 1940 Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of June 30, 2026, the Company was an “affiliated person” of any one portfolio company.
[2]

Unless otherwise indicated, the Company's investments are pledged as collateral supporting the amounts outstanding under the SMBC Facility (as defined below). See Note 6 "Debt".
[3] Assets or a portion thereof are pledged as collateral for the SMBC Facility. See Note 6 "Debt".
[4] Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments (including preferred equity investments) are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. Under the 1940 Act, the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of December 31, 2025, the Company does not “control” any of these portfolio companies. Under the 1940 Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of December 31, 2025, the Company is not an “affiliated person” of any of its portfolio companies.
[5] For an asset category that contains a single investment, the range is not included.
[6] For an asset category that contains a single investment, the range is not included.
[7] 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.
[8] Weighted average is calculated by weighting the significant unobservable input by the relative fair value of the investment.