| Fair Value of Investments |
Fair Value of Investments The following tables presents the fair value hierarchy of the Company’s investments as of June 30, 2026 and December 31, 2025, categorized by the ASC Topic 820 valuation hierarchy, as previously described (amounts in thousands): | | | | | | | | | | | | | | | | June 30, 2026 | | Assets | Level 1 | Level 2 | Level 3 | Total | | Private Debt | $ | — | | $ | — | | $ | 921,452 | | $ | 921,452 | | | Total investments | $ | — | | $ | — | | $ | 921,452 | | $ | 921,452 | |
| | | | | | | | | | | | | | | | December 31, 2025 | | Assets | Level 1 | Level 2 | Level 3 | Total | | Private Debt | $ | — | | $ | — | | $ | 884,414 | | $ | 884,414 | | | Total investments | $ | — | | $ | — | | $ | 884,414 | | $ | 884,414 | |
The following tables presents the change in the fair value of investments for which Level 3 inputs were used to determine the fair value for the three and six months ended June 30, 2026 (amounts in thousands): | | | | | | | Three months ended June 30, 2026 | Private Debt | | Fair value, beginning of period | $ | 899,048 | | | | | Purchases of investments (including PIK, if any) | 81,174 | | | Proceeds from principal repayments and sales of investments | (57,073) | | | Accretion of discount/amortization of premium | 600 | | | Net realized gain (loss) | 74 | | | Net change in unrealized appreciation (depreciation) | (2,371) | | | | | | | Fair value, end of period | $ | 921,452 | | | Net change in unrealized appreciation (depreciation) on non-controlled, non-affiliated company investments still held at June 30, 2026 | $ | (2,316) | |
| | | | | | | | Six months ended June 30, 2026 | Private Debt | | | Fair value, beginning of period | $ | 884,414 | | | | | | | Purchases of investments (including PIK, if any) | 117,417 | | | | Proceeds from principal repayments and sales of investments | (77,700) | | | | Accretion of discount/amortization of premium | 1,533 | | | | Net realized gain (loss) | 74 | | | | Net change in unrealized appreciation (depreciation) | (4,286) | | | | | | | | | | Fair value, end of period | $ | 921,452 | | | | Net change in unrealized appreciation (depreciation) on non-controlled, non-affiliated company investments still held at June 30, 2026 | $ | (4,085) | | |
For the three and six months ended June 30, 2026, there were no transfers into or out of Level 3. The following tables presents the change in the fair value of investments for which Level 3 inputs were used to determine the fair value for the three and six months ended June 30, 2025 (amounts in thousands): | | | | | | | Three months ended June 30, 2025 | Private Debt | | Fair value, beginning of period | $ | 637,395 | | | | | Purchases of investments (including PIK, if any) | 88,143 | | | Proceeds from principal repayments and sales of investments | (49,913) | | | Accretion of discount/amortization of premium | 535 | | | | | Net change in unrealized appreciation (depreciation) | 996 | | | | | | | Fair value, end of period | $ | 677,156 | | | Net change in unrealized appreciation (depreciation) on non-controlled, non-affiliated company investments still held at June 30, 2025 | $ | 996 | |
| | | | | | | | Six months ended June 30, 2025 | Private Debt | | | Fair value, beginning of period | $ | 490,462 | | | | | | | Purchases of investments (including PIK, if any) | 244,826 | | | | Proceeds from principal repayments and sales of investments | (61,873) | | | | Accretion of discount/amortization of premium | 891 | | | | | | | Net change in unrealized appreciation (depreciation) | 2,850 | | | | | | | | | | Fair value, end of period | $ | 677,156 | | | | Net change in unrealized appreciation (depreciation) on non-controlled, non-affiliated company investments still held at June 30, 2025 | $ | 2,850 | | |
For the three and six months ended June 30, 2025, there were no transfers into or out of Level 3. Significant Unobservable Inputs In accordance with ASC Topic 820, the following tables provide quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of June 30, 2026 and December 31, 2025. The table is not intended to be all-inclusive but instead captures the significant unobservable inputs relevant to the Company’s determination of fair value (amounts in thousands): | | | | | | | | | | | | | | | | | | | Type of Investment | Fair Value as of June 30, 2026 | Valuation Technique | Significant Unobservable Inputs | Range of Significant Unobservable Inputs | Weighted Average Unobservable Input | | Private Debt | $ | 885,441 | | Yield Analysis | Yield % | 7.69% - 17.62% | 9.78% | | 36,011 | | Recent Transaction | | | | | Total | $ | 921,452 | | | | | |
| | | | | | | | | | | | | | | | | | | Type of Investment | Fair Value as of December 31, 2025 | Valuation Technique | Significant Unobservable Inputs | Range of Significant Unobservable Inputs | Weighted Average Unobservable Input | | Private Debt | $ | 866,518 | | Yield Analysis | Yield % | 7.23% - 17.87% | 9.14% | | | | | | | | 17,896 | | Recent Transaction | | | | | Total | $ | 884,414 | | | | | |
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