v3.26.1
Fair Value of Financial Instruments
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments Fair Value of Financial Instruments
Investments
The following tables present fair value measurements of investments as of June 30, 2026 and December 31, 2025:
Fair Value Hierarchy at June 30, 2026
Level 1Level 2Level 3Total
First-lien debt investments$— $101,753 $458,985 $560,738 
Second-lien debt investments— 15,591 22,285 37,876 
Equity and other investments— — 16,203 16,203 
Total investments at fair value$— $117,344 $497,473 $614,817 
Fair Value Hierarchy at December 31, 2025
Level 1Level 2Level 3Total
First-lien debt investments$— $81,796 $306,760 $388,556 
Second-lien debt investments— 29,934 19,909 49,843 
Equity and other investments— — 24,896 24,896 
Total investments at fair value$— $111,730 $351,565 $463,295 
Transfers between levels, if any, are recognized at the beginning of the quarter in which the transfers occur.
The following tables present the changes in the fair value of investments for which Level 3 inputs were used to determine the fair value as of and for the three and six months ended June 30, 2026:
As of and for the Three Months Ended
June 30, 2026
First-lien
debt
investments		Second-lien
debt
investments		Equity
and other
investments		Total
Balance, beginning of period$349,012 $21,528 $19,192 $389,732 
Purchases or originations122,763 — 350 123,113 
Repayments / redemptions(7,568)— — (7,568)
Sales proceeds(10,409)— (5)(10,414)
Paid-in-kind interest265 250 — 515 
Net change in unrealized gains (losses)177 372 780 1,329 
Net realized gains (losses)149 — — 149 
Net amortization of discount on securities397 135 — 532 
Transfers within Level 34,199 — (4,199)— 
Transfers into (out of) Level 3— — 85 85 
Balance, End of Period$458,985 $22,285 $16,203 $497,473 
As of and for the Six Months Ended
June 30, 2026
First-lien
debt
investments		Second-lien
debt
investments		Equity
and other
investments		Total
Balance, beginning of period$306,760 $19,909 $24,896 $351,565 
Purchases or originations166,118 1,748 4,470 172,336 
Repayments / redemptions(18,948)— — (18,948)
Sales proceeds(10,409)— (6)(10,415)
Paid-in-kind interest565 410 — 975 
Net change in unrealized gains (losses)(773)(41)1,543 729 
Net realized gains (losses)149 — — 149 
Net amortization of discount on securities738 259 — 997 
Transfers within Level 314,785 — (14,785)— 
Transfers into (out of) Level 3— — 85 85 
Balance, End of Period$458,985 $22,285 $16,203 $497,473 


The following tables present the changes in the fair value of the Ramp Vehicle's investments for which Level 3 inputs were used to determine the fair value as of and for the three and six months ended June 30, 2025:
As of and for the Three Months Ended
June 30, 2025
First-lien
debt
investments		Second-lien
debt
investments		Equity
and other
investments		Total
Balance, beginning of period$106,471 $— $— $106,471 
Purchases or originations68,393 — — 68,393 
Repayments / redemptions(8,145)— — (8,145)
Sales proceeds(1,294)— — (1,294)
Paid-in-kind interest418 — — 418 
Net change in unrealized gains (losses)215 — 6 221 
Net amortization of discount on securities155 — — 155 
Balance, End of Period$166,213 $— $6 $166,219 
As of and for the Six Months Ended
June 30, 2025
First-lien
debt
investments		Second-lien
debt
investments		Equity
and other
investments		Total
Balance, beginning of period$75,719 $— $— $75,719 
Purchases or originations104,250 — — 104,250 
Repayments / redemptions(13,804)— — (13,804)
Sales proceeds(1,294)— — (1,294)
Paid-in-kind interest643 — — 643 
Net change in unrealized gains (losses)439 — 6 445 
Net amortization of discount on securities260 — — 260 
Balance, End of Period$166,213 $— $6 $166,219 
The following tables present information with respect to the net change in unrealized gains or losses on investments for which Level 3 inputs were used in determining fair value that were held by the Company at June 30, 2026 and June 30, 2025:
Net Change in Unrealized
Gains or (Losses)
For the Three Months Ended
June 30, 2026 on
Investments Held at
June 30, 2026		Net Change in Unrealized
Gains or (Losses)
For the Three Months Ended
June 30, 2025 on
Investments Held at
June 30, 2025
First-lien debt investments$176 $195 
Second-lien debt investments372 — 
Equity and other investments854 6 
Total$1,402 $201 
Net Change in Unrealized
Gains or (Losses)
For the Six Months Ended
June 30, 2026 on
Investments Held at
June 30, 2026		Net Change in Unrealized
Gains or (Losses)
For the Six Months Ended
June 30, 2025 on
Investments Held at
June 30, 2025
First-lien debt investments$(750)$441 
Second-lien debt investments(41)— 
Equity and other investments1,563 6 
Total$772 $447 

The following tables present the fair value of Level 3 investments at fair value and the significant unobservable inputs used in the valuations as of June 30, 2026 and December 31, 2025. The tables are not intended to be all-inclusive, but instead capture the significant unobservable inputs relevant to the Company’s determination of fair values.
June 30, 2026
Fair ValueValuation
Technique(s)		Unobservable
Input(s)		Range (Weighted
Average)
First-lien debt investments$458,985 Discounted Cash Flow - Yield Analysis
Precedent Transaction		Discount Rate
8.40% to 18.43%
Second-lien debt investments22,285 Discounted Cash Flow - Yield AnalysisDiscount Rate
14.08% to 20.15%
Equity and other investments16,203 Discounted Cash Flow - Yield Analysis
Market Approach - GPC
Current Value Method
Precedent Transaction		Discount Rate
EV / EBITDA Multiple
15.50% to 21.32%
8.25x to 18.25x
Total$497,473 

December 31, 2025
Fair ValueValuation
Techniques		Unobservable
Inputs		Range (Weighted
Average)
First-lien debt investments$306,760 Discounted Cash Flow - Yield Analysis
Precedent Transaction		Discount Rate
8.15% - 18.39%
Second-lien debt investments19,909 Discounted Cash Flow - Yield Analysis
Precedent Transaction		Discount Rate13.58%
Equity and other investments24,896 Discounted Cash Flow - Yield Analysis
Precedent Transaction		Discount Rate21.32%
Total$351,565 

The Company typically determines the fair value of its performing Level 3 debt investments utilizing a yield analysis. In a yield analysis, a price is ascribed for each investment based upon an assessment of current and expected market yields for similar investments and risk profiles. Additional consideration is given to the expected life, portfolio company performance since close, and other terms and risks associated with an investment. Among other factors, a determinant of
risk is the amount of leverage used by the portfolio company relative to the total enterprise value of the company, and the rights and remedies of our investment within each portfolio company’s capital structure.
Significant unobservable quantitative inputs typically considered in the fair value measurement of the Company’s Level 3 debt investments primarily include current market yields, including relevant market indices, but may also include quotes from brokers, dealers, and pricing services as indicated by comparable investments. If debt investments are credit impaired, an enterprise value analysis may be used to value such debt investments; however, in addition to the methods outlined above, other methods such as a liquidation or wind-down analysis may be utilized to estimate enterprise value. For the Company’s Level 3 equity investments, multiples of similar companies’ revenues, earnings before income taxes, depreciation and amortization (“EBITDA”) or some combination thereof and comparable market transactions are typically used.