Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis

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 1		Level 2		Level 3		Total
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 1		Level 2		Level 3		Total
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

Schedule of Fair Value, Changes in Fair Value of Investments with Level 3 Inputs Used

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 originations	122,763		—		350		123,113
Repayments / redemptions	(7,568)		—		—		(7,568)
Sales proceeds	(10,409)		—		(5)		(10,414)
Paid-in-kind interest	265		250		—		515
Net change in unrealized gains (losses)	177		372		780		1,329
Net realized gains (losses)	149		—		—		149
Net amortization of discount on securities	397		135		—		532
Transfers within Level 3	4,199		—		(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 originations	166,118		1,748		4,470		172,336
Repayments / redemptions	(18,948)		—		—		(18,948)
Sales proceeds	(10,409)		—		(6)		(10,415)
Paid-in-kind interest	565		410		—		975
Net change in unrealized gains (losses)	(773)		(41)		1,543		729
Net realized gains (losses)	149		—		—		149
Net amortization of discount on securities	738		259		—		997
Transfers within Level 3	14,785		—		(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 originations	68,393		—		—		68,393
Repayments / redemptions	(8,145)		—		—		(8,145)
Sales proceeds	(1,294)		—		—		(1,294)
Paid-in-kind interest	418		—		—		418
Net change in unrealized gains (losses)	215		—		6		221

Net amortization of discount on securities	155		—		—		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 originations	104,250		—		—		104,250
Repayments / redemptions	(13,804)		—		—		(13,804)
Sales proceeds	(1,294)		—		—		(1,294)
Paid-in-kind interest	643		—		—		643
Net change in unrealized gains (losses)	439		—		6		445

Net amortization of discount on securities	260		—		—		260


Balance, End of Period	$	166,213	$	—	$	6	$	166,219

Schedule Of Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings

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 investments	372		—

Equity and other investments	854		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 investments	1,563		6
Total	$	772	$	447

Schedule of Fair Value Measurement Inputs and Valuation Techniques

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 Value

Valuation
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 investments

22,285

Discounted Cash Flow - Yield Analysis

Discount Rate

14.08% to 20.15%

Equity and other investments

16,203

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 Value

Valuation
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 investments

19,909

Discounted Cash Flow - Yield Analysis
Precedent Transaction

Discount Rate

13.58%

Equity and other investments

24,896

Discounted Cash Flow - Yield Analysis
Precedent Transaction

Discount Rate

21.32%

Total

351,565

- 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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