Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Summary of investments carried at fair value on the consolidated statements of assets and liabilities

The following table presents the investments carried at fair value on the Consolidated Statements of Assets and Liabilities as of June 30, 2026 and December 31, 2025 by the ASC 820 valuation hierarchy (as described above) (in thousands):


	As of June 30, 2026
Investments	Level 1			Level 2		Level 3			Total
First Lien Loans			—		—		$	124,593		$	124,593
Short-Term Investments		$	953		—			—		$	953

Total Investments		$	953		—		$	124,593		$	125,546


	As of December 31, 2025
Investments	Level 1		Level 2		Level 3			Total
First Lien Loans		—		—		$	95,185		$	95,185

Summary of beginning and ending balances of investments classified within Level 3

The following tables reconcile the beginning and ending balances of investments classified within Level 3 for the three and six months ended June 30, 2026 and 2025 (in thousands):


	For the Three Months Ended June 30, 2026			For the Six Months Ended June 30, 2026
	First Lien Loans			First Lien Loans
Balance, at beginning of period	$	114,982		$	95,185
Purchases of investments		10,063			30,668
Accretion of discount		68			125
Proceeds from repayment and sales of investments		(621	)		(1,530	)
Realized gain (loss)		6			14
Net change in unrealized appreciation/(depreciation)		(133	)		(194	)
Payment-in-kind interest capitalized		228			325

Balance, at end of period	$	124,593		$	124,593

Net change in unrealized appreciation/(depreciation) included in the Consolidated Statements of Operations that continue to be held as of June 30, 2026	$	(133	)	$	(152	)


	For the Three Months Ended June 30, 2025			For the Six Months Ended June 30, 2025
	First Lien Loans			First Lien Loans
Balance, at beginning of period	$	19,712		$	17,915
Purchases of investments		40,752			42,541
Accretion of discount		22			34
Proceeds from repayment and sales of investments		(146	)		(182	)
Realized gain (loss)		(64	)		(63	)
Net change in unrealized appreciation/(depreciation)		158			189
Payment-in-kind interest capitalized		8			8

Balance, at end of period	$	60,442		$	60,442

Net change in unrealized appreciation/(depreciation) included in the Consolidated Statements of Operations that continue to be held as of June 30, 2025	$	158		$	189

Summary of valuation techniques and quantitative inputs and assumptions used for investments

The following tables provide a summary of valuation techniques and quantitative inputs and assumptions used for investments categorized in Level 3 of the fair value hierarchy as of June 30, 2026 and December 31, 2025 (in thousands).


	Fair Value as of			Significant Unobservable		Range						Weighted
	June 30, 2026		Valuation Techniques	Inputs		Low			High			Average*
First Lien Loans	$	4,345	Market Approach (Recent Arm’s Length Transaction)		Discount to Par Value		1.00	%		1.50	%		1.00	%
		120,248	Income Approach		Market Interest Rate		7.94	%		16.75	%		9.72	%

Total investments	$	124,593


	Fair Value as of			Significant Unobservable		Range						Weighted
	December 31, 2025		Valuation Techniques	Inputs		Low			High			Average*
First Lien Loans	$	4,478	Market Approach (Recent Arm’s Length Transaction)		Discount to Par Value		1.00	%		1.50	%		1.39	%
		90,707	Income Approach		Market Interest Rate		7.79	%		15.50	%		9.29	%

Total investments	$	95,185

*	Inputs are weighted based on the fair value of the investments included in the range.

Summary of fair value disclosure of asset and liability not measured at fair value

The following table presents the carrying value and fair value of the Company’s Promissory Note and Wells Fargo Credit Facility (each as defined below in Note 5 - Borrowings) disclosed but not carried at fair value as of June 30, 2026 and December 31, 2025 (in thousands):


	June 30, 2026				December 31, 2025

	Carrying Value		Fair Value		Carrying Value		Fair Value

Promissory Note		—		—	$	50,000	$	50,000

Wells Fargo Credit Facility	$	69,250	$	69,250	$	43,750	$	43,750

Total	$	69,250	$	69,250	$	93,750	$	93,750

- 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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