Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Measurements

Schedule of company' investments measured at fair value


(In thousands)		As of June 30, 2026
Assets		Level 1			Level 2			Level 3			Total
Debt Investments		$	—		$	—		$	417,172		$	417,172
Cash Equivalents			5,997			—			—			5,997
Equity Investment ⁽¹⁾			—			—			—			34,617
Total		$	5,997		$	—		$	417,172		$	457,786


(In thousands)		As of December 31, 2025
Assets		Level 1			Level 2			Level 3			Total
Debt Investments		$	—		$	—		$	316,015		$	316,015
Cash Equivalents			17,082			—			—			17,082
Total		$	17,082		$	—		$	316,015		$	333,097

(1)

In accordance with U.S. GAAP, certain investments are measured at fair value using the NAV per share (or its equivalent) as a practical expedient and are not categorized within the fair value hierarchy as per ASC 820. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the accompanying Consolidated Statements of Assets and Liabilities.

Schedule of changes in fair value of Level 3 assets


		Debt
(In thousands)		Investments			Total
Fair Value as of December 31, 2025		$	316,015		$	316,015
Purchases			251,447			251,447
Accretion of discount and fees (amortization of premium), net			834			834
Proceeds from sales and principal repayments of investments⁽¹⁾			(150,512)			(150,512)
Net realized gain (loss) on investments			69			69
Accretion of paid-in-kind interest			73			73
Net change in unrealized appreciation (depreciation) from non-controlled non-affiliated investments			(754)			(754)
Balance as of June 30, 2026		$	417,172		$	417,172
Net unrealized gain (loss) on Level 3 investments still held as of June 30, 2026		$	(772)		$	(772)

(1)

Includes $30.4 million of investments exchanged in-kind related to the Company's investment in the Rated JV. Refer to Note 4 – Investments for additional information.


		Debt
(In thousands)		Investments			Total
Fair Value as of December 31, 2024		$	91,188		$	91,188
Purchases			55,381			55,381
Accretion of discount and fees (amortization of premium), net			177			177
Proceeds from principal repayments			(7,836)			(7,836)
Net change in unrealized appreciation (depreciation) from non-controlled non-affiliated investments			(298)			(298)
Balance as of June 30, 2025		$	138,612		$	138,612
Net change in unrealized appreciation (depreciation) on Level 3 investments still held as of June 30, 2025		$	(293)		$	(293)

Schedule of quantitative information related to the significant unobservable inputs


(In thousands)		Fair Value as of			Valuation Techniques/		Unobservable		Range				Weighted
Investment Type		June 30, 2026			Methodologies		Input		Low		High		Average ⁽¹⁾
First Lien Loans		$	143,042		Recent Transaction		Transaction Price		97.99	%	99.76	%	98.89	%
			274,130		Income - Yield Analysis		Discount Rate		8.50	%	16.14	%	10.25	%
Total		$	417,172

(1)The weighted average is calculated based on the fair value of each investment.

 

 

Valuation

 

 

(In thousands)

Fair Value as of

Techniques/

Unobservable

Range

Weighted

Investment Type		December 31, 2025⁽¹⁾			Methodologies		Input		Low		High		Average ⁽¹⁾
First Lien Loans		$	42,366		Recent Transaction		Transaction Price		98.50	%	99.88	%	99.41	%
			273,649		Income - Yield Analysis		Discount Rate		8.25	%	15.20	%	10.02	%
Total		$	316,015

(1)	The weighted average is calculated based on the fair value of each investment.

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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