v3.26.1
Fair Value Measurement (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of fair value hierarchy of investments
                    
   June 30, 2026 
   Level 1   Level 2   Level 3   Total 
Asset Backed Securities  $—   $—   $25,760   $25,760 
Senior Secured Debt   —    —    486,556    486,556 
Common Equity   —    —    125    125 
Preferred Equity   —    —    1,190    1,190 
Partnership   —    —    6,940    6,940 
Total  $—   $—   $520,571   $520,571 

 

   December 31, 2025 
   Level 1   Level 2   Level 3   Total 
Asset Backed Securities  $—   $—   $10,047   $10,047 
Senior Secured Debt   —    —    433,567    433,567 
Preferred Equity   —    —    7,368    7,368 
Partnership   —    —    7,364    7,364 
Total  $—   $—   $458,346   $458,346 
Schedule of fair value of financial instrunments
                              
For the Three Months Ended
June 30, 2026		  Asset Backed Securities   Senior Secured Debt   Preferred Equity   Common
Equity		   Partnership   Total Investments 
Fair value, beginning of period  $25,715   $443,011   $7,554   $—   $7,003   $483,283 
Purchases, including capitalized PIK   —    39,774    142    125    —    40,041 
Proceeds from sales of investments and principal repayments   —    4,191    (6,435)   —    (63)   (2,307)
Accretion of discount/amortization of premium   (1)   236    —    —    —    235 
Net realized gain (loss)   —    17    10    —    —    27 
Net change in unrealized appreciation (depreciation)   46    (673)   (81)   —    —    (708)
Transfers into Level 3 (1)   —    —    —    —    —    — 
Transfers out of Level 3 (1)   —    —    —    —    —    — 
Fair value, end of period  $25,760   $486,556   $1,190   $125   $6,940   $520,571 
Net change in unrealized appreciation (depreciation) related to financial instruments still held as of June 30, 2026  $46   $(562)  $(11)  $—   $—   $(527)

 

                               
For the Six Months Ended
June 30, 2026		  Asset Backed Securities   Senior Secured Debt   Preferred Equity   Common
Equity		   Partnership   Total Investments 
Fair value, beginning of period  $10,047   $433,567   $7,368   $—   $7,364   $458,346 
Purchases, including capitalized PIK   18,861    68,908    328    125    —    88,222 
Proceeds from sales of investments and principal repayments   (3,328)   (11,069)   (6,435)   —    (330)   (21,162)
Accretion of discount/amortization of premium   (2)   579    —    —    —    577 
Net realized gain (loss)   (3)   64    10    —    —    71 
Net change in unrealized appreciation (depreciation)   185    (5,493)   (81)   —    (94)   (5,483)
Transfers into Level 3 (1)   —    —    —    —    —    — 
Transfers out of Level 3 (1)   —    —    —    —    —    — 
Fair value, end of period  $25,760   $486,556   $1,190   $125   $6,940   $520,571 
Net change in unrealized appreciation (depreciation) related to financial instruments still held as of June 30, 2026  $185   $(5,270)  $(11)  $—   $(94)  $(5,190)

 

(1)For the three and six months ended June 30, 2026, there were no transfers into or out of Level 3.

 

                
For the Three Months Ended June 30, 2025  Senior Secured Debt   Preferred Equity   Total Investments 
Fair value, beginning of period  $341,545   $1,371   $342,916 
Purchases, including capitalized PIK   62,148    144    62,292 
Proceeds from sales of investments and principal repayments   (2,233)   —    (2,233)
Accretion of discount/amortization of premium   218    —    218 
Net realized gain (loss)   16    —    16 
Net change in unrealized appreciation (depreciation)   (461)   (1)   (462)
Transfers into Level 3 (1)   —    —    — 
Transfers out of Level 3 (1)   —    —    — 
Fair value, end of period  $401,233   $1,514   $402,747 
Net change in unrealized appreciation (depreciation) related to financial instruments still held as of June 30, 2025  $(461)  $(1)  $(462)

 

                
For the Six Months Ended June 30, 2025  Senior Secured Debt   Preferred Equity   Total Investments 
Fair value, beginning of period  $327,122   $1,343   $328,465 
Purchases, including capitalized PIK   91,620    144    91,764 
Proceeds from sales of investments and principal repayments   (17,648)   —    (17,648)
Accretion of discount/amortization of premium   687    —    687 
Net realized gain (loss)   55    —    55 
Net change in unrealized appreciation (depreciation)   (603)   27    (576)
Transfers into Level 3 (1)   —    —    — 
Transfers out of Level 3 (1)   —    —    — 
Fair value, end of period  $401,233   $1,514   $402,747 
Net change in unrealized appreciation (depreciation) related to financial instruments still held as of June 30, 2025  $(603)  $27   $(576)

 

(1)For the three and six months ended June 30, 2025, there were no transfers into or out of Level 3.
Schedule of significant unobservable inputs
                          
   June 30, 2026 
   Fair Value   Valuation Technique 

Unobservable

Input

  Range from   Range to   Weighted Average(1) 
Asset Backed Securities  $25,760   Reported fair value  Reported fair value   N/A    N/A    N/A 
Senior Secured Debt   341,917   Discounted cash flow  Discount factor   8.32%   20.57%   10.24%
    (17)  Market comparable companies  Enterprise value to EBITDA multiple   17.30x   17.30x   17.30x
    138,844   Broker Quotes  Indicative quotes for an inactive market   N/A    N/A    N/A 
    5,812   Recent financing/transaction  Recent transaction price   N/A    N/A    N/A 
Common Equity   125   Recent financing/transaction  Recent transaction price   N/A    N/A    N/A 
Preferred Equity   1,190   Discounted cash flow  Discount factor   13.19%   13.19%   13.19%
Partnership   6,940   Adjusted reported net asset value  Reported net asset value   

N/A

    

N/A

    

N/A

 
Total  $520,571                      

 

   December 31, 2025 
   Fair Value   Valuation Technique 

Unobservable

Input

  Range from   Range to   Weighted Average(1) 
Asset Backed Securities  $10,047   Reported fair value  Reported fair value   N/A    N/A    N/A 
Senior Secured Debt   315,113   Discounted cash flow  Discount factor   7.87%   14.56%   9.35%
    118,296   Broker Quotes  Indicative quotes for an inactive market   N/A    N/A    N/A 
    158   Recent financing/transaction  Recent transaction price   N/A    N/A    N/A 
Preferred Equity   7,368   Discounted cash flow  Discount factor   12.52%   13.76%   13.48%
 Partnership   7,364   Adjusted reported net asset value  Reported net asset value   N/A    N/A    N/A 
Total  $458,346                      

 

(1)Weighted averages are calculated based on fair value of investments.