Investments (Tables)

9 Months Ended

Sep. 30, 2026

Schedule of Investments Measured at Fair Value on a Recurring Basis

Investments measured at fair value on a recurring basis are categorized in the following table based upon the lowest level of significant input to the valuations as of September 30, 2026 and December 31, 2025.


Investment Type (in thousands)	September 30, 2026								December 31, 2025
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Debt investments	$	—	$	—	$	573,888	$	573,888	$	—	$	—	$	645,366	$	645,366
Warrant investments	—		—		63,728		63,728		—		—		49,194		49,194
Equity investments	415		—		79,310		79,725		656		—		88,328		88,984
Total portfolio company investments	$	415	$	—	$	716,926	$	717,341	$	656	$	—	$	782,888	$	783,544

Schedule of Rollforward of Level 3 Investments Measured at Fair Value

The following tables show information about Level 3 portfolio company investments measured at fair value for the nine months ended September 30, 2026 and 2025. Both observable and unobservable inputs were used to determine the fair value of positions that the Company has classified within the Level 3 category. As a result, the net unrealized gains and losses for assets within the Level 3 category may include changes in fair value that were attributable to both observable (e.g., changes in market interest rates) and unobservable (e.g., changes in unobservable long-dated volatilities) inputs.


Level 3 Investment Activity (in thousands)	For the Nine Months Ended September 30, 2026
	Debt Investments		Warrant Investments		Equity Investments		Total Portfolio Company Investments
Fair value as of December 31, 2025	$	645,366	$	49,194	$	88,328	$	782,888
Funding and purchases of investments, at cost	73,345		1,485		303		75,133
Principal payments and sale proceeds received from investments	(127,662)		(915)		(17,907)		(146,484)
Net amortization and accretion of premiums and discounts and end-of-term payments	5,879		—		—		5,879
Net realized gains (losses) on investments	(7,544)		(1,040)		(5,326)		(13,910)
Net change in unrealized gains (losses) included in earnings	(24,492)		15,285		13,902		4,695
Payment-in-kind coupon	8,996		—		—		8,996
Transfers between investment types	—		(281)		281		—
Gross transfers out of Level 3(1)	—		—		(271)		(271)
Fair value as of September 30, 2026	$	573,888	$	63,728	$	79,310	$	716,926

Net change in unrealized gains (losses) on Level 3 investments held as of September 30, 2026	$	(30,354)	$	13,720	$	6,730	$	(9,904)

__________

(1)Transfers out of Level 3 are measured as of the date of the transfer. There was one transfer out of Level 3 during the period, due to a portfolio company being acquired for publicly traded common stock subject to customary lock-up restrictions.


Level 3 Investment Activity (in thousands)	For the Nine Months Ended September 30, 2025
	Debt Investments		Warrant Investments		Equity Investments		Total Portfolio Company Investments
Fair value as of December 31, 2024	$	560,105	$	39,963	$	75,565	$	675,633
Funding and purchases of investments, at cost	192,420		2,597		2,984		198,001
Principal payments and sale proceeds received from investments	(103,496)		—		(2,308)		(105,804)
Net amortization and accretion of premiums and discounts and end-of-term payments	7,376		—		—		7,376
Net realized gains (losses) on investments	(672)		(23)		2,278		1,583
Net change in unrealized gains (losses) included in earnings	(4,669)		2,472		9,520		7,323
Payment-in-kind coupon	13,803		—		—		13,803
Transfers between investment types	—		(339)		339		—
Gross transfers out of Level 3(1)	—		—		—		—
Fair value as of September 30, 2025	$	664,867	$	44,670	$	88,378	$	797,915

Net change in unrealized gains (losses) on Level 3 investments held as of September 30, 2025	$	(5,115)	$	2,214	$	9,520	$	6,619

_______________

(1)Transfers out of Level 3 are measured as of the date of the transfer. There were no transfers out of Level 3 during the nine months ended September 30, 2025.

Schedule of Quantitative Information About the Level 3 Fair Value Measurements

The following tables show a summary of quantitative information about the Level 3 fair value measurements of portfolio company investments as of September 30, 2026 and December 31, 2025. In addition to the techniques and inputs noted in the tables below, the Company may also use other valuation techniques and methodologies when determining fair value measurements.


Level 3 Investments (dollars in thousands)	September 30, 2026
	Fair Value		Valuation Technique	Unobservable Inputs	Range	Weighted Average
Debt investments	$	543,666	Discounted Cash Flows	Discount Rate	7.98% - 41.12%	24.51%
	30,222		Probability-Weighted Expected Return Method	Probability Weighting of Alternative Outcomes	25.00% - 100.00%	91.06%
Warrant investments	61,612		Black Scholes Option Pricing Model	Revenue Multiples	0.15x - 13.00x	5.04x
				Volatility	35.00% - 110.00%	63.65%
				Term	0.20 - 5.00 Years	2.84
				Discount for Lack of Marketability	10.00% - 25.00%	25.00%
				Risk Free Rate	0.09% - 5.05%	3.83%

	2,116		Discounted Expected Return	Discount Rate	20.00% - 30.00%	27.41%
				Term	1.00 - 4.00 Years	2.57
				Expected Recovery Rate	18.75% - 100.00%	90.38%
Equity investments	78,244		Black Scholes Option Pricing Model	Revenue Multiples	0.15x - 11.00x	2.13x
				Volatility	30.00% - 90.00%	57.97%
				Term	1.00 - 5.00 Years	2.06
				EBITDA Multiples	10.5x - 11.50x	11.0x
				Risk Free Rate	0.13% - 5.05%	3.56%
	1,066		Option-Pricing Method and Probability-Weighted Expected Return Method	Discount Rate	14.20% - 14.20%	14.20%
				Term	2.00 - 3.00 Years	2.50
Total Level 3 portfolio company investments	$	716,926


Level 3 Investments (dollars in thousands)	December 31, 2025
	Fair Value		Valuation Technique	Unobservable Inputs	Range	Weighted Average
Debt investments	$	575,845	Discounted Cash Flows	Discount Rate	6.61% - 35.52%	17.00%
	69,521		Probability-Weighted Expected Return Method	Probability Weighting of Alternative Outcomes	20.00% - 100.00%	83.75%
Warrant investments	46,987		Black Scholes Option Pricing Model	Revenue Multiples	0.15x - 11.24x	4.60x
				Volatility	35.00% - 90.00%	62.37%
				Term	0.20 - 5.00 Years	2.82
				Discount for Lack of Marketability	20.00% - 25.00%	23.25%
				Risk Free Rate	0.09% - 4.86%	3.68%

	2,207		Discounted Expected Return	Discount Rate	20.00% - 30.00%	27.41%
				Term	1.00 - 4.00 Years	2.58
				Expected Recovery Rate	18.75% - 100.00%	90.78%
Equity investments	87,262		Black Scholes Option Pricing Model	Revenue Multiples	0.15x - 11.00x	2.41x
				Volatility	35.00% - 90.00%	58.49%
				Term	1.50 - 4.50 Years	2.33
				EBITDA Multiples	10.50x - 11.50x	11.0x
				Risk Free Rate	0.13% - 5.03%	3.53%
	1,066		Option-Pricing Method and Probability-Weighted Expected Return Method	Discount Rate	14.20% - 14.20%	14.20%
				Term	2.00 - 3.00 Years	2.50
Total Level 3 portfolio company investments	$	782,888

- 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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