Fair Value Measurements (Tables)
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9 Months Ended |
Sep. 30, 2026 |
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| Fair Value Disclosures [Abstract] |
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| Summary of Ranges of Significant Unobservable Inputs Used to Value Level 3 Assets |
Accordingly, the ranges of inputs presented below do not represent uncertainty in, or possible ranges of, fair value measurements of the Company’s Level 3 assets.
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Level 3 Instruments |
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Fair Value(1)(2) |
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Valuation Techniques(3) |
Significant Unobservable Inputs |
Range of Significant Unobservable Inputs(4) |
Weighted Average(5) |
As of September 30, 2026 |
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Bank Loans, Corporate Debt, and Other Debt Obligations |
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1st Lien/Senior Secured Debt |
$ |
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892,052 |
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Discounted cash flows |
Discount Rate |
8.8% - 16.1% |
10.2% |
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11,220 |
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Comparable multiples |
EV/EBITDA(6) |
3.5x - 10.0x |
6.2x |
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2,161 |
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Comparable multiples |
EV/Revenue |
— |
0.5x |
1st Lien/Last-Out Unitranche |
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64,557 |
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Discounted cash flows |
Discount Rate |
9.6% - 13.9% |
10.1% |
Equity |
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Preferred Stock |
$ |
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105 |
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Comparable multiples |
EV/EBITDA(6) |
— |
9.7x |
Common Stock |
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2,198 |
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Comparable multiples |
EV/EBITDA(6) |
9.7x - 31.1x |
9.7x |
As of December 31, 2025 |
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Bank Loans, Corporate Debt, and Other Debt Obligations |
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1st Lien/Senior Secured Debt |
$ |
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644,206 |
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Discounted cash flows |
Discount Rate |
8.2% - 21.6% |
9.3% |
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2,616 |
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Collateral analysis |
Recovery Rate |
— |
100.0% |
1st Lien/Last-Out Unitranche |
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36,939 |
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Discounted cash flows |
Discount Rate |
8.1% - 9.9% |
8.7% |
Equity |
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Common Stock |
$ |
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1,396 |
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Comparable multiples |
EV/EBITDA(6) |
10.0x - 12.2x |
11.8x |
(1)As of September 30, 2026, included within Level 3 assets of $979,601 is an amount of $7,308 for which the Investment Adviser did not develop the unobservable inputs (examples include single source broker quotations, third party pricing, and transaction prices). The income approach was used in the determination of fair value for $956,609, or 97.9%, of Level 3 bank loans, corporate debt, and other debt obligations. (2)As of December 31, 2025, included within Level 3 Assets of $887,532 is an amount of $202,375 for which the Investment Adviser did not develop the unobservable inputs (examples include single source broker quotations, third party pricing, and transaction prices). The income approach was used in the determination of fair value for $681,145, or 76.9%, of Level 3 bank loans, corporate debt, and other debt obligations. (3)The fair value of any one instrument may be determined using multiple valuation techniques. For example, market comparable and discounted cash flows may be used together to determine fair value. Therefore, the Level 3 balance encompasses both of these techniques. (4)The range for an asset category consisting of a single investment, if any, is not meaningful and therefore has been excluded. (5)Weighted average for an asset category consisting of multiple investments is calculated by weighting the significant unobservable input by the relative fair value of the investment. Weighted average for an asset category consisting of a single investment represents the significant unobservable input used in the fair value of the investment. (6)Enterprise value of portfolio company as a multiple of earnings before interest, taxes, depreciation and amortization (“EBITDA”).
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| Summary of Assets Categorized Within Fair Value Hierarchy |
The following is a summary of the Company’s assets categorized within the fair value hierarchy:
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September 30, 2026 |
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December 31, 2025 |
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Assets |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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1st Lien/Senior Secured Debt |
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$ |
— |
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$ |
13,951 |
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$ |
912,741 |
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$ |
926,692 |
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$ |
— |
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$ |
13,989 |
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$ |
830,824 |
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$ |
844,813 |
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1st Lien/Last-Out Unitranche |
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— |
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— |
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64,557 |
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64,557 |
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— |
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— |
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55,311 |
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55,311 |
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Preferred Stock |
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— |
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— |
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105 |
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105 |
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— |
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— |
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— |
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— |
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Common Stock |
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— |
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— |
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2,198 |
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2,198 |
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— |
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— |
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1,397 |
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1,397 |
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Investments in Affiliated Money Market Fund |
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19,615 |
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— |
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— |
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19,615 |
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18,728 |
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— |
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— |
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18,728 |
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Total |
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$ |
19,615 |
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$ |
13,951 |
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$ |
979,601 |
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$ |
1,013,167 |
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$ |
18,728 |
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$ |
13,989 |
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$ |
887,532 |
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$ |
920,249 |
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| Summary of Changes in Fair Value of Level 3 Assets By Investment Type |
The following table presents a summary of changes in fair value of Level 3 assets by investment type:
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Assets |
Beginning
Balance |
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Purchases(1) |
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Net
Realized
Gain (Loss) |
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Net Change in
Unrealized
Appreciation
(Depreciation) |
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Sales and
Settlements(1) |
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Net
Amortization
of Premium/
Discount |
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Transfers
In (2) |
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Transfers
Out (2) |
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Ending Balance |
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Net Change in
Unrealized
Appreciation
(Depreciation)
for assets still
held |
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For the Nine Months Ended September 30, 2026 |
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1st Lien/Senior Secured Debt |
$ |
830,824 |
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$ |
172,118 |
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$ |
— |
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$ |
(6,680 |
) |
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$ |
(85,530 |
) |
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$ |
2,009 |
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$ |
— |
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$ |
— |
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$ |
912,741 |
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$ |
(6,541 |
) |
1st Lien/Last-Out Unitranche |
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55,311 |
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16,425 |
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— |
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(177 |
) |
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(7,123 |
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121 |
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— |
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— |
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64,557 |
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(152 |
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Preferred Stock |
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— |
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101 |
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— |
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4 |
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— |
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— |
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— |
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— |
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105 |
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4 |
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Common Stock |
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1,397 |
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— |
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— |
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801 |
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— |
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— |
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— |
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— |
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2,198 |
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|
801 |
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Total assets |
$ |
887,532 |
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$ |
188,644 |
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$ |
— |
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$ |
(6,052 |
) |
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$ |
(92,653 |
) |
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$ |
2,130 |
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$ |
— |
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$ |
— |
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$ |
979,601 |
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$ |
(5,888 |
) |
For the Nine Months Ended September 30, 2025 |
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1st Lien/Senior
Secured Debt |
$ |
535,247 |
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$ |
241,306 |
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$ |
19 |
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$ |
(120 |
) |
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$ |
(76,344 |
) |
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$ |
2,200 |
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$ |
— |
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$ |
— |
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$ |
702,308 |
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$ |
(447 |
) |
1st Lien/Last-Out Unitranche |
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39,636 |
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5,461 |
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— |
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115 |
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— |
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77 |
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— |
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— |
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45,289 |
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116 |
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Common Stock |
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2,309 |
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— |
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— |
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(495 |
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— |
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— |
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— |
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— |
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1,814 |
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(496 |
) |
Total assets |
$ |
577,192 |
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$ |
246,767 |
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$ |
19 |
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$ |
(500 |
) |
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$ |
(76,344 |
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$ |
2,277 |
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$ |
— |
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$ |
— |
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$ |
749,411 |
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$ |
(827 |
) |
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