Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2026

Summary of Fair Value Hierarchy of Cash and Cash Equivalents and Investments

The following tables present the fair value hierarchy of cash and cash equivalents and investments as of September 30, 2026 and December 31, 2025:


	Fair Value Hierarchy as of September 30, 2026
($ in thousands)	Level 1		Level 2		Level 3		Total
Investments:
First lien senior secured debt investments	$	—	$	—	$	1,568,106	$	1,568,106
Second lien senior secured debt investments		—		—		46,075		46,075
Unsecured debt investments		—		—		83,067		83,067
Equity investments		—				2,000		2,000
U.S. treasury bill		64,978		—		—		64,978
Total investments at fair value	$	64,978	$	—	$	1,699,248	$	1,764,226
Cash and cash equivalents	$	23,752	$	—	$	—	$	23,752


	Fair Value Hierarchy as of December 31, 2025
($ in thousands)	Level 1		Level 2		Level 3		Total
Investments:
First lien senior secured debt investments	$	—	$	42,515	$	1,162,717	$	1,205,232
Second lien senior secured debt investments		—		—		48,987		48,987
Unsecured debt investments		—		—		79,786		79,786
U.S. treasury bill		172,864		—		—		172,864
Total investments at fair value	$	172,864	$	42,515	$	1,291,490	$	1,506,869
Cash and cash equivalents	$	19,127	$	—	$	—	$	19,127

Summary of Changes in Fair Value of Investments for Level 3 Inputs

The following tables present changes in the fair value of investments for which Level 3 inputs were used to determine the fair value as of and for the three and nine months ended September 30, 2026 and September 30, 2025:


	For the Three Months Ended September 30, 2026
($ in thousands)	First lien senior secured debt investments			Second lien senior secured debt investments			Unsecured debt investments		Equity investments		Total
Fair value, beginning of period	$	1,383,321		$	46,605		$	82,021	$	—	$	1,511,947
Purchases of investments		266,761			—			—		2,000		268,761
Payment-in-kind		—			—			611		—		611
Proceeds from investments		(82,216	)		(125	)		—		—		(82,341	)
Net change in unrealized gain (loss)		(555	)		(435	)		377		—		(613	)
Net realized gains (losses)		(24	)		—			—		—		(24	)
Net amortization/accretion of premium/discount on investments		819			30			58		—		907
Transfers between investment types		—			—			—		—		—
Transfers into (out of) Level 3(1)		—			—			—		—		—
Fair value, end of period	$	1,568,106		$	46,075		$	83,067	$	2,000	$	1,699,248
Net change in unrealized gain (loss) still held at September 30, 2026	$	(554	)	$	(435	)	$	378	$	—	$	(611	)

(1)

Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the three months ended September 30, 2026, there were no transfers into (out of) Level 3.


	For the Three Months Ended September 30, 2025
($ in thousands)	First lien senior secured debt investments			Second lien senior secured debt investments			Unsecured debt investments		Equity investments		Total
Fair value, beginning of period	$	755,533		$	48,765		$	62,666	$	—	$	866,964
Purchases of investments		143,436			—			—		—		143,436
Payment-in-kind		—			—			1,178		—		1,178
Proceeds from investments		(31,782	)		(125	)		—		—		(31,907	)
Net change in unrealized gain (loss)		326			422			533		—		1,281
Net realized gains (losses)		—			—			—		—		—
Net amortization/accretion of premium/discount on investments		804			23			43		—		870
Transfers between investment types		—			—			—		—		—
Transfers into (out of) Level 3(1)		—			—			—		—		—
Fair value, end of period	$	868,317		$	49,085		$	64,420	$	—	$	981,822
Net change in unrealized gain (loss) still held at September 30, 2025	$	600		$	422		$	533	$	—	$	1,555

(1)

Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the three months ended September 30, 2025, there were no transfers into (out of) Level 3.


	For the Nine Months Ended September 30, 2026
($ in thousands)	First lien senior secured debt investments			Second lien senior secured debt investments			Unsecured debt investments		Equity investments		Total
Fair value, beginning of period	$	1,162,717		$	48,987		$	79,786	$	—	$	1,291,490
Purchases of investments, net		779,154			—			—		2,000		781,154
Payment-in-kind		—			—			2,542		—		2,542
Proceeds from investments, net		(371,344	)		(2,491	)		—		—		(373,835	)
Net change in unrealized gain (loss)		(7,885	)		(582	)		488		—		(7,979	)
Net realized gains (losses)		(24	)		—			—		—		(24	)
Net amortization/accretion of premium/discount on investments		5,488			161			251		—		5,900
Transfers between investment types		—			—			—		—		—
Transfers into (out of) Level 3(1)		—			—			—		—		—
Fair value, end of period	$	1,568,106		$	46,075		$	83,067	$	2,000	$	1,699,248
Net change in unrealized gain (loss) still held at September 30, 2026	$	(7,567	)	$	(582	)	$	488	$	—	$	(7,661	)

(1)

Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the nine months ended September 30, 2026, there were no transfers into (out of) Level 3.


	For the Nine Months Ended September 30, 2025
($ in thousands)	First lien senior secured debt investments			Second lien senior secured debt investments			Unsecured debt investments		Equity investments		Total
Fair value, beginning of period	$	395,206		$	49,000		$	—	$	—	$	444,206
Purchases of investments, net		619,997			—			62,291		—		682,288
Payment-in-kind		—			—			1,561		—		1,561
Proceeds from investments, net		(149,359	)		(376	)		—		—		(149,735	)
Net change in unrealized gain (loss)		73			351			500		—		924
Net realized gains (losses)		(13	)		—			—		—		(13	)
Net amortization/accretion of premium/discount on investments		2,413			110			68		—		2,591
Transfers between investment types		—			—			—		—		—
Transfers into (out of) Level 3(1)		—			—			—		—		—
Fair value, end of period	$	868,317		$	49,085		$	64,420	$	—	$	981,822
Net change in unrealized gain (loss) still held at September 30, 2025	$	556		$	351		$	500	$	—	$	1,407

(1)

Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the nine months ended September 30, 2025, there were no transfers into (out of) Level 3.

Schedule of Quantitative Information About Significant Unobservable Inputs of Level 3 Assets

The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 assets as of September 30, 2026 and December 31, 2025. The tables are not intended to be all-inclusive but instead capture the significant unobservable inputs relevant to the Company’s determination of fair value.


	As of September 30, 2026
					Range
($ in thousands)	Fair Value		Valuation Technique	Unobservable Input	Low	High	Weighted Average
First lien senior secured debt investments	$	1,370,514	Yield Analysis	Discount Rate	9.7%	17.1%	11.4%
First lien senior secured debt investments		197,592	Recent Transaction	Transaction Price	98.3%	98.8%	98.5%
Second lien senior secured debt investments		46,075	Yield Analysis	Discount Rate	13.1%	13.1%	13.1%
Unsecured debt investments		83,067	Yield Analysis	Discount Rate	14.4%	15.1%	14.6%
Equity		2,000	Recent Transaction	Transaction Price	100.0%	100.0%	100.0%
Total	$	1,699,248


	As of December 31, 2025
					Range
($ in thousands)	Fair Value		Valuation Technique	Unobservable Input	Low	High	Weighted Average
First lien senior secured debt investments	$	868,271	Yield Analysis	Discount Rate	8.8%	11.2%	9.7%
First lien senior secured debt investments		294,446	Recent Transaction	Transaction Price	98.0%	99.3%	98.5%
Second lien senior secured debt investments		48,987	Yield Analysis	Discount Rate	11.4%	11.4%	11.4%
Unsecured debt investments		65,086	Yield Analysis	Discount Rate	13.3%	13.8%	13.4%
Unsecured debt investments		14,700	Recent Transaction	Transaction Price	98.0%	98.0%	98.0%
Total	$	1,291,490

- 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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