Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2026

Fair Value Measurements

Schedule of company' investments measured at fair value


(In thousands)		As of September 30, 2026
Assets		Level 1			Level 2			Level 3			Total
Debt Investments		$	—		$	—		$	532,789		$	532,789
Cash Equivalents			17,834			—			—			17,834
Equity Investment ⁽¹⁾			—			—			—			41,723
Total		$	17,834		$	—		$	532,789		$	592,346


(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			398,800			398,800
Accretion of discount and fees (amortization of premium), net			1,120			1,120
Proceeds from sales and principal repayments of investments⁽¹⁾			(181,470)			(181,470)
Net realized gain (loss) on investments			69			69
Accretion of paid-in-kind interest			126			126
Net change in unrealized appreciation (depreciation) from non-controlled non-affiliated investments			(1,871)			(1,871)
Balance as of September 30, 2026		$	532,789		$	532,789
Net change in unrealized appreciation (depreciation) on Level 3 investments still held as of September 30, 2026		$	(1,889)		$	(1,889)

(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			175,831			175,831
Accretion of discount and fees (amortization of premium), net			341			341
Proceeds from principal repayments			(12,881)			(12,881)
Net change in unrealized appreciation (depreciation) from non-controlled non-affiliated investments			(325)			(325)
Balance as of September 30, 2025		$	254,154		$	254,154
Net change in unrealized appreciation (depreciation) on Level 3 investments still held as of September 30, 2025		$	(320)		$	(320)

Schedule of quantitative information related to the significant unobservable inputs


(In thousands)		Fair Value as of			Valuation Techniques/		Unobservable		Range				Weighted
Investment Type		September 30, 2026			Methodologies		Input		Low		High		Average ⁽¹⁾
First Lien Loans		$	68,868		Recent Transaction		Transaction Price		98.53	%	100.00	%	99.18	%
			463,921		Income - Yield Analysis		Discount Rate		8.63	%	16.41	%	10.96	%
Total		$	532,789

(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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