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Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Summary of Fair Value Hierarchy Investments

As of December 31, 2025 and 2024, the Company’s investments were categorized as follows in the fair value hierarchy:

 

Valuation Inputs						December 31, 2025												December 31, 2024
Level 1—Price quotations in active markets						$	22											$	1
Level 2—Significant other observable inputs						14												91
Level 3—Significant unobservable inputs						11,005												12,035
Investments measured at net asset value(1)						1,968												1,363
						$	13,009											$	13,490

___________

(1)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheets.

Summary of Reconciliation Fair Value, Assets

The following is a reconciliation for the years ended December 31, 2025 and 2024 of investments for which significant unobservable inputs (Level 3) were used in determining fair value:

						For the Year Ended December 31, 2025
						Senior Secured Loans—First Lien						Senior Secured Loans—Second Lien						Other Senior Secured Debt						Subordinated Debt						Asset Based Finance												Equity/Other						Total
Fair value at beginning of period						$	7,780					$	693					$	46					$	233					$	2,102											$	1,181					$	12,035
Accretion of discount (amortization of premium)						28						5						—						2						1												3						39
Net realized gain (loss)						(211)						(6)						(8)						(7)						4												(117)						(345)
Net change in unrealized appreciation (depreciation)						(96)						(63)						(3)						(14)						(7)												26						(157)
Purchases						4,157						—						47						147						889												354						5,594
Paid-in-kind interest						110						1						3						9						40												70						233
Sales and repayments						(4,256)						(92)						(33)						(244)						(1,335)												(434)						(6,394)
Transfers into Level 3						—						—						—						—						—												—						—
Transfers out of Level 3						—						—						—						—						—												—						—
Fair value at end of period						$	7,512					$	538					$	52					$	126					$	1,694											$	1,083					$	11,005
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date						$	(185)					$	(71)					$	(7)					$	(21)					$	1											$	(33)					$	(316)

						For the Year Ended December 31, 2024
						Senior Secured Loans—First Lien						Senior Secured Loans—Second Lien						Other Senior Secured Debt						Subordinated Debt						Asset Based Finance												Equity/Other						Total
Fair value at beginning of period						$	8,429					$	1,090					$	21					$	322					$	2,077											$	1,134					$	13,073
Accretion of discount (amortization of premium)						44						8						—						2						2												3						59
Net realized gain (loss)						(308)						(107)						(3)						—						(11)												(41)						(470)
Net change in unrealized appreciation (depreciation)						136						71						1						4						30												(15)						227
Purchases						3,859						56						25						30						1,046												83						5,099
Paid-in-kind interest						100						2						2						23						15												150						292
Sales and repayments						(4,488)						(427)						—						(148)						(1,057)												(133)						(6,253)
Transfers into Level 3						8						—						—						—						—												—						8
Transfers out of Level 3						—						—						—						—						—												—						—
Fair value at end of period						$	7,780					$	693					$	46					$	233					$	2,102											$	1,181					$	12,035
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date						$	(32)					$	(23)					$	(1)					$	2					$	(41)											$	(59)					$	(154)

Summary of Valuation Techniques and Significant Unobservable Inputs Used in Recurring Level 3 Fair Value

The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements as of December 31, 2025 and 2024 were as follows:

Type of Investment

Fair Value at December 31, 2025

Valuation Technique(1)

Unobservable Input

Range

Impact to Valuation from an Increase in Input(2)

Senior Debt

$

6,500

Discounted Cash Flow

Discount Rate

4.6% - 24.9% (10.4%)

Decrease

1,400

Waterfall

EBITDA Multiple

0.8x - 15.1x (9.5x)

Increase

202

Cost

Subordinated Debt

112

Discounted Cash Flow

Discount Rate

9.9% - 15.1% (12.4%)

Decrease

14

Waterfall

EBITDA Multiple

2.8x - 15.1x (7.9x)

Increase

Asset Based Finance

1,103

Discounted Cash Flow

Discount Rate

4.7% - 43.7% (12.6%)

Decrease

429

Waterfall

EBITDA Multiple

1.0x - 1.3x (1.1x)

Increase

Illiquidity Discount

10.0% - 10.0% (10.0%)

Decrease

112

Other(3)

49

Cost

1

Indicative Dealer Quotes

6.9% - 6.9% (6.9%)

Increase

Equity/Other

607

Waterfall

EBITDA Multiple

4.5x - 25.5x (9.9x)

Increase

Illiquidity Discount

10.0% - 15.0% (11.2%)

Decrease

457

Discounted Cash Flow

Discount Rate

3.8% - 20.1% (12.1%)

Decrease

19

Other(3)

Total

$

11,005

Type of Investment

Fair Value at December 31, 2024

Valuation Technique(1)

Unobservable Input

Range

Impact to Valuation from an Increase in Input(2)

Senior Debt

$

7,115

Discounted Cash Flow

Discount Rate

5.8% - 23.8% (10.6%)

Decrease

1,376

Waterfall

EBITDA Multiple

0.7x - 11.3x (8.6x)

Increase

14

Other(3)

14

Cost

Subordinated Debt

188

Discounted Cash Flow

Discount Rate

11.3% - 15.4% (12.7%)

Decrease

33

Waterfall

EBITDA Multiple

7.0x - 7.0x (7.0x)

Increase

12

Other(3)

Asset Based Finance

1,513

Discounted Cash Flow

Discount Rate

4.8% - 41.7% (12.8%)

Decrease

516

Waterfall

EBITDA Multiple

1.0x - 1.4x (1.2x)

Increase

41

Cost

30

Other(3)

2

Indicative Dealer Quotes

23.0% - 23.0% (23.0%)

Increase

Equity/Other

625

Waterfall

EBITDA Multiple

0.7x - 16.0x (8.3x)

Increase

538

Discounted Cash Flow

Discount Rate

4.3% - 24.8% (14.3%)

Decrease

18

Other(3)

Total

$

12,035

_______________

(1)Investments using a market quotes valuation technique were primarily valued by using the midpoint of the prevailing bid and ask prices from dealers on the date of the relevant period end, which were provided by independent third-party pricing services and screened for validity by such services. Investments valued using an EBITDA multiple or a revenue multiple pursuant to the market comparables valuation technique may be conducted using an enterprise valuation waterfall analysis.

(2)Represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the input would have the opposite effect. Significant changes in these inputs in isolation could result in significantly higher or lower fair value measurements.

(3)Fair value based on expected outcome of proposed corporate transactions and/or other factors.

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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