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DERIVATIVE INSTRUMENTS (Tables) | 6 Months Ended
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Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Fair Value and Aggregate Unrealized Appreciation (Depreciation) | The following table presents the fair value and aggregate unrealized appreciation (depreciation) of the MVC Credit Support Agreement as of December 31, 2024:
As of December 31, 2024 Description ($ in thousands) |  |  | Counterparty |  |  |  | Settlement Date |  | Notional Amount |  | Value |  | Unrealized Appreciation (Depreciation)
MVC Credit Support Agreement |  |  | Barings LLC |  |  |  | 01/01/31 |  | $ | 23,000 |  |  | $ | 19,250 |  |  | $ | 5,650 |
Total MVC Credit Support Agreement |  |  |  |  |  |  |  |  |  | $ | 5,650 |
The following tables present the fair value and aggregate unrealized appreciation (depreciation) of the Sierra Credit Support Agreement as of June 30, 2025 and December 31, 2024:
As of June 30, 2025 Description ($ in thousands) |  |  | Counterparty |  |  |  | Settlement Date |  | Notional Amount |  | Value |  | Unrealized Appreciation (Depreciation)
Sierra Credit Support Agreement |  |  | Barings LLC |  |  |  | 04/01/32 |  | $ | 100,000 |  |  | $ | 51,200 |  |  | $ | 6,800 |
Total Sierra Credit Support Agreement |  |  |  |  |  |  |  |  |  | $ | 6,800 |
As of December 31, 2024 Description ($ in thousands) |  |  | Counterparty |  |  |  | Settlement Date |  | Notional Amount |  | Value |  | Unrealized Appreciation (Depreciation)
Sierra Credit Support Agreement |  |  | Barings LLC |  |  |  | 04/01/32 |  | $ | 100,000 |  |  | $ | 44,200 |  |  | $ | (200) |
Total Sierra Credit Support Agreement |  |  |  |  |  |  |  |  |  | $ | (200) |
Schedule of Significant Unobservable Inputs used in Valuation | The following tables summarize the significant unobservable inputs the Adviser used in the valuation of the Company’s Level 3 debt and equity securities as of June 30, 2025 and December 31, 2024. The weighted average range of unobservable inputs is based on fair value of investments.
June 30, 2025: ($ in thousands) | Fair Value |  | Valuation Model |  | Level 3 Input |  | Range of Inputs |  | Weighted Average |  | Impact to Valuation from an Increase in Input
Senior debt and 1 st lien notes(1) | $ | 1,498,836 |  |  | Yield Analysis |  | Market Yield |  | 5.3% – 27.0% |  | 10.5% |  | Decrease
64,628 |  |  | Market Approach |  | Adjusted EBITDA Multiple |  | 0.5x – 10.5x |  | 5.9x |  | Increase
228,094 |  |  | Recent Transaction |  | Transaction Price |  | 96.0% – 100.0% |  | 98.3% |  | Increase
Subordinated debt and 2 nd lien notes(2) | 88,629 |  |  | Yield Analysis |  | Market Yield |  | 8.0% – 21.1% |  | 12.9% |  | Decrease
49,804 |  |  | Market Approach |  | Adjusted EBITDA Multiple |  | 0.8x – 28.5x |  | 12.0x |  | Increase
42,547 |  |  | Recent Transaction |  | Transaction Price |  | 96.0% – 100.0% |  | 96.5% |  | Increase
Structured products(3) | 2,207 |  |  | Yield Analysis |  | Market Yield |  | 9.3% – 10.3% |  | 9.8% |  | Decrease
469 |  |  | Expected Recovery |  | Expected Recovery |  | $469.4 |  | $469.4 |  | Increase
Equity shares(4) | 42,879 |  |  | Yield Analysis |  | Market Yield |  | 11.3% – 28.3% |  | 16.8% |  | Decrease
365,080 |  |  | Market Approach |  | Adjusted EBITDA Multiple |  | 0.5x – 28.5x |  | 16.8x |  | Increase
776 |  |  | Market Approach |  | Revenue Multiple |  | 5.5x – 9.0x |  | 5.9x |  | Increase
19,807 |  |  | Discounted Cash Flow Analysis |  | Discount Rate |  | 12.9% |  | 12.9% |  | Decrease
4,808 |  |  | Net Asset Approach |  | Liabilities |  | $(115,370.3) |  | $(115,370.3) |  | Decrease
49 |  |  | Expected Recovery |  | Expected Recovery |  | $2.5 – $47.0 |  | $44.8 |  | Increase
3,454 |  |  | Recent Transaction |  | Transaction Price |  | $0.00 – $135.00 |  | $5.02 |  | Increase
Equity warrants | 1,084 |  |  | Market Approach |  | Adjusted EBITDA Multiple |  | 0.5x – 11.4x |  | 11.4x |  | Increase
3 |  |  | Expected Recovery |  | Expected Recovery |  | $3.0 |  | $3.0 |  | Increase
Royalty rights | 1,542 |  |  | Yield Analysis |  | Market Yield |  | 28.0% – 30.0% |  | 29.0% |  | Decrease
(1)Excludes investments with an aggregate fair value amounting to $3,694, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available. (2)Excludes investments with an aggregate fair value amounting to $3,636, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available. (3)Excludes investments with an aggregate fair value amounting to $16,578, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available. (4)Excludes investments with an aggregate fair value amounting to $2,799, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available. The changes in approach were driven by considerations given to the financial performance of each portfolio company.
December 31, 2024: ($ in thousands) | Fair Value |  | Valuation Model |  | Level 3 Input |  | Range of Inputs |  | Weighted Average |  | Impact to Valuation from an Increase in Input
Senior debt and 1 st lien notes(1) | $ | 1,323,618 |  |  | Yield Analysis |  | Market Yield |  | 6.5% – 75.8% |  | 10.5% |  | Decrease
50,535 |  |  | Market Approach |  | Adjusted EBITDA Multiple |  | 0.5x – 11.0x |  | 6.3x |  | Increase
247,508 |  |  | Recent Transaction |  | Transaction Price |  | 95.0% – 100.0% |  | 98.7% |  | Increase
Subordinated debt and 2 nd lien notes(2) | 94,912 |  |  | Yield Analysis |  | Market Yield |  | 8.0% – 18.6% |  | 12.7% |  | Decrease
47,775 |  |  | Market Approach |  | Adjusted EBITDA Multiple |  | 0.9x – 22.4x |  | 11.7x |  | Increase
3,791 |  |  | Expected Recovery |  | Expected Recovery |  | $3,790.6 |  | $3,790.6 |  | Increase
702 |  |  | Recent Transaction |  | Transaction Price |  | 98.0% |  | 98.0% |  | Increase
Structured products(3) | 28,904 |  |  | Yield Analysis |  | Market Yield |  | 7.6% – 10.3% |  | 8.2% |  | Decrease
1,733 |  |  | Expected Recovery |  | Expected Recovery |  | $1,733.3 |  | $1,733.3 |  | Increase
5,250 |  |  | Recent Transaction |  | Transaction Price |  | 100.0% |  | 100.0% |  | Increase
Equity shares(4) | 30,302 |  |  | Yield Analysis |  | Market Yield |  | 10.8% – 30.5% |  | 15.7% |  | Decrease
339,142 |  |  | Market Approach |  | Adjusted EBITDA Multiple |  | 0.5x – 28.5x |  | 12.9x |  | Increase
1,353 |  |  | Market Approach |  | Revenue Multiple |  | 5.5x – 8.8x |  | 6.0x |  | Increase
16,852 |  |  | Discounted Cash Flow Analysis |  | Discount Rate |  | 12.9% |  | 12.9% |  | Decrease
3,875 |  |  | Net Asset Approach |  | Liabilities |  | $(96,678.3) |  | $(96,678.3) |  | Decrease
59 |  |  | Expected Recovery |  | Expected Recovery |  | $2.5 – $56.9 |  | $54.6 |  | Increase
10,008 |  |  | Recent Transaction |  | Transaction Price |  | $1.00 – $1,847.58 |  | $1,525.9 |  | Increase
Equity warrants | 2,729 |  |  | Market Approach |  | Adjusted EBITDA Multiple |  | 0.5x – 11.8x |  | 8.1x |  | Increase
3 |  | Expected Recovery |  | Expected Recovery |  | $3.0 |  | $3.0 |  | Increase
Royalty rights | 5,833 |  |  | Yield Analysis |  | Market Yield |  | 18.6% – 26.4% |  | 21.0% |  | Decrease
(1)Excludes investments with an aggregate fair value amounting to $3,840, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available. (2)Excludes investments with an aggregate fair value amounting to $6,523, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available. (3)Excludes investments with an aggregate fair value amounting to $12,777, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available. (4)Excludes investments with an aggregate fair value amounting to $6,884, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available. The following tables summarize the significant unobservable inputs the Adviser used in the valuation of the Company’s Level 3 MVC Credit Support Agreement as of December 31, 2024. The average range of unobservable inputs is based on fair value of the MVC Credit Support Agreement.
December 31, 2024: ($ in thousands) | Fair Value |  | Valuation Model |  | Level 3 Input |  | Range of Inputs |  | Average |  | Impact to Valuation from an Increase in Input
MVC Credit Support Agreement | $ | 19,250 |  |  | Income Approach |  | Discount Rate |  | 5.4% - 6.4% |  | 5.9% |  | Decrease
Time Until Exit (years) |  | 1.5 - 4.5 |  | 3.0 |  | Decrease
The following tables summarize the significant unobservable inputs the Adviser used in the valuation of the Company’s Level 3 Sierra Credit Support Agreement as of June 30, 2025 and December 31, 2024. The average range of unobservable inputs is based on fair value of the Sierra Credit Support Agreement.
June 30, 2025: ($ in thousands) | Fair Value |  | Valuation Model |  | Level 3 Input |  | Range of Inputs |  | Average |  | Impact to Valuation from an Increase in Input
Sierra Credit Support Agreement | $ | 51,200 |  |  | Simulation Analysis |  | Enterprise Value |  | $7 - $361,800 |  | $180,904 |  | Decrease
|  | Asset Volatility |  | 20.0% - 50.0% |  | 35.0% |  | Increase
|  | Time Until Exit (years) |  | 0.0 - 6.1 |  | 3.1 |  | Decrease
|  | Discount Rate |  | 6.0% |  | 6.0% |  | Decrease
|  | Recovery Rate |  | 5.0% - 70.0% |  | 37.5% |  | Increase
December 31, 2024: ($ in thousands) | Fair Value |  | Valuation Model |  | Level 3 Input |  | Range of Inputs |  | Average |  | Impact to Valuation from an Increase in Input
Sierra Credit Support Agreement | $ | 44,200 |  |  | Simulation Analysis |  | Enterprise Value |  | $15 - $393,900 |  | $196,958 |  | Decrease
|  | Asset Volatility |  | 25.0% - 55.0% |  | 40.0% |  | Increase
|  | Time Until Exit (years) |  | 0.0 - 6.6 |  | 3.3 |  | Decrease
|  | Discount Rate |  | 6.3% |  | 6.3% |  | Decrease
|  | Recovery Rate |  | 5.0% - 70.0% |  | 37.5% |  | Increase
Schedule of Foreign Currency Forward Contracts | The following tables present the Company’s foreign currency forward contracts as of June 30, 2025 and December 31, 2024:
As of June 30, 2025 Description ($ in thousands) |  | Notional Amount to be Purchased |  | Notional Amount to be Sold |  | Maturity Date |  | Gross Amount of Recognized Assets (Liabilities) |  | Balance Sheet Location of Net Amounts
Foreign currency forward contract (AUD) |  | A$2,000 |  | $1,301 |  | 09/30/25 |  | $ | 12 |  |  | Derivative assets
Foreign currency forward contract (AUD) |  | $36,480 |  | A$55,830 |  | 09/30/25 |  | (176) |  |  | Derivative liabilities
Foreign currency forward contract (CAD) |  | $42 |  | C$58 |  | 09/29/25 |  | — |  |  | Derivative liabilities
Foreign currency forward contract (CAD) |  | $1,718 |  | C$2,339 |  | 09/29/25 |  | (4) |  |  | Derivative liabilities
Foreign currency forward contract (DKK) |  | $493 |  | 3,192kr. |  | 09/30/25 |  | (13) |  |  | Derivative liabilities
Foreign currency forward contract (EUR) |  | $163,760 |  | €142,348 |  | 09/30/25 |  | (4,328) |  |  | Derivative liabilities
Foreign currency forward contract (NZD) |  | $9,120 |  | NZ$15,040 |  | 09/30/25 |  | (37) |  |  | Derivative liabilities
Foreign currency forward contract (NOK) |  | $4,747 |  | 47,927kr |  | 09/30/25 |  | 8 |  |  | Derivative assets
Foreign currency forward contract (GBP) |  | $80,160 |  | £59,288 |  | 09/30/25 |  | (1,133) |  |  | Derivative liabilities
Foreign currency forward contract (SEK) |  | $1,876 |  | 17,887kr |  | 09/30/25 |  | (12) |  |  | Derivative liabilities
Foreign currency forward contract (CHF) |  | $5,322 |  | 4,315Fr. |  | 09/30/25 |  | (160) |  |  | Derivative liabilities
Total |  |  |  |  |  | $ | (5,843) |  |  |
As of December 31, 2024 Description ($ in thousands) |  | Notional Amount to be Purchased |  | Notional Amount to be Sold |  | Maturity Date |  | Gross Amount of Recognized Assets (Liabilities) |  | Balance Sheet Location of Net Amounts
Foreign currency forward contract (AUD) |  | A$7,000 |  | $4,519 |  | 01/08/25 |  | $ | (185) |  |  | Derivative liabilities
Foreign currency forward contract (AUD) |  | A$64,484 |  | $41,090 |  | 01/08/25 |  | (1,164) |  |  | Derivative liabilities
Foreign currency forward contract (AUD) |  | A$8,000 |  | $5,010 |  | 04/07/25 |  | (56) |  |  | Derivative liabilities
Foreign currency forward contract (AUD) |  | $954 |  | A$1,478 |  | 01/08/25 |  | 39 |  |  | Derivative assets
Foreign currency forward contract (AUD) |  | $965 |  | A$1,411 |  | 01/08/25 |  | 92 |  |  | Derivative assets
Foreign currency forward contract (AUD) |  | $46,948 |  | A$68,596 |  | 01/08/25 |  | 4,477 |  |  | Derivative assets
Foreign currency forward contract (AUD) |  | $41,247 |  | A$64,724 |  | 04/07/25 |  | 1,167 |  |  | Derivative assets
Foreign currency forward contract (CAD) |  | C$8,709 |  | $6,161 |  | 01/08/25 |  | (105) |  |  | Derivative liabilities
Foreign currency forward contract (CAD) |  | C$7,000 |  | $4,896 |  | 04/07/25 |  | (11) |  |  | Derivative liabilities
Foreign currency forward contract (CAD) |  | $6,461 |  | C$8,709 |  | 01/08/25 |  | 404 |  |  | Derivative assets
Foreign currency forward contract (CAD) |  | $72 |  | C$103 |  | 04/07/25 |  | — |  |  | Derivative liabilities
Foreign currency forward contract (CAD) |  | $6,326 |  | C$8,913 |  | 04/07/25 |  | 107 |  |  | Derivative assets
Foreign currency forward contract (DKK) |  | 2,570kr. |  | $362 |  | 01/08/25 |  | (5) |  |  | Derivative liabilities
Foreign currency forward contract (DKK) |  | $385 |  | 2,570kr. |  | 01/08/25 |  | 28 |  |  | Derivative assets
Foreign currency forward contract (DKK) |  | $370 |  | 2,615kr. |  | 04/07/25 |  | 5 |  |  | Derivative assets
Foreign currency forward contract (EUR) |  | €4,658 |  | $4,921 |  | 01/08/25 |  | (96) |  |  | Derivative liabilities
Foreign currency forward contract (EUR) |  | €95,436 |  | $100,299 |  | 01/08/25 |  | (1,455) |  |  | Derivative liabilities
Foreign currency forward contract (EUR) |  | $111,003 |  | €99,494 |  | 01/08/25 |  | 7,955 |  |  | Derivative assets
Foreign currency forward contract (EUR) |  | $671 |  | €600 |  | 01/08/25 |  | 50 |  |  | Derivative assets
Foreign currency forward contract (EUR) |  | $100,856 |  | €95,570 |  | 04/07/25 |  | 1,467 |  |  | Derivative assets
Foreign currency forward contract (NZD) |  | NZ$15,538 |  | $9,003 |  | 01/08/25 |  | (297) |  |  | Derivative liabilities
Foreign currency forward contract (NZD) |  | $198 |  | NZ$312 |  | 01/08/25 |  | 23 |  |  | Derivative assets
Foreign currency forward contract (NZD) |  | $9,538 |  | NZ$15,226 |  | 01/08/25 |  | 1,007 |  |  | Derivative assets
Foreign currency forward contract (NZD) |  | $9,187 |  | NZ$15,840 |  | 04/07/25 |  | 302 |  |  | Derivative assets
Foreign currency forward contract (NOK) |  | 45,770kr |  | $4,104 |  | 01/08/25 |  | (75) |  |  | Derivative liabilities
Foreign currency forward contract (NOK) |  | $83 |  | 921kr |  | 01/08/25 |  | 2 |  |  | Derivative assets
Foreign currency forward contract (NOK) |  | $4,273 |  | 44,849kr |  | 01/08/25 |  | 325 |  |  | Derivative assets
Foreign currency forward contract (NOK) |  | $4,132 |  | 46,087kr |  | 04/07/25 |  | 75 |  |  | Derivative assets
Foreign currency forward contract (GBP) |  | £5,800 |  | $7,272 |  | 01/08/25 |  | (8) |  |  | Derivative liabilities
Foreign currency forward contract (GBP) |  | £59,563 |  | $75,949 |  | 01/08/25 |  | (1,356) |  |  | Derivative liabilities
Foreign currency forward contract (GBP) |  | $1,789 |  | £1,382 |  | 01/08/25 |  | 59 |  |  | Derivative assets
Foreign currency forward contract (GBP) |  | $85,174 |  | £63,981 |  | 01/08/25 |  | 5,047 |  |  | Derivative assets
Foreign currency forward contract (GBP) |  | $75,962 |  | £59,607 |  | 04/07/25 |  | 1,363 |  |  | Derivative assets
Foreign currency forward contract (SEK) |  | 16,492kr. |  | $1,505 |  | 01/08/25 |  | (12) |  |  | Derivative liabilities
Foreign currency forward contract (SEK) |  | $34 |  | 339kr |  | 01/08/25 |  | 3 |  |  | Derivative assets
Foreign currency forward contract (SEK) |  | $1,593 |  | 16,153kr |  | 01/08/25 |  | 130 |  |  | Derivative assets
Foreign currency forward contract (SEK) |  | $1,541 |  | 16,805kr |  | 04/07/25 |  | 12 |  |  | Derivative assets
Foreign currency forward contract (CHF) |  | 5,622Fr. |  | $6,378 |  | 01/08/25 |  | (173) |  |  | Derivative liabilities
Foreign currency forward contract (CHF) |  | $6,706 |  | 5,622Fr. |  | 01/08/25 |  | 502 |  |  | Derivative assets
Foreign currency forward contract (CHF) |  | $6,511 |  | 5,685Fr. |  | 04/07/25 |  | 175 |  |  | Derivative assets
Total |  |  |  |  |  | $ | 19,818 |  |  |

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