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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurements of Investments by Major Class According to Fair Value Hierarchy

The following tables present fair value measurements of investments by major class according to the fair value hierarchy:

		September 30, 2025
		Level 1				Level 2				Level 3				Total
First Lien Debt	$		—		$		—		$		859,375		$		859,375
Second Lien Debt			—				—				82,267				82,267
Subordinated Debt			—				—				107,705				107,705
Equity			—				—				143,094				143,094
Warrants			—				—				307				307
Money Market Funds			57,853				—				—				57,853
Total	$		57,853		$		—		$		1,192,748		$		1,250,601

		December 31, 2024
		Level 1				Level 2				Level 3				Total
First Lien Debt	$		—		$		—		$		718,120		$		718,120
Second Lien Debt			—				—				83,543				83,543
Subordinated Debt			—				—				142,839				142,839
Equity			—				—				138,371				138,371
Warrants			—				—				7,633				7,633
Money Market Funds			48,715				—				—				48,715
Total	$		48,715		$		—		$		1,090,506		$		1,139,221

Summary of Reconciliation of Beginning and Ending Balances for Fair Valued Investments

The following tables present a reconciliation of the beginning and ending balances for fair valued investments measured using significant unobservable inputs (Level 3) for the nine months ended September 30, 2025 and 2024:

		First Lien				Second Lien				Subordinated
		Debt				Debt				Debt				Equity				Warrants				Total
Balance, December 31, 2023		$	578,140			$	119,561			$	135,173			$	120,007			$	4,768			$	957,649
Net realized gains (losses) on investments			(3,280	)			(2,100	)			—				17,541				—				12,161
Net change in unrealized appreciation (depreciation) on investments			(1,467	)			(2,481	)			1,256				(5,524	)			3,067				(5,149	)
Purchase of investments			212,495				33,281				12,500				15,918				—				274,194
Proceeds from sales and repayments of investments			(90,314	)			(36,472	)			(2,864	)			(24,458	)			(1	)			(154,109	)
Interest and dividend income paid-in-kind			822				1,822				3,101				—				—				5,745
Proceeds from loan origination fees			(1,672	)			(123	)			(157	)			—				—				(1,952	)
Accretion of loan origination fees			1,503				142				156				—				—				1,801
Accretion of original issue discount			53				277				5				—				—				335
Balance, September 30, 2024		$	696,280			$	113,907			$	149,170			$	123,484			$	7,834			$	1,090,675
Balance, December 31, 2024		$	718,120			$	83,543			$	142,839			$	138,371			$	7,633			$	1,090,506
Net realized gains (losses) on investments			(14,498	)			—				—				11,214				8,116				4,832
Net change in unrealized appreciation (depreciation) on investments			23,929				(7,381	)			(470	)			(2,876	)			(5,193	)			8,009
Purchase of investments			256,210				13,600				—				14,545				125				284,480
Proceeds from sales and repayments of investments			(137,539	)			—				(37,246	)			(18,160	)			(10,374	)			(203,319	)
Interest and dividend income paid-in-kind			3,348				2,158				2,378				—				—				7,884
Proceeds from loan origination fees			(1,667	)			(90	)			—				—				—				(1,757	)
Accretion of loan origination fees			1,726				82				199				—				—				2,007
Accretion of original issue discount			101				—				5				—				—				106
Transfers by type			9,645				(9,645	)			—				—				—				—
Balance, September 30, 2025		$	859,375			$	82,267			$	107,705			$	143,094			$	307			$	1,192,748

Summary of Significant Unobservable Inputs by Valuation Technique to Determine Fair Value

The following tables summarize the significant unobservable inputs by valuation technique used to determine the fair value of the Company’s Level 3 debt and equity investments as of September 30, 2025 and December 31, 2024. The tables are not intended to be all-inclusive, but instead capture the significant unobservable inputs relevant to the Company’s determination of fair values.

		Fair Value at				Valuation		Unobservable		Range
		September 30, 2025				Techniques		Inputs		(weighted average)(1)
Debt investments:
First Lien Debt		$	859,375			Discounted cash flow		Weighted average cost of capital		7.6% - 56.7% (14.3%)
Second Lien Debt			79,123			Discounted cash flow		Weighted average cost of capital		12.8% - 22.5% (15.1%)
			1,360			Enterprise value waterfall		EBITDA multiples		6.0x - 6.0x (6.0x)
			1,784			Enterprise value waterfall		Revenue multiples		0.7x - 0.7x (0.7x)
Subordinated Debt			107,440			Discounted cash flow		Weighted average cost of capital		11.5% - 20.0% (13.3%)
			265			Enterprise value waterfall		EBITDA multiples		6.0x - 6.0x (6.0x)
Equity investments:
Equity			133,914			Enterprise value waterfall		EBITDA multiples		3.5x - 24.0x (10.0x)
			9,180			Enterprise value waterfall		Revenue multiples		0.7x - 9.0x (5.9x)
Warrants			238			Enterprise value waterfall		EBITDA multiples		3.5x - 3.5x (3.5x)
			69			Enterprise value waterfall		Revenue multiples		4.0x - 4.0x (4.0x)

(1) Unobservable inputs were weighted by the relative fair value of the instruments.

		Fair Value at				Valuation		Unobservable		Range
		December 31, 2024				Techniques		Inputs		(weighted average)(1)
Debt investments:
First Lien Debt		$	714,595			Discounted cash flow		Weighted average cost of capital		7.8% - 26.2% (14.5%)
			3,525			Enterprise value waterfall		Asset Coverage		1.0x - 1.0x (1.0x)
Second Lien Debt			79,106			Discounted cash flow (2)		Weighted average cost of capital		13.4% - 55.5% (20.7%)
			4,437			Option Pricing		Volatility of credit		85.0% - 85.0% (85.0%)
Subordinated Debt			142,839			Discounted cash flow		Weighted average cost of capital		10.4% - 20.0% (13.2%)
Equity investments:
Equity			132,741			Enterprise value waterfall		EBITDA multiples		3.5x - 30.0x (11.0x)
			5,630			Enterprise value waterfall		Revenue multiples		0.8x - 9.0x (6.6x)
Warrants			7,633			Enterprise value waterfall		EBITDA multiples		3.5x - 3.5x (3.5x)
			-			Enterprise value waterfall		Revenue multiples		4.0x - 4.0x (4.0x)

(1) Unobservable inputs were weighted by the relative fair value of the instruments.

(2) Includes $9.6 million of debt investments which were valued using a trading discount to par.

Summary of Carrying Value and Fair Value of Debt Obligations

The following tables summarize the carrying value and fair value of the Company’s debt obligations as of September 30, 2025 and December 31, 2024.

		September 30, 2025(5)								December 31, 2024(5)
		Carrying Value (1)				Fair Value				Carrying Value (1)				Fair Value
SBA debentures (2)		$	191,000			$	191,000			$	175,000			$	175,000
Revolving Credit Facility borrowings (3)			15,000				15,000				45,000				45,000
January 2026 Notes (4)			100,000				98,898				125,000				120,188
November 2026 Notes (4)			125,000				118,856				125,000				114,293
March 2030 Notes (4)			100,000				94,799				—				—
Total		$	531,000			$	518,553			$	470,000			$	454,481

(1)Carrying value represents the outstanding principal balance of the debt obligation.

(2)The fair value of the SBA debentures is estimated by discounting the remaining payments using current market rates for similar instruments and considering such factors as the legal maturity date and the ability of market participants to prepay the debentures, which are Level 3 inputs under ASC Topic 820.

(3)The fair value of the Revolving Credit Facility, if valued under ASC Topic 820, are based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.

(4)The fair value of the January 2026 Notes (as defined in Note 6), the November 2026 Notes (as defined in Note 6), and the March 2030 Notes (as defined in Note 6) are estimated by discounting the remaining payments using current market rates for similar instruments and considering such factors as the legal maturity date, which are Level 3 inputs under ASC Topic 820.

(5)Totals exclude $12,816 and $13,674 of Secured Borrowings as of September 30, 2025 and December 31, 2024, respectively.

Summary of Inputs Used to Value Debt Obligations

The following table summarizes the inputs used to value the Company’s debt obligations if measured at fair value as of September 30, 2025 and December 31, 2024.

		Fair Value
		September 30,				December 31,
Valuation Inputs		2025				2024
Level 1		$	—			$	—
Level 2			—				—
Level 3			518,553				454,481
Total		$	518,553			$	454,481

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