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Fair Value of Financial Instruments | 9 Months Ended
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Sep. 30, 2025
Fair Value Disclosures [Abstract] |
Fair Value of Financial Instruments | Note 5. Fair Value of Financial Instruments Investments The following table presents fair value measurements of investments as of September 30, 2025 (in thousands):
Fair Value Hierarchy |
| Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Senior Secured First Lien | $ | — |  |  | $ | — |  |  | $ | 352,812 |  |  | $ | 352,812 |
Unitranche First Lien |  | — |  |  |  | 5,769 |  |  |  | 1,034,035 |  |  |  | 1,039,804 |
Unitranche First Lien – Last Out |  | — |  |  |  | — |  |  |  | 26,170 |  |  |  | 26,170 |
Senior Secured Second Lien |  | — |  |  |  | — |  |  |  | 18,647 |  |  |  | 18,647 |
Unsecured Debt |  | — |  |  |  | — |  |  |  | 19,531 |  |  |  | 19,531 |
Equity & Other |  | — |  |  |  | 668 |  |  |  | 84,066 |  |  |  | 84,734 |
Subtotal | $ | — |  |  | $ | 6,437 |  |  | $ | 1,535,261 |  |  | $ | 1,541,698 |
Investments Measured at NAV (1) |  |  |  |  |  |  |  |  |  |  | 38,980 |
Total Investments |  |  |  |  |  |  |  |  |  | $ | 1,580,678 |
Foreign Currency Forward Contracts - Assets |  | — |  |  |  | 2,082 |  |  |  | — |  |  |  | 2,082 |
Foreign Currency Forward Contracts - Liabilities |  | — |  |  |  | 2,271 |  |  |  | — |  |  |  | 2,271 |
The following table presents fair value measurements of investments as of December 31, 2024 (in thousands):
Fair Value Hierarchy |
| Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Senior Secured First Lien | $ | — |  |  | $ | — |  |  | $ | 379,628 |  |  | $ | 379,628 |
Unitranche First Lien |  | — |  |  |  | 30,206 |  |  |  | 1,013,934 |  |  |  | 1,044,140 |
Unitranche First Lien – Last Out |  | — |  |  |  | — |  |  |  | 14,741 |  |  |  | 14,741 |
Senior Secured Second Lien |  | — |  |  |  | 14,186 |  |  |  | 24,351 |  |  |  | 38,537 |
Unsecured Debt |  | — |  |  |  | — |  |  |  | 17,525 |  |  |  | 17,525 |
Equity & Other |  | — |  |  |  | 1,125 |  |  |  | 63,735 |  |  |  | 64,860 |
Subtotal | $ | — |  |  | $ | 45,517 |  |  | $ | 1,513,914 |  |  | $ | 1,559,431 |
Investments Measured at NAV (1) |  |  |  |  |  |  |  |  |  |  | 39,426 |
Total Investments |  |  |  |  |  |  |  |  |  | $ | 1,598,857 |
Foreign Currency Forward Contracts - Assets |  | — |  |  |  | 4,815 |  |  |  | — |  |  |  | 4,815 |
Foreign Currency Forward Contracts - Liabilities |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
(1) In accordance with ASC 820-10, certain investments that are measured using the net asset value per shares (or its equivalent) as a practical expedient for fair value have not been classified in the fair value hierarchy. These investments are generally not redeemable. 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 Statements of Assets and Liabilities. The following table provides a reconciliation of the beginning and ending balances for total investments that use Level 3 inputs for the nine months ended September 30, 2025, based off of the fair value hierarchy as of September 30, 2025 (in thousands):
| Senior Secured First Lien |  |  | Unitranche First Lien |  |  | Unitranche First - Last Out |  |  | Senior Secured Second Lien |  |  | Unsecured Debt |  |  | Equity & Other |  |  | Total |
Balance as of January 1, 2025 | $ | 379,628 |  |  | $ | 1,013,934 |  |  | $ | 14,741 |  |  | $ | 24,351 |  |  | $ | 17,525 |  |  | $ | 63,735 |  |  | $ | 1,513,914 |
Amortized discounts/premiums |  | 1,237 |  |  |  | 3,733 |  |  |  | 53 |  |  |  | 75 |  |  |  | 157 |  |  |  | — |  |  |  | 5,255 |
Paid in-kind interest |  | 1,622 |  |  |  | 3,681 |  |  |  | 681 |  |  |  | 352 |  |  |  | 1,862 |  |  |  | — |  |  |  | 8,198 |
Net realized gain (loss) |  | (8,214 | ) |  |  | (3,604 | ) |  |  | — |  |  |  | (693 | ) |  |  | — |  |  |  | (1,345 | ) |  |  | (13,856 | )
Net change in unrealized appreciation (depreciation) |  | 2,835 |  |  |  | (10,003 | ) |  |  | 921 |  |  |  | 1,779 |  |  |  | (13 | ) |  |  | 4,922 |  |  |  | 441 |
Purchases |  | 60,334 |  |  |  | 149,225 |  |  |  | 9,774 |  |  |  | — |  |  |  | — |  |  |  | 16,754 |  |  |  | 236,087 |
Sales/return of capital/principal repayments/paydowns |  | (84,630 | ) |  |  | (147,462 | ) |  |  | — |  |  |  | (7,217 | ) |  |  | — |  |  |  | — |  |  |  | (239,309 | )
Transfers in |  | — |  |  |  | 24,531 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 24,531 |
Transfers out |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | - |
Balance as of September 30, 2025 | $ | 352,812 |  |  | $ | 1,034,035 |  |  | $ | 26,170 |  |  | $ | 18,647 |  |  | $ | 19,531 |  |  | $ | 84,066 |  |  | $ | 1,535,261 |
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2025 | $ | (3,683 | ) |  | $ | (8,959 | ) |  | $ | 921 |  |  | $ | 1,497 |  |  | $ | (13 | ) |  | $ | 4,469 |  |  | $ | (5,768 | )
During the nine months ended September 30, 2025, the Company recorded no transfers from Level 3 to Level 2 and $24,531 in transfers from Level 2 to Level 3 due to a decrease in observable inputs in market data. The following table provides a reconciliation of the beginning and ending balances for total investments that use Level 3 inputs for the nine months ended September 30, 2024, based off of the fair value hierarchy as of September 30, 2024 (in thousands):
| Senior Secured First Lien |  |  | Unitranche First Lien |  |  | Unitranche First - Last Out |  |  | Senior Secured Second Lien |  |  | Unsecured Debt |  |  | Equity & Other |  |  | Total |
Balance as of January 1, 2024 | $ | 409,945 |  |  | $ | 948,781 |  |  | $ | 13,544 |  |  | $ | 44,907 |  |  | $ | 4,061 |  |  | $ | 48,909 |  |  | $ | 1,470,147 |
Amortized discounts/premiums |  | 1,588 |  |  |  | 4,839 |  |  |  | 93 |  |  |  | 237 |  |  |  | 17 |  |  |  | — |  |  |  | 6,774 |
Paid in-kind interest |  | 2,326 |  |  |  | 2,201 |  |  |  | 617 |  |  |  | 1,571 |  |  |  | 1,314 |  |  |  | — |  |  |  | 8,029 |
Net realized gain (loss) |  | (969 | ) |  |  | (232 | ) |  |  | (2,308 | ) |  |  | — |  |  |  | — |  |  |  | (546 | ) |  |  | (4,055 | )
Net change in unrealized appreciation (depreciation) |  | (6,373 | ) |  |  | 3,929 |  |  |  | 2,269 |  |  |  | (2,891 | ) |  |  | 1,390 |  |  |  | 5,226 |  |  |  | 3,550 |
Purchases |  | 84,077 |  |  |  | 194,932 |  |  |  | — |  |  |  | 5,000 |  |  |  | 11,904 |  |  |  | 5,778 |  |  |  | 301,691 |
Sales/return of capital/principal repayments/paydowns |  | (91,472 | ) |  |  | (155,817 | ) |  |  | (8,369 | ) |  |  | (18,068 | ) |  |  | — |  |  |  | (1,073 | ) |  |  | (274,799 | )
Transfers in |  | 2,546 |  |  |  | 19,186 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 120 |  |  |  | 21,852 |
Transfers out |  | — |  |  |  | — |  |  |  | — |  |  |  | (3,330 | ) |  |  | — |  |  |  | — |  |  |  | (3,330 | )
Balance as of September 30, 2024 | $ | 401,668 |  |  | $ | 1,017,819 |  |  | $ | 5,846 |  |  | $ | 27,426 |  |  | $ | 18,686 |  |  | $ | 58,414 |  |  | $ | 1,529,859 |
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2024 | $ | (6,373 | ) |  | $ | 3,929 |  |  | $ | 2,269 |  |  | $ | (2,891 | ) |  | $ | 1,390 |  |  | $ | 5,226 |  |  | $ | 3,550 |
During the nine months ended September 30, 2024, the Company recorded $3,330 in transfers from Level 3 to Level 2 due to an increase in observable inputs in market data and $21,852 in transfers from Level 2 to Level 3 due to a decrease in observable inputs in market data. The following tables present the fair value of Level 3 investments and the ranges of significant unobservable inputs used to value the Company’s Level 3 investments as of September 30, 2025 and December 31, 2024. These ranges represent the significant unobservable inputs that were used in the valuation of each type of investment. These inputs are not representative of the inputs that could have been used in the valuation of any one investment. For example, the highest market yield presented in the table for senior secured first lien investments is appropriate for valuing a specific investment but may not be appropriate for valuing any other investment. Accordingly, the ranges of inputs presented below do not represent uncertainty in, or possible ranges of, fair value measurements of the Company’s Level 3 investments.
Security Type |  | Fair Value as of September 30, 2025 (in thousands) |  |  | Valuation Technique |  | Unobservable Input |  | Range (Weighted Avg)
Senior Secured First Lien |  | $ | 307,454 |  |  | Discounted Cash Flows |  | Discount Rate |  | 6.1% |  | - | 17.6% | (10.0%)
|  |  | 29,406 |  |  | Enterprise Value |  | Comparable EBITDA Multiple |  | 2.9 x |  | - | 12.4 x | (9.4 x)
|  |  | 10,939 |  |  | Transaction Precedent |  | Transaction Price |  |  |  |  | N/A |
|  |  | 5,013 |  |  | Broker Quoted |  | Broker Quote |  |  |  |  | N/A |
|  | $ | 352,812 |  |  |  |  |  |  |  |  |  |  |
Unitranche First Lien |  | $ | 896,351 |  |  | Discounted Cash Flows |  | Discount Rate |  | 7.6% |  | - | 19.7% | (9.9%)
|  |  | 40,041 |  |  | Enterprise Value |  | Comparable EBITDA Multiple |  |  | 7.0 | x | - | 13.7 x | (9.7 x)
|  |  | 37,863 |  |  | Transactions Precedent |  | Transaction Price |  |  |  |  | N/A |
|  |  | 59,780 |  |  | Broker Quoted |  | Broker Quote |  |  |  |  | N/A |
|  | $ | 1,034,035 |  |  |  |  |  |  |  |  |  |  |
Unitranche First Lien - Last Out |  | $ | 18,670 |  |  | Discounted Cash Flows |  | Discount Rate |  | 7.5% |  | - | 16.8% | (11.5%)
|  |  | 7,500 |  |  | Enterprise Value |  | Comparable EBITDA Multiple |  |  |  |  | 7.8 x |
|  | $ | 26,170 |  |  |  |  |  |  |  |  |  |  |
Senior Secured Second Lien |  | $ | 15,010 |  |  | Discounted Cash Flows |  | Discount Rate |  | 10.9% |  | - | 12.8% | (11.9%)
|  |  | 3,637 |  |  | Enterprise Value |  | Comparable EBITDA Multiple |  |  |  |  | 3.4 x |
|  | $ | 18,647 |  |  |  |  |  |  |  |  |  |  |
Unsecured Debt |  | $ | 17,505 |  |  | Discounted Cash Flows |  | Discount Rate |  | 11.0% |  | - | 15.5% | (13.7%)
|  |  | 2,026 |  |  | Enterprise Value |  | Comparable EBITDA Multiple |  |  |  |  | 12.4 x |
|  | $ | 19,531 |  |  |  |  |  |  |  |  |  |  |
Equity & Other |  | $ | 82,719 |  |  | Enterprise Value |  | Comparable EBITDA Multiple |  | 2.9 x |  | - | 28.0 x | (14.5 x)
|  |  | 1,272 |  |  | Transaction Precedent |  | Transaction Price |  |  |  |  | N/A |
|  |  | 75 |  |  | Broker Quoted |  | Broker Quote |  |  |  |  | N/A |
|  | $ | 84,066 |  |  |  |  |  |  |  |  |  |  |
Total |  | $ | 1,535,261 |  |  |  |  |  |  |  |  |  |  |
Security Type |  | Fair Value as of December 31, 2024 (in thousands) |  |  | Valuation Technique |  | Unobservable Input |  | Range (Weighted Avg)
Senior Secured First Lien |  | $ | 324,549 |  |  | Discounted Cash Flows |  | Discount Rate |  | 8.0% |  | - | 18.3% |  | (10.8%)
|  |  | 27,840 |  |  | Enterprise Value |  | Comparable EBITDA Multiple |  |  | 3.1 | x | - |  | 10.6 | x | (8.1 x)
|  |  | 2,779 |  |  | Discounted Cash Flows |  | Royalty Payment Discount Rate |  |  |  |  | 22.4% |  |
|  |  | 24,460 |  |  | Broker Quoted |  | Broker Quote |  |  |  |  | N/A |  |
|  | $ | 379,628 |  |  |  |  |  |  |  |  |  |  |  |
Unitranche First Lien |  | $ | 988,714 |  |  | Discounted Cash Flows |  | Discount Rate |  | 8.9% |  | - | 18.3% |  | (10.7%)
|  |  | 12,556 |  |  | Enterprise Value |  | Comparable EBITDA Multiple |  |  |  |  |  | 10.9 | x |
|  |  | 12,664 |  |  | Broker Quoted |  | Broker Quote |  |  |  |  | N/A |  |
|  | $ | 1,013,934 |  |  |  |  |  |  |  |  |  |  |  |
Unitranche First Lien - Last Out |  | $ | 14,741 |  |  | Discounted Cash Flows |  | Discount Rate |  | 11.2% |  | - | 16.0% |  | (12.8%)
|  | $ | 14,741 |  |  |  |  |  |  |  |  |  |  |  |
Senior Secured Second Lien |  | $ | 15,802 |  |  | Discounted Cash Flows |  | Discount Rate |  | 12.4% |  | - | 14.1% |  | (12.9%)
|  |  | 3,549 |  |  | Enterprise Value |  | Comparable EBITDA Multiple |  | 1.4 x |  | - |  | 10.1 | x | (5.1 x)
|  |  | 5,000 |  |  | Broker Quoted |  | Broker Quote |  |  |  |  | N/A |  |
|  | $ | 24,351 |  |  |  |  |  |  |  |  |  |  |  |
Unsecured Debt |  | $ | 15,706 |  |  | Discounted Cash Flows |  | Discount Rate |  | 13.3% |  | - | 17.2% |  | (14.2%)
|  |  | 1,819 |  |  | Enterprise Value |  | Comparable EBITDA Multiple |  |  |  |  |  | 10.6 | x |
|  | $ | 17,525 |  |  |  |  |  |  |  |  |  |  |  |
Equity & Other |  | $ | 63,735 |  |  | Enterprise Value |  | Comparable EBITDA Multiple |  | 3.1 x |  | - | 27.4 x |  | (15.3 x)
|  | $ | 63,735 |  |  |  |  |  |  |  |  |  |  |  |
Total |  | $ | 1,513,914 |  |  |  |  |  |  |  |  |  |  |  |
The significant unobservable inputs used in the fair value measurement of the Company’s debt and equity securities are primarily earnings before interest, taxes, depreciation and amortization (“EBITDA”), revenue, comparable multiples and market discount rates. The Company typically uses comparable EBITDA or revenue multiples on its equity securities to determine the fair value of investments. The Company uses discount rates for debt securities to determine if the effective yield on a debt security is commensurate with the market yields for that type of debt security. • The significant unobservable inputs used in the discounted cash flow approach is the discount rate used to discount the estimated future cash flows expected to be received from the underlying investment, which include both future principal and interest payments. Increases and decreases in the discount rate would result in a decrease and increase in the fair value, respectively. Included in the consideration and selection of discount rates is risk of default, rating of the investment, call provisions and comparable company investments. • The significant unobservable inputs used in the enterprise value approach are comparable EBITDA and revenue multiples. Increases and decreases in market EBITDA multiples and revenue would result in an increase or decrease in the fair value, respectively. • The recovery rate represents the extent to which proceeds can be recovered. An increase/decrease in the recovery rate would result in an increase/decrease, respectively, in the fair value. The transaction precedent represents an observable transaction or a pending event for the investment.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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