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Fair Value of Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2025
Fair Value Disclosures [Abstract] |
Summary of Fair Value Measurements of 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.
Summary of Reconciliation of Investments that Use Level 3 Inputs | 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 | )
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 |
Summary of Fair Value of Level 3 Investments and Ranges of Significant Unobservable Inputs Used to Value Level 3 Investments | 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 |  |  |  |  |  |  |  |  |  |  |  |

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- 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. + 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 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of assets measured at fair value measured on a recurring or nonrecurring basis. Includes, but is not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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