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Fair Value Measurement (Tables) | 9 Months Ended
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Sep. 30, 2025
Fair Value Disclosures [Abstract] |
Summary of Investment Assets Categorized within Fair Value Hierarchy | The following summarizes the Company’s investment assets categorized within the fair value hierarchy as of September 30, 2025:
Type of Investment |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Asset |  |  |  |  |  |  |  |  |  |  |  |
Debt |  | $ | 1,548 |  |  | $ | 76,064 |  |  | $ | 137,055 |  |  | $ | 214,667 |
Equity/Other |  |  | 3,889 |  |  |  | - |  |  |  | 41,946 |  |  |  | 45,835 |
Short Term Investments |  |  | 88,698 |  |  |  | - |  |  |  | - |  |  |  | 88,698 |
Total |  | $ | 94,135 |  |  | $ | 76,064 |  |  | $ | 179,001 |  |  | $ | 349,200 |
Investment measured at net asset value(1) |  |  |  |  |  |  |  |  |  |  |  | 64,604 |
Total Investments, at fair value |  |  |  |  |  |  |  |  |  |  | $ | 413,804 |
The following summarizes the Company’s investment assets categorized within the fair value hierarchy as of December 31, 2024:
Assets |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Debt |  | $ | - |  |  | $ | 76,764 |  |  | $ | 159,954 |  |  | $ | 236,718 |
Equity/Other |  |  | 3,430 |  |  |  | - |  |  |  | 32,937 |  |  |  | 36,367 |
Short Term Investments |  |  | 8,448 |  |  |  | - |  |  |  | - |  |  |  | 8,448 |
Total |  | $ | 11,878 |  |  | $ | 76,764 |  |  | $ | 192,891 |  |  | $ | 281,533 |
Investment measured at net asset value(1) |  |  |  |  |  |  |  |  |  |  |  | 51,177 |
Total Investments, at fair value |  |  |  |  |  |  |  |  |  |  | $ | 332,710 |
(1) Certain investments that are measured at fair value using net asset value (“NAV”) have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amount presented in the Statements of Assets and Liabilities.
Summary of Reconciliation of Level 3 Assets | The following is a reconciliation of Level 3 assets for the nine months ended September 30, 2025:
Level 3 |  | Beginning Balance as of January 1, 2025 |  |  | Net Transfers In/Out |  |  | Purchases(1) |  |  | Net Realized Gain (Loss) |  |  | Net Change in Unrealized Appreciation (Depreciation)(2) |  |  | Sales and Settlements(1) |  |  | Net Amortization of Premium/ Discount |  |  | Ending Balance as of September 30, 2025 |
Debt |  | $ | 159,954 |  |  | $ | (12,093 | ) |  | $ | 62,324 |  |  | $ | 621 |  |  | $ | (5,413 | ) |  | $ | (68,883 | ) |  | $ | 545 |  |  | $ | 137,055 |
Equity/Other |  |  | 32,937 |  |  |  | - |  |  |  | 12,396 |  |  |  | 4,121 |  |  |  | (2,319 | ) |  |  | (5,189 | ) |  |  | - |  |  |  | 41,946 |
Total investment assets |  | $ | 192,891 |  |  | $ | (12,093 | ) |  | $ | 74,720 |  |  | $ | 4,742 |  |  | $ | (7,732 | ) |  | $ | (74,072 | ) |  | $ | 545 |  |  | $ | 179,001 |
The following is a reconciliation of Level 3 assets for the year ended December 31, 2024:
Level 3 |  | Beginning Balance as of January 1, 2024 |  |  | Net Transfers In/Out |  |  | Purchases(1) |  |  | Net Realized Gain (Loss) |  |  | Net Change in Unrealized Appreciation (Depreciation)(2) |  |  | Sales and Settlements(1) |  |  | Net Amortization of Premium/ Discount |  |  | Ending Balance as of December 31, 2024 |
Debt |  | $ | 122,693 |  |  | $ | 17,179 |  |  | $ | 80,149 |  |  | $ | (36 | ) |  | $ | 740 |  |  | $ | (61,155 | ) |  | $ | 384 |  |  | $ | 159,954 |
Equity/Other |  |  | 20,044 |  |  |  | 1,449 |  |  |  | 28,334 |  |  |  | - |  |  |  | (11,890 | ) |  |  | (5,000 | ) |  |  | - |  |  |  | 32,937 |
Total investment assets |  | $ | 142,737 |  |  | $ | 18,628 |  |  | $ | 108,483 |  |  | $ | (36 | ) |  | $ | (11,150 | ) |  | $ | (66,155 | ) |  | $ | 384 |  |  | $ | 192,891 |
(1) Purchases may include new deals, additional fundings (inclusive of those on revolving credit facilities), refinancings, capitalized PIK income, and securities received in corporate actions and restructurings. Sales and Settlements may include scheduled principal payments, prepayments, sales and repayments (inclusive of those on revolving credit facilities), and securities delivered in corporate actions and restructuring of investments. (2) The net change in unrealized depreciation relating to Level 3 assets still held at September 30, 2025 totaled $(10,748) consisting of the following: $(8,429) related to debt investments and $(2,319) related to equity investments. The net change in unrealized depreciation relating to Level 3 assets still held at December 31, 2024 totaled $(15,902) consisting of the following: $(4,822) related to debt investments and $(11,080) relating to equity/other.
Ranges of Significant Unobservable Inputs to Value Level 3 Assets | The following tables below present the ranges of significant unobservable inputs used to value the Company’s Level 3 assets as of September 30, 2025 and December 31, 2024, respectively. These ranges represent the significant unobservable inputs that were used in the valuation of each type of instrument, but they do not represent a range of values for any one instrument. For example, the lowest yield in 1 st Lien Debt is appropriate for valuing that specific debt investment, but may not be appropriate for valuing any other debt investments in this asset class. 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 assets.
As of September 30, 2025
Investment Type |  | Fair value |  |  | Valuation Technique(1) |  | Unobservable Input(1) |  | Range (Weighted Average)(2)
Debt |  | $ | 97,988 |  |  | Income Approach |  | Discount Rate |  | 8.25% - 31.65% (14.96%)
|  |  | 968 |  |  | Broker Quotes |  | Broker Price |  | $93.0 - $98.5
|  |  | 38,099 |  |  | Market Approach |  | Earnings Multiple |  | 0.15 - 6.00 (2.46)
Total Debt |  | $ | 137,055 |  |  |  |  |  |  |
Equity/Other |  | $ | 183 |  |  | Recent Transaction |  |  |  |
|  |  | 28,141 |  |  | Market Approach |  | Earnings Multiple |  | 0.09 - 9.50 (3.23)
|  |  | 6,908 |  |  | Income Approach |  | Discount Rate |  | 17.50% - 19.50% (18.50%)
|  |  | 6,629 |  |  | Insurance Industry Model |  | Estimated Losses |  | $0.0 MM - $65.0 MM ($32.5 MM)
|  |  | 85 |  |  | Asset Recovery / Liquidation (3) |  |  |  |
Total Equity/Other |  | $ | 41,946 |  |  |  |  |  |  |
As of December 31, 2024
Investment Type |  | Fair value |  |  | Valuation Technique(1) |  | Unobservable Input(1) |  | Range (Weighted Average)(2)
Debt |  | $ | 117,413 |  |  | Income Approach |  | Discount Rate |  | 9.37% - 22.48% (15.13%)
|  |  | 35,710 |  |  | Recent Transaction |  |  |  |
|  |  | 6,831 |  |  | Market Approach |  | Earnings Multiple |  | 0.30 - 8.00 (4.66)
Total Debt |  | $ | 159,954 |  |  |  |  |  |  |
Equity/Other |  | $ | 20,327 |  |  | Recent Transaction |  |  |  |
|  |  | 6,401 |  |  | Market Approach |  | Earnings Multiple |  | 0.09 - 8.25 (6.67)
|  |  | 6,155 |  |  | Insurance Industry Model |  | Estimated Losses |  | $0.0 MM-$65.0 MM($32.5 MM)
|  |  | 54 |  |  | Asset Recovery / Liquidation (3) |  |  |  |
Total Equity/Other |  | $ | 32,937 |  |  |  |  |  |  |
(1) The fair value of any one instrument may be determined using multiple valuation techniques or unobservable inputs. (2) Weighted average for an asset category consisting of multiple investments is calculated by weighting the significant unobservable input by the relative fair value of the investment. The range and weighted average for an asset category consisting of a single investment represents the significant unobservable input used in the fair value of the investment. (3) Investments valued using the asset recovery or liquidation technique include investments for which valuation is based on current financial data without a discount rate applied.

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -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/2009/role/commonPracticeRef -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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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 101 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-101 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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