XML 33 R26.htm IDEA: XBRL DOCUMENT v3.25.3

Fair Value Measurement (Tables)

9 Months Ended

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 1st 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		$0.0MM - $65.0MM ($32.5MM)
			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		$0.0MM-$65.0MM($32.5MM)
			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.

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique used to measure similar asset in prior period by class of asset or liability on non-recurring 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)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisValuationTechniquesTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_FairValueDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration