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Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Fair Value Hierarchy Investments

As of September 30, 2024 and December 31, 2023, the Company’s investments were categorized as follows in the fair value hierarchy:



	September 30, 2024
Valuation Inputs	(Unaudited)		December 31, 2023

Level 1—Price quotations in active markets	$	1	$	1
Level 2—Significant other observable inputs	91		178
Level 3—Significant unobservable inputs	12,467		13,073
Investments measured at net asset value(1)	1,384		1,397
	$	13,943	$	14,649

____________

(1)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. 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 balance sheets.

Schedule of Reconciliation Fair Value, Assets

The following is a reconciliation for the nine months ended September 30, 2024 and 2023 of investments for which significant unobservable inputs (Level 3) were used in determining fair value:


	For the Nine Months Ended September 30, 2024
	Senior Secured Loans—First Lien		Senior Secured Loans—Second Lien		Other Senior Secured Debt		Subordinated Debt		Asset Based Finance		Equity/Other		Total
Fair value at beginning of period	$	8,429	$	1,090	$	21	$	322	$	2,077	$	1,134	$	13,073
Accretion of discount (amortization of premium)	35		6		—		2		2		3		48
Net realized gain (loss)	(170)		(112)		(3)		—		(36)		(14)		(335)
Net change in unrealized appreciation (depreciation)	66		92		1		(9)		69		(71)		148
Purchases	3,770		56		25		29		632		169		4,681
Paid-in-kind interest	67		2		1		20		6		12		108
Sales and repayments	(3,864)		(268)		—		(143)		(760)		(229)		(5,264)
Transfers into Level 3	8		—		—		—		—		—		8
Transfers out of Level 3	—		—		—		—		—		—		—
Fair value at end of period	$	8,341	$	866	$	45	$	221	$	1,990	$	1,004	$	12,467
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	$	(53)	$	(10)	$	(2)	$	(9)	$	(2)	$	(83)	$	(159)


	For the Nine Months Ended September 30, 2023
	Senior Secured Loans—First Lien		Senior Secured Loans—Second Lien		Other Senior Secured Debt		Subordinated Debt		Asset Based Finance		Equity/Other		Total
Fair value at beginning of period	$	9,124	$	874	$	22	$	264	$	1,902	$	1,199	$	13,385
Accretion of discount (amortization of premium)	34		4		—		—		2		1		41
Net realized gain (loss)	(15)		(55)		(39)		(126)		8		(101)		(328)
Net change in unrealized appreciation (depreciation)	(30)		51		37		132		(65)		117		242
Purchases	1,040		16		—		8		93		39		1,196
Paid-in-kind interest	43		24		1		19		6		22		115
Sales and repayments	(1,583)		(115)		—		—		(207)		(45)		(1,950)
Transfers into Level 3	33		297		—		—		—		—		330
Transfers out of Level 3	—		—		—		—		—		—		—
Fair value at end of period	$	8,646	$	1,096	$	21	$	297	$	1,739	$	1,232	$	13,031
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	$	(49)	$	(35)	$	37	$	5	$	(67)	$	23	$	(86)

Schedule of Valuation Techniques and Significant Unobservable Inputs Used in Recurring Level 3 Fair Value

The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements as of September 30, 2024 and December 31, 2023 were as follows:

Type of Investment

Fair Value at

September 30, 2024

(Unaudited)

Valuation

Technique(1)

Unobservable
Input

Range (Weighted Average)

Impact to Valuation from an Increase in Input(2)

Senior Debt

7,701

Discounted Cash Flow

Discount Rate

5.6% - 19.5% (10.1%)

Decrease

1,252

Waterfall

EBITDA Multiple

0.1x - 10.7x (8.1x)

Increase

165

Other(3)

134

Cost

Subordinated Debt

185

Discounted Cash Flow

Discount Rate

11.3% - 15.5% (12.7%)

Decrease

Waterfall

EBITDA Multiple

0.1x - 10.3x (7.7x)

Increase

Other(3)

Asset Based Finance

1,371

Discounted Cash Flow

Discount Rate

5.0% - 41.6% (12.2%)

Decrease

505

Waterfall

EBITDA Multiple

1.0x - 1.4x (1.2x)

Increase

Other(3)

Cost

Indicative Dealer Quotes

29.0% - 29.0% (29.0%)

Increase

Equity/Other

602

Waterfall

EBITDA Multiple

0.7x - 15.8x (7.5x)

Increase

401

Discounted Cash Flow

Discount Rate

4.0% - 20.3% (14.3%)

Decrease

Other(3)

Total

12,467

Type of Investment

Fair Value at

December 31, 2023

Valuation

Technique(1)

Unobservable
Input

Range

Impact to Valuation from an Increase in Input(2)

Senior Debt

8,356

Discounted Cash Flow

Discount Rate

6.1% - 25.0% (11.6%)

Decrease

1,165

Waterfall

EBITDA Multiple

0.6x - 10.8x (8.1x)

Increase

Cost

Other(3)

Subordinated Debt

289

Discounted Cash Flow

Discount Rate

10.7% - 21.0% (13.7%)

Decrease

Waterfall

EBITDA Multiple

7.5x - 7.5x (7.5x)

Increase

Asset Based Finance

1,232

Discounted Cash Flow

Discount Rate

5.9% - 43.2% (11.1%)

Decrease

616

Waterfall

EBITDA Multiple

1.0x - 1.3x (1.1x)

Increase

118

Cost

109

Other(3)

Indicative Dealer Quotes

26.8% - 26.8% (26.8%)

Increase

Equity/Other

603

Waterfall

EBITDA Multiple

0.6x - 14.8x (6.5x)

Increase

521

Discounted Cash Flow

Discount Rate

5.2% - 21.0% (14.2%)

Decrease

Other(3)

Option Pricing Model

Equity Illiquidity Discount

75.0% - 75.0% (75.0%)

Decrease

Total

13,073

_______________

(1)Investments using a market quotes valuation technique were primarily valued by using the midpoint of the prevailing bid and ask prices from dealers on the date of the relevant period end, which were provided by independent third-party pricing services and screened for validity by such services. Investments valued using an EBITDA multiple or a revenue multiple pursuant to the market comparables valuation technique may be conducted using an enterprise valuation waterfall analysis.

(2)Represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the input would have the opposite effect. Significant changes in these inputs in isolation could result in significantly higher or lower fair value measurements.

(3)Fair value based on expected outcome of proposed corporate transactions and/or other factors.

- 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.

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