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Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2024

Summary of Fair Value Hierarchy Investments

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



Valuation Inputs	December 31, 2024		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	12,035		13,073
Investments measured at net asset value(1)	1,363		1,397
	$	13,490	$	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.

Summary of Reconciliation Fair Value, Assets

The following is a reconciliation for the years ended December 31, 2024 and 2023 of investments for which significant unobservable inputs (Level 3) were used in determining fair value:


	For the Year Ended December 31, 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)	44		8		—		2		2		3		59
Net realized gain (loss)	(308)		(107)		(3)		—		(11)		(41)		(470)
Net change in unrealized appreciation (depreciation)	136		71		1		4		30		(15)		227
Purchases	3,859		56		25		30		1,046		83		5,099
Paid-in-kind interest	100		2		2		23		15		150		292
Sales and repayments	(4,488)		(427)		—		(148)		(1,057)		(133)		(6,253)
Transfers into Level 3	8		—		—		—		—		—		8
Transfers out of Level 3	—		—		—		—		—		—		—
Fair value at end of period	$	7,780	$	693	$	46	$	233	$	2,102	$	1,181	$	12,035
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	$	(32)	$	(23)	$	(1)	$	2	$	(41)	$	(59)	$	(154)


	For the Year Ended December 31, 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)	45		5		—		1		2		3		56
Net realized gain (loss)	(25)		(55)		(40)		(126)		8		(97)		(335)
Net change in unrealized appreciation (depreciation)	(62)		44		36		134		(39)		63		176
Purchases	1,612		16		—		27		491		48		2,194
Paid-in-kind interest	53		24		3		22		13		29		144
Sales and repayments	(2,351)		(115)		—		—		(300)		(111)		(2,877)
Transfers into Level 3	33		297		—		—		—		—		330
Transfers out of Level 3	—		—		—		—		—		—		—
Fair value at end of period	$	8,429	$	1,090	$	21	$	322	$	2,077	$	1,134	$	13,073
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	$	(83)	$	(54)	$	36	$	7	$	(41)	$	(28)	$	(163)

Summary 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 December 31, 2024 and 2023 were as follows:

Type of Investment

Fair Value at

December 31, 2024

Valuation

Technique(1)

Unobservable
Input

Range

Impact to Valuation from an Increase in Input(2)

Senior Debt

7,115

Discounted Cash Flow

Discount Rate

5.8% - 23.8% (10.6%)

Decrease

1,376

Waterfall

EBITDA Multiple

0.7x - 11.3x (8.6x)

Increase

Other(3)

Cost

Subordinated Debt

188

Discounted Cash Flow

Discount Rate

11.3% - 15.4% (12.7%)

Decrease

Waterfall

EBITDA Multiple

7.0x - 7.0x (7.0x)

Increase

Other(3)

Asset Based Finance

1,513

Discounted Cash Flow

Discount Rate

4.8% - 41.7% (12.8%)

Decrease

516

Waterfall

EBITDA Multiple

1.0x - 1.4x (1.2x)

Increase

Cost

Other(3)

Indicative Dealer Quotes

23.0% - 23.0% (23.0%)

Increase

Equity/Other

625

Waterfall

EBITDA Multiple

0.7x - 16.0x (8.3x)

Increase

538

Discounted Cash Flow

Discount Rate

4.3% - 24.8% (14.3%)

Decrease

Other(3)

Total

12,035

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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