Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Investments Categorization in Fair Value Hierarchy

The Company’s investments were categorized in the fair value hierarchy described in Note 2. “Significant Accounting Policies,” as follows as of September 30, 2025 and December 31, 2024 (in thousands):

	As of September 30, 2025								As of December 31, 2024
Description	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Senior Debt	$	—	$	—	$	319,793	$	319,793	$	—	$	—	$	292,284	$	292,284
Equity	—		—		1,032,297		1,032,297		—		—		848,575		848,575
Total Investments	$	—	$	—	$	1,352,090	$	1,352,090	$	—	$	—	$	1,140,859	$	1,140,859

Unobservable Inputs Used in Fair Value Measurement of Investments

The ranges of unobservable inputs used in the fair value measurement of the Company’s Level 3 investments as of September 30, 2025 and December 31, 2024 were as follows (in thousands):

As of September 30, 2025
Asset Group	Fair Value		Valuation Techniques	Unobservable Inputs	Range (Weighted Average)(1)	Impact to Valuation from an Increase in Input(2)
Senior Debt	$	319,109	Discounted Cash Flow Market Comparables Transaction Method	Discount Rate EBITDA Multiple	10.0% – 16.0% (13.5%) 5.8x – 20.4x (13.1x)	Decrease Increase
	684		Transaction Precedent	Transaction Price	N/A	N/A
Equity	1,025,481		Discounted Cash Flow Market Comparables Transaction Method	Discount Rate EBITDA Multiple	10.0% – 16.0% (13.5%) 5.8x – 20.4x (13.1x)	Decrease Increase
	6,816		Transaction Precedent	Transaction Price	N/A	N/A
Total	$	1,352,090

As of December 31, 2024
Asset Group	Fair Value		Valuation Techniques	Unobservable Inputs	Range (Weighted Average)(1)	Impact to Valuation from an Increase in Input(2)
Senior Debt	$	292,284	Discounted Cash Flow Market Comparables Transaction Method	Discount Rate EBITDA Multiple	10.8% – 16.0% (13.4%) 6.3x – 21.7x (12.4x)	Decrease Increase
Equity	848,575		Discounted Cash Flow Market Comparables Transaction Method	Discount Rate EBITDA Multiple	10.8% – 16.0% (13.4%) 6.3x – 21.7x (12.4x)	Decrease Increase
Total	$	1,140,859

FOOTNOTES:

(1)    Discount rates are relative to the enterprise value of the portfolio companies and are not the market yields on the associated debt investments. Unobservable inputs were weighted by the relative fair value of the investments.

(2)    This column 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.

Reconciliations of Investments of Level 3 Inputs

The following tables provide a reconciliation of investments for which Level 3 inputs were used in determining fair value for the nine months ended September 30, 2025 and 2024 (in thousands):

	Nine Months Ended September 30, 2025
	Senior Debt		Equity		Total
Fair value balance as of January 1, 2025	$	292,284	$	848,575	$	1,140,859
Additions	41,602		124,970		166,572
Disposals and repayments of debt investments	(15,000)		(35,500)		(50,500)
Principal repayment	(188)		—		(188)
PIK interest and dividends	913		4,888		5,801
Return of capital(1)	—		(2,342)		(2,342)
Net change in unrealized appreciation, including unrealized foreign currency gain	182		91,706		91,888
Fair value balance as of September 30, 2025	$	319,793	$	1,032,297	$	1,352,090
Change in net unrealized appreciation on investments held as of September 30, 2025	$	182	$	91,706	$	91,888

	Nine Months Ended September 30, 2024
	Senior Debt		Equity		Total
Fair value balance as of January 1, 2024	$	276,158	$	600,685	$	876,843
Additions	9,376		113,531		122,907
Principal repayment	(188)		—		(188)
PIK dividends	—		1,490		1,490
Return of capital(1)	—		(2,445)		(2,445)
Net change in unrealized appreciation	—		53,314		53,314
Fair value balance as of September 30, 2024	$	285,346	$	766,575	$	1,051,921
Change in net unrealized appreciation on investments held as of September 30, 2024	$	—	$	53,314	$	53,314

FOOTNOTE:

(1)    Represents portion of distributions received which were accounted for as a return of capital. See Note 2. “Significant Accounting Policies” for information on the accounting treatment of distributions from portfolio companies.