Fair Value (Tables)

6 Months Ended

Jun. 30, 2025

Fair Value Disclosures [Abstract]

Summary of assets measured at fair value on a recurring basis

The following tables present the balances of assets measured at fair value on a recurring basis, as of June 30, 2025 and December 31, 2024:

Fair Value Measurements

As of June 30, 2025

	Level 1		Level 2		Level 3		Total
Assets:
Bank Debt/Senior Secured Loans	$	—	$	—	$	222,764	$	222,764
Preferred Equity		—		—		10,688		10,688
Common Equity/Equity Interests/Warrants		41		—		9,035		9,076
Total Investments	$	41	$	—	$	242,487	$	242,528

Fair Value Measurements

As of December 31, 2024

	Level 1		Level 2		Level 3		Total
Assets:
Bank Debt/Senior Secured Loans	$	—	$	—	$	294,802	$	294,802
Preferred Equity		—		—		10,223		10,223
Common Equity/Equity Interests/Warrants		46		—		11,484		11,530
Total Investments	$	46	$	—	$	316,509	$	316,555

Summary of the changes in fair value of level 3 assets

The following table provides a summary of the changes in fair value of Level 3 assets for the three and six months ended June 30, 2025, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets still held at June 30, 2025:

	Bank Debt/Senior Secured Loans			Preferred Equity			Common Equity/Equity Interests/ Warrants			Total
Fair value, March 31, 2025	$	255,323		$	10,453		$	9,542		$	275,318
Total gains or losses included in earnings:
Net realized gain		—			—			—			—
Net change in unrealized gain (loss)		(1,465	)		(38	)		(870	)		(2,373	)
Purchase of investment securities*		537			273			363			1,173
Proceeds from dispositions of investment securities		(31,631	)		—			—			(31,631	)
Transfers into Level 3		—			—			—			—
Transfers out of Level 3		—			—			—			—
Fair value, June 30, 2025	$	222,764		$	10,688		$	9,035		$	242,487
Unrealized gains (losses) for the period relating to those Level 3 assets that were still held by the Company at the end of the period:
Net change in unrealized gain (loss)	$	(1,330	)	$	(38	)	$	(870	)	$	(2,238	)

* Includes PIK capitalization and accretion of discount.

	Bank Debt/Senior Secured Loans			Preferred Equity			Common Equity/Equity Interests/ Warrants			Total
Fair value, December 31, 2024	$	294,802		$	10,223		$	11,484		$	316,509
Total gains or losses included in earnings:
Net realized gain		—			—			—			—
Net change in unrealized gain (loss)		(2,255	)		(76	)		(3,315	)		(5,646	)
Purchase of investment securities*		1,229			541			866			2,636
Proceeds from dispositions of investment securities		(71,012	)		—			—			(71,012	)
Transfers into Level 3		—			—			—			—
Transfers out of Level 3		—			—			—			—
Fair value, June 30, 2025	$	222,764		$	10,688		$	9,035		$	242,487
Unrealized gains for the period relating to those Level 3 assets that were still held by the Company at the end of the period:
Net change in unrealized gain	$	(1,480	)	$	(76	)	$	(3,315	)	$	(4,871	)

* Includes PIK capitalization and accretion of discount.

The following table provides a summary of the changes in fair value of Level 3 assets for the year ended December 31, 2024, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets still held at December 31, 2024:

	Bank Debt/Senior Secured Loans			Preferred Equity		Common Equity/Equity Interests/ Warrants			Total
Fair value, December 31, 2023	$	406,543		$	—	$	13,975		$	420,518
Total gains or losses included in earnings:
Net realized gain		71			—		—			71
Net change in unrealized gain (loss)		(1,454	)		470		(2,498	)		(3,482	)
Purchase of investment securities*		15,144			9,753		125			25,022
Proceeds from dispositions of investment securities		(125,502	)		—		(118	)		(125,620	)
Transfers into Level 3		—			—		—			—
Transfers out of Level 3		—			—		—			—
Fair value, December 31, 2024	$	294,802		$	10,223	$	11,484		$	316,509
Unrealized gains (losses) for the period relating to those Level 3 assets that were still held by the Company at the end of the period:
Net change in unrealized gain (loss)	$	(1,278	)	$	470	$	(2,498	)	$	(3,306	)

* Includes PIK capitalization and accretion of discount.

Summary of quantitative information about the company's level 3 asset fair value measurements

Quantitative information about the Company’s Level 3 asset fair value measurements as of June 30, 2025 is summarized in the table below:

	Asset or Liability	Fair Value at June 30, 2025		Principal Valuation Technique/ Methodology	Unobservable Input	Range (Weighted Average)
Bank Debt/Senior Secured Loans	Asset	$	222,764	Income Approach	Market Yield	9.2% - 19.0% (11.8%)
Preferred Equity	Asset	$	10,688	Income Approach	Market Yield	9.0% - 9.0% (9.0%)
Common Equity/Equity Interests/Warrants	Asset	$	14	Market Approach	Volatility	18.6% - 18.6% (18.6%)
		$	224	Transaction Price*	N/A	N/A
		$	8,797	EBITDA Multiple	Comparable Multiple	5.5x-6.5x (6.0x)

* This asset was valued at $2.18 per share, which is the price per share paid to the stockholders at the time of the closing of the transaction.

Quantitative information about the Company’s Level 3 asset fair value measurements as of December 31, 2024 is summarized in the table below:

	Asset or Liability	Fair Value at December 31, 2024		Principal Valuation Technique/Methodology	Unobservable Input	Range (Weighted Average)
Bank Debt/Senior Secured Loans	Asset	$	294,802	Income Approach	Market Yield	9.2% - 17.4% (11.4%)
Preferred Equity	Asset	$	10,223	Income Approach	Market Yield	9.0% - 9.0% (9.0%)
Common Equity/Equity Interests/Warrants	Asset	$	20	Market Approach	Volatility	22.9% - 22.9% (22.9%)
		$	224	Transaction Price*	N/A	N/A
		$	11,240	EBITDA Multiple	Comparable Multiple	5.5x-6.5x (6.0x)

* This asset was valued at $2.18 per share, which is the price per share paid to the stockholders at the time of the closing of the transaction.