Fair Value Measurement of Investments (Tables)

6 Months Ended

Jun. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurements of Investments, by Major Class

The following tables present fair value measurements of investments, by major class according to the fair value hierarchy

as of June 30, 2025 and December 31, 2024.

	June 30, 2025
	Fair Value Measurements
	Level 1	Level 2	Level 3	Total
First lien senior secured loans	$—	$—	$679,742	$679,742
Equity	—	—	45,662	45,662
Subordinated debt	—	—	3,293	3,293
Preferred equity	—	—	2,018	2,018
Convertible note	—	—	1,500	1,500
Warrants	—	—	—	—
Total Investments	$—	$—	$732,215	$732,215

	December 31, 2024
	Fair Value Measurements
	Level 1	Level 2	Level 3	Total
First lien senior secured loans	$—	$—	$540,195	$540,195
Equity	—	—	12,028	12,028
Subordinated debt	—	—	1,712	1,712
Preferred equity	—	—	1,652	1,652
Convertible note			1,500	1,500
Warrants	—	—	—	—
Total Investments	$—	$—	$557,087	$557,087

Schedule of Investment Measured on Recurring Basis, Unobservable Input Reconciliation

The following tables provide a reconciliation of the beginning and ending balances for investments that use Level 3 inputs

for the six months ended June 30, 2025 and June 30, 2024.

	For the six months ended June 30, 2025
	Investments
	First Lien Senior Secured Loans	Subordinated Debt	Equity	Preferred Equity	Convertible Note	Warrants	Total Investments
Balance as of December 31, 2024	$540,195	$1,712	$12,028	$1,652	$1,500	$—	$557,087
Purchases of investments and other adjustments to cost	252,190	1,555	32,025	—	—	—	285,770
Proceeds from sales and repayments of investments	(113,697)	—	(547)	—	—	—	(114,244)
Net realized gain (loss)	82	—	—	—	—	—	82
Net accretion of discount on investments	1,132	—	—		—	—	1,132
Net change in unrealized gain (loss) on investments	(160)	26	2,156	366	—	—	2,388
Balance as of June 30, 2025	$679,742	$3,293	$45,662	$2,018	$1,500	$—	$732,215

	For the six months ended June 30, 2024
	Investments
	First Lien Senior Secured Loans	Subordinated Debt	Equity	Preferred Equity	Warrants	Total Investments
Balance as of December 31, 2023	$265,287	$1,753	$4,901	$1,652	$—	$273,593
Purchases of investments and other adjustments to cost	156,156	96	—	—	—	156,252
Proceeds from sales and repayments of investments	(8,988)	—	—	—	—	(8,988)
Net realized gain (loss)	—	—	—	—	—	—
Net accretion of discount on investments	679	—	—	—	—	679
Net change in unrealized gain (loss) on investments	598	41	99	91	—	829
Balance as of June 30, 2024	$413,732	$1,890	$5,000	$1,743	$—	$422,365

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The tables below summarize the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value

hierarchy as of June 30, 2025 and December 31, 2024.

					Range
	Fair Value, as of June 30, 2025	Valuation Technique	Unobservable Input	Weighted Average Mean	Minimum	Maximum
Assets:
First lien senior secured loans	$517,024	Discounted Cash Flow	Discount Rate	10.6%	8.2%	20.5%
First lien senior secured loans	40,090	Waterfall Analysis	EV/EBITDA	6.3x	5.5x	7.0x
First lien senior secured loans	122,628	Amortized Cost	Cost	N/A	N/A	N/A
Equity	38,806	Amortized Cost	Cost	N/A	N/A	N/A
Equity	6,856	Waterfall Analysis	EV/EBITDA	5.8x	5.5x	6.0x
Subordinated debt	1,808	Discounted Cash Flow	Discount Rate	14.8%	14.0%	15.5%
Subordinated debt	1,485	Amortized Cost	Cost	N/A	N/A	N/A
Preferred equity	2,018	Waterfall Analysis	EV/EBITDA	7.0x	6.8x	7.3x
Convertible note	1,500	Amortized Cost	Cost	N/A	N/A	N/A
Warrants	—	Waterfall Analysis	EV/EBITDA	7.3x	5.5x	8.5x
Total Level 3 Assets	$732,215

					Range
	Fair Value, as of December 31, 2024	Valuation Technique	Unobservable Input	Weighted Average Mean	Minimum	Maximum
Assets:
First lien senior secured loans	$404,750	Discounted Cash Flow	Discount Rate	11.2%	8.4%	18.9%
First lien senior secured loans	39,900	Comparable Multiples	EV/EBITDA	6.3x	5.5x	7.0x
First lien senior secured loans	95,545	Amortized Cost	Cost	N/A	N/A	N/A
Subordinated debt	1,712	Discounted Cash Flow	Discount Rate	14.8%	14.0%	15.5%
Equity	5,000	Comparable Multiples	EV/EBITDA	6.3x	6.0x	6.5x
Equity	7,028	Amortized Cost	Cost	N/A	N/A	N/A
Preferred equity	1,652	Comparable Multiples	EV/EBITDA	8.5x	8.3x	8.8x
Convertible note	1,500	Amortized Cost	Cost	N/A	N/A	N/A
Warrants	—	Comparable Multiples	EV/EBITDA	7.0x	5.5x	8.0x
Total Level 3 Assets	$557,087