Fair Value of Investments (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets Measured on Recurring Basis

The following tables present the fair value hierarchy of investments as of September 30, 2023 and December 31, 2022, categorized by the ASC 820 valuation hierarchy, as previously described:

	September 30, 2023
	Level 1		Level 2		Level 3		Total
First Lien Debt	$	—	$	757	$	841,486	$	842,243
Second Lien Debt	—		23,497		63,892		87,389
Total	$	—	$	24,254	$	905,378	$	929,632

	December 31, 2022
	Level 1		Level 2		Level 3		Total
First Lien Debt	$	—	$	—	$	66,971	$	66,971
Second Lien Debt	—		—		4,787		4,787
Total	$	—	$	—	$	71,758	$	71,758

Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following tables present the change in the fair value of financial instruments as of September 30, 2023 and December 31, 2022 for which Level 3 inputs were used to determine the fair value:

	Three Months Ended September 30, 2023
	First Lien Debt		Second Lien Debt		Total Investments
Fair value, beginning of period	$	541,085	$	39,166	$	580,251
Purchases of investments	300,575		24,916		325,491
Proceeds from principal repayments and sales of investments	(7,634)		(873)		(8,507)
Accretion of discount/amortization of premium	615		59		674
Net realized gain (loss)	141		4		145
Net change in unrealized appreciation (depreciation)	6,704		620		7,324
Transfers into Level 3 (1)	—		—		—
Transfers out of Level 3 (1)	—		—		—
Fair value, end of period	$	841,486	$	63,892	$	905,378
Net change in unrealized appreciation (depreciation) related to financial instruments still held as of September 30, 2023	$	6,704	$	620	$	7,324

(1)For the three months ended September 30, 2023, there were no transfers into or out of Level 3.

	Nine Months Ended September 30, 2023
	First Lien Debt		Second Lien Debt		Total Investments
Fair value, beginning of period	$	66,971	$	4,787	$	71,758
Purchases of investments	775,285		59,228		834,513
Proceeds from principal repayments and sales of investments	(9,020)		(873)		(9,893)
Accretion of discount/amortization of premium	734		66		800
Net realized gain (loss)	163		4		167
Net change in unrealized appreciation (depreciation)	7,353		680		8,033
Transfers into Level 3 (1)	—		—		—
Transfers out of Level 3 (1)	—		—		—
Fair value, end of period	$	841,486	$	63,892	$	905,378
Net change in unrealized appreciation (depreciation) related to financial instruments still held as of September 30, 2023	$	7,327	$	680	$	8,007

(1)For the nine months ended September 30, 2023, there were no transfers into or out of Level 3.

Schedule of Fair Value Measurement Inputs and Valuation Techniques

In accordance with ASC 820, the following tables provide quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of September 30, 2023 and December 31, 2022. The tables are not intended to be all-inclusive but instead capture the significant unobservable inputs relevant to the Company’s determination of fair value.

	September 30, 2023
	Fair Value		Valuation Techniques	Unobservable Input	Range/Input (Weighted Average)(1)
Assets:
First Lien Debt	$	530,053	Discounted cash flow	Comparative Yield	9.0% - 14.0% (11.0%)
First Lien Debt	311,433		Precedent Transaction	Transaction Price
Total First Lien Debt	841,486
Second Lien Debt	49,160		Discounted cash flow	Comparative Yield	11.0% - 14.0% (12.6%)
Second Lien Debt	14,732		Precedent Transaction	Transaction Price
Total Second Lien Debt	63,892
Total	$	905,378

	December 31, 2022
	Fair Value		Valuation Techniques	Unobservable Input	Range/Input (Weighted Average)(1)
Assets:
First Lien Debt	$	66,971	Discounted cash flow	Comparative Yield	9.8% - 11.9% (10.8%)
Second Lien Debt	4,787		Discounted cash flow	Comparative Yield	12.4% (12.4%)
Total	$	71,758

(1)Weighted averages are calculated based on fair value of investments.