Investment Valuations and Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Summary by Major Security Type of Fair Valuation According to Inputs Used in Valuing Investments

The following is a summary by major security type of the fair valuations according to inputs used in valuing investments listed in the Consolidated Schedule of Investments as of June 30, 2024:

Investments	Level 1		Level 2		Level 3		Total
Debt	$	—	$	—	$	152,747	$	152,747
Equity		—		—		215		215
Cash equivalents		9,074		—		—		9,074
Total	$	9,074	$	—	$	152,962	$	162,036

The following is a summary by major security type of the fair valuations according to inputs used in valuing investments listed in the Consolidated Schedule of Investments as of December 31, 2023:

Investments	Level 1		Level 2		Level 3		Total
Debt	$	—	$	—	$	118,178	$	118,178
Short-term investments		34,438		—		—		34,438
Cash equivalents		4,676		—		—		4,676
Total	$	39,114	$	—	$	118,178	$	157,292

Summary of Reconciliation of Balances for Total Investments

The following tables provide a reconciliation of the beginning and ending balances for total investments that use Level 3 inputs for the three and six months ended June 30, 2024:

	Debt			Equity		Total
Balance, April 1, 2024	$	132,238		$	—	$	132,238
Purchases, including payments received in-kind		23,396			—		23,396
Sales and paydowns of investments		(3,716	)		—		(3,716	)
Amortization of premium and accretion of discount, net		271			—		271
Net change in unrealized appreciation/(depreciation)		558			215		773
Balance, June 30, 2024	$	152,747		$	215	$	152,962
Change in net unrealized appreciation/(depreciation) in investments held as of June 30, 2024	$	558		$	215	$	773

	Debt			Equity		Total
Balance, January 1, 2024	$	118,178		$	—	$	118,178
Purchases, including payments received in-kind		40,316			—		40,316
Sales and paydowns of investments		(6,159	)		—		(6,159	)
Amortization of premium and accretion of discount, net		450			—		450
Net realized gains		26			—		26
Net change in unrealized appreciation/(depreciation)		(64	)		215		151
Balance, June 30, 2024	$	152,747		$	215	$	152,962
Change in net unrealized appreciation/(depreciation) in investments held as of June 30, 2024	$	(64	)	$	215	$	151

3.Investment Valuations and Fair Value Measurements (Continued)

The following tables provide a reconciliation of the beginning and ending balances for total investments that use Level 3 inputs for the three and six months ended June 30, 2023:

	Debt			Equity		Total
Balance, April 1, 2023	$	36,507		$	—	$	36,507
Purchases, including payments received in-kind		48,487			—		48,487
Sales and paydowns of investments		(2,907	)		—		(2,907	)
Amortization of premium and accretion of discount, net		84			—		84
Net realized gains		3			—		3
Net change in unrealized appreciation/(depreciation)		517			—		517
Balance, June 30, 2023	$	82,691		$	—	$	82,691
Change in net unrealized appreciation/(depreciation) in investments held as of June 30, 2023	$	446		$	—	$	446

	Debt			Equity		Total
Balance, January 1, 2023	$	10,150		$	—	$	10,150
Purchases, including payments received in-kind		74,897			—		74,897
Sales and paydowns of investments		(2,959	)		—		(2,959	)
Amortization of premium and accretion of discount, net		97			—		97
Net realized gains		3			—		3
Net change in unrealized appreciation/(depreciation)		503			—		503
Balance, June 30, 2023	$	82,691		$	—	$	82,691
Change in net unrealized appreciation/(depreciation) in investments held as of June 30, 2023	$	503		$	—	$	503

Summary of Valuation Techniques and Quantitative Information

The following table summarizes the valuation techniques and quantitative information utilized in determining the fair value of the Level 3 investments as of June 30, 2024:

Investment Type	Fair Value		Valuation Technique	Unobservable Input	Range	Weighted Average*	Impact to Valuation if Input Increases
Debt	$	135,276	Income Method	Discount Rate	8.4% to 19.3%	12.8%	Decrease
Debt	$	5,600	Market Method	EBITDA Multiple	5.8x to 6.8x	N/A	Increase
Debt	$	11,871	Income Method	Discount Rate	11.1% to 14.2%	13.1%	Decrease
			Income Method	Take Out Indication	101.5% to 103.4%	N/A	Decrease
Equity	$	215	Market Method	EBITDA Multiple	5.8x to 6.8x	N/A	Increase

* Weighted based on fair value

The following table summarizes the valuation techniques and quantitative information utilized in determining the fair value of the Level 3 investments as of December 31, 2023:

Investment Type	Fair Value		Valuation Technique	Unobservable Input	Range	Weighted Average*	Impact to Valuation if Input Increases
Debt	$	118,178	Income Method	Discount Rate	10.3% to 16.3%	12.7%	Decrease

* Weighted based on fair value