Investment Valuations and Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2024:

Investments	Level 1		Level 2		Level 3		Total
Debt	$	—	$	—	$	150,147	$	150,147
Equity		—		—		35		35
Cash equivalents		8,759		—		—		8,759
Total	$	8,759	$	—	$	150,182	$	158,941

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 year ended December 31, 2024 and 2023:

	Debt			Equity		Total
Balance, January 1, 2024	$	118,178		$	—	$	118,178
Purchases		68,693			—		68,693
Sales and paydowns of investments		(36,677	)		—		(36,677	)
Amortization of premium and accretion of discount, net		1,367			—		1,367
Net realized gains		27			—		27
Net change in unrealized appreciation/(depreciation)		(1,441	)		35		(1,406	)
Balance, December 31, 2024	$	150,147		$	35	$	150,182
Change in net unrealized appreciation/depreciation in investments held as of December 31, 2024	$	(1,014	)	$	35	$	(979	)

	Debt			Equity		Total
Balance, January 1, 2023	$	10,150		$	—	$	10,150
Purchases		119,349			—		119,349
Sales and paydowns of investments		(12,806	)		—		(12,806	)
Amortization of premium and accretion of discount, net		454			—		454
Net realized gains		94			—		94
Net change in unrealized appreciation/(depreciation)		937			—		937
Balance, December 31, 2023	$	118,178		$	—	$	118,178
Change in net unrealized appreciation/depreciation in investments held as of December 31, 2023	$	937		$	—	$	937

Summary of Valuation Techniques and Quantitative Information

Level 3 Valuation 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 December 31, 2024:

Investment Type	Fair Value		Valuation Technique	Unobservable Input	Range	Weighted Average*	Impact to Valuation if Input Increases
Debt	$	144,761	Income Method	Discount Rate	10.3% to 22.2%	13.2%	Decrease
Debt	$	5,386	Market Method	EBITDA Multiple	6.5x to 7.5x	7.0x	Increase
Equity	$	35	Market Method	EBITDA Multiple	6.5x to 7.5x	7.0x	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