Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value Hierarchy

As of December 31, 2024 and 2023, the Company’s investments were categorized as follows in the fair value hierarchy:

Valuation Inputs	December 31, 2024		December 31, 2023
Level 1—Price quotations in active markets	$	—	$	—
Level 2—Significant other observable inputs	41,655		1,614
Level 3—Significant unobservable inputs	1,022,418		262,316
	$	1,064,073	$	263,930

Schedule of Reconciliation Fair Value, Assets

The following is a reconciliation of investments for which significant unobservable inputs (Level 3) were used in determining fair value for the years ended December 31, 2024 and 2023:

	For the Year Ended December 31, 2024
	Senior Secured Loans—First Lien		Subordinated Debt		Asset Based Finance		Total
Fair value at beginning of period	$	204,314	$	961	$	57,041	$	262,316
Accretion of discount (amortization of premium)	674		3		327		1,004
Net realized gain (loss)	(26)		—		10		(16)
Net change in unrealized appreciation (depreciation)	4,998		(3)		2,574		7,569
Purchases	683,099		485		149,812		833,396
Paid-in-kind interest	1,157		221		715		2,093
Sales and repayments	(28,728)		—		(55,216)		(83,944)
Transfers into Level 3	—		—		—		—
Transfers out of Level 3	—		—		—		—
Fair value at end of period	$	865,488	$	1,667	$	155,263	$	1,022,418
The amount of total gains or (losses) for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	$	4,963	$	(3)	$	2,574	$	7,534

	For the Year Ended December 31, 2023
	Senior Secured Loans—First Lien		Subordinated Debt		Asset Based Finance		Total
Fair value at beginning of period	$	2,646	$	—	$	3,485	$	6,131
Accretion of discount (amortization of premium)	554		1		8		563
Net realized gain (loss)	(4)		—		—		(4)
Net change in unrealized appreciation (depreciation)	2,520		(12)		881		3,389
Purchases	204,802		947		54,339		260,088
Paid-in-kind interest	—		25		—		25
Sales and repayments	(6,204)		—		(1,672)		(7,876)
Transfers into Level 3	—		—		—		—
Transfers out of Level 3	—		—		—		—
Fair value at end of period	$	204,314	$	961	$	57,041	$	262,316
The amount of total gains or (losses) for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	$	2,533	$	(12)	$	881	$	3,402

Schedule of Valuation Techniques and Significant Unobservable Inputs Used in Recurring Level 3 Fair Value

The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements as of December 31, 2024 and 2023 were as follows:

Type of Investment	Fair Value at December 31, 2024		Valuation Technique	Unobservable Input	Range (Weighted Average)	Impact to Valuation from an Increase in Input(1)
Senior Debt	$	855,090	Discounted Cash Flow	Discount Rate	7.6% - 11.4% (9.5%)	Decrease
	10,398		Cost(3)
Subordinated Debt	1,667		Discounted Cash Flow	Discount Rate	15.4% - 15.4% (15.4%)	Decrease
Asset Based Finance	139,551		Discounted Cash Flow	Discount Rate	4.8% - 41.7% (9.9%)	Decrease
	3,516		Waterfall	EBITDA Multiple	1.1x - 1.1x (1.1x)	Increase
	12,196		Cost(3)
Total	$	1,022,418

Type of Investment	Fair Value at December 31, 2023		Valuation Technique	Unobservable Input	Range (Weighted Average)	Impact to Valuation from an Increase in Input(1)
Senior Debt	$	185,976	Discounted Cash Flow	Discount Rate	10.0% - 11.5% (10.9%)	Decrease
	18,338		Cost(3)
Subordinated Debt	961		Discounted Cash Flow	Discount Rate	15.4% - 15.4% (15.4%)	Decrease
Asset Based Finance	39,896		Discounted Cash Flow	Discount Rate	5.9% - 43.2% (8.0%)	Decrease
	2,679		Waterfall	EBITDA Multiple	1.0x - 1.0x (1.0x)	Increase
	292		Other(2)
	14,174		Cost(3)
Total	$	262,316

__________

(1)Represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the input would have the opposite effect. Significant changes in these inputs in isolation could result in significantly higher or lower fair value measurements.

(2)Fair value based on expected outcome of proposed corporate transactions and/or other factors.

(3)Fair value was determined based on recent transaction pricing with no material changes in operations of the related portfolio company since the transaction date.