Fair Value of Investments (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring Basis

The following table presents the fair value hierarchy of investments as of March 31, 2023 and December 31, 2022, categorized by the ASC Topic 820 valuation hierarchy, as previously described:

	March 31, 2023
Assets		Level 1		Level 2		Level 3		Total
First Lien Debt		$	—	—		$	185,897	$	185,897
Total investments		$	—	$	—	$	185,897	$	185,897

	December 31, 2022
Assets		Level 1		Level 2		Level 3		Total
First Lien Debt		$	—	$	—	$	149,586	$	149,586
Total investments		$	—	$	—	$	149,586	$	149,586

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

The following table presents change in the fair value of financial instruments for which Level 3 inputs were used to determine the fair value:

	Three Months Ended March 31, 2023
	First Lien Debt
Fair value, beginning of period	$	149,586
Purchases of investments	46,847
Proceeds from principal repayments and sales of investments	(10,080)
Accretion of discount/amortization of premium	222
Net realized gain (loss)	11
Net change in unrealized appreciation (depreciation)	(689)
Transfers into Level 3 (1)	—
Transfers out of Level 3 (1)	—
Fair value, end of period	$	185,897
Net change in unrealized appreciation (depreciation) related to financial instruments still held as of March 31, 2023	$	(689)

(1)For the three months ended March 31, 2023, there were no transfers into or out of Level 3.

The following table presents change in the fair value of financial instruments for which Level 3 inputs were used to determine the fair value:

	For the period ended December 31, 2022
	First Lien Debt
Fair value, beginning of period	$	—
Purchases of investments	149,464
Proceeds from principal repayments and sales of investments	—
Accretion of discount/amortization of premium	—
Net realized gain (loss)	—
Net change in unrealized appreciation (depreciation)	122
Transfers into Level 3 (1)	—
Transfers out of Level 3 (1)	—
Fair value, end of period	$	149,586
Net change in unrealized appreciation (depreciation) related to financial instruments still held as of December 31, 2022	$	122

(1)For the period ended December 31, 2022, there were no transfers into or out of Level 3.

Fair Value Measurement Inputs and Valuation Techniques

In accordance with ASC Topic 820, the following table provides quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of March 31, 2023 and December 31, 2022.  The table is not

intended to be all-inclusive but instead capture the significant unobservable inputs relevant to the Company’s determination of fair value.

	March 31, 2023
	Fair Value		Valuation Techniques	Unobservable Input	Range/Input (Weighted Average)(1)
Assets:
First lien debt	$	168,880	Discounted cash flow	Comparative Yields	9.0% - 11.6% (10.4%)
First lien debt	17,017		Precedent transaction	Cost	N/A
Total investments	$	185,897

	December 31, 2022
	Fair Value		Valuation Techniques	Unobservable Input	Range/Input (Weighted Average)(1)
Assets:
First lien debt	$	149,586	Discounted cash flow	Comparative Yields	9.3% - 11.6% (10.5%)
Total investments	$	149,586

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