Fair Value of Investments (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring Basis

The following table presents the fair value hierarchy of investments as of June 30, 2023 and December 31, 2022, categorized by the ASC Topic 820 valuation hierarchy, as previously described:

	June 30, 2023
Assets		Level 1		Level 2		Level 3		Total
First Lien Debt		$	—	—		$	202,055	$	202,055
Total investments		$	—	$	—	$	202,055	$	202,055

	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 June 30, 2023
	First Lien Debt
Fair value, beginning of period	$	185,897
Purchases of investments	16,194
Proceeds from principal repayments and sales of investments	(1,558)
Accretion of discount/amortization of premium	206
Net realized gain (loss)	70
Net change in unrealized appreciation (depreciation)	1,246
Transfers into Level 3 (1)	—
Transfers out of Level 3 (1)	—
Fair value, end of period	$	202,055
Net change in unrealized appreciation (depreciation) related to financial instruments still held as of June 30, 2023	$	1,246

(1)For the three months ended June 30, 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:

	Six Months Ended June 30, 2023
	First Lien Debt
Fair value, beginning of period	$	149,586
Purchases of investments	63,041
Proceeds from principal repayments and sales of investments	(11,638)
Accretion of discount/amortization of premium	428
Net realized gain (loss)	81
Net change in unrealized appreciation (depreciation)	557
Transfers into Level 3 (1)	—
Transfers out of Level 3 (1)	—
Fair value, end of period	$	202,055
Net change in unrealized appreciation (depreciation) related to financial instruments still held as of June 30, 2023	$	557

(1)For the six months ended June 30, 2023, 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 June 30, 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.

	June 30, 2023
	Fair Value		Valuation Techniques	Unobservable Input	Range/Input (Weighted Average)(1)
Assets:
First lien debt	$	187,816	Discounted cash flow	Comparative Yields	9.4% - 12.3% (10.7%)
First lien debt	14,239		Precedent transaction	Transaction Price	N/A
Total investments	$	202,055

	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.