Fair Value of Investments (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets Measured on Recurring Basis

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

	September 30, 2023
Assets		Level 1		Level 2		Level 3		Total
First Lien Debt		$	—	$	655	$	268,802	$	269,457
Second Lien Debt		—		—		6,045		6,045
Total investments		$	—	$	655	$	274,847	$	275,502

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

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

The following table presents the change in the fair value of financial instruments for which Level 3 inputs were used to determine the fair value for the three months ended September 30, 2023:

	Three Months Ended September 30, 2023
	First Lien Debt		Second Lien Debt		Total Investments
Fair value, beginning of period	$	202,055	—		202,055
Purchases of investments	65,149		6,045		71,194
Proceeds from principal repayments and sales of investments	(1,387)		—		(1,387)
Accretion of discount/amortization of premium	251		—		251
Net realized gain (loss)	80		—		80
Net change in unrealized appreciation (depreciation)	2,654		—		2,654
Transfers into Level 3 (1)	—		—		—
Transfers out of Level 3 (1)	—		—		—
Fair value, end of period	$	268,802	$	6,045	$	274,847
Net change in unrealized appreciation (depreciation) related to financial instruments still held as of September 30, 2023	$	2,649	$	—	$	2,649

(1)For the three months ended September 30, 2023, there were no transfers into or out of Level 3.

The following table presents the change in the fair value of financial instruments for which Level 3 inputs were used to determine the fair value for the nine months ended September 30, 2023:

	Nine Months Ended September 30, 2023
	First Lien Debt		Second Lien Debt		Total Investments
Fair value, beginning of period	$	149,586	—		149,586
Purchases of investments	128,190		6,045		134,235
Proceeds from principal repayments and sales of investments	(13,025)		—		(13,025)
Accretion of discount/amortization of premium	679		—		679
Net realized gain (loss)	161		—		161
Net change in unrealized appreciation (depreciation)	3,211		—		3,211
Transfers into Level 3 (1)	—		—		—
Transfers out of Level 3 (1)	—		—		—
Fair value, end of period	$	268,802	$	6,045	$	274,847
Net change in unrealized appreciation (depreciation) related to financial instruments still held as of September 30, 2023	$	3,362	$	—	$	3,362

(1)For the nine months ended September 30, 2023, there were no transfers into or out of Level 3.

Schedule of 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 September 30, 2023 and December 31, 2022.  The table is

not intended to be all-inclusive but instead captures the significant unobservable inputs relevant to the Company’s determination of fair value.

	September 30, 2023
	Fair Value		Valuation Techniques	Unobservable Input	Range/Input (Weighted Average)(1)
Assets:
First lien debt	$	189,642	Discounted cash flow	Comparative Yields	9.9% - 11.9% (11.0%)
First lien debt	79,160		Precedent Transaction	Transaction Price	N/A
Total first lien debt	268,802
Second lien debt	6,045		Precedent Transaction	Transaction Price	N/A
Total investments	$	274,847

	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.