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Fair Value of Investments (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Fair Value Hierarchy of Investments

The following tables present the fair value hierarchy of investments as of September 30, 2025 and December 31, 2024, categorized by the ASC 820 valuation hierarchy, as previously described:


	September 30, 2025
Assets		Level 1		Level 2		Level 3		Total
First Lien Debt		$	—	$	4,862	$	423,132	$	427,994
Second Lien Debt		—		—		6,051		6,051
Preferred Equity		—		—		222		222
Total investments		$	—	$	4,862	$	429,405	$	434,267


	December 31, 2024
Assets		Level 1		Level 2		Level 3		Total
First Lien Debt		$	—	$	5,130	$	412,100	$	417,230
Second Lien Debt		—		—		6,200		6,200
Total investments		$	—	$	5,130	$	418,300	$	423,430

Schedule of Fair Value of Financial Investments

The following tables present 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, 2025 and September 30, 2024:


	For the Three Months Ended
	September 30, 2025
	First Lien Debt		Second Lien Debt		Preferred Equity		Total Investments
Fair value, beginning of period	$	419,321	$	6,082	$	—	$	425,403
Purchases of investments(1)	29,084		—		222		29,306
Proceeds from principal repayments and sales of investments	(24,694)		—		—		(24,694)
Accretion of discount/amortization of premium	199		6		—		205
Net realized gain (loss)	(1)		—		—		(1)
Net change in unrealized appreciation (depreciation)	(777)		(37)		—		(814)
Transfers into Level 3 (2)	—		—		—		—
Transfers out of Level 3 (2)	—		—		—		—
Fair value, end of period	$	423,132	$	6,051	$	222	$	429,405
Net change in unrealized appreciation (depreciation) related to financial instruments still held as of September 30, 2025	$	(888)	$	(37)	$	—	$	(925)


	For the Three Months Ended
	September 30, 2024
	First Lien Debt		Second Lien Debt		Total Investments
Fair value, beginning of period	$	382,588	$	6,200	$	388,788
Purchases of investments(1)	65,369		—		65,369
Proceeds from principal repayments and sales of investments	(26,677)		—		(26,677)
Accretion of discount/amortization of premium	739		5		744
Net realized gain (loss)	56		—		56
Net change in unrealized appreciation (depreciation)	188		(5)		183
Transfers into Level 3 (2)	—		—		—
Transfers out of Level 3 (2)	—		—		—
Fair value, end of period	$	422,263	$	6,200	$	428,463
Net change in unrealized appreciation (depreciation) related to financial instruments still held as of September 30, 2024	$	574	$	(5)	$	569

(1)Purchases include PIK interest, if applicable.

(2)Transfers between levels are recognized at the beginning of the year in which the transfer occurred. For the three months ended September 30, 2025 and September 30, 2024, there were no transfers into or out of Level 3.

The following tables present 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, 2025 and September 30, 2024:


	For the Nine Months Ended
	September 30, 2025
	First Lien Debt		Second Lien Debt		Preferred Equity		Total Investments
Fair value, beginning of period	$	412,100	$	6,200	$	—	$	418,300
Purchases of investments(1)	57,140		99		222		57,461
Proceeds from principal repayments and sales of investments	(47,440)		—		—		(47,440)
Accretion of discount/amortization of premium	920		17		—		937
Net realized gain (loss)	27		—		—		27
Net change in unrealized appreciation (depreciation)	385		(265)		—		120
Transfers into Level 3 (2)	—		—		—		—
Transfers out of Level 3 (2)	—		—		—		—
Fair value, end of period	$	423,132	$	6,051	$	222	$	429,405
Net change in unrealized appreciation (depreciation) related to financial instruments still held as of September 30, 2025	$	(494)	$	(265)	$	—	$	(759)


	For the Nine Months Ended
	September 30, 2024
	First Lien Debt		Second Lien Debt		Total Investments
Fair value, beginning of period	$	318,189	$	6,107	$	324,296
Purchases of investments(1)	182,680		—		182,680
Proceeds from principal repayments and sales of investments	(80,238)		—		(80,238)
Accretion of discount/amortization of premium	2,398		15		2,413
Net realized gain (loss)	160		—		160
Net change in unrealized appreciation (depreciation)	(926)		78		(848)
Transfers into Level 3 (2)	—		—		—
Transfers out of Level 3 (2)	—		—		—
Fair value, end of period	$	422,263	$	6,200	$	428,463
Net change in unrealized appreciation (depreciation) related to financial instruments still held as of September 30, 2024	$	1,400	$	78	$	1,478

(1)Purchases include PIK interest, if applicable.

(2)Transfers between levels are recognized at the beginning of the year in which the transfer occurred. For the nine months ended September 30, 2025 and September 30, 2024, there were no transfers into or out of Level 3.

Schedule of Significant Unobservable Inputs

In accordance with ASC 820, the following tables provide quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of September 30, 2025 and December 31, 2024. The tables

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

September 30, 2025

Fair Value

Valuation Techniques

Unobservable Input

Range/Input

(Weighted Average)(1)

Assets:

First lien debt

403,694

Discounted cash flow

Comparative Yields

7.3% - 14.5% (8.9%)

First lien debt

19,438

Precedent Transaction

Transaction Price

N/A

Total first lien debt

423,132

Second lien debt

6,051

Discounted cash flow

Comparative Yields

9.0% - 14.0% (13.9%)

Preferred equity

222

Market Comparable Companies

EBITDA Multiple

10.0x

Total investments

429,405

December 31, 2024

Fair Value

Valuation Techniques

Unobservable Input

Range/Input

(Weighted Average)(1)

Assets:

First lien debt

389,496

Discounted cash flow

Comparative Yields

7.3% - 15.3% (9.6%)

First lien debt

22,604

Precedent Transaction

Transaction Price

N/A

Total first lien debt

412,100

Second lien debt

6,200

Discounted cash flow

Comparative Yields

13.0%

Total investments

418,300

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

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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