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Fair Value (Tables)

9 Months Ended

Sep. 30, 2025

Summary of Portfolio Investments by Level in the Fair Value Hierarchy

The following table summarizes the levels in the fair value hierarchy that the Company's portfolio investments fell into as of September 30, 2025:


	Total		Level I		Level II		Level III
First lien	$	408,665	$	—	$	37,281	$	371,384
Second lien	17,004		—		5,001		12,003
Subordinated	1,985		—		—		1,985
Structured finance obligations	476		—		—		476
Equity and other	4,283		—		—		4,283
Total investments	$	432,413	$	—	$	42,282	$	390,131

The following table summarizes the levels in the fair value hierarchy that the Company's portfolio investments fell into as of December 31, 2024:


	Total		Level I		Level II		Level III
First lien	$	361,945	$	—	$	40,345	$	321,600
Second lien	9,417		—		5,302		4,115
Subordinated	1,741		—		—		1,741
Structured finance obligations	472		—		472		—
Equity and other	4,219		—		—		4,219
Total investments	$	377,794	$	—	$	46,119	$	331,675

Summary of Changes in Level III Portfolio Investments

The following table summarizes the changes in fair value of Level III portfolio investments for the three months ended September 30, 2025, as well as the portion of appreciation (depreciation) included in income attributable to the net change in unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at September 30, 2025:


	Total		First Lien		Second Lien		Subordinated		Structured Finance Obligations		Equity and other
Fair Value, June 30, 2025	$	384,865	$	368,246	$	9,971	$	1,908	$	474	$	4,266
Total gains or losses included in earnings:
Net realized gains (losses) on investments	10		10		—		—		—		—
Net change in unrealized appreciation (depreciation) of investments	278		366		(107)		9		2		8
Purchases, including capitalized PIK and revolver fundings	51,162		46,353		4,732		68		—		9
Proceeds from sales and paydowns of investments	(37,597)		(35,004)		(2,593)		—		—		—

Transfers out of Level III(1)	(8,587)		(8,587)		—		—		—		—
Fair Value, September 30, 2025	$	390,131	$	371,384	$	12,003	$	1,985	$	476	$	4,283
Net change in unrealized appreciation (depreciation) for the period relating to those Level III assets that were still held by the Company at the end of the period:	$	279	$	367	$	(107)	$	10	$	1	$	8

(1)As of September 30, 2025, portfolio investments were transferred out of Level III into Level II at fair value as of the beginning of the period in which the reclassification occurred.

The following table summarizes the changes in fair value of Level III portfolio investments for the three months ended September 30, 2024, as well as the portion of appreciation (depreciation) included in income attributable to the net change in unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at September 30, 2024:


	Total		First Lien		Second Lien		Subordinated		Equity and other
Fair Value, June 30, 2024	$	216,047	$	208,627	$	5,805	$	1,615	$	—
Total gains or losses included in earnings:

Net change in unrealized appreciation (depreciation) of investments	97		69		14		14		—
Purchases, including capitalized PIK and revolver fundings	67,953		66,862		301		61		729
Proceeds from sales and paydowns of investments	(9,729)		(9,729)		—		—		—

Transfers out of Level III(1)	(13,552)		(13,552)		—		—		—
Fair Value, September 30, 2024	$	260,816	$	252,277	$	6,120	$	1,690	$	729
Net change in unrealized appreciation (depreciation) for the period relating to those Level III assets that were still held by the Company at the end of the period:	$	97	$	69	$	14	$	14	$	—

(1)As of September 30, 2024, portfolio investments were transferred out of Level III from Level II at fair value as of the beginning of the period in which the reclassification occurred.

The following table summarizes the changes in fair value of Level III portfolio investments for the nine months ended September 30, 2025, as well as the portion of appreciation (depreciation) included in income attributable to the net change in unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at September 30, 2025:


	Total		First Lien		Second Lien		Subordinated		Structured Finance Obligations		Equity and other
Fair Value, December 31, 2024	$	331,675	$	321,600	$	4,115	$	1,741	$	—	$	4,219
Total gains or losses included in earnings:
Net realized gains (losses) on investments	(1)		(1)		—		—		—		—
Net change in unrealized appreciation (depreciation) of investments	144		196		(113)		49		4		8
Purchases, including capitalized PIK and revolver fundings	119,035		113,492		5,292		195		—		56
Proceeds from sales and paydowns of investments	(69,727)		(67,134)		(2,593)		—		—		—
Transfers into Level III(1)	16,353		10,579		5,302		—		472		—
Transfers out of Level III(1)	(7,348)		(7,348)		—		—		—		—
Fair Value, September 30, 2025	$	390,131	$	371,384	$	12,003	$	1,985	$	476	$	4,283
Net change in unrealized appreciation (depreciation) for the period relating to those Level III assets that were still held by the Company at the end of the period:	$	135	$	187	$	(113)	$	49	$	4	$	8

(1)As of September 30, 2025, portfolio investments were transferred into Level III from Level II and out of Level III into Level II at fair value as of the beginning of the period in which the reclassification occurred.

The following table summarizes the changes in fair value of Level III portfolio investments for the nine months ended September 30, 2024, as well as the portion of appreciation (depreciation) included in income attributable to the net change in unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at September 30, 2024:


	Total		First Lien		Second Lien		Subordinated		Equity and other
Fair Value, December 31, 2023	$	76,117	$	75,365	$	752	$	—	$	—
Total gains or losses included in earnings:
Net realized gains (losses) on investments	4		4		—		—		—
Net change in unrealized appreciation (depreciation) of investments	1,147		1,038		95		14		—
Purchases, including capitalized PIK and revolver fundings	206,647		198,194		6,048		1,676		729
Proceeds from sales and paydowns of investments	(24,083)		(23,308)		(775)		—		—
Transfers into Level III(1)	2,974		2,974		—		—		—
Transfers out of Level III(1)	(1,990)		(1,990)		—		—		—
Fair Value, September 30, 2024	$	260,816	$	252,277	$	6,120	$	1,690	$	729
Net change in unrealized appreciation (depreciation) for the period relating to those Level III assets that were still held by the Company at the end of the period:	1,034		949		71		14		—

(1)As of September 30, 2024, portfolio investments were transferred into Level III from Level II and out of Level III into Level II at fair value as of the beginning of the period in which the reclassification occurred.

Summary of Unobservable Inputs

The unobservable inputs used in the fair value measurement of the Company's Level III investments as of September 30, 2025 were as follows:

Range

Type

Fair Value as of September 30, 2025

Approach

Unobservable Input

Low

High

Weighted
Average (1)

First lien

354,996

Market & income approach

EBITDA multiple

7.0x

31.0x

16.9x

Discount rate

6.1%

12.1%

8.3%

16,388

Other

N/A (2)

N/A

Second lien

12,003

Market & income approach

EBITDA multiple

21.0x

Discount rate

8.6%

10.6%

9.7%

Subordinated

1,985

Market & income approach

EBITDA multiple

13.5x

15.5x

14.5x

Discount rate

14.0%

Structured Finance Obligations

476

Income approach

Discount rate

10.9%

Equity and other

4,283

Market & income approach

EBITDA multiple

9.5%

19.0x

17.7x

Discount rate

9.5%

12.7%

11.6%

390,131

(1)Unobservable inputs were weighted by the relative fair value of the investments.

(2)Fair value was determined based on transaction pricing or a recent acquisition or sale as the best measure of fair value with no material changes in operations of the related portfolio company since the transaction date.

The unobservable inputs used in the fair value measurement of the Company's Level III investments as of December 31, 2024 were as follows:


					Range
Type	Fair Value as of December 31, 2024		Approach	Unobservable Input	Low		High		Weighted Average (1)
First lien	$	312,800	Market & income approach	EBITDA multiple	8.5x		35.0x		16.8x
				Revenue multiple	3.0x		13.0x		8.9x
				Discount rate	6.8	%	12.7	%	9.2	%

	8,800		Other	N/A (2)	N/A		N/A		N/A


Second lien	4,115		Market & income approach	Discount rate	9.9	%	10.2	%	10.1	%

Subordinated	1,741		Market & income approach	EBITDA multiple	14.5x		15.5x		15.0x

				Discount rate	14.6	%	14.6	%	14.6	%

Equity and other	802		Market & income approach	EBITDA multiple	12.0x		18.0x		16.3x

				Discount rate	13.5	%	13.5	%	13.5	%
	3,417		Other	N/A (2)	N/A		N/A		N/A
	$	331,675

(1)Unobservable inputs were weighted by the relative fair value of the investments.

Summary of Fair Value of the Company Borrowings

The following are the principal amounts and fair values of the Company's borrowings as of September 30, 2025 and December 31, 2024. As of September 30, 2025 and December 31, 2024, there was no balance outstanding under the Unsecured Management Company Revolver. Fair value is estimated by discounting remaining payments using applicable current market rates, which take into account changes in the Company's marketplace credit ratings, or market quotes, if available.



	As of
	September 30, 2025				December 31, 2024
	Principal Amount		Fair Value		Principal Amount		Fair Value
BMO Subscription Line	$	12,500	$	12,620	$	58,000	$	58,273

- 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.

+ References + Details