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Fair Value
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Fair Value
The following tables present information about the Company’s assets measured on a recurring basis as of June 30, 2026 and December 31, 2025 and indicate the fair value hierarchy of the inputs utilized by the Company to determine such fair value:
June 30, 2026 (Unaudited)
DescriptionLevel 1Level 2Level 3Total
Investments:
Senior Secured Loans - First Lien$— $— $1,395,704 $1,395,704 
Subordinated Debt— — 1,214 1,214 
Equity— — 3,757 3,757 
Money Market Fund16,631 — — 16,631 
Total Investments including Money Market Fund$16,631 $— $1,400,675 $1,417,306 
December 31, 2025
DescriptionLevel 1Level 2Level 3Total
Investments:
Senior Secured Loans - First Lien$— $— $1,303,361 $1,303,361 
Subordinated Debt— — 743 743 
Equity— — 942 942 
Money Market Fund56,856 — — 56,856 
Total Investments including Money Market Fund$56,856 $— $1,305,046 $1,361,902 

Restricted Securities — The Company may invest in securities that are subject to legal or contractual restrictions on resale and may only be resold to the public pursuant to an effective registration statement under the Securities Act, or to qualified institutional buyers in transactions exempt from such registration. The Company identifies a security as restricted only if the security is subject to resale restrictions and the Company is unable to sell the security to a qualified institutional buyer as of the end of the reporting period. The Company does not incur registration costs upon the resale of securities to qualified institutional buyers in transactions exempt from registration. In certain circumstances, the issuer of restricted securities may bear the costs associated with registering such securities for resale.
In determining whether a restricted security is liquid, the Valuation Designee considers the availability of qualified institutional buyers, trading activity, dealer support and other relevant market-based factors. Restricted securities are generally valued utilizing market quotations, pricing services, or dealer quotations obtained from the secondary market. When market quotations are not readily available, or when a restricted security is determined to be illiquid, the security is valued at fair value in accordance with the Company's valuation policies and procedures approved by the Board. Such fair values are determined in good faith by the Valuation Designee, subject to the oversight of the Board.
The following tables are a reconciliation of the investments in which significant unobservable inputs (Level 3) were used in determining fair value as of June 30, 2026 and June 30, 2025:
Senior Secured Loans - First LienSubordinated debtEquityTotal
Balance as of January 1, 2026$1,303,361 $743 $942 $1,305,046 
Purchases 234,942 631 3,757 239,330 
Paid-in-kind interest1,690 45 — 1,735 
Sales and repayments(122,023)— — (122,023)
Accretion of discount (amortization of premium)184 — — 184 
Net change in unrealized appreciation (depreciation)(19,771)(205)(942)(20,918)
Net realized gain (loss)(2,679)— — (2,679)
Balance as of June 30, 2026$1,395,704 $1,214 $3,757 $1,400,675 
Net unrealized appreciation (depreciation) of investments held at June 30, 2026$(19,002)$(205)$(942)$(20,149)


Senior Secured Loans - First LienSubordinated debtEquityTotal
Balance as of January 1, 2025$759,122 $— $— $759,122 
Purchases 252,284 678 1,608 254,570 
Paid-in-kind interest1,278 — — 1,278 
Sales and repayments(63,366)— — (63,366)
Accretion of discount (amortization of premium)319 — — 319 
Net change in unrealized appreciation (depreciation)805 21 (1,151)(325)
Net realized gain (loss)1,055 — — 1,055 
Balance as of June 30, 2025$951,497 $699 $457 $952,653 
Net unrealized appreciation (depreciation) of investments held at June 30, 2025$143 $21 $(1,151)$(987)
No securities were transferred into or out of the Level 3 hierarchy during the six months ended June 30, 2026 and June 30, 2025.
The following tables present additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of June 30, 2026 and December 31, 2025:
Financial AssetFair Value at June 30, 2026
Valuation
Technique (1)
Unobservable
Input (2)
Range
(Weighted Average)(3)
Impact to Valuation from an Increase in Input
Senior Secured Loans - First Lien$1,395,704 Yield AnalysisYield
7.98% - 18.35% (9.33%)
Decrease
Discount Margin
3.92% - 10.68% (5.25%)
Decrease
Synthetic Rating Yield Adjustment
0.35% - 3.40% (1.34%)
Decrease
Current Value MethodLTM EBITDA Multiple
5.25x - 10.50x (8.66x)
Increase
NTM EBITDA Multiple
7.50x - 10.00x (8.99x)
Increase
LTM Revenue Multiple
0.55x - 1.00x (0.68x)
Increase
Subordinated Debt1,214 Current Value MethodNTM EBITDA Multiple
7.50x - 10.00x (8.80x)
Increase
LTM Revenue Multiple
1.00x
Increase
Equity3,757 Current Value MethodLTM EBITDA Multiple
5.25x - 9.25x (9.25x)
Increase
NTM EBITDA Multiple
7.50x - 10.00x (10.00x)
Increase
Total1,400,675 
Financial AssetFair Value at December 31, 2025
Valuation
Technique (1)
Unobservable
Input (2)
Range
(Weighted Average)(3)
Impact to Valuation from an Increase in Input
Senior Secured Loans - First Lien$1,303,361 Yield AnalysisYield
7.02% - 12.68% (8.47%)
Decrease
Discount Margin
3.25% - 8.22% (5.07%)
Decrease
Synthetic Rating Yield Adjustment
0.43% - 2.55% (1.37%)
Decrease
Current Value MethodEBITDA Multiple
9.50x - 15.08x (11.94x)
Increase
Subordinated Debt743 Current Value MethodEBITDA Multiple
15.08x
Increase
Equity942 Current Value MethodFwd EBITDA Multiple
9.50x
Increase
LTM EBITDA Multiple
15.08x
Increase
Total$1,305,046 
__________
(1)For the assets that have more than one valuation technique, the Company may rely on the techniques individually or in aggregate based on a weight ascribed to each one ranging from 0.0% -100.0%. When determining the weighting ascribed to each valuation methodology, the Company considers, among other factors, the availability of direct market comparables, the applicability of a discounted cash flow analysis and the expected hold period and manner of realization for the investment. These factors can result in different weightings among the investments and in certain instances, may result in up to a 100.0% weighting to a single methodology.
(2)The significant unobservable inputs used in the fair value measurement of the Company’s assets and liabilities may include the last twelve months (“LTM”) EBITDA multiple, weighted average cost of capital, discount margin, probability of default, loss severity and constant prepayment rate. In determining certain of these inputs, management evaluates a variety of factors
including economic, industry and market trends and developments, market valuations of comparable companies, and company specific developments including potential exit strategies and realization opportunities. Significant increases or decreases in any of these inputs in isolation could result in significantly lower or higher fair value measurement.
(3)Weighted average amounts are based on the estimated fair values.