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Fair Value of Financial Instruments
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments Fair Value of Financial Instruments
Investments
The following tables present fair value measurements of investments as of September 30, 2025 and December 31, 2024:
Fair Value Hierarchy at September 30, 2025
Level 1Level 2Level 3Total
First-lien debt investments$— $86,671 $205,022 $291,693 
Second-lien debt investments— 27,684 3,685 31,369 
Equity and other investments— — 10,468 10,468 
Total investments at fair value$— $114,355 $219,175 $333,530 
Fair Value Hierarchy at December 31, 2024(1)
Level 1Level 2Level 3Total
First-lien debt investments$— $28,228 $75,719 $103,947 
Total investments at fair value$— $28,228 $75,719 $103,947 
(1)As of December 31, 2024, the Company had not yet elected to be regulated as a BDC and was operating as the Ramp Vehicle, a private fund based on an exception from the definition of “investment company” under Section 3(c)(7) of 1940 Act.
Transfers between levels, if any, are recognized at the beginning of the quarter in which the transfers occur.
The following tables present the changes in the fair value of investments for which Level 3 inputs were used to determine the fair value as of and for the three and nine months ended September 30, 2025:
As of and for the Three Months Ended
September 30, 2025
First-lien
debt
investments		Second-lien
debt
investments		Equity
and other
investments		Total
Balance, beginning of period$166,213 $— $6 $166,219 
Purchases or originations43,526 3,677 10,464 57,667 
Repayments / redemptions(5,457)— — (5,457)
Paid-in-kind interest456 — — 456 
Net change in unrealized gains (losses)79 4 (2)81 
Net amortization of discount on securities205 4 — 209 
Transfers within Level 3— — — — 
Transfers into (out of) Level 3— — — — 
Balance, End of Period$205,022 $3,685 $10,468 $219,175 
As of and for the Nine Months Ended
September 30, 2025
First-lien
debt
investments		Second-lien
debt
investments		Equity
and other
investments		Total
Balance, beginning of period$75,719 $— $— $75,719 
Purchases or originations147,775 3,677 10,464 161,916 
Repayments / redemptions(19,262)— — (19,262)
Sales proceeds(1,294)— — (1,294)
Paid-in-kind interest1,100 — — 1,100 
Net change in unrealized gains (losses)519 4 4 527 
Net amortization of discount on securities465 4 — 469 
Transfers within Level 3— — — — 
Transfers into (out of) Level 3— — — — 
Balance, End of Period$205,022 $3,685 $10,468 $219,175 

The following tables present the changes in the fair value of the Ramp Vehicle's investments for which Level 3 inputs were used to determine the fair value as of and for the period of August 15, 2024 (Inception) to September 30, 2024:
For the period from August 15, 2024 (Inception) to September 30, 2024
First-lien
debt
investments		Total
Balance, beginning of period$— $— 
Purchases or originations22,468 22,468 
Repayments / redemptions(38)(38)
Paid-in-kind interest— — 
Net change in unrealized gains (losses)63 63 
Net amortization of discount on securities5 5 
Transfers within Level 3— — 
Transfers into (out of) Level 3— — 
Balance, End of Period$22,498 $22,498 

The following tables present information with respect to the net change in unrealized gains or losses on investments for which Level 3 inputs were used in determining fair value that are still held by the Company at September 30, 2025 and for the period of August 15, 2024 (Inception) through September 30,2024.
Net Change in Unrealized
Gains or (Losses)
For the Three Months Ended
September 30, 2025 on
Investments Held at
September 30, 2025
Net Change in Unrealized
Gains or (Losses) from August 15, 2024 (Inception)
 through September 30, 2024 on
Investments Held at
 September 30, 2024 (1)
First-lien debt investments$181 $63 
Second-lien debt investments4 — 
Equity and other investments(2)— 
Total$183 $63 
(1)As of December 31, 2024, the Company had not yet elected to be regulated as a BDC and was operating as the Ramp Vehicle, a private fund based on an exception from the definition of “investment company” under Section 3(c)(7) of 1940 Act.
Net Change in Unrealized
Gains or (Losses)
For the Nine Months Ended
September 30, 2025 on
Investments Held at
September 30, 2025
Net Change in Unrealized
Gains or (Losses) from August 15, 2024 (Inception)
 through September 30, 2024 on
Investments Held at
 September 30, 2024 (1)
First-lien debt investments$526 $63 
Second-lien debt investments5 — 
Equity and other investments4 — 
Total$535 $63 
(1)As of December 31, 2024, the Company had not yet elected to be regulated as a BDC and was operating as the Ramp Vehicle, a private fund based on an exception from the definition of “investment company” under Section 3(c)(7) of 1940 Act.
The following tables present the fair value of Level 3 Investments at fair value and the significant unobservable inputs used in the valuations 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 values.
September 30, 2025
Fair ValueValuation
Technique(s)		Unobservable
Input(s)		Range (Weighted
Average)
First-lien debt investments$205,022 Broker Quotes
Precedent Transaction
Discounted Cash Flow - Yield Analysis		Discount Rate
7.94% to 18.14%
Second-lien debt investments3,685 Precedent TransactionN/AN/A
Equity and other investments10,468 Precedent TransactionN/AN/A
Total$219,175 
December 31, 2024 (1)
Fair ValueValuation
Technique(s)		Unobservable
Input(s)		Range (Weighted
Average)
First-lien debt investments$75,719 Discounted Cash Flow - Yield Analysis
Precedent Transaction		Discount Rate
N/A
9.71% - 16.32%
N/A
Total$75,719 
(1)As of December 31, 2024, the Company had not yet elected to be regulated as a BDC and was operating as the Ramp Vehicle, a private fund based on an exception from the definition of “investment company” under Section 3(c)(7) of 1940 Act.

The Company typically determines the fair value of its performing Level 3 debt investments utilizing a yield analysis. In a yield analysis, a price is ascribed for each investment based upon an assessment of current and expected market yields for similar investments and risk profiles. Additional consideration is given to the expected life, portfolio company performance since close, and other terms and risks associated with an investment. Among other factors, a determinant of risk is the amount of leverage used by the portfolio company relative to the total enterprise value of the company, and the rights and remedies of our investment within each portfolio company’s capital structure.
Significant unobservable quantitative inputs typically considered in the fair value measurement of the Company’s Level 3 debt investments primarily include current market yields, including relevant market indices, but may also include quotes from brokers, dealers, and pricing services as indicated by comparable investments. If debt investments are credit impaired, an enterprise value analysis may be used to value such debt investments; however, in addition to the methods outlined above, other methods such as a liquidation or wind-down analysis may be utilized to estimate enterprise value. For the Company’s Level 3 equity investments, multiples of similar companies’ revenues, earnings before income taxes, depreciation and amortization (“EBITDA”) or some combination thereof and comparable market transactions are typically used.