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Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis

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 1		Level 2		Level 3		Total
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 1		Level 2		Level 3		Total
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.

Schedule of Fair Value, Changes in Fair Value of Investments with Level 3 Inputs Used

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 originations	43,526		3,677		10,464		57,667
Repayments / redemptions	(5,457)		—		—		(5,457)

Paid-in-kind interest	456		—		—		456
Net change in unrealized gains (losses)	79		4		(2)		81

Net amortization of discount on securities	205		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 originations	147,775		3,677		10,464		161,916
Repayments / redemptions	(19,262)		—		—		(19,262)
Sales proceeds	(1,294)		—		—		(1,294)
Paid-in-kind interest	1,100		—		—		1,100
Net change in unrealized gains (losses)	519		4		4		527

Net amortization of discount on securities	465		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 originations	22,468		22,468
Repayments / redemptions	(38)		(38)
Paid-in-kind interest	—		—
Net change in unrealized gains (losses)	63		63
Net amortization of discount on securities	5		5
Transfers within Level 3	—		—
Transfers into (out of) Level 3	—		—
Balance, End of Period	$	22,498	$	22,498

Schedule Of Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings

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 investments	4		—

Equity and other investments	(2)		—
Total	$	183	$	63


	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 investments	5		—

Equity and other investments	4		—
Total	$	535	$	63

Schedule of Fair Value Measurement Inputs and Valuation Techniques

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 Value

Valuation
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 investments

3,685

Precedent Transaction

N/A

Equity and other investments

10,468

Precedent Transaction

N/A

Total

219,175

December 31, 2024 (1)

Fair Value

Valuation
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

- 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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