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Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis

The following tables present fair value measurements of investments as of March 31, 2026 and December 31, 2025:


	Fair Value Hierarchy at March 31, 2026
	Level 1		Level 2		Level 3		Total
First-lien debt investments	$	—	$	98,133	$	349,012	$	447,145
Second-lien debt investments	—		27,707		21,528		49,235

Equity and other investments	—		—		19,192		19,192
Total investments at fair value	$	—	$	125,840	$	389,732	$	515,572


	Fair Value Hierarchy at December 31, 2025
	Level 1		Level 2		Level 3		Total
First-lien debt investments	$	—	$	81,796	$	306,760	$	388,556
Second-lien debt investments	—		29,934		19,909		49,843

Equity and other investments	—		—		24,896		24,896
Total investments at fair value	$	—	$	111,730	$	351,565	$	463,295

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 months ended March 31, 2026:


	As of and for the Three Months Ended March 31, 2026
	First-lien debt investments		Second-lien debt investments		Equity and other investments		Total
Balance, beginning of period	$	306,760	$	19,909	$	24,896	$	351,565
Purchases or originations	43,355		1,748		4,120		49,223
Repayments / redemptions	(11,379)		—		—		(11,379)

Paid-in-kind interest	300		160		—		460
Net change in unrealized gains (losses)	(950)		(413)		762		(601)

Net amortization of discount on securities	340		124		—		464
Transfers within Level 3	10,586		—		(10,586)		—

Balance, End of Period	$	349,012	$	21,528	$	19,192	$	389,732

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 three months ended March 31, 2025:


	As of and for the Three Months Ended March 31, 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	35,857		—		—		35,857
Repayments / redemptions	(5,659)		—		—		(5,659)

Paid-in-kind interest	225		—		—		225
Net change in unrealized gains (losses)	224		—		—		224

Net amortization of discount on securities	105		—		—		105


Balance, End of Period	$	106,471	$	—	$	—	$	106,471

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 March 31, 2026 and March 31, 2025:


	Net Change in Unrealized Gains or (Losses) For the Three Months Ended March 31, 2026 on Investments Held at March 31, 2026		Net Change in Unrealized Gains or (Losses) For the Three Months Ended March 31, 2025 on Investments Held at March 31, 2025
First-lien debt investments	$	(925)	$	224
Second-lien debt investments	(413)		—

Equity and other investments	765		—
Total	$	(573)	$	224

Schedule of Fair Value Measurement Inputs and Valuation Techniques

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 March 31, 2026 and December 31, 2025. 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.

March 31, 2026

Fair Value

Valuation
Technique(s)

Unobservable
Input(s)

Range (Weighted
Average)

First-lien debt investments

349,012

Discounted Cash Flow - Yield Analysis
Precedent Transaction

Discount Rate

8.27% to 17.89%

Second-lien debt investments

21,528

Discounted Cash Flow - Yield Analysis
Precedent Transaction

Discount Rate

13.83% to 20.10%

Equity and other investments

19,192

Discounted Cash Flow - Yield Analysis
Market Approach - GPC
Current Value Method

Discount Rate
EV / EBITDA Multiple

21.32%

7.75x to 17.75x

Total

389,732

December 31, 2025

Fair Value

Valuation
Techniques

Unobservable
Inputs

Range (Weighted
Average)

First-lien debt investments

306,760

Discounted Cash Flow - Yield Analysis
Precedent Transaction

Discount Rate

8.15% - 18.39%

Second-lien debt investments

19,909

Discounted Cash Flow - Yield Analysis
Precedent Transaction

Discount Rate

13.58%

Equity and other investments

24,896

Discounted Cash Flow - Yield Analysis
Precedent Transaction

Discount Rate

21.32%

Total

351,565

- 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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