Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Summary of Fair Value Hierarchy of Financial Instruments

The following tables present the fair value hierarchy of financial instruments according to the fair value hierarchy as described in Note 2. Significant Accounting Policies of these consolidated financial statements:

	March 31, 2026
	Level 1		Level 2		Level 3		Total
Secured Debt	$	—	$	14,879	$	140,602	$	155,481
Unsecured Debt		—		—		495		495
Equity Investments		—		—		329		329
Total non-controlled/non-affiliated investments		—		14,879		141,426		156,305
Short-Term Investments		3,614		—		—		3,614
Total Investments at fair value	$	3,614	$	14,879	$	141,426	$	159,919

	December 31, 2025
	Level 1		Level 2		Level 3		Total
Secured Debt	$	—	$	14,992	$	133,847	$	148,839
Unsecured Debt		—		—		501		501
Equity Investments		—		—		318		318
Total non-controlled/non-affiliated investments		—		14,992		134,666		149,658
Short-Term Investments		3,585		—		—		3,585
Total Investments at fair value	$	3,585	$	14,992	$	134,666	$	153,243

Summary of Changes in Fair Value of Financial Instruments for Level 3 Inputs

The following table presents changes in the fair value of financial instruments for which Level 3 inputs were used to determine fair value for the three months ended March 31, 2026:

	Three Months Ended March 31, 2026
	Secured Debt			Unsecured Debt			Equity Investments			Total Investments
Fair value, beginning of period	$	133,846		$	501		$	317		$	134,664
Purchase of investments (including received in-kind)		12,822			—			35			12,857
Proceeds from sale of investments and principal repayments		(5,006	)		—			—			(5,006	)
Net accretion of discounts and amortization of premiums on investments		87			1			—			88
Net change in unrealized appreciation (depreciation) on investments		(1,147	)		(7	)		(23	)		(1,177	)
Fair value, end of period	$	140,602		$	495		$	329		$	141,426
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated investments still held at March 31, 2026	$	(1,105	)	$	(7	)	$	(24	)	$	(1,136	)

Summary of Quantitative Information About the Significant Unobservable Inputs

The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments. The tables are not intended to be all-inclusive but instead capture the significant unobservable inputs relevant to the Company’s determination of fair value.

	March 31, 2026
					Range
	Fair Value (1)		Valuation Technique	Unobservable Input	Low			High			Weighted Average (2)
Secured Debt	$	138,256	Market yield analysis	Market yield discount rates		7.11	%		10.68	%		8.65	%
		2,346	Recent transaction	Transaction price	N/A			N/A			N/A
Total Secured Debt		140,602
Unsecured Debt		495	Market yield analysis	Market yield discount rates		11.15	%		11.50	%		11.33	%
Equity Investments		294	Comparable company analysis	EBITDA multiples	11.5x			17.5x			14.6x
		35	Recent transaction	Transaction price	N/A			N/A			N/A
Total Equity Investments		329
Total	$	141,426

December 31, 2025

Range

Fair Value (1)

Valuation Technique

Unobservable Input

Low

High

Weighted Average (2)

Secured Debt

$

88,336

Market yield analysis

Market yield discount rates

7.55

%

10.43

%

8.47

%

44,352

Recent transaction

Transaction price

N/A

N/A

N/A

1,159

Market quotation

Quote

N/A

N/A

N/A

Total Secured Debt

133,847

Unsecured Debt

501

Recent transaction

Transaction price

N/A

N/A

N/A

Equity Investments

318

Recent transaction

Transaction price

N/A

N/A

N/A

Total

$

134,666

(1)As of March 31, 2026 and December 31, 2025, amounts of $2,381 and $46,330, respectively, included within the fair value of Level 3 assets were valued based on unobservable inputs not developed by the Adviser (e.g., broker quotes and transaction prices).

(2)Weighted averages are calculated based on fair value of investments.