Price that would be received to sell an asset (or paid to transfer a liability) in an orderly transaction between market participants at the measurement date, per ASC 820. The critical qualifier 'orderly transaction' explicitly excludes fire-sale pricing. For middle-market direct loans (Level 3 under ASC 820), fair value is estimated by discounting contractual cash flows at a market yield that reflects current spreads, borrower credit, and any markdown for impairment.