Borrowings (Tables)

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Summary of Company's Outstanding Debt Obligations

The Company’s outstanding debt obligations as of March 31, 2025 were as follows (amounts in thousands):


		Aggregated Principal Committed				Outstanding Principal				Carrying Value				Unused Portion (1)				Maturity Date
Asset-Based Facility		$	500,000			$	357,580			$	357,580			$	142,420			10/18/2028
Subscription Facility			250,000				162,050				162,050				87,950			2/6/2026
Total		$	750,000			$	519,630			$	519,630			$	230,370

The Company’s outstanding debt obligations as of December 31, 2024 were as follows (amounts in thousands):


		Aggregated Principal Committed				Outstanding Principal				Carrying Value				Unused Portion (1)				Maturity Date
Asset-Based Facility		$	500,000			$	328,390			$	328,390			$	171,610			10/18/2028
Total		$	500,000			$	328,390			$	328,390			$	171,610

(1)

The unused portion is the amount upon which commitment fees are based, if any.

Summary of Components of Interest and Other Debt Expenses Related to the Borrowings


		For the Three Months Ended March 31, 2025				For the Three Months Ended March 31, 2024
Stated interest expense		$	7,703			$	521
Unused/undrawn fees			328				241
Amortization of deferred financing costs			484				214
Total interest expense		$	8,515			$	976
Average borrowings		$	453,906			$	25,508
Weighted average interest rate (1)			7.18	%			11.98	%
Amortization of deferred financing costs			0.43	%			3.36	%
Total borrowing costs			7.61	%			15.34	%

(1)

Calculated as the sum of stated interest expense and unused/undrawn fees divided by the average borrowings during the period. This number represents an annualized amount.