v3.25.1
Borrowings
 3 Months Ended
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Borrowings Borrowings
In accordance with the 1940 Act, with certain limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. As of March 31, 2025 and December 31, 2024, the Company’s asset coverage was 180.3% and 192.6%, respectively.
The following table presents the Company’s outstanding borrowings as of March 31, 2025 (amounts in thousands):
Aggregated
Principal
Committed		Outstanding
Principal		Unused
Portion (1)		Carrying Value (2)Maturity Date
Credit Facility500,000 314,394 185,606 314,394 11/8/2029
Subscription Line90,000 50,450 39,550 50,450 11/7/2025
Total$590,000 $364,844 $225,156 $364,844 
The following table presents the Company's outstanding borrowings as of December 31, 2024 (amounts in thousands):
Aggregated
Principal
Committed		Outstanding
Principal
Unused
Portion (1)
Carrying Value (2)
Maturity Date
Credit Facility$300,000 $214,766 $85,234 $214,766 11/8/2029
Subscription Line90,000 27,980 62,020 27,980 11/7/2025
Participation Agreements11,641 11,641 — 11,641 2/6/2025
Total$401,641 $254,387 $147,254 $254,387 
(1)The unused portion is the amount upon which commitment fees are based, if any.
(2)The carrying value is gross of any deferred financing costs.
For the period ended March 31, 2025 and December 31, 2024, the Company had total average borrowings of $328.6 million at a weighted average interest rate of 6.86% and $258.4 million at a weighted average interest rate of 8.71%, respectively.
Credit Facility

On November 8, 2024, WT Capital Fund – SPV1, LLC (the “Borrower”), a Delaware limited liability company and wholly-owned subsidiary of the Company, entered into a $300.0 million revolving credit facility with Ally Bank, as administrative agent (the “A&R Credit Facility”). .
Prior to the consummation of the transactions under the Merger Agreements, the Borrower was a wholly-owned subsidiary of the Onshore Fund and, prior to the effectiveness of the A&R Credit Facility, the Borrower was the borrower under a $100.0 million revolving credit facility with Ally Bank (“Prior Onshore Credit Facility”). On November 8, 2024, WT Capital Fund (Offshore) – SPV1, LLC (the “Prior Offshore Borrower”), a Delaware limited liability company and wholly-owned subsidiary of the Company, merged with the Borrower with the Borrower being the surviving limited liability company. Prior to the consummation of the transactions under the Merger Agreements, the Offshore Borrower was a wholly-owned subsidiary of the Offshore Fund and, prior to the effectiveness of the A&R Credit Facility, the Offshore Borrower was the borrower under a $100 million revolving credit facility with Ally Bank (“Prior Offshore Credit Facility”). On November 8, 2024, the A&R Credit Facility combined, amended and restated the Prior Onshore Credit Facility and the Prior Offshore Credit Facility. On February 21, 2025, the Borrower entered into a First Amendment to the A&R Credit Facility, which increased the total commitments thereunder from $300.0 million to $500.0 million..
The A&R Credit Facility is secured by all of the assets held by the Borrower. Under the A&R Credit Facility, the Borrower has made certain customary representations and warranties, and is required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. The Company acts as the collateral manager and as the transferor under the A&R Credit Facility and the related transaction documents, and, in connection therewith, the Company has made certain customary representations and warranties, and is required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. The A&R Credit Facility includes usual and customary events of default for credit facilities of this nature.
Borrowings under the A&R Credit Facility are considered the Company’s borrowings for purposes of complying with the asset coverage requirements under the Investment Company Act of 1940, as amended.
The A&R Credit Facility matures on November 8, 2029 and bears interest based on either Term SOFR or Daily Simple SOFR plus 2.25% per annum, at the Company's option. The A&R Credit Facility also charges a non-usage fee, which for the first three months is calculated daily based on the product of 0.50% and the unused facility amount. Thereafter, the non-usage fee is the sum of the following:
i.for each day during the accrual period that the advances outstanding on such day are less than or equal to the product of 25.00% multiplied by the facility amount on such day, the sum of the products for each such day during such accrual period of (A) one divided by 360, (B) 1.00% and (C) the unused facility amount as of each such day; plus
ii.for each day during the accrual period that the advances outstanding on such day are greater than the product of 25.00% multiplied by the facility amount on such day, but less than the product of 50.00% multiplied by the facility amount on such day, the sum of the products for each such day during such accrual period of (A) one divided by 360, (B) 0.75% and (C) the unused facility amount as of each such day; plus
iii.for each day during the accrual period that the advances outstanding on such day are greater than the product of 50.00% multiplied by the facility amount on such day, the sum of the products for each such day during such accrual period of (A) one divided by 360, (B) 0.50% and (C) the unused facility amount as of each such day.
As of March 31, 2025 and December 31, 2024, the Company had an aggregate amount of $314.4 million and $214.8 million of debt outstanding, respectively.
For the three months ended March 31, 2025, the components of interest expense related to the Ally Bank A&R Credit Facility were as follows (amounts in thousands):
For the Three Month Ended
March 31, 2025
Borrowing interest expense$4,470 
Unused facility fee155 
Amortization of deferred financing costs301 
Total interest and debt financing expense$4,926 
Average borrowings264,101 
Weighted average interest rate 6.86 %
For the year ended December 31, 2024, the components of interest expense related to the Ally Bank A&R Credit Facility were as follows (amounts in thousands):
For the year ended December 31, 2024
Borrowing interest expense$1,825 
Unused facility fee107 
Amortization of deferred financing costs160 
Total interest and debt financing expense$2,092 
Average borrowings175,338 
Weighted average interest rate 7.05 %
As of March 31, 2025, and December 31, 2024, each of the Company and the Borrower were in compliance with all covenants and other requirements applicable to it under the A&R Credit Facility.
Subscription Line
On November 8, 2024 the Company entered into a $90.0 million revolving credit facility with City National Bank, as administrative agent (the "Subscription Facility"). The Subscription Facility is a replacement of each of the Prior Onshore Subscription Facility (as defined below) and the Prior Offshore Subscription Facility (as defined below).
Prior to the consummation of the transactions under the Merger Agreements, and prior to the effectiveness of the Subscription Facility, (a) the Onshore Fund was the borrower under a revolving credit facility with City National Bank as administrative agent (the "Prior Onshore Subscription Facility") and (b) the Offshore Fund was a borrower under a revolving credit facility with City National Bank as administrative agent (the "Prior Offshore Subscription Facility" and, collectively with the Prior Onshore Subscription Facility, the "Prior Subscription Facilities"). In connection with the Mergers and the consummation of the transactions under the Merger Agreements, each of the Prior Subscription Facilities were terminated.
The Subscription Facility is secured by (a) the Company's rights to make capital calls of the capital commitments of each of its investors and all other rights, title, interests, powers and privileges related to, appurtenant to or arising out of the Company's rights to require or demand that such investors make capital contributions to the Company, (b) the Company's rights, titles, interest and privileges in and to the capital commitments, uncalled capital commitments, pending capital calls and capital contributions made by its investors, (c) all of the Company's rights, titles, interests, remedies and privileges under the applicable organizational documents, subscription agreements and side letters (including those in accordance with each of the Onshore Fund's and the Offshore Fund's operating agreements) to make, issue notices with respect to, and enforce capital calls and to receive and enforce the funding of capital contributions; (d) the Company's rights, titles, interests, remedies and privileges under its organizational documents and subscription agreements to issue and enforce capital calls, to receive and enforce capital contributions and relating to issuing, enforcing or receiving capital calls, capital commitments or capital contributions, (e) the Company's deposit accounts at City National Bank (or any substitute account, wherever located) into which capital call proceeds are paid, together with the Company's rights, titles and interests in and to each such account, all sums or other property now or at any time on deposit therein, credited thereto or payable thereof, and all instruments, documents, certificates and other writings evidencing each such account, and (f) all proceeds of the foregoing.
The Subscription Facility includes customary representations and warranties, and is required to comply with various affirmative and negative covenants, reporting requirements and other customary requirements for similar credit facilities and includes usual and customary events of default for credit facilities of this nature.
The Subscription Facility matures on November 7, 2025 and bears interest based on either Term SOFR or Daily Simple SOFR plus 2.50% per annum or Prime Rate plus 1.50% per annum, at the Company's option. The Subscription Facility also charges an unused commitment fee of 0.35% per annum on the unused available commitment during the applicable calender quarter. As of March 31, 2025 and December 31, 2024, the Company had an aggregate amount of $50.5 million and $28.0 million of debt outstanding, respectively.
For the three months ended March 31, 2025, the components of interest expense related to the City National Bank Subscription Facility were as follows (amounts in thousands):
For the Three Month Ended
March 31, 2025
Borrowing interest expense$1,091 
Unused facility fee$23 
Amortization of deferred financing costs$199 
Total interest and debt financing expense$1,313 
Average borrowings64,485 
Weighted average interest rate6.86 %
For the year ended December 31, 2024, the components of interest expense related to the City National Bank Subscription Facility were as follows (amounts in thousands):
For the year ended December 31, 2024
Borrowing interest expense$876 
Unused facility fee10 
Amortization of deferred financing costs115 
Total interest and debt financing expense$1,001 
Average borrowings71,436 
Weighted average interest rate8.31 %
Participation Agreements

Macquarie Bank Limited

In order to finance certain investment transactions, the Company may, from time to time, enter into secured borrowing agreements with Macquarie Bank Limited (“Macquarie”), whereby the Company sells to Macquarie an investment that it holds and concurrently enters into an agreement to repurchase the same investment at an agreed-upon price at a future date, not to exceed 90 days from the date it was sold (the “Macquarie Transaction”).

As of March 31, 2025, the Company did not have outstanding any such secured borrowings, as the contractual maturity of such secured borrowing agreement terminated on February 6, 2025.

The components of interest expense related to such secured borrowings with Macquarie for three months ended March 31, 2025 were as follows (amounts in thousands):
For the Three Month Ended
March 31, 2025
Borrowing interest expense$98 
Unused facility fee— 
Amortization of deferred financing costs— 
Total interest and debt financing expense$98 
Average borrowings— 
Weighted average interest rate— %

Senior Securities
Information about the Company’s senior securities (including debt securities and other indebtedness) is shown in the following tables as of the end of the last fiscal year.The “-” indicates information that the SEC expressly does not require to be disclosed for certain types of senior securities.
Class and YearTotal Amount Outstanding (1)Asset Coverage Per Unit (2) Involuntary Liquidating Preference Per Unit (3)  Average Market Value Per Unit (4)
Credit Facility
March 31, 2025$314,394,000 $1,803 $— N/A
Subscription Line
March 31, 2025$50,450,000 $1,803 $— N/A
(1)Total amount of each class of senior securities outstanding at principal value at the end of the period presented.
(2)Asset coverage per unit is the ratio of the principal balance of the Company’s total consolidated assets, less all liabilities and indebtedness not represented by senior securities, divided by the aggregate amount of senior securities representing indebtedness. This asset coverage ratio is multiplied by $1,000 to determine the “Asset Coverage Per Unit”.
(3)The amount to which such class of senior security would be entitled upon the Company’s involuntary liquidation in preference to any security junior to it.
(4)Not applicable because senior securities are not registered for public trading on a stock exchange.