Borrowings (Tables)

3 Months Ended

Mar. 31, 2025

Investments, Debt and Equity Securities [Abstract]

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 Facility	500,000		314,394		185,606		314,394		11/8/2029
Subscription Line	90,000		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 Line	90,000		27,980		62,020		27,980		11/7/2025
Participation Agreements	11,641		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.

Schedule of Components of Interest Expense Related to Credit Facilities

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 fee	155
Amortization of deferred financing costs	301
Total interest and debt financing expense	$	4,926
Average borrowings	264,101
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 fee	107
Amortization of deferred financing costs	160
Total interest and debt financing expense	$	2,092
Average borrowings	175,338
Weighted average interest rate	7.05		%

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 borrowings	64,485
Weighted average interest rate	6.86		%

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 fee	10
Amortization of deferred financing costs	115
Total interest and debt financing expense	$	1,001
Average borrowings	71,436
Weighted average interest rate	8.31		%

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	—		%

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details