Borrowings (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Debt Disclosure [Abstract] |
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| Schedule of Debt |
The following table shows the Company’s outstanding debt as of June 30, 2025 and December 31, 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Liability
(in thousands) | | June 30, 2025 | | December 31, 2024 | | Total Commitment | | Balance Outstanding | | Unused Commitment | | Total Commitment | | Balance Outstanding | | Unused Commitment | | Revolving Credit Facility | | $ | 300,000 | | | $ | 50,000 | | | $ | 250,000 | | | $ | 300,000 | | | $ | 5,000 | | | $ | 295,000 | | | 2025 Notes | | — | | | — | | | — | | | 70,000 | | | 70,000 | | | — | | | 2026 Notes | | 200,000 | | | 200,000 | | | — | | | 200,000 | | | 200,000 | | | — | | | 2027 Notes | | 125,000 | | | 125,000 | | | — | | | 125,000 | | | 125,000 | | | — | | | 2028 Notes | | 50,000 | | | 50,000 | | | — | | | — | | | — | | | — | | | Total before deferred financing and issuance costs | | 675,000 | | | 425,000 | | | 250,000 | | | 695,000 | | | 400,000 | | | 295,000 | | | Unamortized deferred financing and issuance costs | | — | | | (4,502) | | | — | | | — | | | (5,077) | | | — | | | Total borrowings outstanding, net of deferred financing and issuance costs | | $ | 675,000 | | | $ | 420,498 | | | $ | 250,000 | | | $ | 695,000 | | | $ | 394,923 | | | $ | 295,000 | |
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| Schedule of Interest Expense and Amortization of Fees |
Interest expense on these borrowings includes the interest cost charged on borrowings, the unused fee on the Credit Facility (as defined below), paying and administrative agent fees, and the amortization of deferred Credit Facility fees and expenses and costs and fees relating to the Company’s unsecured notes outstanding. These expenses are shown in the table below: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Interest Expense and Amortization of Fees
(in thousands) | | For the Three Months Ended June 30, | | For the Six Months Ended June 30, | | 2025 | | 2024 | | 2025 | | 2024 | | | | Revolving Credit Facility | | | | | | | | | | | | Interest cost | | $ | 687 | | | $ | 3,056 | | | $ | 784 | | | $ | 4,384 | | | | | Unused fee | | 341 | | | 264 | | | 711 | | | 630 | | | | | Amortization of costs and other fees | | 636 | | | 541 | | | 1,263 | | | 1,027 | | | | | Revolving Credit Facility Total | | $ | 1,664 | | | $ | 3,861 | | | $ | 2,758 | | | $ | 6,041 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2025 Notes | | | | | | | | | | | | Interest cost | | $ | — | | | $ | 788 | | | $ | 674 | | | $ | 1,575 | | | | | Amortization of costs and other fees | | — | | | 60 | | | 52 | | | 112 | | | | | 2025 Notes Total | | $ | — | | | $ | 848 | | | $ | 726 | | | $ | 1,687 | | | | | | | | | | | | | | | | 2026 Notes | | | | | | | | | | | | Interest cost | | $ | 2,250 | | | $ | 2,250 | | | $ | 4,500 | | | $ | 4,500 | | | | | Amortization of costs and other fees | | 112 | | | 111 | | | 222 | | | 221 | | | | | 2026 Notes Total | | $ | 2,362 | | | $ | 2,361 | | | $ | 4,722 | | | $ | 4,721 | | | | | | | | | | | | | | | | 2027 Notes | | | | | | | | | | | | Interest cost | | $ | 1,562 | | | $ | 1,562 | | | $ | 3,125 | | | $ | 3,125 | | | | | Amortization of costs and other fees | | 70 | | | 70 | | | 140 | | | 139 | | | | | 2027 Notes Total | | $ | 1,632 | | | $ | 1,632 | | | $ | 3,265 | | | $ | 3,264 | | | | | | | | | | | | | | | | 2028 Notes | | | | | | | | | | | | Interest cost | | $ | 1,014 | | | $ | — | | | $ | 1,543 | | | $ | — | | | | | Amortization of costs and other fees | | 60 | | | — | | | 89 | | | — | | | | | 2028 Notes Total | | $ | 1,074 | | | $ | — | | | $ | 1,632 | | | $ | — | | | | | | | | | | | | | | | | Total interest expense and amortization of fees | | $ | 6,732 | | | $ | 8,702 | | | $ | 13,103 | | | $ | 15,713 | | | |
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| Schedule of Fair Value, Liabilities Measured on Recurring Basis |
The following table shows additional information about the level in the fair value hierarchy of the Company’s liabilities as of June 30, 2025 and December 31, 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Liability
(in thousands) | | June 30, 2025 | | December 31, 2024 | | Level 1 | | Level 2 | | Level 3 | | Total | | Level 1 | | Level 2 | | Level 3 | | Total | | Revolving Credit Facility | | $ | — | | | $ | — | | | $ | 50,000 | | | $ | 50,000 | | | $ | — | | | $ | — | | | $ | 5,000 | | | $ | 5,000 | | 2025 Notes, net(1) | | — | | | — | | | — | | | — | | | — | | | — | | | 70,269 | | | 70,269 | | 2026 Notes, net(2) | | — | | | — | | | 198,649 | | | 198,649 | | | — | | | — | | | 194,301 | | | 194,301 | | 2027 Notes, net(3) | | — | | | — | | | 121,783 | | | 121,783 | | | — | | | — | | | 118,425 | | | 118,425 | | 2028 Notes, net(4) | | — | | | — | | | 51,735 | | | 51,735 | | | — | | | — | | | — | | | — | | | Total | | $ | — | | | $ | — | | | $ | 422,167 | | | $ | 422,167 | | | $ | — | | | $ | — | | | $ | 387,995 | | | $ | 387,995 | |
_______________ (1)Net of debt issuance costs as of December 31, 2024 of $0.1 million. (2)Net of debt issuance costs as of June 30, 2025 and December 31, 2024 of $0.3 million and $0.5 million, respectively. (3)Net of debt issuance costs as of June 30, 2025 and December 31, 2024 of $0.5 million and $0.6 million, respectively. (4)Net of debt issuance costs as of June 30, 2025 of $0.6 million.
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