Borrowings (Tables)

6 Months Ended

Jun. 30, 2025

Debt Disclosure [Abstract]

Summary of Company's Outstanding Debt Obligations

The Company’s outstanding debt obligations as of June 30, 2025 were as follows (amounts in thousands):


		Aggregated Principal Committed				Outstanding Principal				Carrying Value				Unused Portion (1)				Maturity Date
Asset-Based Facility		$	500,000			$	349,740			$	349,740			$	150,260			10/18/2028
Subscription Facility			250,000				184,930				184,930				65,070			2/6/2026
Total		$	750,000			$	534,670			$	534,670			$	215,330

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


		Three Months Ended June 30,								Six Months Ended June 30,
		2025				2024				2025				2024
Stated interest expense		$	8,604			$	566			$	16,307			$	1,087
Unused/undrawn fees			203				225				531				466
Amortization of deferred financing costs			625				215				1,109				429
Total interest expense		$	9,432			$	1,006			$	17,947			$	1,982
Average borrowings		$	519,540			$	27,771			$	486,905			$	26,640
Weighted average interest rate (1)			6.80	%			11.46	%			6.97	%			11.72	%
Amortization of deferred financing costs			0.48	%			3.11	%			0.46	%			3.24	%
Total borrowing costs			7.28	%			14.57	%			7.43	%			14.96	%

(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.