v3.25.2
Financing Arrangements
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Financing Arrangements Financing Arrangements
Prior to June 14, 2019, in accordance with the 1940 Act, the Company was allowed to borrow amounts such that its asset coverage, calculated pursuant to the 1940 Act, was at least 200% after such borrowing. Effective June 15, 2019, the Company’s asset coverage requirement applicable to senior securities was reduced from 200% to 150%. As of June 30, 2025, the aggregate amount outstanding of the senior securities issued by the Company was $8,022. As of June 30, 2025, the Company’s asset coverage was 177%.
The following tables present summary information with respect to the Company’s outstanding financing arrangements as of June 30, 2025 and December 31, 2024. For additional information regarding these financing arrangements, see the notes to the Company’s audited consolidated financial statements contained in its annual report on Form 10-K for the year ended December 31, 2024. See Note 9 to the financial statements included in the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 for a description of amendments or other changes to the financing arrangements during the three months ended March 31, 2025. Any significant changes to the Company’s financing arrangements during the three months ended June 30, 2025 are discussed below.
As of June 30, 2025
(Unaudited)
ArrangementType of ArrangementRateAmount
Outstanding		Amount
Available		Maturity Date
Ambler Credit Facility(2)
Revolving Credit Facility
SOFR+2.25%(1)
$188 $12 November 13, 2029
Callowhill Credit Facility(2)
Revolving Credit Facility
SOFR+1.75%(1)
368 32 June 2, 2030
CCT Tokyo Funding Credit Facility(2)
Revolving Credit Facility
SOFR+1.90% - 2.05%(1)(3)
90 — June 2, 2026
Meadowbrook Run Credit Facility(2)
Revolving Credit Facility
SOFR+1.95%(1)
296 4 November 22, 2028
Senior Secured Revolving Credit Facility(2)
Revolving Credit Facility
SOFR+1.75% - 1.88%(1)(4)
2,188(5)
2,377(6)
October 31, 2028
3.400% Notes due 2026(7)
Unsecured Notes3.40%1,000 — January 15, 2026
2.625% Notes due 2027(7)
Unsecured Notes2.63%400 — January 15, 2027
3.250% Notes due 2027(7)
Unsecured Notes3.25%500 — July 15, 2027
3.125% Notes due 2028(7)
Unsecured Notes3.13%750 — October 12, 2028
7.875% Notes due 2029(7)
Unsecured Notes7.88%400 — January 15, 2029
6.875% Notes due 2029(7)(8)
Unsecured Notes6.88%600 — August 15, 2029
6.125% Notes due 2030(7)(8)
Unsecured Notes6.13%700 — January 15, 2030
CLO-1 Notes(2)(9)
Collateralized Loan Obligation
3.01% - SOFR+1.85%(1)
162 — January 15, 2031
CLO-2 Notes(2)(10)
Collateralized Loan Obligation
SOFR+1.48% - 2.15%(1)
380 — April 15, 2037
Total$8,022 $2,425 
___________
(1)The benchmark rate is subject to a 0% floor.
(2)The carrying amount outstanding under the facility approximates its fair value.
(3)As of June 30, 2025, there was $60 term loan outstanding at SOFR+1.90% and $30 revolving commitment outstanding at SOFR+2.05%.
(4)The spread over the benchmark rate is determined by reference to the ratio of the value of the borrowing base to the aggregate amount of certain outstanding indebtedness of the Company. In addition to the spread over the benchmark rate, a credit spread adjustment of 0.10% and 0.0326% is applicable to borrowings in U.S. dollars and pounds sterling, respectively.
(5)Amount includes borrowing in Euros, pounds sterling and Australian dollars. Euro balance outstanding of €467 has been converted to U.S. dollars at an exchange rate of €1.00 to $1.18 as of June 30, 2025 to reflect total amount outstanding in U.S. dollars. Pounds sterling balance outstanding of £288 has been converted to U.S dollars at an exchange rate of £1.00 to $1.37 as of June 30, 2025 to reflect total amount outstanding in U.S. dollars. Australian dollar balance outstanding of AUD36 has been converted to U.S dollars at an exchange rate of AUD1.00 to $0.66 as of June 30, 2025 to reflect total amount outstanding in U.S. dollars.
(6)The amount available for borrowing under the Senior Secured Revolving Credit Facility is reduced by any standby letters of credit issued under the Senior Secured Revolving Credit Facility. As of June 30, 2025, $30 of such letters of credit have been issued.
(7)As of June 30, 2025, the fair value of the 3.400% Notes, the 2.625% Notes, the 3.250% Notes, the 3.125% Notes, the 7.875% Notes, the 6.875% Notes and the 6.125% Notes was approximately $991, $384, $480, $688, $422, $624 and $739, respectively. These valuations are considered Level 2 valuations within the fair value hierarchy.
(8)The carrying value of the 6.875% Notes and 6.125% Notes as of June 30, 2025 includes a $24 and $39 increase, respectively, as a result of an effective hedge accounting relationship. See Note 7 for additional information.
(9)As of June 30, 2025, there were $91.2 of Class A-1R notes outstanding at SOFR+1.85%, $20.5 of Class A-2R notes outstanding at SOFR+2.25%, $32.4 of Class B-1R notes outstanding at SOFR+2.60% and $17.4 of Class B-2R notes outstanding at 3.011%. In addition to the spread over the benchmark rate, a credit spread adjustment of 0.26161% is applicable to Class A-1R, Class A-2R and Class B-1R notes outstanding.
(10)As of June 30, 2025, there were $160.0 of Class A-1 notes outstanding at SOFR+1.48%, $100.0 of Class A-1L notes outstanding at SOFR+1.48%, $30.0 of Class A-1W notes outstanding at SOFR+1.48%, $20.0 of Class A-2L notes outstanding at SOFR+1.60%, $30.0 of Class B notes outstanding at SOFR+1.75% and $40.0 of Class C notes outstanding at SOFR+2.15%.

As of December 31, 2024
ArrangementType of ArrangementRateAmount
Outstanding		Amount
Available		Maturity Date
Ambler Credit Facility(2)
Revolving Credit Facility
SOFR+2.25%(1)
$133 $67 November 13, 2029
CCT Tokyo Funding Credit Facility(2)
Revolving Credit Facility
SOFR+1.90% - 2.05%(1)(3)
147 — June 2, 2026
Darby Creek Credit Facility(2)
Revolving Credit Facility
SOFR+2.65%(1)
500 250 February 26, 2027
Meadowbrook Run Credit Facility(2)
Revolving Credit Facility
SOFR+2.70%(1)
200 100 November 22, 2026
Senior Secured Revolving Credit Facility(2)
Revolving Credit Facility
SOFR+1.75% - 1.88%(1)(4)
628(5)
3,946(6)
October 31, 2028
4.125% Notes due 2025(7)
Unsecured Notes4.13%470 — February 1, 2025
4.250% Notes due 2025(7)
Unsecured Notes4.25%475 — February 14, 2025
8.625% Notes due 2025(7)
Unsecured Notes8.63%250 — May 15, 2025
3.400% Notes due 2026(7)
Unsecured Notes3.40%1,000 — January 15, 2026
2.625% Notes due 2027(7)
Unsecured Notes2.63%400 — January 15, 2027
3.250% Notes due 2027(7)
Unsecured Notes3.25%500 — July 15, 2027
3.125% Notes due 2028(7)
Unsecured Notes3.13%750 — October 12, 2028
7.875% Notes due 2029(7)
Unsecured Notes7.88%400 — January 15, 2029
6.875% Notes due 2029(7)(8)
Unsecured Notes6.88%600 — August 15, 2029
6.125% Notes due 2030(7)(8)
Unsecured Notes6.13%700 — January 15, 2030
CLO-1 Notes(2)(9)
Collateralized Loan Obligation
3.01% - SOFR+1.85%(1)
232 — January 15, 2031
Total$7,385 $4,363 
___________
(1)The benchmark rate is subject to a 0% floor.
(2)The carrying amount outstanding under the facility approximates its fair value.
(3)As of December 31, 2024, there was $98 term loan outstanding at SOFR+1.90% and $49 revolving commitment outstanding at SOFR+2.05%.
(4)The spread over the benchmark rate is determined by reference to the ratio of the value of the borrowing base to the aggregate amount of certain outstanding indebtedness of the Company. In addition to the spread over the benchmark rate, a credit spread adjustment of 0.10% and 0.0326% is applicable to borrowings in U.S. dollars and pounds sterling, respectively.
(5)Amount includes borrowing in Euros, Canadian dollars, pounds sterling and Australian dollars. Euro balance outstanding of €455 has been converted to U.S. dollars at an exchange rate of €1.00 to $1.04 as of December 31, 2024 to reflect total amount outstanding in U.S. dollars. Canadian dollar balance outstanding of CAD3 has been converted to U.S dollars at an exchange rate of CAD1.00 to $0.69 as of December 31, 2024 to reflect total amount outstanding in U.S. dollars. Pounds sterling balance outstanding of £165 has been converted to U.S dollars at an exchange rate of £1.00 to $1.25 as of December 31, 2024 to reflect total amount outstanding in U.S. dollars. Australian dollar balance outstanding of AUD4 has been converted to U.S dollars at an exchange rate of AUD1.00 to $0.62 as of December 31, 2024 to reflect total amount outstanding in U.S. dollars.
(6)The amount available for borrowing under the Senior Secured Revolving Credit Facility is reduced by any standby letters of credit issued under the Senior Secured Revolving Credit Facility. As of December 31, 2024, $21 of such letters of credit have been issued.
(7)As of December 31, 2024, the fair value of the 4.125% Notes, the 4.250% Notes, the 8.625% Notes, the 3.400% Notes, the 2.625% Notes, the 3.250% Notes, 3.125% Notes, the 7.875% Notes, the 6.875% Notes and the 6.125% Notes was approximately $469, $474, $251, $981, $379, $474, $680, $426, $615 and $700, respectively. These valuations are considered Level 2 valuations within the fair value hierarchy.
(8)As of December 31, 2024, the carrying values of the 6.875% Notes and 6.125% Notes include a $15 and $0 increase, respectively, as a result of an effective hedge accounting relationship. See Note 7 for additional information.
(9)As of December 31, 2024, there were $161.8 of Class A-1R notes outstanding at SOFR+1.85%, $20.5 of Class A-2R notes outstanding at SOFR+2.25%, $32.4 of Class B-1R notes outstanding at SOFR+2.60% and $17.4 of Class B-2R notes outstanding at 3.011%.
For the six months ended June 30, 2025 and 2024, the components of total interest expense for the Company’s financing arrangements were as follows:
Six Months Ended June 30,
20252024
Arrangement(1)
Direct Interest ExpenseAmortization of Deferred Financing Costs and Discount / PremiumTotal Interest ExpenseDirect Interest ExpenseAmortization of Deferred Financing Costs and Discount / PremiumTotal Interest Expense
Ambler Credit Facility(2)
$6 $0 $6 $7 $0 $7 
Callowhill Credit Facility(2)
2 0 2 — — — 
CCT Tokyo Funding Credit Facility(2)
4 0 4 10 0 10 
Darby Creek Credit Facility(2)
16 1 17 28 1 29 
Meadowbrook Run Credit Facility(2)
8 1 9 10 0 10 
Senior Secured Revolving Credit Facility(2)
69 2 71 51 3 54 
4.625% Notes due 2024
— — — 9 0 9 
1.650% Notes due 2024
— — — 4 1 5 
4.125% Notes due 2025
2 0 2 10 1 11 
4.250% Notes due 2025
2 (1)1 10 (2)8 
8.625% Notes due 2025
4 1 5 11 1 12 
3.400% Notes due 2026
17 4 21 17 2 19 
2.625% Notes due 2027
5 0 5 5 0 5 
3.250% Notes due 2027
8 0 8 8 0 8 
3.125% Notes due 2028
12 1 13 12 1 13 
7.875% Notes due 2029
16 0 16 16 1 17 
6.875% Notes due 2029(3)
22 2 24 3 0 3 
6.125% Notes due 2030(3)
22 0 22 — — — 
CLO-1 Notes6 0 6 11 0 11 
CLO-2 Notes6 0 6 — — — 
Total$227 $11 $238 $222 $9 $231 
______________________
(1)Borrowings of each of the Company’s wholly-owned, special-purpose financing subsidiaries are considered borrowings of the Company for purposes of complying with the asset coverage requirements applicable to BDCs under the 1940 Act.
(2)Direct interest expense includes the effect of non-usage fees.
(3)Direct interest expense includes the impact of interest rate swaps.

The Company’s average borrowings and weighted average interest rate, including the effect of non-usage fees, for the six months ended June 30, 2025 were $8,212 and 5.51%, respectively. As of June 30, 2025, the Company’s weighted average effective interest rate on borrowings, including the effect of non-usage fees, was 5.34%.
The Company’s average borrowings and weighted average interest rate, including the effect of non-usage fees, for the six months ended June 30, 2024 were $8,176 and 5.42%, respectively. As of June 30, 2024, the Company’s weighted average effective interest rate on borrowings, including the effect of non-usage fees, was 5.34%.
Under its financing arrangements, the Company has made certain representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar financing arrangements. The Company was in compliance with all covenants required by its financing arrangements as of June 30, 2025 and December 31, 2024.
Callowhill Credit Facility
On June 2, 2025, Callowhill Street Funding LLC, or Callowhill, a wholly-owned, special purpose financing subsidiary of the Company, entered into a revolving credit facility, or the Callowhill Credit Facility, pursuant to a Loan and Security Agreement, the Loan Agreement, by and among Callowhill, as borrower, Canadian Imperial Bank of Commerce, or CIBC, as administrative agent,
each of the lenders from time to time party thereto, and Computershare Trust Company, N.A., as securities intermediary, collateral agent, collateral administrator and collateral custodian. The Callowhill Credit Facility provides for, among other things, borrowings in an initial aggregate amount of up to $400.
The revolving period during which Callowhill is permitted to borrow, repay and re-borrow advances will terminate on June 2, 2028. Advances under the Callowhill Credit Facility are subject to satisfaction of certain conditions, including maintenance of the required borrowing base. Any amounts borrowed under the Callowhill Credit Facility will mature, and all accrued and unpaid interest thereunder will be due and payable, on June 3, 2030.
Borrowings under the Callowhill Credit Facility accrue interest at a rate equal to a spread of 1.75% per annum plus (i) in the case of borrowings in Dollars, at the option of Callowhill either (x) Daily Simple SOFR or (y) Term SOFR, as applicable, (ii) in the case of borrowings in Sterling, Daily Simple SONIA, (iii) in the case of borrowings in Australian Dollars, BBSY and (iv) in the case of borrowings in Canadian Dollars, Term CORRA. In addition, Callowhill will pay a non-usage fee on the unused facility amount, for each day following the three-month anniversary of the Closing Date, equal to the sum of the products of (i) 0.50% and (ii) the positive difference, if any, of the aggregate commitments minus the greater of (x) the advances outstanding and (y) the minimum utilization.

Darby Creek Credit Facility
On June 5, 2025, Darby Creek LLC, or Darby, repaid all outstanding borrowings under, and terminated the loan financing and servicing agreement, or Darby Creek Facility, by and among Darby, as borrower, Deutsche Bank AG, New York Branch, as facility agent, each other lender from time to time party thereto, and Wells Fargo Bank, N.A., as collateral agent and collateral custodian, which resulted in a realized loss on the extinguishment of debt of $3.