Schedule of Components of Interest Expense and Debt Financing Expenses and Borrowings |
For the three months ended June 30, 2025 and 2024, the components of interest expense related to the Bank of America Credit Facility were as follows: | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | | 2025 | | 2024 | Borrowing interest expense | | $ | 3,424 | | | $ | 1,029 | | Unused fees | | 134 | | | 200 | | Amortization of deferred financing costs | | 189 | | | 42 | | Total interest and debt financing expenses | | $ | 3,747 | | | $ | 1,271 | |
For the six months ended June 30, 2025 and 2024, the components of interest expense related to the Bank of America Credit Facility were as follows: | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, | | | 2025 | | 2024 | | | Borrowing interest expense | | $ | 7,835 | | | $ | 3,909 | | | | Unused fees | | 201 | | | 303 | | | | Amortization of deferred financing costs | | 318 | | | 85 | | | | Total interest and debt financing expenses | | $ | 8,354 | | | $ | 4,297 | | | | | | | | | | | | | | | | | |
For the three months ended June 30, 2025 and 2024, the components of interest expense related to the Scotiabank Credit Facility were as follows: | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | | 2025 | | 2024 | Borrowing interest expense | | $ | 3,147 | | | $ | — | | Unused fees | | 161 | | | — | | Amortization of deferred financing costs | | 1,083 | | | — | | Total interest and debt financing expenses | | $ | 4,391 | | | $ | — | | | | | | | | | | | |
For the six months ended June 30, 2025 and 2024, the components of interest expense related to the Scotiabank Credit Facility were as follows: | | | | | | | | | | | | | | | | | Six Months Ended June 30, | | | 2025 | | 2024 | Borrowing interest expense | | $ | 7,589 | | | $ | — | | Unused fees | | 386 | | | — | | Amortization of deferred financing costs | | 1,121 | | | — | | Total interest and debt financing expenses | | $ | 9,096 | | | $ | — | | | | | | | | | | | |
For the three months ended June 30, 2025 and 2024, the components of interest expense related to the SMBC Revolving Credit Facility were as follows: | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | | 2025 | | 2024 | Borrowing interest expense | | $ | 127 | | | $ | — | | Unused fees | | 60 | | | — | | Amortization of deferred financing costs | | 35 | | | — | | Total interest and debt financing expenses | | $ | 222 | | | $ | — | | | | | | | | | | | |
For the six months ended June 30, 2025 and 2024, the components of interest expense related to the SMBC Revolving Credit Facility were as follows: | | | | | | | | | | | | | | | | | Six Months Ended June 30, | | | 2025 | | 2024 | Borrowing interest expense | | $ | 127 | | | $ | — | | Unused fees | | 60 | | | — | | Amortization of deferred financing costs | | 35 | | | — | | Total interest and debt financing expenses | | $ | 222 | | | $ | — | | | | | | | | | | | |
For the three months ended June 30, 2025 and 2024, the components of interest expense related to CLO-I were as follows: | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | | 2025 | | 2024 | Borrowing interest expense | | $ | 4,709 | | | $ | — | | | | | | | Amortization of deferred financing costs | | 113 | | | — | | Total interest and debt financing expenses | | $ | 4,822 | | | $ | — | | | | | | | | | | | |
For the six months ended June 30, 2025 and 2024, the components of interest expense related to CLO-I were as follows: | | | | | | | | | | | | | | | | | Six Months Ended June 30, | | | 2025 | | 2024 | Borrowing interest expense | | $ | 9,525 | | | $ | — | | | | | | | Amortization of deferred financing costs | | 225 | | | — | | Total interest and debt financing expenses | | $ | 9,750 | | | $ | — | | | | | | | | | | | |
For the three months ended June 30, 2025 and 2024, the components of interest expense related to CLO-II were as follows: | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | | 2025 | | 2024 | Borrowing interest expense | | $ | 2,391 | | | $ | — | | | | | | | Amortization of deferred financing costs | | 60 | | | — | | Total interest and debt financing expenses | | $ | 2,451 | | | $ | — | | | | | | | | | | | |
For the six months ended June 30, 2025 and 2024, the components of interest expense related to CLO-II were as follows: | | | | | | | | | | | | | | | | | Six Months Ended June 30, | | | 2025 | | 2024 | Borrowing interest expense | | $ | 2,391 | | | $ | — | | | | | | | Amortization of deferred financing costs | | 60 | | | — | | Total interest and debt financing expenses | | $ | 2,451 | | | $ | — | | | | | | | | | | | |
The Fund’s debt obligations consisted of the following as of June 30, 2025 and December 31, 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | Bank of America Credit Facility | | Scotiabank Credit Facility | | SMBC Revolving Credit Facility | | CLO-I | | CLO-II | | Total | Total Commitment | $ | 350,000 | | | $ | 150,000 | | | $ | 100,000 | | | $ | 306,000 | | | $ | 355,000 | | | $ | 1,261,000 | | Borrowings Outstanding (1) | 176,500 | | | 36,139 | | | 21,000 | | | 306,000 | | | 355,000 | | | 894,639 | | Unused Portion (2) | 173,500 | | | 113,861 | | | 79,000 | | | — | | | — | | | 366,361 | | Amount Available (3) | 164,811 | | | 97,905 | | | 79,000 | | | — | | | — | | | 341,716 | |
_______________ (1)Borrowings outstanding on the consolidated statements of assets and liabilities are net of deferred financing costs. (2)The unused portion is the amount upon which commitment fees are based. (3)Available for borrowing based on the computation of collateral to support the borrowings and subject to compliance with applicable covenants and financial ratios. | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | Bank of America Credit Facility | | Scotiabank Credit Facility | | CLO-I | | Total | Total Commitment | $ | 350,000 | | | $ | 450,000 | | | $ | 306,000 | | | $ | 1,106,000 | | Borrowings Outstanding (1) | 325,000 | | | 278,500 | | | 306,000 | | | 909,500 | | Unused Portion (2) | 25,000 | | | 171,500 | | | — | | | 196,500 | | Amount Available (3) | 12,003 | | | 145,347 | | | — | | | 157,350 | | _______________(1)Borrowings outstanding on the consolidated statements of assets and liabilities are net of deferred financing costs. (2)The unused portion is the amount upon which commitment fees are based. (3)Available for borrowing based on the computation of collateral to support the borrowings and subject to compliance with applicable covenants and financial ratios. For the three and six months ended June 30, 2025 and 2024, the components of interest expense and debt financing expenses were as follows: | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | | 2025 | | 2024 | | | Borrowing interest expense | | $ | 13,798 | | | $ | 1,029 | | | | Unused fees | | 355 | | | 200 | | | | Amortization of deferred financing costs | | 1,480 | | | 42 | | | | Total interest and debt financing expenses | | $ | 15,633 | | | $ | 1,271 | | | | Average interest rate (1) | | 6.47 | % | | 9.36 | % | | | Average daily borrowings | | $ | 877,676 | | | $ | 52,925 | | | |
______________ (1)Average interest rate includes borrowing interest expense and unused fees. | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, | | | 2025 | | 2024 | | | Borrowing interest expense | | $ | 27,467 | | | $ | 3,909 | | | | Unused fees | | 647 | | | 303 | | | | Amortization of deferred financing costs | | 1,759 | | | 85 | | | | Total interest and debt financing expenses | | $ | 29,873 | | | $ | 4,297 | | | | Average interest rate (1) | | 6.53 | % | | 8.45 | % | | | Average daily borrowings | | $ | 868,056 | | | $ | 100,214 | | | |
______________ (1)Average interest rate includes borrowing interest expense and unused fees.
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Schedule of Contractual Maturities of the Fund Debt Obligations |
The following tables show the contractual maturities of the Fund’s debt obligations as of June 30, 2025 and December 31, 2024: | | | | | | | | | | | | | | | | | | | | | Payments Due by Period | | | As of June 30, 2025 | Total | Less than 1 Year | 1 to 3 years | 3 to 5 years | More than 5 Years | | | Bank of America Credit Facility | $ | 176,500 | | $ | — | | $ | — | | $ | 176,500 | | $ | — | | | | Scotiabank Credit Facility | 36,139 | | — | | — | | — | | 36,139 | | | | SMBC Revolving Credit Facility | 21,000 | | — | | — | | 21,000 | | — | | | | CLO-I | 306,000 | | — | | — | | — | | 306,000 | | | | CLO-II | 355,000 | | — | | — | | — | | 355,000 | | | | Total debt obligations | $ | 894,639 | | $ | — | | $ | — | | $ | 197,500 | | $ | 697,139 | | | |
| | | | | | | | | | | | | | | | | | | | | Payments Due by Period | | | As of December 31, 2024 | Total | Less than 1 Year | 1 to 3 years | 3 to 5 years | More than 5 Years | | | Bank of America Credit Facility | $ | 325,000 | | $ | — | | $ | — | | $ | 325,000 | | $ | — | | | | Scotiabank Credit Facility | 278,500 | | — | | — | | — | | 278,500 | | | | CLO-I | 306,000 | | — | | — | | — | | 306,000 | | | | Total debt obligations | $ | 909,500 | | $ | — | | $ | — | | $ | 325,000 | | $ | 584,500 | | | |
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