v3.25.2
SECURED BORROWINGS (Tables)
6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
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,
20252024
Borrowing interest expense$3,424 $1,029 
Unused fees134 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,
20252024
Borrowing interest expense$7,835 $3,909 
Unused fees201 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,
20252024
Borrowing interest expense$3,147 $— 
Unused fees161 — 
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,
20252024
Borrowing interest expense$7,589 $— 
Unused fees386 — 
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,
20252024
Borrowing interest expense$127 $— 
Unused fees60 — 
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,
20252024
Borrowing interest expense$127 $— 
Unused fees60 — 
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,
20252024
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,
20252024
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,
20252024
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,
20252024
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 FacilityScotiabank Credit FacilitySMBC Revolving Credit Facility
CLO-I
CLO-IITotal
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 FacilityScotiabank 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,
20252024
Borrowing interest expense$13,798 $1,029 
Unused fees355 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,
20252024
Borrowing interest expense$27,467 $3,909 
Unused fees647 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.
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
TotalLess than 1 Year1 to 3 years3 to 5 yearsMore than 5 Years
Bank of America Credit Facility$176,500 $— $— $176,500 $— 
Scotiabank Credit Facility36,139 — — — 36,139 
SMBC Revolving Credit Facility21,000 — — 21,000 — 
CLO-I306,000 — — — 306,000 
CLO-II355,000 — — — 355,000 
Total debt obligations$894,639 $— $— $197,500 $697,139 
Payments Due by Period
As of December 31, 2024
TotalLess than 1 Year1 to 3 years3 to 5 yearsMore than 5 Years
Bank of America Credit Facility$325,000 $— $— $325,000 $— 
Scotiabank Credit Facility278,500 — — — 278,500 
CLO-I306,000 — — — 306,000 
Total debt obligations$909,500 $— $— $325,000 $584,500