Debt (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 Securitization (Collateralized Loan Obligation Transaction) |
The 2024 CLO consists of the following:
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June 30, 2025 |
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2024 CLO |
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Total Principal
Amount
Committed |
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Principal
Amount
Outstanding |
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Carrying Value(1) |
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Fair Value |
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Coupon |
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Interest Rate |
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Class A-1 Loans |
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$ |
100,000,000 |
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$ |
100,000,000 |
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$ |
99,345,747 |
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$ |
100,130,000 |
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S+1.72% |
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5.98 |
% |
Class A-1a Notes |
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115,500,000 |
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115,500,000 |
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114,744,338 |
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115,650,150 |
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S+1.72% |
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5.98 |
% |
Class A-1b Notes |
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16,500,000 |
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16,500,000 |
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16,392,048 |
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16,234,350 |
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5.10% |
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5.10 |
% |
Class A-2 Notes |
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16,000,000 |
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16,000,000 |
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15,895,320 |
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16,083,200 |
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S+1.95% |
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6.21 |
% |
Class B Notes |
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24,000,000 |
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24,000,000 |
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23,842,979 |
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24,151,200 |
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S+2.10% |
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6.36 |
% |
Class C Notes |
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32,000,000 |
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32,000,000 |
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31,790,639 |
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32,313,600 |
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S+2.70% |
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6.96 |
% |
Total 2024 CLO |
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$ |
304,000,000 |
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$ |
304,000,000 |
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$ |
302,011,072 |
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$ |
304,562,500 |
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6.07 |
% |
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December 31, 2024 |
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2024 CLO |
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Total Principal
Amount
Committed |
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Principal
Amount
Outstanding |
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Carrying Value(1) |
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Fair Value |
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Coupon |
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Interest Rate |
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Class A-1 Loans |
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$ |
100,000,000 |
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$ |
100,000,000 |
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$ |
99,259,304 |
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$ |
100,830,000 |
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S+1.72% |
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6.38 |
% |
Class A-1a Notes |
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115,500,000 |
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115,500,000 |
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114,644,497 |
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116,458,650 |
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S+1.72% |
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6.38 |
% |
Class A-1b Notes |
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16,500,000 |
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16,500,000 |
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16,377,785 |
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16,564,350 |
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5.10% |
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5.10 |
% |
Class A-2 Notes |
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16,000,000 |
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16,000,000 |
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15,881,489 |
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16,078,400 |
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S+1.95% |
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6.61 |
% |
Class B Notes |
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24,000,000 |
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24,000,000 |
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23,822,233 |
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24,168,000 |
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S+2.10% |
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6.76 |
% |
Class C Notes |
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32,000,000 |
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32,000,000 |
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31,762,977 |
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32,224,000 |
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S+2.70% |
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7.36 |
% |
Total 2024 CLO |
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$ |
304,000,000 |
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$ |
304,000,000 |
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$ |
301,748,285 |
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$ |
306,323,400 |
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6.45 |
% |
(1)Carrying value represents aggregate principal amount outstanding less unamortized debt issuance costs.
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| Schedule of Details of Fund's Borrowings |
The following tables present the details of the Fund’s borrowings as of June 30, 2025 and December 31, 2024:
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June 30, 2025 |
Facility |
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Total Principal
Amount
Committed |
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Principal
Amount
Outstanding |
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Carrying Value |
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Fair Value |
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Coupon |
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Interest
Rate |
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Maturity
Date |
Revolving Credit Facility(1) |
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$ |
100,000,000 |
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$ |
15,400,000 |
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$ |
15,400,000 |
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$ |
15,400,000 |
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S+1.70% |
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6.03% |
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4/17/2031 |
2024 CLO(2)(3) |
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304,000,000 |
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304,000,000 |
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302,011,072 |
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304,562,500 |
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Various |
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6.07% |
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10/15/2036 |
2026 Notes(3)(4) |
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145,000,000 |
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145,000,000 |
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144,587,432 |
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140,650,000 |
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4.00% |
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4.00% |
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11/4/2026 |
2055 Promissory Notes(3) |
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1,500,000 |
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1,500,000 |
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1,366,880 |
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1,492,625 |
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12.00% |
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12.00% |
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4/30/2055 |
Total |
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$ |
550,500,000 |
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$ |
465,900,000 |
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$ |
463,365,384 |
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$ |
462,105,125 |
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December 31, 2024 |
Facility |
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Total Principal
Amount
Committed |
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Principal
Amount
Outstanding |
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Carrying Value |
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Fair Value |
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Coupon |
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Interest
Rate |
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Maturity
Date |
Revolving Credit Facility(1) |
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$ |
100,000,000 |
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$ |
2,574,938 |
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$ |
2,574,938 |
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$ |
2,574,938 |
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S+2.85% |
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7.35% |
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4/17/2028 |
2024 CLO(2)(3) |
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304,000,000 |
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304,000,000 |
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301,748,285 |
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306,323,400 |
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Various |
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6.45% |
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10/15/2036 |
2026 Notes(3)(4) |
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145,000,000 |
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145,000,000 |
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143,497,109 |
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137,460,000 |
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4.00% |
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4.00% |
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11/4/2026 |
Total |
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$ |
549,000,000 |
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$ |
451,574,938 |
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$ |
447,820,332 |
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$ |
446,358,338 |
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(1)Interest rate as of June 30, 2025 and December 31, 2024 was 3-Month SOFR+1.70% and 3-Month SOFR+2.85%, respectively. The base interest rate is subject to monthly changes. Interest rate does not include the amortization of upfront fees, facility agent fee, unfunded fees and expenses that were incurred in connection with the Revolving Credit Facility. (2)Interest rates as of June 30, 2025 and December 31, 2024 were calculated using the weighted average interest rate based on the 2024 CLO. Interest rate does not include the amortization of upfront fees. Refer to 2024 CLO table above for the respective coupon rates. (3)Carrying value represents aggregate principal amount outstanding less unamortized debt issuance costs. (4)Carrying value includes the change in fair value of effective hedges.
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| Schedule of Components of the Fund's Interest and Financing Expenses |
The components of the Fund's interest and financing expenses for the three and six months ended June 30, 2025 and June 30, 2024 were as follows:
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For the Three Months Ended June 30, |
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For the Six Months Ended June 30, |
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2025 |
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2024 |
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2025 |
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2024 |
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Stated interest expense |
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$ |
6,481,474 |
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$ |
8,231,373 |
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$ |
13,159,049 |
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$ |
16,460,893 |
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Unfunded fees |
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163,158 |
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108,497 |
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338,058 |
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213,909 |
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Amortization of deferred financing costs and debt issuance costs |
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398,745 |
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583,989 |
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828,071 |
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1,160,760 |
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Net change in unrealized appreciation/(depreciation) on effectively hedged interest rate swaps and debt(1) |
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(20,570 |
) |
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25,978 |
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(50,360 |
) |
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33,370 |
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Total interest expense(2) |
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$ |
7,022,807 |
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$ |
8,949,837 |
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$ |
14,274,818 |
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$ |
17,868,932 |
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Weighted average interest rate(3) |
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6.12 |
% |
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7.63 |
% |
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6.32 |
% |
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7.66 |
% |
Average borrowings |
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$ |
460,175,000 |
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$ |
471,524,938 |
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$ |
455,753,563 |
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$ |
469,317,795 |
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(1)Refer to "2026 Notes" for details on designated hedge relationship with the interest rate swaps. (2)Interest expense includes the portion of the facility agent fee applicable to the drawn portion of the Revolving Credit Facility and the unfunded fee includes the portion of the facility agent fee applicable to the undrawn portion of the Revolving Credit Facility (see table above for details of the Fund's borrowings).
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