Borrowings (Tables)
|
6 Months Ended |
Jun. 30, 2025 |
|---|
| Borrowings |
|
| Summary of outstanding debt |
The following tables show the Company’s outstanding debt as of June 30, 2025 and December 31, 2024, respectively:
|
|
|
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|
|
|
|
|
|
|
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|
|
|
|
|
|
June 30, 2025 |
|
($ in thousands) |
|
Aggregate Principal Committed |
|
|
Outstanding Principal |
|
|
Amount Available |
|
|
Net Carrying Value (2) |
|
Capital Call Facility |
|
$ |
65,000 |
|
|
$ |
35,000 |
|
|
$ |
30,000 |
|
|
$ |
34,879 |
|
Revolving Credit Facility |
|
|
850,000 |
|
|
|
683,000 |
|
|
|
167,000 |
|
|
|
675,724 |
|
Secured Credit Facility |
|
|
300,000 |
|
|
|
222,000 |
|
|
|
78,000 |
|
|
|
219,476 |
|
2025 Notes |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
2029 Notes |
|
|
200,000 |
|
|
|
200,000 |
|
|
|
— |
|
|
|
197,832 |
|
Senior Notes |
|
|
300,000 |
|
|
|
300,000 |
|
|
|
— |
|
|
|
296,518 |
|
Total |
|
$ |
1,715,000 |
|
|
$ |
1,440,000 |
|
|
$ |
275,000 |
|
|
$ |
1,424,429 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2024 |
|
($ in thousands) |
|
Aggregate Principal Committed |
|
|
Outstanding Principal |
|
|
Amount Available |
|
|
Net Carrying Value (2) |
|
Capital Call Facility |
|
$ |
65,000 |
|
|
$ |
27,000 |
|
|
$ |
38,000 |
|
|
$ |
26,757 |
|
Revolving Credit Facility |
|
|
850,000 |
|
|
|
680,000 |
|
|
|
170,000 |
|
|
|
671,821 |
|
Secured Credit Facility |
|
|
300,000 |
|
|
|
200,000 |
|
|
|
100,000 |
|
|
|
197,076 |
|
2025 Notes |
|
|
225,000 |
|
|
|
225,000 |
|
|
|
— |
|
|
|
224,612 |
|
2029 Notes |
|
|
200,000 |
|
|
|
200,000 |
|
|
|
— |
|
|
|
197,660 |
|
Total |
|
$ |
1,640,000 |
|
|
$ |
1,332,000 |
|
|
$ |
308,000 |
|
|
$ |
1,317,926 |
|
(1)The amount available may be subject to limitations related to the borrowing base under the Company's outstanding debt (collectively the "Financing Facilities"), outstanding letters of credit issued and asset coverage requirements. (2)As of June 30, 2025 and December 31, 2024, all of the Company’s outstanding debt was categorized as Level 3 within the fair value hierarchy.
|
| Senior Notes |
|
| Borrowings |
|
| Summary of interest and financing costs |
The following table shows additional information about the interest and financing costs related to the Senior Notes for the three and six months ended June 30, 2025:
|
|
|
|
|
|
|
|
|
|
($ in thousands) |
|
Three Months
Ended
June 30, 2025 |
|
|
Six Months
Ended
June 30, 2025 |
|
|
Interest expense related to the Senior Notes |
|
$ |
2,382 |
|
|
$ |
2,382 |
|
|
Financing expenses related to the Senior Notes |
|
|
102 |
|
|
|
102 |
|
|
Total interest and financing expenses related to the Senior Notes |
|
$ |
2,484 |
|
|
$ |
2,484 |
|
|
|
| Capital Call Facility |
|
| Borrowings |
|
| Summary of interest and financing costs |
The following table shows additional information about the interest and financing costs related to the Capital Call Facility for the three and six months ended June 30, 2025 and 2024:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in thousands) |
|
Three Months
Ended
June 30, 2025 |
|
|
Three Months
Ended
June 30, 2024 |
|
|
Six Months
Ended
June 30, 2025 |
|
|
Six Months
Ended
June 30, 2024 |
|
Interest expense related to the Capital Call Facility |
|
$ |
260 |
|
|
$ |
783 |
|
|
$ |
752 |
|
|
$ |
1,604 |
|
Financing expenses related to the Capital Call Facility |
|
|
61 |
|
|
|
88 |
|
|
|
122 |
|
|
|
177 |
|
Total interest and financing expenses related to the Capital Call Facility |
|
$ |
321 |
|
|
$ |
871 |
|
|
$ |
874 |
|
|
$ |
1,781 |
|
|
| Revolving Credit Facility |
|
| Borrowings |
|
| Summary of interest and financing costs |
The following table shows additional information about the interest and financing costs related to the Revolving Credit Facility for the three and six months ended June 30, 2025 and 2024:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in thousands) |
|
Three Months
Ended
June 30, 2025 |
|
|
Three Months
Ended
June 30, 2024 |
|
|
Six Months
Ended
June 30, 2025 |
|
|
Six Months
Ended
June 30, 2024 |
|
Interest expense related to the Revolving Credit Facility |
|
$ |
11,549 |
|
|
$ |
14,203 |
|
|
$ |
23,400 |
|
|
$ |
26,530 |
|
Financing expenses related to the Revolving Credit Facility |
|
|
454 |
|
|
|
183 |
|
|
|
903 |
|
|
|
590 |
|
Total interest and financing expenses related to the Revolving Credit Facility |
|
$ |
12,003 |
|
|
$ |
14,386 |
|
|
$ |
24,303 |
|
|
$ |
27,120 |
|
|
| Secured Credit Facility |
|
| Borrowings |
|
| Summary of interest and financing costs |
The following table shows additional information about the interest and financing costs related to the Secured Credit Facility for the three and six months ended June 30, 2025 and 2024:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in thousands) |
|
Three Months
Ended
June 30, 2025 |
|
|
Three Months
Ended
June 30, 2024 |
|
|
Six Months
Ended
June 30, 2025 |
|
|
Six Months
Ended
June 30, 2024 |
|
Interest expense related to the Secured Credit Facility |
|
$ |
3,886 |
|
|
$ |
4,351 |
|
|
$ |
7,663 |
|
|
$ |
8,313 |
|
Financing expenses related to the Secured Credit Facility |
|
|
201 |
|
|
|
108 |
|
|
|
400 |
|
|
|
216 |
|
Total interest and financing expenses related to the Secured Credit Facility |
|
$ |
4,087 |
|
|
$ |
4,459 |
|
|
$ |
8,063 |
|
|
$ |
8,529 |
|
|
| 2025 Notes |
|
| Borrowings |
|
| Summary of interest and financing costs |
The following table shows additional information about the interest and financing costs related to the 2025 Notes for the three and six months ended June 30, 2025 and 2024:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in thousands) |
|
Three Months
Ended
June 30, 2025 |
|
|
Three Months
Ended
June 30, 2024 |
|
|
Six Months
Ended
June 30, 2025 |
|
|
Six Months
Ended
June 30, 2024 |
|
Interest expense related to the 2025 Notes |
|
$ |
1,749 |
|
|
$ |
3,279 |
|
|
$ |
5,028 |
|
|
$ |
6,559 |
|
Financing expenses related to the 2025 Notes |
|
|
128 |
|
|
|
263 |
|
|
|
388 |
|
|
|
523 |
|
Total interest and financing expenses related to the 2025 Notes |
|
$ |
1,877 |
|
|
$ |
3,542 |
|
|
$ |
5,416 |
|
|
$ |
7,082 |
|
|
| 2029 Notes |
|
| Borrowings |
|
| Summary of interest and financing costs |
The following table shows additional information about the interest and financing costs related to the 2029 Notes for the three and six months ended June 30, 2025:
|
|
|
|
|
|
|
|
|
($ in thousands) |
|
Three Months
Ended
June 30, 2025 |
|
|
Six Months
Ended
June 30, 2025 |
|
Interest expense related to the 2029 Notes |
|
$ |
3,350 |
|
|
$ |
6,961 |
|
Financing expenses related to the 2029 Notes |
|
|
150 |
|
|
|
272 |
|
Total interest and financing expenses related to the 2029 Notes |
|
$ |
3,500 |
|
|
$ |
7,233 |
|
|