v3.25.2
Borrowings (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Facility Borrowings
The following table represents borrowings as of June 30, 2025:
Maturity DateTotal Aggregate Borrowing CapacityTotal Principal OutstandingLess Deferred Financing CostsAmount per Consolidated Statements of Assets and Liabilities
JPM Credit Facility10/4/2029$1,050,000 $814,970 $(4,794)$810,176 
JPM Revolver Facility1/16/2030780,000 479,916 (2,964)476,952 
Wells Fargo Credit Facility8/25/2028300,000 300,000 — 300,000 
2026 Notes3/30/2026300,000 300,000 — 300,000 
2029 Notes6/15/2029400,000 398,578 (4,816)393,762 
Total$2,830,000 $2,293,464 $(12,574)$2,280,890 
The following table represents borrowings as of December 31, 2024:
Maturity DateTotal Aggregate Borrowing CapacityTotal Principal OutstandingLess Deferred Financing CostsAmount per Consolidated Statements of Assets and Liabilities
JPM Credit Facility10/4/2029$800,000 $625,669 $(3,403)$622,266 
JPM Revolver Facility12/8/2028505,000 439,216 — 439,216 
Wells Fargo Credit Facility8/25/2028300,000 300,000 — 300,000 
2026 Notes3/30/2026300,000 300,000 — 300,000 
2029 Notes6/15/2029400,000 398,400 (5,144)393,256 
Total$2,305,000 $2,063,285 $(8,547)$2,054,738 
Schedule of Interest and Debt Fees
The following table represents interest and debt fees for the three and six months ended June 30, 2025:
Three Months Ended June 30, 2025Six Months Ended June 30, 2025
Interest RateNon-Usage RateInterest Expense
Deferred Financing Costs (1)
Other Fees (2)
Interest RateNon-Usage RateInterest Expense
Deferred Financing Costs (1)
Other Fees (2)
JPM Credit Facility
(3)
(4)
$10,941 $186 $295 
(3)
(4)
$21,407 $368 $596 
JPM Revolver Facility
(5)
0.38%8,062 163 283 
(5)
0.38%15,280 295 568 
Wells Fargo Credit Facility
(6)
(7)
4,906 — 23 
(6)
(7)
9,773 — 53 
2026 Notes 3.25%n/a2,438 — — 3.25%n/a4,876 — — 
2029 Notes7.20%n/a7,200 303 89 7.20%n/a14,400 588 178 
Secured borrowings
(8)
n/a— — — 
(8)
 n/a 359 — — 
  Total$33,547 $652 $690 $66,095 $1,251 $1,395 
(1)    Amortization of deferred financing costs.
(2)    Includes non-usage fees, custody fees, amortization of premium/discount on unsecured notes, and administrative agent fees.
(3)    From January 1, 2025 through June 29, 2025 the JPM Credit Facility had an interest rate of three-month Term SOFR, plus a spread of 2.25% per annum. Subsequent to June 30, 2025, the interest rate was amended to three-month Term SOFR, plus a spread of 2.15% per annum.
(4)    From January 1, 2025 through June 30, 2025, the non-usage fee per annum was 0.55%.
(5)    From January 1, 2025 through June 30, 2025, the interest rate was three-month Term SOFR, plus a spread calculated based upon the composition of the loans in the collateral pool, which will not exceed 1.98% per annum.
(6)    From January 1, 2025 through June 30, 2025, the interest rate was amended to be daily simple SOFR, with a daily simple SOFR floor of zero, plus a spread of 2.15% per annum.
(7)    From January 1, 2025 through June 30, 2025, the non-usage fee per annum was 0.50% for the first 70% of the unused balance and increases to 2.00% for any remaining unused balance.
(8)    From January 1, 2025 through March 18, 2025, the interest rate was three-month SOFR plus a spread of 2.80% per annum.
The following table represents interest and debt fees for the three and six months ended June 30, 2024:
Three Months Ended June 30, 2024Six Months Ended June 30, 2024
Interest RateNon-Usage RateInterest Expense
Deferred Financing Costs (1)
Other Fees (2)
Interest RateNon-Usage RateInterest Expense
Deferred Financing Costs (1)
Other Fees (2)
JPM Credit Facility
S+ 2.75%
0.75%$5,975 $138 $382 
S+ 2.75%
0.75%$12,350 $276 $705 
Wells Fargo Credit Facility
(3)
(4)
4,601 — 127 
(3)
(4)
8,082 — 209 
FBLC JPM Credit Facility
(5)
(6)
6,392 — 360 
(5)
(6)
11,195 — 591 
JPM Revolver Facility
(7)
0.38 %2,252 — 361 
(7)
0.38%6,102 — 535 
2024 Notes4.85 %n/a1,213 — 10 4.85%n/a2,129 — 10 
2026 Notes3.25 %n/a2,438 — 10 3.25%n/a4,327 — 10 
2029 Notes7.20 %n/a3,398 133 — 7.20%n/a3,398 133 — 
Secured borrowings
(8)
n/a490 — — 
(8)
n/a1,028 131 — 
Total$26,759 $271 $1,250 $48,611 $540 $2,060 
(1)    Amortization of deferred financing costs.
(2)    Includes non-usage fees, custody fees, and administrative agent fees.
(3)     From January 24, 2024 through June 30, 2024, the Wells Fargo Credit Facility had an interest rate of daily simple SOFR, with a daily simple SOFR floor of zero, plus a spread of 2.75% per annum.
(4)     From January 24, 2024 through June 30, 2024, the non-usage fee per annum was 0.50% for the first 25% of the unused balance and increases to 2.00% for any remaining unused balance.
(5)     From January 24, 2024 through June 30, 2024, the JPM Credit Facility had an interest rate of three-month Term SOFR, plus a spread of 2.80% per annum, inclusive of an administrative agent fee of 0.20%.
(6)     From January 24, 2024 through June 30, 2024, the non-usage fee per annum was 0.75%, inclusive of an administrative fee of 0.20%.
(7)     From January 24, 2024 through June 30, 2024, the interest rate was three-month Term SOFR, plus a spread calculated based upon the composition of the loans in the collateral pool, which will not exceed 1.98% per annum.
(8) From January 1, 2024 through April 23, 2024, the interest rate was three-month SOFR plus 3.60% per annum. From April 24, 2024 through June 30, 2024, the interest rate was amended to be three-month SOFR plus 2.80% per annum.
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments
The fair values of the Company’s remaining financial instruments that are not reported at fair value on the accompanying consolidated statements of assets and liabilities are reported below:
LevelCarrying Amount as of June 30, 2025Fair Value as of June 30, 2025
JPM Credit Facility3$814,970 $814,970 
JPM Revolver Facility3479,916 479,916 
Wells Fargo Credit Facility3300,000 300,000 
2026 Notes3300,000 293,220 
2029 Notes3398,578 414,568 
  Total$2,293,464 $2,302,674 
LevelCarrying Amount as of December 31, 2024Fair Value as of December 31, 2024
JPM Credit Facility3$625,669 $625,669 
JPM Revolver Facility3439,216 439,216 
Wells Fargo Credit Facility3300,000 300,000 
2026 Notes3300,000 291,444 
2029 Notes3398,400 407,968 
Total$2,063,285 $2,064,297