v3.25.4
DEBT
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
DEBT
(6)
DEBT

The Company’s outstanding debt obligations were as follows:

 

 

 

December 31, 2025

 

 

December 31, 2024

 

 

 

Aggregate
Principal
Committed

 

 

Outstanding
Principal

 

 

Unused
Portion

 

 

Aggregate
Principal
Committed

 

 

Outstanding
Principal

 

 

Unused
Portion

 

SMBC Facility

 

$

340,000

 

 

$

214,206

 

 

$

125,794

 

 

$

315,000

 

 

$

91,018

 

 

$

223,982

 

Barclays Facility

 

 

200,000

 

 

 

60,000

 

 

 

140,000

 

 

 

-

 

 

 

-

 

 

 

-

 

Total

 

$

540,000

 

 

$

274,206

 

 

$

265,794

 

 

$

315,000

 

 

$

91,018

 

 

$

223,982

 

 

The Company’s summary information of its debt obligations were as follows:

 

 

 

 

For the Year Ended

 

 

 

December 31, 2025

 

 

December 31, 2024

 

 

December 31, 2023

 

Weighted average interest rate(1)

 

 

6.42

%

 

 

7.27

%

 

 

8.62

%

Weighted average effective interest rate(2)

 

 

6.84

%

 

 

8.38

%

 

 

10.59

%

Weighted average outstanding balance

 

$

150,205

 

 

$

35,175

 

 

$

11,476

 

 

(1)
Excludes unused fees and financing costs.
(2)
Excludes unused fees.

SMBC Facility

On July 19, 2023, the Company entered into a Senior Secured Revolving Credit Agreement (as amended, restated, supplemented or otherwise modified from time to time, the “SMBC Facility”) with the Company, as a borrower, Sumitomo Mitsui Banking Corporation (“SMBC”), as administrative agent, lead arranger, and sole bookrunner, and the lenders from time to time party thereto. Pursuant to the SMBC Facility, the lenders initially agreed to extend credit to the Company in an aggregate principal amount of up to $315,000, subject to availability under a borrowing base, which is based on the Company’s portfolio investments and other outstanding indebtedness. Maximum capacity under the SMBC Facility may be increased to $500,000 through the exercise by us of an uncommitted accordion feature through which existing and new lenders may, at their option, agree to provide additional financing. Effective August 21, 2025, this aggregate principal amount was increased to $340,000 pursuant to the accordion feature. The availability period of the SMBC Facility will terminate on July 25, 2028 and will mature on July 25, 2029.

The Company may borrow amounts in U.S. dollars or certain other permitted currencies. Borrowings under the SMBC Facility bear interest at a per annum rate equal to, (x) for loans for which the Company elects the base rate option, the “alternate base rate” (which is the greater of (a) zero and (b) the highest of (i) the prime rate as publicly announced by The Wall Street Journal, (ii) the sum of the weighted average of the rates on overnight federal funds transactions, as published by the Federal Reserve Bank of New York plus 0.5%, and (iii) the rate per annum equal to 1% plus (x) the greater of (A) Term SOFR and (B) zero) plus 1.00% or 1.125%, based on certain borrowing base conditions and (y) for loans for which the Company elects the SOFR option, Term SOFR for such interest period, plus 2.000% or 2.125%, depending on certain borrowing base conditions. The Company pays an unused fee of 0.375% per annum on the daily unused amount of the revolver commitments. As of December 31, 2025, the Company was in compliance with all covenants and other requirements of the SMBC Facility.

The summary information of the SMBC Facility is as follows:

 

 

 

For the Year Ended

 

 

 

December 31, 2025

 

 

December 31, 2024

 

 

December 31, 2023

 

Borrowing interest expense

 

$

9,439

 

 

$

2,600

 

 

$

456

 

Facility unused commitment fees

 

 

684

 

 

 

601

 

 

 

153

 

Amortization of deferred financing costs

 

 

594

 

 

 

396

 

 

 

104

 

Total

 

$

10,717

 

 

$

3,597

 

 

$

713

 

Weighted average interest rate(1)

 

 

6.45

%

 

 

7.27

%

 

 

8.62

%

Weighted average effective interest rate(2)

 

 

6.86

%

 

 

8.38

%

 

 

10.59

%

Weighted average outstanding balance

 

$

144,288

 

 

$

35,175

 

 

$

11,476

 

 

(1) Excludes unused fees and financing costs.

(2) Excludes unused fees.

 

Barclays Facility

 

On November 26, 2025, Financing SPV entered into that certain Credit and Security Agreement (the “Credit Agreement”) with the Company, as servicer, Financing SPV, as borrower, Barclays Bank PLC (“Barclays”), as administrative agent, the lenders party thereto, and State Street Bank and Trust Company, as collateral administrator, collateral agent and securities intermediary, pursuant to which the lenders have agreed to extend credit in an initial aggregate principal amount of up to $200,000 at any one time outstanding, which amount may be increased to up to $300,000 (the “Barclays

Facility”).

The obligations of Financing SPV under the Barclays Facility are secured by all of the assets held by Financing SPV, including portfolio investments contributed or transferred by the Company to Financing SPV. The Barclays Facility is a revolving funding facility with a reinvestment period ending November 26, 2027 and a final maturity date of November 26, 2036 or, after November 26, 2028, an earlier date selected by Barclays as administrative agent or any lender in their sole discretion. Subject to certain conditions, the reinvestment period is subject to a one-year extension. Advances under the Barclays Facility are available in US dollars, and subject to certain exceptions, the interest charged on the Barclays Facility is based on Term SOFR (Dollar) (subject to a floor of zero), plus a margin equal to 1.80%, which, provided that no Permitted Securitization Event (as defined in the Credit Agreement) has occurred on or prior to November 26, 2027, shall increase to 2.30%. Under the Credit Agreement, the Company and Financing SPV, as applicable, have made customary representations and warranties and are required to comply with various covenants, servicing procedures, limitations on disposition, reporting requirements and other customary requirements for similar revolving funding facilities. The Credit Agreement includes usual and customary events of default for revolving funding facilities of this nature. As of December 31, 2025, the Company was in compliance with all covenants and other requirements of the Barclays Facility.

The summary information of the Barclays Facility is as follows:

 

 

 

 

For the Year Ended

 

 

 

December 31, 2025 (3)

 

 

December 31, 2024

 

 

December 31, 2023

 

Borrowing interest expense

 

$

338

 

 

$

—

 

 

$

—

 

Facility unused commitment fees

 

 

70

 

 

 

—

 

 

 

—

 

Amortization of deferred financing costs

 

 

39

 

 

 

—

 

 

 

—

 

Total

 

$

447

 

 

$

—

 

 

$

—

 

Weighted average interest rate(1)

 

 

5.64

%

 

 

—

 

 

 

—

 

Weighted average effective interest rate(2)

 

 

6.29

%

 

 

—

 

 

 

—

 

Weighted average outstanding balance

 

$

60,000

 

 

 

—

 

 

 

—

 

 

(1) Excludes unused fees and financing costs.

(2) Excludes unused fees.

(3) Calculated for the period from November 26, 2025 (Barclays Funding Facility closing date) through December 31, 2025.