v3.25.4
Subsequent Events
12 Months Ended
Dec. 31, 2025
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
The Company has evaluated subsequent events through March 5, 2026, the date on which the consolidated financial statements were issued.
On January 14, 2026, the Company entered into Amendment No. 9 (the “Amendment”) to its Second Amended and Restated Senior Secured Revolving Credit Agreement with certain lenders party thereto and ING Capital LLC, as administrative agent. The Amendment amends the Company’s revolving credit facility to, among other things, establish a temporary “Borrowing Base Flex Period” that adjusts certain borrowing base mechanics, concentration limits and related calculations; establish financing arrangements tied to the 2026 Notes, including a loan funded on the Amendment effective date and a subsequent “2026 Loan Increase” to refinance the 2026 Notes; increase applicable interest margins by 0.75% (to 2.375% for ABR loans and 3.375% for SOFR/Eurocurrency/RFR loans); and enhance mandatory prepayment provisions, including 100% prepayments of specified proceeds received during the Borrowing Base Flex Period, subject to customary timing and limited exceptions.
The revolving credit facility continues to be secured by substantially all of the Company’s assets (excluding, among other things, investments held in and by certain subsidiaries of the Company). The credit agreement and related agreements governing the revolving credit facility require the Company to, among other things, (i) make representations and warranties regarding the collateral as well as the Company’s business and operations, (ii) agree to certain indemnification obligations and (iii) comply with various affirmative and negative covenants, reporting requirements and other customary requirements for similar revolving credit facilities. These include covenants related to: (A) limitations on the incurrence of additional indebtedness and liens, (B) limitations on certain investments, (C) limitations on certain asset transfers and restricted payments, (D) maintaining minimum levels of asset coverage, senior debt coverage and net worth, and (E) limitations on the creation or existence of agreements that prohibit liens on certain of the Company’s properties and certain of the Company’s subsidiaries. During the Borrowing Base Flex Period, certain covenants and mechanics operate in their amended form as described in the Amendment. The credit agreement and related documents also include customary events of default, including failure to make timely payments, the occurrence of a change in control and the failure by the Company to materially perform under the credit agreement and related agreements governing the facility. If not complied with, such events could accelerate repayment under the facility and materially and adversely affect the Company’s liquidity, financial condition and results of operations.
In addition to the asset coverage and senior debt coverage ratios noted above, borrowings under the revolving credit facility (and the incurrence of certain other permitted debt) continue to be subject to compliance with a borrowing base that applies different advance rates to different types of assets in the Company’s portfolio, with certain mechanics and limits adjusted during the Borrowing Base Flex Period as described in the Amendment.
Borrowings under the revolving credit facility remain subject to the facility’s various covenants and the leverage restrictions contained in the 1940 Act, as amended.
On January 15, 2026, the Company completed the redemption of all of its outstanding 2026 Notes in an aggregate principal amount of $130,000, at a redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid interest.
The Board declared its first quarter of 2026 distribution of $0.09 per share, payable on March 31, 2026 to stockholders of record on March 16, 2026.