Debt |
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt | Note 6. Debt Secured Borrowings As of December 31, 2025, the Company had $518,418 of secured borrowings outstanding respectively. The Company's secured borrowings bore interest at a weighted average rate of 4.26% for the year December 31, 2025. The weighted average borrowing outstanding for the year ended December 31, 2025 was $60,464. The Company recorded $2,574 of interest expense in connection with secured borrowings for the year ended December 31, 2025. Costs incurred in connection with obtaining the secured borrowings were recorded as deferred financing costs and are being amortized over the life of the secured borrowings on a straight-line basis. As of December 31, 2025, deferred financing costs related to the secured borrowings were $1,024 and were netted against secured borrowings on the Consolidated Statements of Assets and Liabilities. The Company's secured borrowings are secured by debt securities issued by the US government with a maturity date of less than one year. Repayment of the secured borrowings is due prior to the maturity date of the underlying debt securities. JPM Funding Facility Debt consisted of the following (in thousands):
(1) The amount available is subject to any limitations related to the credit facility borrowing base. (2) The amount presented excludes netting of deferred financing costs. (3) As of December 31, 2025, the carrying amount of the Company’s outstanding debt approximated fair value, unless otherwise noted. On May 21, 2025, the Company entered into a Loan and Security Agreement (as subsequently amended and restated on November 21, 2025, the “JPM Funding Facility”), among the Company, as Servicer, CCS IX SPV, LLC, a wholly-owned subsidiary of the Company (the “Borrower”), as Borrower, the Lenders party thereto, U.S. Bank National Association, as Collateral Agent, Collateral Administrator, and Securities Intermediary, and JPMorgan Chase Bank, National Association as Administrative Agent. The JPM Funding Facility provides a secured credit facility of $400 million, with a reinvestment period ending May 21, 2028 and a final maturity date of May 21, 2030. The JPM Funding Facility also provides for a feature that allows the Borrower, under certain circumstances, to increase the overall size of the JPM Funding Facility to a maximum of $1 billion. The Company consolidates the Borrower in its consolidated financial statements and no gain or loss is recognized as a result of a sale or contribution. The obligations of the Borrower under the JPM Funding Facility are secured by substantially all assets of the Borrower. The interest rate charged on the JPM Funding Facility is based on an applicable benchmark (Term SOFR or other applicable benchmark based on the currency of the borrowing) plus a margin of 1.95% (plus 0.1193% in the case of borrowings in British Pounds or 0.0031% in the case of borrowings in Swiss francs), subject to increase from time to time pursuant to the terms of the JPM Funding Facility. In addition, the Borrower will pay, among other fees, an administrative agency fee on the facility commitment and a commitment fee on any undrawn balance. The JPM Funding Facility includes usual and customary events of default for such facilities. Costs incurred in connection with obtaining the JPM Funding Facility were recorded as deferred financing costs and are being amortized over the life of the JPM Funding Facility on a straight-line basis. As of December 31, 2025, deferred financing costs related to the JPM Funding Facility were $4,170 and were netted against debt outstanding on the Consolidated Statements of Assets and Liabilities. The fair values of the Company’s debt are determined in accordance with ASC 820, which defines fair value in terms of the price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value of the Company's debt is calculated by discounting remaining payments using comparable market rates or market quotes for similar instruments at the measurement date. As of December 31, 2025 the debt would be deemed to be Level 3 of the fair value hierarchy.
Summary of Interest and Credit Facility Expenses The borrowing expenses incurred by the JPM Funding Facility were as follows:
The weighted average interest rate of the aggregate borrowings outstanding for the year ended December 31, 2025 was 6.59%. The weighted average debt of the borrowings outstanding for the year ended December 31, 2025 was $66,667. |
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