v3.25.4
Consolidated Schedule of Investments
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
shares
Schedule of Investments [Line Items]  
Cost $ 453,171 [1],[2],[3],[4]
Percentage of Net Assets 124.00% [1],[2],[3],[4],[5]
Fair Value $ 458,141 [1],[2],[3],[4]
Cash Equivalents, at Carrying Value 21,684
Cash 2,808 [1],[2],[3],[4]
Cash, Fair Value Disclosure 2,808 [1],[2],[3],[4]
Total Cash & Cash Equivalents including Restricted Cash $ 546,544 [1],[2],[3],[4]
Restricted Cash And Cash Equivalents Percent Of Net Assets 147.90% [1],[2],[3],[4],[5]
Restricted Cash And Cash Equivalents Fair Value Disclosure $ 546,599 [1],[2],[3],[4]
Investment Owned at Cost And Cash and Cash Equivalents and Restricted Cash at Carrying Value $ 999,715 [1],[2],[3],[4]
Investment Owned and Cash and Cash Equivalents Percent of Net Assets 271.90% [1],[2],[3],[4],[5]
Investment Owned at Fair Value and Cash and Cash Equivalents Fair Value Disclosure $ 1,004,740 [1],[2],[3],[4]
Goldman Sachs FS Government Fund  
Schedule of Investments [Line Items]  
Cash Equivalents, at Carrying Value $ 19,720 [1],[2],[3],[4]
Cash Equivalents Percent Of Net Assets 5.30% [1],[2],[3],[4],[5]
Cash Equivalents, Fair Value Disclosure $ 19,720 [1],[2],[3],[4]
US Treasury Bill  
Schedule of Investments [Line Items]  
Maturity/Dissolution Date Jan. 20, 2026 [1],[2],[3],[4],[6]
Principal Amount, Par Value or Shares $ 525,000 [1],[2],[3],[4],[6],[7]
Investment Yield Percentage 3.55% [1],[2],[3],[4],[6]
Cash Equivalents, at Carrying Value $ 524,016 [1],[2],[3],[4],[6]
Cash Equivalents Percent Of Net Assets 141.80% [1],[2],[3],[4],[5],[6]
Cash Equivalents, Fair Value Disclosure $ 524,071 [1],[2],[3],[4],[6]
Other Cash Accounts  
Schedule of Investments [Line Items]  
Cash, Percent of Net Assets 0.80% [1],[2],[3],[4],[5]
United States  
Schedule of Investments [Line Items]  
Fair Value $ 458,141
United States | Debt Investments  
Schedule of Investments [Line Items]  
Cost $ 428,556 [1],[2],[3],[4]
Percentage of Net Assets 117.70% [1],[2],[3],[4],[5]
Fair Value $ 434,909 [1],[2],[3],[4]
United States | Equity Investments  
Schedule of Investments [Line Items]  
Cost $ 24,615 [1],[2],[3],[4]
Percentage of Net Assets 6.30% [1],[2],[3],[4],[5]
Fair Value $ 23,232 [1],[2],[3],[4]
Investment, Identifier [Axis]: Investments Debt Investments United States Arrow Management Acquisition, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Maturity/Dissolution Date 7/26/2032  
Schedule of Investments [Line Items]  
Maturity/Dissolution Date Jul. 26, 2032 [1],[2],[3],[4],[8],[9]
Principal Amount, Par Value or Shares $ 0 [1],[2],[3],[4],[7],[8],[9]
Cost $ (128) [1],[2],[3],[4],[8],[9]
Percentage of Net Assets 0.10% [1],[2],[3],[4],[5],[8],[9]
Fair Value $ 375 [1],[2],[3],[4],[8],[9]
Investment, Identifier [Axis]: Investments Debt Investments United States Arrow Management Acquisition, LLC Investment Type Unitranche First Lien Revolver Interest Term S+ 500 (75 Floor) Interest Rate 8.67% Maturity/Dissolution Date 7/26/2032  
Schedule of Investments [Line Items]  
Interest Term S+ 500 (75 Floor) [1],[2],[3],[4],[8],[10]
Interest Term Secured Overnight Financing Rate (SOFR) [Member]
Interest Rate, Spread 500.00% [1],[2],[3],[4],[8],[10]
Interest Rate, Floor 75.00% [1],[2],[3],[4],[8],[10]
Interest Rate 8.67% [1],[2],[3],[4],[8]
Maturity/Dissolution Date Jul. 26, 2032 [1],[2],[3],[4],[8]
Principal Amount, Par Value or Shares $ 3,278 [1],[2],[3],[4],[7],[8]
Cost $ 3,187 [1],[2],[3],[4],[8]
Percentage of Net Assets 0.90% [1],[2],[3],[4],[5],[8]
Fair Value $ 3,278 [1],[2],[3],[4],[8]
Investment, Identifier [Axis]: Investments Debt Investments United States Arrow Management Acquisition, LLC Investment Type Unitranche First Lien Term Loan Interest Term S+ 500 (75 Floor) Interest Rate 8.67% Maturity/Dissolution Date 7/26/2032  
Schedule of Investments [Line Items]  
Interest Term S+ 500 (75 Floor) [1],[2],[3],[4],[10],[11]
Interest Term Secured Overnight Financing Rate (SOFR) [Member]
Interest Rate, Spread 500.00% [1],[2],[3],[4],[10],[11]
Interest Rate, Floor 75.00% [1],[2],[3],[4],[10],[11]
Interest Rate 8.67% [1],[2],[3],[4],[11]
Maturity/Dissolution Date Jul. 26, 2032 [1],[2],[3],[4],[11]
Principal Amount, Par Value or Shares $ 80,983 [1],[2],[3],[4],[7],[11]
Cost $ 80,182 [1],[2],[3],[4],[11]
Percentage of Net Assets 22.20% [1],[2],[3],[4],[5],[11]
Fair Value $ 82,032 [1],[2],[3],[4],[11]
Investment, Identifier [Axis]: Investments Debt Investments United States BVI Medical Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S+ 600 (75 Floor) Interest Rate 9.88% Maturity/Dissolution Date 3/8/2032  
Schedule of Investments [Line Items]  
Interest Term S+ 600 (75 Floor) [1],[2],[3],[4],[8],[10]
Interest Term Secured Overnight Financing Rate (SOFR) [Member]
Interest Rate, Spread 600.00% [1],[2],[3],[4],[8],[10]
Interest Rate, Floor 75.00% [1],[2],[3],[4],[8],[10]
Interest Rate 9.88% [1],[2],[3],[4],[8]
Maturity/Dissolution Date Mar. 08, 2032 [1],[2],[3],[4],[8]
Principal Amount, Par Value or Shares $ 1,054 [1],[2],[3],[4],[7],[8]
Cost $ 1,027 [1],[2],[3],[4],[8]
Percentage of Net Assets 0.30% [1],[2],[3],[4],[5],[8]
Fair Value $ 1,038 [1],[2],[3],[4],[8]
Investment, Identifier [Axis]: Investments Debt Investments United States BVI Medical Inc. Investment Type Unitranche First Lien Revolver Interest Term Interest Rate 0.00% Maturity/Dissolution Date 3/8/2032  
Schedule of Investments [Line Items]  
Maturity/Dissolution Date Mar. 08, 2032 [1],[2],[3],[4],[8],[9]
Principal Amount, Par Value or Shares $ 0 [1],[2],[3],[4],[7],[8],[9]
Cost $ (73) [1],[2],[3],[4],[8],[9]
Percentage of Net Assets 0.00% [1],[2],[3],[4],[5],[8],[9]
Fair Value $ (76) [1],[2],[3],[4],[8],[9]
Investment, Identifier [Axis]: Investments Debt Investments United States BVI Medical Inc. Investment Type Unitranche First Lien Term Loan Interest Term S+ 625 (75 Floor) (Including 500 PIK) Interest Rate 9.97% Maturity/Dissolution Date 3/8/2032  
Schedule of Investments [Line Items]  
Interest Term S+ 625 (75 Floor) (Including 500 PIK) [1],[2],[3],[4],[10],[11]
Interest Term Secured Overnight Financing Rate (SOFR) [Member]
Interest Rate, Spread 625.00% [1],[2],[3],[4],[10],[11]
Interest Rate, Floor 75.00% [1],[2],[3],[4],[10],[11]
Interest Rate, PIK 500.00% [1],[2],[3],[4],[10],[11]
Interest Rate 9.97% [1],[2],[3],[4],[11]
Maturity/Dissolution Date Mar. 08, 2032 [1],[2],[3],[4],[11]
Principal Amount, Par Value or Shares $ 70,330 [1],[2],[3],[4],[7],[11]
Cost $ 69,400 [1],[2],[3],[4],[11]
Percentage of Net Assets 18.90% [1],[2],[3],[4],[5],[11]
Fair Value $ 69,934 [1],[2],[3],[4],[11]
Investment, Identifier [Axis]: Investments Debt Investments United States Bonterra, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S+ 475 (75 Floor) Interest Rate 8.69% Maturity/Dissolution Date 3/5/2032  
Schedule of Investments [Line Items]  
Interest Term S+ 475 (75 Floor) [1],[2],[3],[4],[10]
Interest Term Secured Overnight Financing Rate (SOFR) [Member]
Interest Rate, Spread 475.00% [1],[2],[3],[4],[10]
Interest Rate, Floor 75.00% [1],[2],[3],[4],[10]
Interest Rate 8.69% [1],[2],[3],[4]
Maturity/Dissolution Date Mar. 05, 2032 [1],[2],[3],[4]
Principal Amount, Par Value or Shares $ 6,734 [1],[2],[3],[4],[7]
Cost $ 6,702 [1],[2],[3],[4]
Percentage of Net Assets 1.80% [1],[2],[3],[4],[5]
Fair Value $ 6,700 [1],[2],[3],[4]
Investment, Identifier [Axis]: Investments Debt Investments United States Bonterra, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S+ 500 (75 Floor) Interest Rate 8.97% Maturity/Dissolution Date 3/5/2032  
Schedule of Investments [Line Items]  
Interest Term S+ 500 (75 Floor) [1],[2],[3],[4],[8],[10]
Interest Term Secured Overnight Financing Rate (SOFR) [Member]
Interest Rate, Spread 500.00% [1],[2],[3],[4],[8],[10]
Interest Rate, Floor 75.00% [1],[2],[3],[4],[8],[10]
Interest Rate 8.97% [1],[2],[3],[4],[8]
Maturity/Dissolution Date Mar. 05, 2032 [1],[2],[3],[4],[8]
Principal Amount, Par Value or Shares $ 6,922 [1],[2],[3],[4],[7],[8]
Cost $ 6,760 [1],[2],[3],[4],[8]
Percentage of Net Assets 1.80% [1],[2],[3],[4],[5],[8]
Fair Value $ 6,788 [1],[2],[3],[4],[8]
Investment, Identifier [Axis]: Investments Debt Investments United States Bonterra, LLC Investment Type Unitranche First Lien Revolver Interest Term S+ 475 (75 Floor) Interest Rate 8.44% Maturity/Dissolution Date 3/5/2032  
Schedule of Investments [Line Items]  
Interest Term S+ 475 (75 Floor) [1],[2],[3],[4],[8],[10]
Interest Term Secured Overnight Financing Rate (SOFR) [Member]
Interest Rate, Spread 475.00% [1],[2],[3],[4],[8],[10]
Interest Rate, Floor 75.00% [1],[2],[3],[4],[8],[10]
Interest Rate 8.44% [1],[2],[3],[4],[8]
Maturity/Dissolution Date Mar. 05, 2032 [1],[2],[3],[4],[8]
Principal Amount, Par Value or Shares $ 1,010 [1],[2],[3],[4],[7],[8]
Cost $ 980 [1],[2],[3],[4],[8]
Percentage of Net Assets 0.30% [1],[2],[3],[4],[5],[8]
Fair Value $ 976 [1],[2],[3],[4],[8]
Investment, Identifier [Axis]: Investments Debt Investments United States Bonterra, LLC Investment Type Unitranche First Lien Term Loan Interest Term S+ 475 (75 Floor) Interest Rate 8.42% Maturity/Dissolution Date 3/5/2032  
Schedule of Investments [Line Items]  
Interest Term S+ 475 (75 Floor) [1],[2],[3],[4],[10],[11]
Interest Term Secured Overnight Financing Rate (SOFR) [Member]
Interest Rate, Spread 475.00% [1],[2],[3],[4],[10],[11]
Interest Rate, Floor 75.00% [1],[2],[3],[4],[10],[11]
Interest Rate 8.42% [1],[2],[3],[4],[11]
Maturity/Dissolution Date Mar. 05, 2032 [1],[2],[3],[4],[11]
Principal Amount, Par Value or Shares $ 61,978 [1],[2],[3],[4],[7],[11]
Cost $ 61,723 [1],[2],[3],[4],[11]
Percentage of Net Assets 16.70% [1],[2],[3],[4],[5],[11]
Fair Value $ 61,668 [1],[2],[3],[4],[11]
Investment, Identifier [Axis]: Investments Debt Investments United States Headlands Buyer, Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Maturity/Dissolution Date 9/29/2032  
Schedule of Investments [Line Items]  
Maturity/Dissolution Date Sep. 29, 2032 [1],[2],[3],[4],[8],[9]
Principal Amount, Par Value or Shares $ 0 [1],[2],[3],[4],[7],[8],[9]
Cost $ (85) [1],[2],[3],[4],[8],[9]
Percentage of Net Assets 0.00% [1],[2],[3],[4],[5],[8],[9]
Fair Value $ 24 [1],[2],[3],[4],[8],[9]
Investment, Identifier [Axis]: Investments Debt Investments United States Headlands Buyer, Inc. Investment Type Unitranche First Lien Revolver Maturity/Dissolution Date 9/29/2032  
Schedule of Investments [Line Items]  
Maturity/Dissolution Date Sep. 29, 2032 [1],[2],[3],[4],[8],[9]
Principal Amount, Par Value or Shares $ 0 [1],[2],[3],[4],[7],[8],[9]
Cost $ (80) [1],[2],[3],[4],[8],[9]
Percentage of Net Assets 0.00% [1],[2],[3],[4],[5],[8],[9]
Fair Value $ 0 [1],[2],[3],[4],[8],[9]
Investment, Identifier [Axis]: Investments Debt Investments United States Headlands Buyer, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S+ 450 (100 Floor) Interest Rate 8.49% Maturity/Dissolution Date 9/29/2032  
Schedule of Investments [Line Items]  
Interest Term S+ 450 (100 Floor) [1],[2],[3],[4],[10],[11]
Interest Term Secured Overnight Financing Rate (SOFR) [Member]
Interest Rate, Spread 450.00% [1],[2],[3],[4],[10],[11]
Interest Rate, Floor 100.00% [1],[2],[3],[4],[10],[11]
Interest Rate 8.49% [1],[2],[3],[4],[11]
Maturity/Dissolution Date Sep. 29, 2032 [1],[2],[3],[4],[11]
Principal Amount, Par Value or Shares $ 43,701 [1],[2],[3],[4],[7],[11]
Cost $ 43,274 [1],[2],[3],[4],[11]
Percentage of Net Assets 11.80% [1],[2],[3],[4],[5],[11]
Fair Value $ 43,760 [1],[2],[3],[4],[11]
Investment, Identifier [Axis]: Investments Debt Investments United States Landscape Workshop Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S+ 500 (75 Floor) Interest Rate 8.67% Maturity/Dissolution Date 5/17/2032  
Schedule of Investments [Line Items]  
Interest Term S+ 500 (75 Floor) [1],[2],[3],[4],[8],[10]
Interest Term Secured Overnight Financing Rate (SOFR) [Member]
Interest Rate, Spread 500.00% [1],[2],[3],[4],[8],[10]
Interest Rate, Floor 75.00% [1],[2],[3],[4],[8],[10]
Interest Rate 8.67% [1],[2],[3],[4],[8]
Maturity/Dissolution Date May 17, 2032 [1],[2],[3],[4],[8]
Principal Amount, Par Value or Shares $ 8,786 [1],[2],[3],[4],[7],[8]
Cost $ 8,642 [1],[2],[3],[4],[8]
Percentage of Net Assets 2.50% [1],[2],[3],[4],[5],[8]
Fair Value $ 9,231 [1],[2],[3],[4],[8]
Investment, Identifier [Axis]: Investments Debt Investments United States Landscape Workshop Investment Type Unitranche First Lien Revolver Interest Term S+ 500 (75 Floor) Interest Rate 8.67% Maturity/Dissolution Date 5/16/2031  
Schedule of Investments [Line Items]  
Interest Term S+ 500 (75 Floor) [1],[2],[3],[4],[8],[10]
Interest Term Secured Overnight Financing Rate (SOFR) [Member]
Interest Rate, Spread 500.00% [1],[2],[3],[4],[8],[10]
Interest Rate, Floor 75.00% [1],[2],[3],[4],[8],[10]
Interest Rate 8.67% [1],[2],[3],[4],[8]
Maturity/Dissolution Date May 16, 2031 [1],[2],[3],[4],[8]
Principal Amount, Par Value or Shares $ 1,989 [1],[2],[3],[4],[7],[8]
Cost $ 1,881 [1],[2],[3],[4],[8]
Percentage of Net Assets 0.50% [1],[2],[3],[4],[5],[8]
Fair Value $ 1,989 [1],[2],[3],[4],[8]
Investment, Identifier [Axis]: Investments Debt Investments United States Landscape Workshop Investment Type Unitranche First Lien Term Loan Interest Term S+ 500 (75 Floor) Interest Rate 8.67% Maturity/Dissolution Date 5/17/2032  
Schedule of Investments [Line Items]  
Interest Term S+ 500 (75 Floor) [1],[2],[3],[4],[10],[11]
Interest Term Secured Overnight Financing Rate (SOFR) [Member]
Interest Rate, Spread 500.00% [1],[2],[3],[4],[10],[11]
Interest Rate, Floor 75.00% [1],[2],[3],[4],[10],[11]
Interest Rate 8.67% [1],[2],[3],[4],[11]
Maturity/Dissolution Date May 17, 2032 [1],[2],[3],[4],[11]
Principal Amount, Par Value or Shares $ 68,423 [1],[2],[3],[4],[7],[11]
Cost $ 67,764 [1],[2],[3],[4],[11]
Percentage of Net Assets 18.90% [1],[2],[3],[4],[5],[11]
Fair Value $ 69,792 [1],[2],[3],[4],[11]
Investment, Identifier [Axis]: Investments Debt Investments United States Rightworks, LLC Investment Type Unitranche First Lien Revolver Interest Term S+ 475 (100 Floor) Interest Rate 8.47% Maturity/Dissolution Date 5/21/2029  
Schedule of Investments [Line Items]  
Interest Term S+ 475 (100 Floor) [1],[2],[3],[4],[8],[10]
Interest Term Secured Overnight Financing Rate (SOFR) [Member]
Interest Rate, Spread 475.00% [1],[2],[3],[4],[8]
Interest Rate, Floor 100.00% [1],[2],[3],[4],[8]
Interest Rate 8.47% [1],[2],[3],[4],[8]
Maturity/Dissolution Date May 21, 2029 [1],[2],[3],[4],[8]
Principal Amount, Par Value or Shares $ 1,079 [1],[2],[3],[4],[7],[8]
Cost $ 1,079 [1],[2],[3],[4],[8]
Percentage of Net Assets 0.30% [1],[2],[3],[4],[5],[8]
Fair Value $ 1,079 [1],[2],[3],[4],[8]
Investment, Identifier [Axis]: Investments Debt Investments United States Rightworks, LLC Investment Type Unitranche First Lien Term Loan Interest Term S+ 475 (100 Floor) Interest Rate 8.47% Maturity/Dissolution Date 5/21/2029  
Schedule of Investments [Line Items]  
Interest Term S+ 475 (100 Floor) [1],[2],[3],[4],[11]
Interest Term Secured Overnight Financing Rate (SOFR) [Member]
Interest Rate, Spread 475.00% [1],[2],[3],[4],[11]
Interest Rate, Floor 100.00% [1],[2],[3],[4],[11]
Interest Rate 8.47% [1],[2],[3],[4],[11]
Maturity/Dissolution Date May 21, 2029 [1],[2],[3],[4],[11]
Principal Amount, Par Value or Shares $ 76,321 [1],[2],[3],[4],[7],[11]
Cost $ 76,321 [1],[2],[3],[4],[11]
Percentage of Net Assets 20.70% [1],[2],[3],[4],[5],[11]
Fair Value $ 76,321 [1],[2],[3],[4],[11]
Investment, Identifier [Axis]: Investments Equity Investments United States Arrow Management Acquisition, LLC Investment Type Common Stock  
Schedule of Investments [Line Items]  
Principal Amount, Par Value or Shares | shares 88,504 [1],[2],[3],[4],[7]
Cost $ 89 [1],[2],[3],[4]
Percentage of Net Assets 0.00% [1],[2],[3],[4],[5]
Fair Value $ 89 [1],[2],[3],[4]
Investment, Identifier [Axis]: Investments Equity Investments United States Arrow Management Acquisition, LLC Investment Type Preferred Stock  
Schedule of Investments [Line Items]  
Principal Amount, Par Value or Shares | shares 8,762 [1],[2],[3],[4],[7]
Cost $ 8,762 [1],[2],[3],[4]
Percentage of Net Assets 2.40% [1],[2],[3],[4],[5]
Fair Value $ 8,762 [1],[2],[3],[4]
Investment, Identifier [Axis]: Investments Equity Investments United States BVI Medical Inc. Investment Type Common Stock  
Schedule of Investments [Line Items]  
Principal Amount, Par Value or Shares | shares 5,690 [1],[2],[3],[4],[7]
Cost $ 7,591 [1],[2],[3],[4]
Percentage of Net Assets 1.60% [1],[2],[3],[4],[5]
Fair Value $ 5,871 [1],[2],[3],[4]
Investment, Identifier [Axis]: Investments Equity Investments United States Headlands Buyer, Inc. Investment Type Preferred Stock  
Schedule of Investments [Line Items]  
Principal Amount, Par Value or Shares | shares 531,496 [1],[2],[3],[4],[7]
Cost $ 5,315 [1],[2],[3],[4]
Percentage of Net Assets 1.40% [1],[2],[3],[4],[5]
Fair Value $ 5,315 [1],[2],[3],[4]
Investment, Identifier [Axis]: Investments Equity Investments United States Landscape Workshop Investment Type Common Stock  
Schedule of Investments [Line Items]  
Principal Amount, Par Value or Shares | shares 2,858,108 [1],[2],[3],[4],[7]
Cost $ 2,858 [1],[2],[3],[4]
Percentage of Net Assets 0.90% [1],[2],[3],[4],[5]
Fair Value $ 3,195 [1],[2],[3],[4]
[1] All debt investments are income-producing, unless otherwise noted. Equity and member interests are non-income-producing unless otherwise noted. The Company generally acquires its investments in private transactions exempt from registration under the Securities Act. Its investments are therefore generally subject to certain limitations on resale, and may be deemed to be “restricted securities” under the Securities Act.
[2] All positions held are non-controlled/non-affiliated investments, unless otherwise noted. Non-controlled/non-affiliated investments are investments that are neither controlled nor affiliated as each such term is defined in the Investment Company Act of 1940, as amended (the "1940 Act").
[3] The fair value of the investment was determined using significant unobservable inputs unless otherwise noted. See Note 2 “Summary of Significant Accounting Policies”.
[4] Unless otherwise indicated, the Company’s portfolio companies are not pledged as collateral supporting the amounts outstanding under the JPM Funding Facility. See Note 6 “Debt.”
[5] Percentage is based on net assets of $369,506 as of December 31, 2025.
[6] All or a portion of these securities were sold and simultaneously repurchased in connection with the Company's secured borrowings outstanding as of December 31, 2025
[7] The total par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments. Par amount is denominated in U.S. Dollars ($) unless otherwise noted.
[8] Position or portion thereof is an unfunded loan commitment and no interest is being earned on the unfunded portion. The investment may be subject to an unused/letter of credit facility fee. See Note 7 “Commitments and Contingencies”
[9] The negative cost, if applicable, is the result of the capitalized discount or unfunded commitment being greater than the principal amount outstanding on the loan. The negative fair value, if applicable, is the result of the capitalized discount or unfunded commitment on the loan.
[10] The majority of the debt investments bear interest at a rate that may be determined by reference to Secured Overnight Financing Rate (“SOFR” or “S”) and which reset monthly, quarterly, semiannually, or annually. For each, the Company has provided the spread over the reference rate and the current interest rate in effect at the reporting date. The impact of a credit spread adjustment, if applicable, is included within the stated all-in interest rate. As of December 31, 2025, the reference rates for the Company's variable rate loans are represented in the below table. Certain investments are subject to an interest rate floor, which is disclosed in the Schedule of Investments. For fixed rate loans, a spread above a reference rate is not applicable.
[11] All or a portion of these debt investments are pledged as collateral under the JPM Funding Facility. For debt investments that are pledged to the JPM Funding Facility, a single investment may be divided into parts that are individually pledged as collateral to the credit facility.