Debt (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Debt Instrument [Line Items] |
|
| Schedule of Outstanding Borrowings |
The Company’s outstanding borrowings as of December 31, 2025 and December 31, 2024 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2025 |
|
|
As of December 31, 2024 |
|
|
|
|
Total Aggregate |
|
|
|
Principal |
|
|
|
|
|
|
|
Total Aggregate |
|
|
|
Principal |
|
|
|
|
|
|
|
|
Principal Amount |
|
|
|
Amount |
|
|
|
Carrying |
|
|
|
Principal Amount |
|
|
|
Amount |
|
|
|
Carrying |
|
|
|
|
Committed |
|
|
|
Outstanding |
|
|
|
Value(1) |
|
|
|
Committed |
|
|
|
Outstanding |
|
|
|
Value(1) |
|
GS Revolving Credit Facility |
|
$ |
|
200,000 |
|
|
$ |
|
180,669 |
|
|
$ |
|
180,669 |
|
|
$ |
|
200,000 |
|
|
$ |
|
190,060 |
|
|
$ |
|
190,060 |
|
JPM Revolving Credit Facility |
|
|
|
250,000 |
|
|
|
|
217,053 |
|
|
|
|
217,053 |
|
|
|
|
250,000 |
|
|
|
|
116,041 |
|
|
|
|
116,041 |
|
SMBC Revolving Credit Facility |
|
|
|
575,000 |
|
|
|
|
120,000 |
|
|
|
|
120,000 |
|
|
|
|
315,000 |
|
|
|
|
72,000 |
|
|
|
|
72,000 |
|
2025 Senior Notes, Tranche A |
|
|
|
110,000 |
|
|
|
|
110,000 |
|
|
|
|
109,104 |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
2025 Senior Notes, Tranche B |
|
|
|
165,000 |
|
|
|
|
165,000 |
|
|
|
|
163,505 |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
Total Debt |
|
$ |
|
1,300,000 |
|
|
$ |
|
792,722 |
|
|
$ |
|
790,331 |
|
|
$ |
|
765,000 |
|
|
$ |
|
378,101 |
|
|
$ |
|
378,101 |
|
(1)Carrying value represents aggregate principal amount outstanding less unamortized debt issuance costs.
|
| Schedule of Contractual Maturities of Debt Obligations |
The following table shows the contractual maturities of our debt obligations as of December 31, 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments Due by Period |
|
|
|
|
|
|
|
Less than |
|
|
|
|
|
|
|
|
|
|
More than |
|
|
|
|
Total |
|
|
|
1 year |
|
|
|
1 — 3 years |
|
|
|
3 — 5 years |
|
|
5 years |
|
GS Revolving Credit Facility |
|
$ |
|
180,669 |
|
|
$ |
|
— |
|
|
$ |
|
— |
|
|
$ |
|
180,669 |
|
|
$ |
|
— |
|
JPM Revolving Credit Facility |
|
|
|
217,053 |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
217,053 |
|
|
|
|
— |
|
SMBC Revolving Credit Facility |
|
|
|
120,000 |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
120,000 |
|
|
|
|
— |
|
2025 Senior Notes, Tranche A |
|
|
|
110,000 |
|
|
|
|
— |
|
|
|
|
110,000 |
|
|
|
|
— |
|
|
|
|
— |
|
2025 Senior Notes, Tranche B |
|
|
|
165,000 |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
165,000 |
|
|
|
|
— |
|
Total Debt Obligations |
|
$ |
|
792,722 |
|
|
$ |
|
— |
|
|
$ |
|
110,000 |
|
|
$ |
|
682,722 |
|
|
$ |
|
— |
|
|
| Goldman Sachs Revolving Credit Facility |
|
| Debt Instrument [Line Items] |
|
| Schedule of Components of Interest Expense |
For the years ended December 31, 2025, 2024 and 2023, the components of interest expense related to the GS Revolving Credit Facility were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year Ended December 31, |
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
Borrowing interest expense |
|
$ |
12,154 |
|
|
$ |
11,437 |
|
|
$ |
719 |
|
Unused facility fee |
|
|
62 |
|
|
|
174 |
|
|
|
25 |
|
Amortization of deferred financing costs and upfront commitment fees |
|
|
429 |
|
|
|
338 |
|
|
|
24 |
|
Total interest and debt financing expenses |
|
$ |
12,645 |
|
|
$ |
11,949 |
|
|
$ |
768 |
|
|
| JPM Revolving Credit Facility |
|
| Debt Instrument [Line Items] |
|
| Schedule of Components of Interest Expense |
For the years ended December 31, 2025, 2024 and 2023, the components of interest expense related to the JPM Revolving Credit Facility were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year Ended December 31, |
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
Borrowing interest expense |
|
$ |
12,626 |
|
|
$ |
2,017 |
|
|
$ |
— |
|
Unused facility fee |
|
|
293 |
|
|
|
214 |
|
|
|
— |
|
Amortization of deferred financing costs and upfront commitment fees |
|
|
503 |
|
|
|
97 |
|
|
|
— |
|
Total interest and debt financing expenses |
|
$ |
13,422 |
|
|
$ |
2,328 |
|
|
$ |
— |
|
|
| SMBC Revolving Credit Facility |
|
| Debt Instrument [Line Items] |
|
| Schedule of Components of Interest Expense |
For the years ended December 31, 2025, 2024 and 2023, the components of interest expense related to the SMBC Revolving Credit Facility were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year Ended December 31, |
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
Borrowing interest expense |
|
$ |
8,449 |
|
|
$ |
2,656 |
|
|
$ |
1 |
|
Unused facility fee |
|
|
1,265 |
|
|
|
148 |
|
|
|
2 |
|
Amortization of deferred financing costs and upfront commitment fees |
|
|
811 |
|
|
|
258 |
|
|
|
1 |
|
Total interest and debt financing expenses |
|
$ |
10,525 |
|
|
$ |
3,062 |
|
|
$ |
4 |
|
|
| Series 2025 Senior Notes | Tranche A |
|
| Debt Instrument [Line Items] |
|
| Schedule of Components of Carrying Value |
As of December 31, 2025, 2024 and 2023, the components of the carrying value of the Tranche A Notes were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year Ended December 31, |
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
Principal amount of debt |
|
$ |
110,000 |
|
|
$ |
— |
|
|
$ |
— |
|
Unamortized debt financing cost |
|
|
(1,151 |
) |
|
|
— |
|
|
|
— |
|
Effective interest rate swap hedge |
|
|
255 |
|
|
|
— |
|
|
|
— |
|
Carrying value of Series 2025 Senior Notes, Tranche A |
|
$ |
109,104 |
|
|
$ |
— |
|
|
$ |
— |
|
|
| Schedule of Components of Interest Expense |
For the years ended December 31, 2025, 2024 and 2023, the components of interest expense related to the Tranche A Notes were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year Ended December 31, |
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
Borrowing interest expense |
|
$ |
687 |
|
|
$ |
— |
|
|
$ |
— |
|
Amortization of deferred financing costs and upfront commitment fees |
|
|
40 |
|
|
|
— |
|
|
|
— |
|
Interest Rate Swaps |
|
|
59 |
|
|
|
— |
|
|
|
— |
|
Hedged Items |
|
|
26 |
|
|
|
— |
|
|
|
— |
|
Total interest and debt financing expenses |
|
$ |
812 |
|
|
$ |
— |
|
|
$ |
— |
|
|
| Series 2025 Senior Notes | Tranche B |
|
| Debt Instrument [Line Items] |
|
| Schedule of Components of Carrying Value |
As of December 31, 2025, 2024 and 2023, the components of the carrying value of the Tranche B Notes were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year Ended December 31, |
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
Principal amount of debt |
|
$ |
165,000 |
|
|
$ |
— |
|
|
$ |
— |
|
Unamortized debt financing cost |
|
|
(1,750 |
) |
|
|
— |
|
|
|
— |
|
Effective interest rate swap hedge |
|
|
255 |
|
|
|
— |
|
|
|
— |
|
Carrying value of Series 2025 Senior Notes, Tranche B |
|
$ |
163,505 |
|
|
$ |
— |
|
|
$ |
— |
|
|
| Schedule of Components of Interest Expense |
For the years ended December 31, 2025, 2024 and 2023, the components of interest expense related to the Tranche B Notes were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year Ended December 31, |
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
Borrowing interest expense |
|
$ |
1,089 |
|
|
$ |
— |
|
|
$ |
— |
|
Amortization of deferred financing costs and upfront commitment fees |
|
|
36 |
|
|
|
— |
|
|
|
— |
|
Interest Rate Swaps |
|
|
77 |
|
|
|
— |
|
|
|
— |
|
Hedged Items |
|
|
36 |
|
|
|
— |
|
|
|
— |
|
Total interest and debt financing expenses |
|
$ |
1,238 |
|
|
$ |
— |
|
|
$ |
— |
|
|