Borrowings (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
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| Debt Instruments [Abstract] |
|
| Summary of Debt Obligations |
The Company’s outstanding debt obligations were as follows:
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December 31, 2025 |
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Aggregate
Principal
Committed |
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|
Outstanding
Principal |
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|
Carrying
Value (1) |
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|
Unused
Portion (2) |
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|
Amount Available (3) |
|
Morgan Stanley Facility |
|
$ |
1,000,000 |
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|
$ |
910,419 |
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|
$ |
910,419 |
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|
$ |
89,581 |
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|
$ |
14,286 |
|
Revolving Credit Facility |
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|
500,000 |
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40,000 |
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40,000 |
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460,000 |
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|
200,061 |
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Total |
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$ |
1,500,000 |
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|
$ |
950,419 |
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|
$ |
950,419 |
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|
$ |
549,581 |
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|
$ |
214,347 |
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December 31, 2024 |
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|
Aggregate
Principal
Committed |
|
|
Outstanding
Principal |
|
|
Carrying
Value (1) |
|
|
Unused
Portion (2) |
|
|
Amount Available (3) |
|
Morgan Stanley Facility |
|
$ |
500,000 |
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|
$ |
110,194 |
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|
$ |
110,194 |
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|
$ |
389,806 |
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$ |
359,804 |
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Total |
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$ |
500,000 |
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|
$ |
110,194 |
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|
$ |
110,194 |
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|
$ |
389,806 |
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|
$ |
359,804 |
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(1)The carrying value of the Company’s debt obligations is used as an approximate to fair value. The fair value of these debt obligations would be categorized as Level 3 under the ASC 820 fair value level hierarchy as of December 31, 2025 and December 31, 2024. Carrying values do not include impact of deferred financing costs. (2)The unused portion is the amount upon which commitment fees, if any, are based. (3)The amount available reflects any limitations related to the respective facility’s borrowing base.
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| Schedule of Company's outstanding foreign-denominated debt obligations |
The Company’s outstanding foreign-denominated debt obligations were as follows:
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December 31, 2025 |
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Original Principal Amount (Local) |
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Original Principal Amount (USD) |
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Outstanding Principal |
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Unrealized Gain (Loss) |
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Canadian Dollar |
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|
26,756 |
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|
$ |
18,647 |
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$ |
19,496 |
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|
$ |
(848 |
) |
European Euro |
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|
4,688 |
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|
4,998 |
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|
5,507 |
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|
(509 |
) |
Great British Pound |
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|
4,020 |
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|
5,156 |
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|
5,417 |
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(261 |
) |
Total |
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$ |
28,801 |
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$ |
30,420 |
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|
$ |
(1,618 |
) |
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December 31, 2024 |
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|
Original Principal Amount (Local) |
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|
Original Principal Amount (USD) |
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Outstanding Principal |
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Unrealized Gain (Loss) |
|
Canadian Dollar |
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|
18,000 |
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|
$ |
12,541 |
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|
$ |
12,514 |
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$ |
27 |
|
European Euro |
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|
5,000 |
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|
|
5,222 |
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|
5,177 |
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|
45 |
|
Great British Pound |
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|
2,000 |
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|
|
2,520 |
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|
|
2,503 |
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|
17 |
|
Total |
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|
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|
$ |
20,283 |
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|
$ |
20,194 |
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|
$ |
89 |
|
|
| Summary of Components of Interest Expense |
The components of interest and debt expenses were as follows:
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Year Ended December 31, |
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2025 |
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|
2024 |
|
Stated interest expense |
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$ |
34,289 |
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|
$ |
174 |
|
Facility unused fees |
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|
766 |
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|
187 |
|
Amortization of deferred financing costs |
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|
1,168 |
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|
|
98 |
|
Total interest and debt expenses |
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$ |
36,223 |
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|
$ |
459 |
|
Cash paid for interest expense |
|
$ |
32,593 |
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|
$ |
— |
|
MS Facility weighted average interest rate |
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|
5.98 |
% |
|
|
6.37 |
% |
MS Facility average debt outstanding |
|
$ |
564,811 |
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|
$ |
17,224 |
|
Revolving Credit Facility weighted average interest rate |
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|
6.03 |
% |
|
|
— |
|
Revolving Credit Facility average debt outstanding |
|
$ |
1,315 |
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|
$ |
— |
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Interest expense for the year ended December 31, 2025 was driven by approximately $566,126 of average borrowings outstanding (at an average effective interest rate, of 5.98%) related to borrowings for investments and expenses.
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