v3.26.1
Borrowings (Tables)
 12 Months Ended
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Outstanding Borrowings
The following table presents the Company's outstanding borrowings as of December 31, 2025 (amounts in thousands):
Aggregated
Principal
Committed		Outstanding
Principal
Unused
Portion (1)
Carrying Value (2)
Maturity Date
Credit Facility$575,000 $495,100 $79,900 $495,100 11/8/2029
Subscription Line70,996 36,090 34,906 36,090 11/6/2026
Total$645,996 $531,190 $114,806 $531,190 
(1)The unused portion is the amount upon which commitment fees are based, if any.
(2)The carrying value is gross of any deferred financing costs.
The following table presents the Company's outstanding borrowings as of December 31, 2024 (amounts in thousands):
Aggregated
Principal
Committed		Outstanding
Principal
Unused
Portion (1)
Carrying Value (2)
Maturity Date
Credit Facility
$300,000 $214,766 $85,234 $214,766 11/8/2029
Subscription Line90,000 27,980 62,020 27,980 11/7/2025
Participation Agreements11,641 11,641 — 11,641 2/6/2025
Total$401,641 $254,387 $147,254 $254,387 
(1)The unused portion is the amount upon which commitment fees are based, if any.
(2)The carrying value is gross of any deferred financing costs.
Schedule of Components of Interest Expense Related to Credit Facilities
For the years ended December 31, 2025 and December 31, 2024, the components of interest expense related to the Ally Bank A&R Credit Facility were as follows (amounts in thousands):
For the year ended December 31,
20252024
Borrowing interest expense
$23,555 $1,825 
Unused facility fee
593 107 
Amortization of deferred financing costs
1,428 160 
Total interest and debt financing expense
$25,576 $2,092 
Average borrowings
357,139 175,338 
Weighted average interest rate
6.60 %7.05 %
For the years ended December 31, 2025 and December 31, 2024, the components of interest expense related to the City National Bank Subscription Facility were as follows (amounts in thousands):
For the year ended December 31,
20252024
Borrowing interest expense$4,261 $876 
Unused facility fee99 10 
Amortization of deferred financing costs729 115 
Total interest and debt financing expense$5,089 $1,001 
Average borrowings61,753 71,436 
Weighted average interest rate6.90 %8.31 %
The components of interest expense related to Macquarie for the years ended to December 31, 2025 and December 31, 2024 were as follows (amounts in thousands):
For the year ended December 31,
20252024
Borrowing interest expense$98 $620 
Unused facility fee— — 
Amortization of deferred financing costs— — 
Total interest and debt financing expense$98 $620 
Average borrowings— 36,850 
Weighted average interest rate— %8.64 %
Schedule of Senior Securities
Information about the Company's senior securities (including debt securities and other indebtedness) is shown in the following table as of the end of each of the last two fiscal years. The “-” indicates information that the SEC expressly does not require to be disclosed for certain types of senior securities.
Class and YearTotal Amount Outstanding (1)Asset Coverage Per Unit (2) Involuntary Liquidating Preference Per Unit (3)  Average Market Value Per Unit (4)
Credit Facility
Fiscal Year 2025$495,100 $1,730 $— N/A
Fiscal Year 2024$214,766 $1,926 $— N/A
Subscription Line
Fiscal Year 2025$36,090 $1,730 $— N/A
Fiscal Year 2024$27,980 $1,926 $— N/A
Participation Agreements
Fiscal Year 2025N/AN/A$— N/A
Fiscal Year 2024$11,641 $1,926 $— N/A
(1)Total amount of each class of senior securities outstanding at principal value at the end of the period presented.
(2)Asset coverage per unit is the ratio of the principal balance of the Company’s total consolidated assets, less all liabilities and indebtedness not represented by senior securities, divided by the aggregate amount of senior securities representing indebtedness. This asset coverage ratio is multiplied by $1,000 to determine the “Asset Coverage Per Unit”.
(3)The amount to which such class of senior security would be entitled upon our involuntary liquidation in preference to any security junior to it.
(4)Not applicable because senior securities are not registered for public trading on a stock exchange.