| Schedule of Outstanding Debt Obligations |
The Company’s outstanding debt obligations as of December 31, 2025 and December 31, 2024 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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Maturity Date |
SPV I facility |
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$ |
550,000 |
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$ |
474,000 |
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$ |
466,964 |
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$ |
76,000 |
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10/30/2030 |
SPV II facility |
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795,000 |
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727,000 |
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716,705 |
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68,000 |
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9/18/2030 |
Collateralized loan obligations |
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390,000 |
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390,000 |
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387,006 |
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— |
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10/15/2035 |
Revolving credit facility |
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670,000 |
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160,000 |
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154,792 |
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510,000 |
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11/19/2029 |
2030 Notes |
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500,000 |
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500,000 |
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497,343 |
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— |
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5/31/2030 |
2031 Notes |
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400,000 |
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400,000 |
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388,406 |
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— |
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2/5/2031 |
Series A Notes |
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69,000 |
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69,000 |
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68,464 |
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— |
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8/7/2027 |
Series B Notes |
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75,000 |
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75,000 |
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74,417 |
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— |
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8/7/2027 |
Series C Notes |
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116,000 |
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116,000 |
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114,782 |
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— |
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8/7/2029 |
Series D Notes |
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75,000 |
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75,000 |
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74,213 |
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— |
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8/7/2029 |
Series E Notes |
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50,000 |
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50,000 |
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49,539 |
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— |
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5/20/2028 |
Series F Notes |
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165,000 |
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165,000 |
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166,513 |
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— |
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5/20/2030 |
Series G Notes |
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50,000 |
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50,000 |
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49,461 |
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— |
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5/20/2030 |
Total |
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$ |
3,905,000 |
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$ |
3,251,000 |
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$ |
3,208,605 |
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$ |
654,000 |
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December 31, 2024 |
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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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Maturity Date |
SPV I facility |
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$ |
550,000 |
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$ |
503,000 |
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$ |
496,667 |
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$ |
47,000 |
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4/8/2029 |
SPV II facility |
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595,000 |
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537,000 |
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531,322 |
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58,000 |
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8/15/2028 |
Collateralized loan obligations |
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390,000 |
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390,000 |
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386,697 |
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— |
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10/15/2035 |
Revolving credit facility |
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450,000 |
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150,000 |
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144,890 |
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300,000 |
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11/19/2029 |
Loan repurchase obligations |
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52,043 |
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52,043 |
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52,043 |
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— |
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2/21/2025 |
Series A Notes |
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69,000 |
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69,000 |
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68,128 |
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— |
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8/7/2027 |
Series B Notes |
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75,000 |
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75,000 |
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74,052 |
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— |
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8/7/2027 |
Series C Notes |
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116,000 |
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116,000 |
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114,444 |
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— |
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8/7/2029 |
Series D Notes |
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75,000 |
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75,000 |
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73,994 |
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— |
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8/7/2029 |
Series E Notes |
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50,000 |
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50,000 |
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49,356 |
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— |
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5/20/2028 |
Series F Notes |
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165,000 |
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165,000 |
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161,978 |
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— |
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5/20/2030 |
Series G Notes |
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50,000 |
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50,000 |
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49,344 |
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— |
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5/20/2030 |
Total |
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$ |
2,637,043 |
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$ |
2,232,043 |
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$ |
2,202,915 |
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$ |
405,000 |
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(1)Carrying value is equal to outstanding principal amount net of unamortized financing costs, amortized original issue discount, and the fair value of any interest rate swap designated as a fair value hedge. (2)The unused portion is the amount upon which commitment fees are based, if any.
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| Schedule of Components of Interest Expense |
The components of interest expense for the years ended December 31, 2025, 2024 and 2023 were as follows:
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For the Year Ended December 31, 2025 |
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For the Year Ended December 31, 2024 |
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For the Year Ended December 31, 2023 |
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Stated interest expense |
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$ |
187,553 |
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$ |
141,050 |
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$ |
62,243 |
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Unused/undrawn fees |
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1,008 |
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711 |
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624 |
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Administration fees |
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1,434 |
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1,392 |
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1,222 |
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Interest rate swap |
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2,875 |
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— |
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— |
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Accretion of original issue discount |
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807 |
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— |
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— |
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Amortization of deferred financing costs |
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7,418 |
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4,650 |
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2,117 |
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Total interest expense |
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$ |
201,095 |
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$ |
147,803 |
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$ |
66,206 |
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Average borrowings |
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$ |
2,776,963 |
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$ |
1,774,784 |
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$ |
804,401 |
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Weighted average interest rate (1) |
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6.97 |
% |
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8.07 |
% |
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7.97 |
% |
Amortization of financing costs |
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0.27 |
% |
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0.26 |
% |
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0.26 |
% |
Total borrowing costs |
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7.24 |
% |
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8.33 |
% |
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8.23 |
% |
(1)Calculated as the amount of the sum of stated interest expense, unused/undrawn fees, and administration fees all divided by the average borrowings during the reporting period. This number represents an annualized amount.
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