Borrowings (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Debt Instrument [Line Items] |
|
| Schedule of Outstanding Debt Obligations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Rate
as of |
|
Interest Rate
as of |
|
|
|
|
|
|
|
|
Maturity Date |
|
December 31, 2025 |
|
December 31, 2024 |
|
December 31, 2025 |
|
|
December 31, 2024 |
|
Lines of Credit: |
|
|
|
|
|
|
|
|
|
|
|
|
MassMutual SPV I Facility |
|
March 31, 2033 |
|
7.00% |
|
7.66% |
|
$ |
187,500 |
|
|
$ |
204,500 |
|
BMO SPV II Credit Facility |
|
May 1, 2030 |
|
6.19% |
|
6.84% |
|
|
61,670 |
|
|
|
97,671 |
|
Wells Fargo SPV III Credit Facility |
|
February 27, 2030 |
|
5.81% |
|
6.56% |
|
|
487,500 |
|
|
|
360,000 |
|
JPM SPV V Credit Facility |
|
July 25, 2030 |
|
5.65% |
|
N/A |
|
|
50,000 |
|
|
|
— |
|
(Less: Unamortized debt issuance costs) |
|
|
|
|
|
|
|
|
(12,022 |
) |
|
|
(7,466 |
) |
Total Lines of Credit |
|
|
|
|
|
|
|
$ |
774,648 |
|
|
$ |
654,705 |
|
Debt Securitizations: |
|
|
|
|
|
|
|
|
|
|
|
|
Class A 2024 Notes |
|
January 15, 2037 |
|
5.60% |
|
N/A |
|
$ |
174,000 |
|
|
$ |
— |
|
Class A 2025 Notes |
|
August 20, 2037 |
|
5.58% |
|
N/A |
|
|
174,000 |
|
|
|
— |
|
(Less: Unamortized debt issuance costs) |
|
|
|
|
|
|
|
|
(3,112 |
) |
|
|
— |
|
Total Debt Securitizations |
|
|
|
|
|
|
|
$ |
344,888 |
|
|
$ |
— |
|
Unsecured Notes: |
|
|
|
|
|
|
|
|
|
|
|
|
Tranche A Notes due 2028 (1) |
|
December 17, 2028 |
|
5.94% |
|
N/A |
|
$ |
74,962 |
|
|
$ |
— |
|
Tranche B Notes due 2029 (1) (2) |
|
March 17, 2029 |
|
5.94% |
|
N/A |
|
|
(56 |
) |
|
|
— |
|
Tranche C Notes due 2030 (1) |
|
December 17, 2030 |
|
6.32% |
|
N/A |
|
|
74,905 |
|
|
|
— |
|
Tranche D Notes due 2031 (1) (2) |
|
March 17, 2031 |
|
6.32% |
|
N/A |
|
|
(111 |
) |
|
|
— |
|
(Less: Unamortized debt issuance costs) |
|
|
|
|
|
|
|
|
(1,751 |
) |
|
|
— |
|
Total Unsecured Notes |
|
|
|
|
|
|
|
$ |
147,949 |
|
|
$ |
— |
|
(1) Inclusive of change in fair market value of effective hedge. (2) As of December 31, 2025, there was no outstanding debt.
|
| Schedule of Weighted Average Interest Rate |
|
|
|
|
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|
|
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|
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|
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|
Facility |
|
Weighted Average
Interest Rate
for the year ended
December 31, 2025 |
|
|
Weighted Average
Interest Rate
for the year ended
December 31, 2024 |
|
|
Weighted Average
Interest Rate
for the period from
April 3, 2023
(commencement of
operations) to
December 31, 2023 |
|
|
Daily Average Amount
of Outstanding Borrowings
for the year ended
December 31, 2025 |
|
|
Daily Average Amount
of Outstanding Borrowings
for the year ended
December 31, 2024 |
|
|
Daily Average Amount
of Outstanding Borrowings
for the period from
April 3, 2023
(commencement of
operations) to
December 31, 2023 |
|
MassMutual SPV I |
|
|
7.45 |
% |
|
|
8.32 |
% |
|
|
8.48 |
% |
|
$ |
188,777 |
|
|
$ |
155,765 |
|
|
$ |
78,326 |
|
BMO SPV II |
|
|
6.65 |
% |
|
|
7.67 |
% |
|
|
7.76 |
% |
|
|
94,764 |
|
|
|
99,395 |
|
|
|
89,190 |
|
Wells Fargo SPV III |
|
|
6.35 |
% |
|
|
7.59 |
% |
|
|
0.00 |
% |
|
|
426,626 |
|
|
|
160,870 |
|
|
|
— |
|
JPM SPV V |
|
|
5.88 |
% |
|
N/A |
|
|
N/A |
|
|
|
66,881 |
|
|
N/A |
|
|
N/A |
|
Class A 2024 Notes |
|
|
5.91 |
% |
|
N/A |
|
|
N/A |
|
|
|
174,000 |
|
|
N/A |
|
|
N/A |
|
Class A 2025 Notes |
|
|
5.58 |
% |
|
N/A |
|
|
N/A |
|
|
|
174,000 |
|
|
N/A |
|
|
N/A |
|
Tranche A Notes due 2028 |
|
|
5.94 |
% |
|
N/A |
|
|
N/A |
|
|
|
75,000 |
|
|
N/A |
|
|
N/A |
|
Tranche C Notes due 2030 |
|
|
6.32 |
% |
|
N/A |
|
|
N/A |
|
|
|
75,000 |
|
|
N/A |
|
|
N/A |
|
Total Borrowings |
|
|
6.67 |
% |
|
|
7.88 |
% |
|
|
8.33 |
% |
|
|
954,960 |
|
|
|
415,177 |
|
|
|
158,368 |
|
|
| Summary of the Interest Expense Incurred by The Company |
The following table provides a summary of the interest expense incurred by the Company for the noted years/period:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended |
|
|
Year Ended |
|
|
For the Period from April 3, 2023 (commencement of operations) to |
|
|
|
December 31, 2025 |
|
|
December 31, 2024 |
|
|
December 31, 2023 |
|
Coupon interest |
|
$ |
65,875 |
|
|
$ |
34,441 |
|
|
$ |
10,299 |
|
Amortization of debt issuance costs |
|
|
2,724 |
|
|
|
1,631 |
|
|
|
358 |
|
Net change in unrealized appreciation (depreciation) on effective interest rate swaps and hedged items |
|
|
16 |
|
|
|
— |
|
|
|
— |
|
Total |
|
$ |
68,615 |
|
|
$ |
36,072 |
|
|
$ |
10,657 |
|
|
| 2024-I CLO [Member] |
|
| Debt Instrument [Line Items] |
|
| Summary of the Subordinated Notes |
The debt offered in the 2024-I CLO was issued and incurred by the 2024-I Issuer and consists of (i) Class A Senior Secured Floating Rate Notes and Class B Senior Secured Floating Rate Notes (collectively, the “2024-I CLO Secured Debt”), and (ii) the subordinated notes (the “2024-I CLO Subordinated Notes” and, together with the 2024-I CLO Secured Debt, the “2024-I CLO Debt”), the terms of which are summarized in the table below:
|
|
|
|
|
|
|
|
|
Class |
|
Par Size ($) |
|
|
Ratings (S&P) |
|
Coupon |
Class A 2024 Notes |
|
$ |
174,000 |
|
|
AAA(sf) |
|
3M SOFR + 1.70% |
Class B 2024 Notes |
|
|
30,000 |
|
|
AA(sf) |
|
3M SOFR + 2.00% |
2024-I CLO Subordinated Notes |
|
|
96,360 |
|
|
N/A |
|
N/A |
|
| 2025-I CLO [Member] |
|
| Debt Instrument [Line Items] |
|
| Summary of the Subordinated Notes |
The debt offered in the 2025-I CLO was issued and incurred by the 2025-I Issuer and consists of (i) Class A Senior Secured Floating Rate Notes and Class B Senior Secured Floating Rate Notes (collectively, the “2025-I CLO Secured Debt”), and (ii) the subordinated notes (the “2025-I CLO Subordinated Notes” and, together with the 2025-I CLO Secured Debt, the “2025-I CLO Debt”), the terms of which are summarized in the table below:
|
|
|
|
|
|
|
|
|
Class |
|
Par Size ($) |
|
|
Ratings (S&P) |
|
Coupon |
Class A 2025 Notes |
|
$ |
174,000 |
|
|
AAA(sf) |
|
3M SOFR + 1.68% |
Class B 2025 Notes |
|
|
30,000 |
|
|
AA(sf) |
|
3M SOFR + 2.00% |
2025-I CLO Subordinated Notes |
|
|
94,870 |
|
|
N/A |
|
N/A |
|