| Summary of Outstanding Debt Obligations |
The Company’s outstanding debt obligations as of March 31, 2026 and December 31, 2025 were as follows:
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March 31, 2026 |
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Aggregate
Principal
Amount
Committed |
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Outstanding
Principal |
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Carrying Value |
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Amount
Available(1) |
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Credit Facility |
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$ |
250,000 |
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$ |
218,078 |
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$ |
218,078 |
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$ |
31,922 |
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ABL Credit Facility |
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400,000 |
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216,000 |
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216,000 |
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184,000 |
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Total Debt |
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$ |
650,000 |
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$ |
434,078 |
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$ |
434,078 |
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$ |
215,922 |
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(1)The amount available may be subject to limitations related to the borrowing base under the Credit Facility, the ABL Credit Facility and asset coverage requirements.
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December 31, 2025 |
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Aggregate
Principal
Amount
Committed |
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Outstanding
Principal |
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Carrying Value |
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Amount
Available(1) |
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Credit Facility |
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$ |
250,000 |
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$ |
181,968 |
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$ |
181,968 |
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$ |
68,032 |
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ABL Credit Facility |
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300,000 |
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170,000 |
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170,000 |
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130,000 |
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Total Debt |
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$ |
550,000 |
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$ |
351,968 |
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$ |
351,968 |
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$ |
198,032 |
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(1)The amount available may be subject to limitations related to the borrowing base under the Credit Facility, the ABL Credit Facility and asset coverage requirements. The following tables present the changes in deferred financing costs on our revolving Credit Facilities as of and for the three months ended March 31, 2026 and as of and for the year ended December 31, 2025:
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Three Months Ended |
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March 31, 2026 |
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Credit Facility |
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ABL Credit
Facility |
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Total |
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Deferred financing costs, beginning of period |
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$ |
1,331 |
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$ |
4,063 |
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$ |
5,394 |
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Deferred financing costs incurred during the period |
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753 |
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30 |
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783 |
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Amortization of deferred financing costs |
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(271 |
) |
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(208 |
) |
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(479 |
) |
Deferred financing costs, end of period |
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$ |
1,813 |
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$ |
3,885 |
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$ |
5,698 |
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Year Ended |
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December 31, 2025 |
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Credit Facility |
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ABL Credit
Facility |
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Total |
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Deferred financing costs, beginning of period |
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$ |
578 |
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$ |
— |
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$ |
578 |
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Deferred financing costs incurred during the period |
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1,711 |
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4,191 |
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5,902 |
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Amortization of deferred financing costs |
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(958 |
) |
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(128 |
) |
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(1,086 |
) |
Deferred financing costs, end of period |
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$ |
1,331 |
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$ |
4,063 |
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$ |
5,394 |
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| Schedule of Components of Interest Expense |
For the three months ended March 31, 2026 and March 31, 2025, the components of interest expense were as follows:
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Three Months Ended March 31, 2026 |
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Three Months Ended March 31, 2025 |
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Interest expense |
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$ |
4,471 |
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$ |
301 |
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Commitment fees |
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|
277 |
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|
80 |
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Amortization of deferred financing costs |
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|
479 |
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|
176 |
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Total Interest Expense |
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$ |
5,227 |
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$ |
557 |
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Average debt outstanding(1) |
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$ |
338,710 |
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$ |
23,383 |
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Weighted average interest rate (1)(2) |
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5.3 |
% |
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6.6 |
% |
(1)For the three months ended March 31, 2025, average debt outstanding and weighted average interest rate were computed from the initial drawdown on the Credit Facility on January 21, 2025. (2)The weighted-average interest rate is calculated as the sum of outstanding principal balances multiplied by their respective interest rates, divided by total outstanding principal.
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