Borrowings (Tables)

3 Months Ended

Mar. 31, 2026

The following table shows the Company’s outstanding debt as of March 31, 2026 and December 31, 2025:


Liability (in thousands)	March 31, 2026						December 31, 2025
	Total Commitment		Balance Outstanding		Unused Commitment		Total Commitment		Balance Outstanding		Unused Commitment
Revolving Credit Facility	$	300,000	$	197,000	$	103,000	$	300,000	$	95,000	$	205,000

2026 Notes	—		—		—		200,000		200,000		—
2027 Notes	125,000		125,000		—		125,000		125,000		—
8.11% 2028 Notes	50,000		50,000		—		50,000		50,000		—
7.50% 2028 Notes	75,000		75,000		—		—		—		—
Total before deferred financing and issuance costs	550,000		447,000		103,000		675,000		470,000		205,000
Unamortized deferred financing and issuance costs	—		(5,124)		—		—		(5,563)		—
Total borrowings outstanding, net of deferred financing and issuance costs	$	550,000	$	441,876	$	103,000	$	675,000	$	464,437	$	205,000

Schedule of Interest Expense and Amortization of Fees

Interest expense on these borrowings includes the interest cost charged on borrowings, the unused fee on the Credit Facility (as defined below), paying and administrative agent fees, and the amortization of deferred Credit Facility fees and expenses and costs and fees relating to the Company’s unsecured notes outstanding. These expenses are shown in the table below:


Interest Expense and Amortization of Fees (in thousands)	For the Three Months Ended March 31,
	2026		2025
Revolving Credit Facility
Interest cost	$	2,167	$	98
Unused fee	210		369
Amortization of costs and other fees	570		628
Revolving Credit Facility Total	$	2,947	$	1,095

2025 Notes
Interest cost	$	—	$	674
Amortization of costs and other fees	—		52
2025 Notes Total	$	—	$	726

2026 Notes
Interest cost	$	1,500	$	2,250
Amortization of costs and other fees	75		111
2026 Notes Total	$	1,575	$	2,361

2027 Notes
Interest cost	$	1,562	$	1,562
Amortization of costs and other fees	72		70
2027 Notes Total	$	1,634	$	1,632

8.11% 2028 Notes
Interest cost	$	1,139	$	529
Amortization of costs and other fees	61		29
8.11% 2028 Notes Total	$	1,200	$	558

7.50% 2028 Notes
Interest cost	500		—
Amortization of costs and other fees	5		—
7.50% 2028 Notes Total	$	505	$	—

Total interest expense and amortization of fees	$	7,861	$	6,372

Schedule of Fair Value, Liabilities Measured on Recurring Basis

The following table shows additional information about the level in the fair value hierarchy of the Company’s liabilities as of March 31, 2026 and December 31, 2025:


Liability (in thousands)	March 31, 2026								December 31, 2025
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Revolving Credit Facility	$	—	$	—	$	197,000	$	197,000	$	—	$	—	$	95,000	$	95,000

2026 Notes, net(1)	—		—		—		—		—		—		202,017		202,017
2027 Notes, net(2)	—		—		122,716		122,716		—		—		123,832		123,832
8.11% 2028 Notes, net(3)	—		—		50,626		50,626		—		—		51,964		51,964
7.50% 2028 Notes, net(4)	—		—		75,291		75,291		—		—		—		—
Total	$	—	$	—	$	445,633	$	445,633	$	—	$	—	$	472,813	$	472,813

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(1)Net of debt issuance costs as of March 31, 2026 and December 31, 2025 of $0.0 million and $0.1 million, respectively.

(2)Net of debt issuance costs as of March 31, 2026 and December 31, 2025 of $0.3 million and $0.3 million, respectively.

(3)Net of debt issuance costs as of March 31, 2026 and December 31, 2025 of $0.5 million and $0.5 million, respectively.

(4)Net of debt issuance costs as of March 31, 2026 of $0.1 million.