| Schedule of Outstanding Borrowings |
The following tables present the Company’s outstanding borrowings as of March 31, 2026 and December 31, 2025: | | | | | | | | | | | | | | | | | | | March 31, 2026 | | Total Principal Amount Committed | | Principal Amount Outstanding | | Carrying Value | JPM Credit Facility (1) | $ | 1,030,000 | | $ | 756,146 | | $ | 756,146 | BNP Credit Facility (1) | 500,000 | | 316,500 | | 316,500 | 2024A Senior Notes (2) | 300,000 | | 300,000 | | 300,264 | CIBC Credit Facility (1) | 250,000 | | 96,000 | | 96,000 | Total Debt | $ | 2,080,000 | | $ | 1,468,646 | | $ | 1,468,910 |
| | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | | | Total Principal Amount Committed | | Principal Amount Outstanding | | Carrying Value | | | JPM Credit Facility (1) | $ | 1,030,000 | | $ | 776,146 | | $ | 776,146 | | | BNP Credit Facility (1) | 500,000 | | 261,500 | | 261,500 | | | 2024A Senior Notes (2) | 300,000 | | 300,000 | | 308,210 | | | CIBC Credit Facility (1) | 250,000 | | 96,000 | | 96,000 | | | Total Debt | $ | 2,080,000 | | $ | 1,433,646 | | $ | 1,441,856 | | |
(1)Carrying value of these debt obligations generally approximate fair value due to their variable interest rates. (2)Carrying value represents aggregate principal amount outstanding less unamortized debt issuance costs. As of March 31, 2026, carrying value is also inclusive of an incremental adjustment of $2.5 million in the carrying value of the 2024A Senior Notes resulting from a hedge accounting relationship. As of March 31, 2026 and December 31, 2025, the components of the carrying value of the 2024A Notes and the stated interest rates were as follows:
| | | | | | | | | | | | | As of | | March 31, 2026 | | December 31, 2025 | Principal amount of debt | $ | 300,000 | | | $ | 300,000 | | Debt issuance costs | (2,186) | | | (2,366) | | Fair value of an effective hedge | 2,450 | | | 10,576 | | Carrying value of debt | $ | 300,264 | | | $ | 308,210 | |
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| Schedule of Contractual Maturities of Debt Obligations |
A summary of contractual maturities of our debt obligations was as follows as of March 31, 2026:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Payments Due by Period | | Total | | Less than 1 year | | 1-3 years | | 3-5 years | | More than 5 years | JPM Credit Facility | $ | 756,146 | | | $ | — | | | $ | — | | | $ | 756,146 | | | $ | — | | BNP Credit Facility | 316,500 | | | — | | | 316,500 | | | — | | | — | | 2024A Senior Notes | 300,000 | | | — | | | 300,000 | | | — | | — | | CIBC Credit Facility | 96,000 | | | — | | | — | | | 96,000 | | — | | Total Debt Obligations | $ | 1,468,646 | | | $ | — | | | $ | 616,500 | | | $ | 852,146 | | | $ | — | |
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| Schedule of Credit Facility Components of Interest Expense |
For the three months ended March 31, 2026 and March 31, 2025, the components of interest expense related to the JPM Credit Facility were as follows: | | | | | | | | | | | | | | | | | For the Three Months Ended | | | | March 31, 2026 | | March 31, 2025 | | | | | Borrowing interest expense | $ | 10,565 | | | $ | 6,104 | | | | | | Unused facility fee | 259 | | | 408 | | | | | | Amortization of deferred financing costs | 623 | | | 381 | | | | | | Total interest and debt financing expense | $ | 11,447 | | | $ | 6,893 | | | | | |
For the three months ended March 31, 2026 and March 31, 2025, the components of interest expense related to the BNP Credit Facility were as follows: | | | | | | | | | | | | | | | | | For the Three Months Ended | | | | March 31, 2026 | | March 31, 2025 | | | | | Borrowing interest expense | $ | 3,628 | | | $ | 4,238 | | | | | | Unused facility fee | 354 | | | 150 | | | | | | Amortization of deferred financing costs | 356 | | | 104 | | | | | | Total interest and debt financing expense | $ | 4,338 | | | $ | 4,492 | | | | | |
For the three months ended March 31, 2026 and March 31, 2025, the components of interest expense related to the 2024A Notes were as follows: | | | | | | | | | | | | | | | | | For the Three Months Ended | | | | March 31, 2026 | | March 31, 2025 | | | | | Borrowing interest expense | $ | 5,532 | | | $ | 6,297 | | | | | | | | | | | | | | Amortization of debt issuance costs | 180 | | | 179 | | | | | | | | | | | | | | Total interest and debt financing expense | $ | 5,712 | | | $ | 6,476 | | | | | |
For the three months ended March 31, 2026 and March 31, 2025, the components of interest expense related to the CIBC Credit Facility were as follows: | | | | | | | | | | | | | | | | | For the Three Months Ended | | | | March 31, 2026 | | March 31, 2025 | | | | | Borrowing interest expense | $ | 1,328 | | | $ | 11 | | | | | | Unused facility fee | 274 | | | — | | | | | | Amortization of deferred financing costs | 95 | | | 94 | | | | | | Total interest and debt financing expense | $ | 1,697 | | | $ | 105 | | | | | |
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