v3.26.1
Borrowings (Tables)
3 Months Ended
Mar. 31, 2026
Debt Instruments [Abstract]  
Summary of Debt Obligations

Debt obligations consisted of the following as of March 31, 2026 and December 31, 2025:

 

 

 

March 31, 2026

 

 

December 31, 2025

 

 

 

Total Borrowing Capacity

 

 

Principal Outstanding

 

 

Total Borrowing Capacity

 

 

Principal Outstanding

 

 SMBC Facility

 

$

300,000,000

 

 

$

214,000,000

 

 

$

300,000,000

 

 

$

219,000,000

 

 OUSH Loan

 

 

20,000,000

 

 

 

 

 

 

 

 

 

 

 Revolving OCF II Loan

 

 

 

 

 

 

 

 

80,000,000

 

 

 

 

 

 

$

320,000,000

 

 

$

214,000,000

 

 

$

380,000,000

 

 

$

219,000,000

 

Schedule of Components of Interest Expense

For the three months ended March 31, 2026 and 2025, the components of interest expense were as follows:

 

 

 

Three Months Ended March 31,

 

 

 

 

2026

 

 

2025

 

 

 Interest expense

 

$

3,228,174

 

 

$

4,183,708

 

 

 Amortization of deferred financing costs

 

 

131,476

 

 

 

131,476

 

 

 Total interest and credit facility expense

 

$

3,359,650

 

 

$

4,315,184

 

 

 Average debt outstanding

 

$

211,021,978

 

 

$

255,846,154

 

 

 Weighted average interest rate

 

 

5.8

%

 

 

6.5

%