| Schedule of Secured Notes and Subordinated Notes |
The following table presents information on the secured notes and subordinated notes issued in the DPC CLO 1 Debt Securitization:
|
|
|
|
|
|
|
Description |
Type |
Principal Outstanding Balance |
|
Interest Rate |
Credit Rating |
CLO 1 Class A-1 Notes |
Senior Secured Floating Rate |
$ |
232,000 |
|
Term SOFR + 1.49% |
AAA(sf) |
CLO 1 Class A-2 Notes |
Senior Secured Floating Rate |
|
16,000 |
|
Term SOFR + 1.70% |
AAA(sf) |
CLO 1 Class B Notes |
Senior Secured Floating Rate |
|
24,000 |
|
Term SOFR + 1.85% |
AA(sf) |
Total Secured Notes |
|
|
272,000 |
|
|
|
Subordinated Notes (1) |
Subordinated |
|
127,900 |
|
None |
Not Rated |
Total CLO 1 Secured Notes |
|
$ |
399,900 |
|
|
|
(1)The Company retained 100% of the CLO 1 Subordinated Notes issued in the DPC CLO 1 Debt Securitization, which are eliminated in consolidation.
|
| Schedule of Assets and Liabilities |
The following presents the assets and liabilities of the CLO 1 Issuer, after giving effect to the elimination of intercompany balances. The assets of the CLO 1 Issuer are restricted to be used to settle the obligations of the CLO 1 Issuer. The liabilities of the CLO 1 Issuer are only the obligations of the CLO 1 Issuer and the creditors (or beneficial interest holders) do not have recourse to the Company.
|
|
|
|
|
|
|
March 31, 2026 |
|
Assets |
|
|
|
Investments at fair value |
|
$ |
389,268 |
|
Cash and cash equivalents (restricted cash of $10,476) |
|
|
10,476 |
|
Interest receivable |
|
|
361 |
|
Total assets |
|
$ |
400,105 |
|
|
|
|
|
Liabilities |
|
|
|
Debt Securitizations (net of debt issuance costs of $2,360) |
|
$ |
269,640 |
|
Interest payable |
|
|
93 |
|
Total liabilities |
|
$ |
269,733 |
|
|
| Schedule of Repurchase Agreements |
As of March 31, 2026 and December 31, 2025, the Company had outstanding Repurchase Obligations of $64,363 and $127,369, respectively. Interest expense under these Repurchase Obligations is calculated as the product of (i) the difference in days between the trade date and the settlement date, which will occur on or prior to the 90th calendar day following the trade date, of the respective Macquarie Transaction and (ii) the interest rates listed in the table below, as stipulated in the respective repurchase agreements. The following table summarized the Company's repurchase agreements as of March 31, 2026:
|
|
|
|
|
|
|
|
|
Issuer |
|
Investment |
|
Trade Date |
|
Interest Rate |
|
Purflux Holding S.À R.L. |
|
Term Loan |
|
1/30/2026 |
|
|
0.00013636 |
|
VCI Asset Holdings 1 LLC |
|
Term Loan |
|
2/27/2026 |
|
|
0.00018130 |
|
The following table summarized the Company's repurchase agreements as of December 31, 2025:
|
|
|
|
|
|
|
|
|
Issuer |
|
Investment |
|
Trade Date |
|
Interest Rate |
|
Intrum Investments and Financing AB (PUBL) |
|
Revolver |
|
10/9/2025 |
|
|
0.00013641 |
|
Purflux Holding S.À R.L. |
|
Term Loan |
|
11/3/2025 |
|
|
0.00013742 |
|
VCI Asset Holdings 1 LLC |
|
Term Loan |
|
12/1/2025 |
|
|
0.00018459 |
|
Twitter, Inc. |
|
Term Loan |
|
12/12/2025 |
|
|
0.00018283 |
|
Twitter, Inc. |
|
Term Loan |
|
12/22/2025 |
|
|
0.00018178 |
|
|
| Schedule of Outstanding Debt Obligations |
The Company’s outstanding debt obligations were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2026 |
|
|
|
Aggregate Principal Committed |
|
|
Outstanding
Principal |
|
|
Carrying
Value |
|
|
Unused
Portion (1) |
|
|
Amount
Available (2) |
|
Citi Revolving Credit Facility |
|
$ |
650,000 |
|
|
$ |
552,555 |
|
|
$ |
552,555 |
|
|
$ |
97,445 |
|
|
$ |
52,538 |
|
MS Revolving Credit Facility |
|
|
500,000 |
|
|
|
264,300 |
|
|
|
264,300 |
|
|
|
235,700 |
|
|
|
28,036 |
|
Barclays Revolving Credit Facility |
|
|
400,000 |
|
|
|
282,600 |
|
|
|
282,600 |
|
|
|
117,400 |
|
|
|
74,263 |
|
CLO 1 Secured Notes |
|
|
272,000 |
|
|
|
272,000 |
|
|
|
272,000 |
|
|
|
— |
|
|
|
— |
|
Repurchase Obligations |
|
|
64,363 |
|
|
|
64,363 |
|
|
|
64,363 |
|
|
|
— |
|
|
|
— |
|
Total |
|
$ |
1,886,363 |
|
|
$ |
1,435,818 |
|
|
$ |
1,435,818 |
|
|
$ |
450,545 |
|
|
$ |
154,837 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
|
Aggregate Principal Committed |
|
|
Outstanding
Principal |
|
|
Carrying
Value |
|
|
Unused
Portion (1) |
|
|
Amount
Available (2) |
|
Citi Revolving Credit Facility |
|
$ |
650,000 |
|
|
$ |
567,732 |
|
|
$ |
567,732 |
|
|
$ |
82,268 |
|
|
$ |
45,371 |
|
MS Revolving Credit Facility |
|
|
500,000 |
|
|
|
458,700 |
|
|
|
458,700 |
|
|
|
41,300 |
|
|
|
33,904 |
|
Barclays Revolving Credit Facility |
|
|
350,000 |
|
|
|
250,000 |
|
|
|
250,000 |
|
|
|
100,000 |
|
|
|
65,412 |
|
Repurchase Obligations |
|
|
127,369 |
|
|
|
127,369 |
|
|
|
127,369 |
|
|
|
— |
|
|
|
— |
|
Total |
|
$ |
1,627,369 |
|
|
$ |
1,403,801 |
|
|
$ |
1,403,801 |
|
|
$ |
223,568 |
|
|
$ |
144,687 |
|
(1)The unused portion is the amount upon which commitment fees, if any, are based. (2)The amount available reflects any limitations related to each respective credit facility's borrowing base.
|
| Components of Interest Expense |
The components of interest expense were as follows:
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
|
|
|
2026 |
|
2025 |
|
Borrowing interest expense |
|
$ |
20,764 |
|
$ |
12,720 |
|
Facility commitment fees |
|
|
175 |
|
|
207 |
|
Amortization of financing costs |
|
|
691 |
|
|
440 |
|
Total interest expense |
|
$ |
21,630 |
|
$ |
13,367 |
|
Cash paid for interest expense |
|
$ |
22,941 |
|
$ |
11,467 |
|
|