v3.26.1
Debt
 3 Months Ended
Mar. 31, 2026
Debt [Abstract]  
Debt

Note 6. Debt

As of March 31, 2026, the Company has a senior secured revolving credit facility (the “Subscription Credit Facility”), that has a total commitment of $10,000 and a maturity date of February 19, 2027. The Subscription Credit Facility permits the Company to borrow up to $10,000, subject to availability under the borrowing base which is calculated based on the unused capital commitments of the investors meeting various eligibility requirements. Under the terms of the Subscription Credit Facility, the Company has the ability to reduce the total commitment. Once reduced, the total commitment may not be increased. As of March 31, 2026, the interest rate on the Subscription Credit Facility is equal to SOFR plus an applicable spread of 2.25% with no floor. The Company is also required to pay a commitment fee of 0.25% per annum on any unused portion of the Subscription Credit Facility.

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

 

 

 

March 31, 2026

 

 

 

Aggregate
Principal
Committed

 

 

Outstanding
Principal

 

 

Amount
Available(1)

 

Subscription Credit Facility

 

$

10,000

 

 

$

-

 

 

$

10,000

 

Total debt

 

$

10,000

 

 

$

-

 

 

$

10,000

 

 

 

 

December 31, 2025

 

 

 

Aggregate
Principal
Committed

 

 

Outstanding
Principal

 

 

Amount
Available(1)

 

Subscription Credit Facility

 

$

25,000

 

 

$

-

 

 

$

25,000

 

Total debt

 

$

25,000

 

 

$

-

 

 

$

25,000

 

 

(1)
The amounts available under the Company’s credit facility reflect any limitations related to the Subscription Credit Facility’s borrowing base as of March 31, 2026 and December 31, 2025, respectively.

 

As of March 31, 2026, the Company did not have any amounts outstanding under the Subscription Credit Facility. As of March 31, 2025, the Company had $2,500 outstanding under the Subscription Credit Facility at a weighted average interest rate of 6.63%. The Company does not routinely use leverage, and there are many days when there are no borrowings outstanding under its Subscription Credit Facility.