v3.26.1
Financing Arrangements
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Financing Arrangements Financing Arrangements
Prior to June 14, 2019, in accordance with the 1940 Act, the Company was allowed to borrow amounts such that its asset coverage, calculated pursuant to the 1940 Act, was at least 200% after such borrowing. Effective June 15, 2019, the Company’s asset coverage requirement applicable to senior securities was reduced from 200% to 150%. As of March 31, 2026, the aggregate amount outstanding of the senior securities issued by the Company was $7,290. As of March 31, 2026, the Company’s asset coverage was 172%.
The following tables present summary information with respect to the Company’s outstanding financing arrangements as of March 31, 2026 and December 31, 2025. For additional information regarding these financing arrangements, see the notes to the Company’s audited consolidated financial statements contained in its annual report on Form 10-K for the year ended December 31, 2025. Any significant changes to the Company’s financing arrangements during the three months ended March 31, 2026 are discussed below.
As of March 31, 2026
(Unaudited)
ArrangementType of ArrangementRateAmount
Outstanding		Amount
Available		Maturity Date
Callowhill Credit Facility(2)
Revolving Credit Facility
SOFR+1.75%(1)
$326 $74 June 2, 2030
CCT Tokyo Funding Credit Facility(2)
Revolving Credit Facility
SOFR+1.90% - 2.05%(1)(3)
43 — June 2, 2026
Meadowbrook Run Credit Facility(2)
Revolving Credit Facility
SOFR+1.95%(1)
274 26 November 22, 2028
Senior Secured Revolving Credit Facility(2)
Revolving Credit Facility
SOFR+1.75% - 1.88%(1)(4)
2,154(5)
2,502(6)
July 16, 2030
2.625% Notes due 2027(7)
Unsecured Notes2.63%400 — January 15, 2027
3.250% Notes due 2027(7)
Unsecured Notes3.25%500 — July 15, 2027
3.125% Notes due 2028(7)
Unsecured Notes3.13%750 — October 12, 2028
7.875% Notes due 2029(7)
Unsecured Notes7.88%400 — January 15, 2029
6.875% Notes due 2029(7)(8)
Unsecured Notes6.88%600 — August 15, 2029
6.125% Notes due 2030(7)(8)
Unsecured Notes6.13%700 — January 15, 2030
6.125% Notes due 2031(7)(8)
Unsecured Notes6.13%400 — January 15, 2031
CLO-2 Notes(2)(9)
Collateralized Loan Obligation
2.15% - SOFR+1.48%(1)
380 — April 15, 2037
CLO-3 Notes(2)(10)
Collateralized Loan Obligation
SOFR+1.47% - 2.1%(1)
363 — January 15, 2038
Total$7,290 $2,602 
___________
(1)The benchmark rate is subject to a 0% floor.
(2)The carrying amount outstanding under the facility approximates its fair value.
(3)As of March 31, 2026, there was $29 term loan outstanding at SOFR+1.90% and $14 revolving commitment outstanding at SOFR+2.05%.
(4)The spread over the benchmark rate is determined by reference to the ratio of the value of the borrowing base to the aggregate amount of certain outstanding indebtedness of the Company. In addition to the spread over the benchmark rate, a credit spread adjustment of 0.10% and 0.0326% is applicable to borrowings in U.S. dollars and pounds sterling, respectively.
(5)Amount includes borrowing in Euros, pounds sterling and Australian dollars. Euro balance outstanding of €330 has been converted to U.S. dollars at an exchange rate of €1.00 to $1.15 as of March 31, 2026 to reflect total amount outstanding in U.S. dollars. Pounds sterling balance outstanding of £130 has been converted to U.S dollars at an exchange rate of £1.00 to $1.32 as of March 31, 2026 to reflect total amount outstanding in U.S. dollars. Australian dollar balance outstanding of AUD3 has been converted to U.S dollars at an exchange rate of AUD1.00 to $0.69 as of March 31, 2026 to reflect total amount outstanding in U.S. dollars.
(6)The amount available for borrowing under the Senior Secured Revolving Credit Facility is reduced by any standby letters of credit issued under the Senior Secured Revolving Credit Facility. As of March 31, 2026, $44 of such letters of credit have been issued.
(7)As of March 31, 2026, the fair value of the 2.625% Notes due 2027, the 3.250% Notes due 2027, the 3.125% Notes due 2028, the 7.875% Notes due 2029, the 6.875% Notes due 2029, the 6.125% Notes due 2030 and the 6.125% Notes due 2031 was approximately $388, $480, $685, $405, $609, $715 and $399, respectively. These valuations are considered Level 2 valuations within the fair value hierarchy.
(8)As of March 31, 2026, the carrying values of the 6.875% Notes due 2029, the 6.125% Notes due 2030 and the 6.125% Notes due 2031 include a $9, $15 and $(1) increase (decrease), respectively, as a result of an effective hedge accounting relationship. See Note 7 for additional information.
(9)As of March 31, 2026, there were $160.0 of Class A-1 Notes outstanding at SOFR+1.48%, $100.0 of Class A-1L Notes outstanding at SOFR+1.48%, $30.0 of Class A-1W Notes outstanding at SOFR+1.48%, $20.0 of Class A-2L Notes outstanding at SOFR+1.60%, $30.0 of Class B Notes outstanding at SOFR+1.75% and $40.0 of Class C Notes outstanding at SOFR+2.15%.
(10)As of March 31, 2026, there were $125.5 of Class A-1 Notes outstanding at SOFR+1.47%, $150.0 of Class A-1 Senior Floating Rate Loans outstanding at SOFR+1.47%, $19.0 of Class A-2 Notes outstanding at SOFR+1.65%, $35.6 of Class B Notes outstanding at SOFR+1.80% and $33.2 of Class C Notes outstanding at SOFR+2.10%.
As of December 31, 2025
ArrangementType of ArrangementRateAmount
Outstanding		Amount
Available		Maturity Date
Callowhill Credit Facility(2)
Revolving Credit Facility
SOFR+1.75%(1)
$284 $116 June 2, 2030
CCT Tokyo Funding Credit Facility(2)
Revolving Credit Facility
SOFR+1.90% - 2.05%(1)(3)
45 — June 2, 2026
Meadowbrook Run Credit Facility(2)
Revolving Credit Facility
SOFR+1.95%(1)
265 35 November 22, 2028
Senior Secured Revolving Credit Facility(2)
Revolving Credit Facility
SOFR+1.75% - 1.88%(1)(4)
1,533(5)
3,117(6)
July 16, 2030
3.400% Notes due 2026(7)
Unsecured Notes3.40%1,000 — January 15, 2026
2.625% Notes due 2027(7)
Unsecured Notes2.63%400 — January 15, 2027
3.250% Notes due 2027(7)
Unsecured Notes3.25%500 — July 15, 2027
3.125% Notes due 2028(7)
Unsecured Notes3.13%750 — October 12, 2028
7.875% Notes due 2029(7)
Unsecured Notes7.88%400 — January 15, 2029
6.875% Notes due 2029(7)(8)
Unsecured Notes6.88%600 — August 15, 2029
6.125% Notes due 2030(7)(8)
Unsecured Notes6.13%700 — January 15, 2030
6.125% Notes due 2031(7)(8)
Unsecured Notes6.13%400 — January 15, 2031
CLO-2 Notes(2)(9)
Collateralized Loan Obligation
2.15% - SOFR+1.48%(1)
380 — April 15, 2037
CLO-3 Notes(2)(10)
Collateralized Loan Obligation
SOFR+1.470% - 2.10%(1)
363 — January 15, 2038
Total$7,620 $3,268 
___________
(1)The benchmark rate is subject to a 0% floor.
(2)The carrying amount outstanding under the facility approximates its fair value.
(3)As of December 31, 2025, there was $30 term loan outstanding at SOFR+1.90% and $15 revolving commitment outstanding at SOFR+2.05%.
(4)The spread over the benchmark rate is determined by reference to the ratio of the value of the borrowing base to the aggregate amount of certain outstanding indebtedness of the Company. In addition to the spread over the benchmark rate, a credit spread adjustment of 0.10% and 0.0326% is applicable to borrowings in U.S. dollars and pounds sterling, respectively.
(5)Amount includes borrowing in Euros, pounds sterling and Australian dollars. Euro balance outstanding of €361 has been converted to U.S. dollars at an exchange rate of €1.00 to $1.17 as of December 31, 2025 to reflect total amount outstanding in U.S. dollars. Pounds sterling balance outstanding of £180 has been converted to U.S dollars at an exchange rate of £1.00 to $1.34 as of December 31, 2025 to reflect total amount outstanding in U.S. dollars. Australian dollar balance outstanding of AUD3 has been converted to U.S dollars at an exchange rate of AUD1.00 to $0.67 as of December 31, 2025 to reflect total amount outstanding in U.S. dollars.
(6)The amount available for borrowing under the Senior Secured Revolving Credit Facility is reduced by any standby letters of credit issued under the Senior Secured Revolving Credit Facility. As of December 31, 2025, $50 of such letters of credit have been issued.
(7)As of December 31, 2025, the fair value of the 3.400% Notes due 2026, the 2.625% Notes due 2027, the 3.250% Notes due 2027, the 3.125% Notes due 2028, the 7.875% Notes due 2029, the 6.875% Notes due 2029, the 6.125% Notes due 2030 and the 6.125% Notes due 2031 was approximately $1,000, $389, $483, $692, $414, $624, $732 and $403, respectively. These valuations are considered Level 2 valuations within the fair value hierarchy.
(8)As of December 31, 2025, the carrying values of the 6.875% Notes due 2029, the 6.125% Notes due 2030 and the 6.125% Notes due 2031 include a $24, $32 and $3 increase, respectively, as a result of an effective hedge accounting relationship. See Note 7 for additional information.
(9)As of December 31, 2025, there were $160.0 of Class A-1 Notes outstanding at SOFR+1.48%, $100.0 of Class A-1L Notes outstanding at SOFR+1.48%, $30.0 of Class A-1W Notes outstanding at SOFR+1.48%, $20.0 of Class A-2L Notes outstanding at SOFR+1.60%, $30.0 of Class B Notes outstanding at SOFR+1.75% and $40.0 of Class C Notes outstanding at SOFR+2.15%.
(10)As of December 31, 2025, there were $125.5 of Class A-1 Notes outstanding at SOFR+1.47%, $150.0 of Class A-1 Senior Floating Rate Loans outstanding at SOFR+1.47%, $19.0 of Class A-2 Notes outstanding at SOFR+1.65%, $35.6 of Class B Notes outstanding at SOFR+1.80% and $33.2 of Class C Notes outstanding at SOFR+2.10%.
For the three months ended March 31, 2026 and 2025, the components of total interest expense for the Company’s financing arrangements were as follows:
Three Months Ended March 31,
20262025
Arrangement(1)
Direct Interest ExpenseAmortization of Deferred Financing Costs and Discount / PremiumTotal Interest ExpenseDirect Interest ExpenseAmortization of Deferred Financing Costs and Discount / PremiumTotal Interest Expense
Ambler Credit Facility(2)
$— $— $— $3 $0 $3 
Callowhill Credit Facility(2)
4 0 4 — — — 
CCT Tokyo Funding Credit Facility(2)
1 0 1 2 0 2 
Darby Creek Credit Facility(2)
— — — 9 1 10 
Meadowbrook Run Credit Facility(2)
4 0 4 4 0 4 
Senior Secured Revolving Credit Facility(2)
33 2 35 27 1 28 
4.125% Notes due 2025
— — — 2 0 2 
4.250% Notes due 2025
— — — 2 (1)1 
8.625% Notes due 2025
— — — 4 0 4 
3.400% Notes due 2026
1 0 1 8 2 10 
2.625% Notes due 2027
3 0 3 3 0 3 
3.250% Notes due 2027
4 1 5 4 0 4 
3.125% Notes due 2028
6 1 7 6 1 7 
7.875% Notes due 2029
9 0 9 9 0 9 
6.875% Notes due 2029(3)
10 1 11 11 1 12 
6.125% Notes due 2030(3)
10 0 10 11 0 11 
6.125% Notes due 2031(3)
5 0 5 — — — 
CLO-1 Notes5 0 5 3 0 3 
CLO-2 Notes5 0 5 0 0 0 
Total$100 $5 $105 $108 $5 $113 
______________________
(1)Borrowings of each of the Company’s wholly-owned, special-purpose financing subsidiaries are considered borrowings of the Company for purposes of complying with the asset coverage requirements applicable to BDCs under the 1940 Act.
(2)Direct interest expense includes the effect of non-usage fees.
(3)Direct interest expense includes the impact of interest rate swaps.

The Company’s average borrowings and weighted average interest rate, including the effect of non-usage fees, for the three months ended March 31, 2026 were $7,556 and 5.26%, respectively. As of March 31, 2026, the Company’s weighted average effective interest rate on borrowings, including the effect of non-usage fees, was 5.27%.
The Company’s average borrowings and weighted average interest rate, including the effect of non-usage fees, for the three months ended March 31, 2025 were $7,829 and 5.50%, respectively. As of March 31, 2025, the Company’s weighted average effective interest rate on borrowings, including the effect of non-usage fees, was 5.48%.
Under its financing arrangements, the Company has made certain representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar financing arrangements. The Company was in compliance with all covenants required by its financing arrangements as of March 31, 2026 and December 31, 2025.