v3.26.1
Debt (Tables)
 3 Months Ended
Mar. 31, 2026
Debt [Abstract]  
Schedule of Series of Notes Outstanding

The table below sets forth a summary of the key terms of each series of Notes outstanding at March 31, 2026.

 

 

 

Principal

 

 

 

 

 

Estimated

 

 

 

 

 

 

 

Outstanding

 

 

Unamortized

 

 

Fair Value

 

 

Fixed

 

 

 

 

March 31,

 

 

Issuance

 

 

March 31,

 

 

Interest

 

 

Series

 

2026

 

 

Costs

 

 

2026

 

 

Rate

 

Maturity

A

 

$

25,000

 

 

$

98

 

 

$

26,045

 

 

8.65%

 

6/30/2027

B

 

 

50,000

 

 

 

288

 

 

 

52,977

 

 

8.74%

 

6/30/2028

C

 

 

40,000

 

 

 

291

 

 

 

40,568

 

 

SOFR + 2.32%

 

6/30/2028

D

 

 

60,000

 

 

 

436

 

 

 

60,629

 

 

5.80% (1)

 

6/30/2028

E

 

 

100,000

 

 

 

1,249

 

 

 

101,170

 

 

6.15% (2)

 

10/15/2030

 

 

$

275,000

 

 

$

2,362

 

 

$

281,389

 

 

 

 

 

 

(1) The effective interest rate including the effects of the interest rate swap is SOFR + 2.37%.

 

(2) The effective interest rate including the effects of the interest rate swap is SOFR + 2.6565%.
Schedule of interest rate swaps The balance sheet impact of fair valuing the interest rate swaps as of March 31, 2026 are presented below. There were no interest rate swap activity for the period ended March 31, 2025.

 

 

 

 

 

 

 

 

As of March 31, 2026

 

 

 

Description

 

Notional Amount

 

 

Maturity Date

 

Gross Amount of Recognized Assets

 

 

Gross Amount of Recognized Liabilities

 

 

Balance Sheet Location of Amounts

Interest rate swap

 

 

60,000

 

 

6/30/2028

 

$

-

 

 

$

(355

)

 

Accrued expenses and other liabilities

Interest rate swap

 

 

100,000

 

 

10/15/2030

 

 

-

 

 

 

(823

)

 

Accrued expenses and other liabilities

 

 

 

 

 

 

 

$

-

 

 

$

(1,178

)

 

 
Schedule of Debt Obligations

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

 

 

 

March 31, 2026

 

 

 

Aggregate Principal

 

 

Outstanding

 

 

Amount

 

 

Net Carrying

 

 

 

Committed

 

 

Principal

 

 

Available(1)

 

 

Value(2)

 

Notes(3)

 

$

275,000

 

 

$

275,000

 

 

$

-

 

 

$

271,460

 

Corporate Credit Facility

 

 

475,000

 

 

 

115,000

 

 

 

360,000

 

 

 

111,865

 

Revolving Funding Facility

 

 

675,000

 

 

 

553,000

 

 

 

122,000

 

 

 

546,361

 

Revolving Funding Facility II

 

 

250,000

 

 

 

195,000

 

 

 

55,000

 

 

 

193,030

 

Total debt

 

$

1,675,000

 

 

$

1,138,000

 

 

$

537,000

 

 

$

1,122,716

 

 

(1)
The amounts available under the Company’s credit facilities do not reflect any limitations related to each borrowing base as of March 31, 2026.
(2)
The carrying value of the Notes, Corporate Credit Facility, Revolving Funding Facility and Revolving Funding Facility II are presented net of deferred financing costs totaling $14,106.
(3)
Net carrying value is inclusive of change in fair market value of effective hedges.

 

 

 

December 31, 2025

 

 

 

Aggregate Principal

 

 

Outstanding

 

 

Amount

 

 

Net Carrying

 

 

 

Committed

 

 

Principal

 

 

Available(1)

 

 

Value(2)

 

Notes(3)

 

$

275,000

 

 

$

275,000

 

 

$

-

 

 

$

272,141

 

Corporate Credit Facility

 

 

475,000

 

 

 

135,000

 

 

 

340,000

 

 

 

131,628

 

Revolving Funding Facility

 

 

675,000

 

 

 

525,000

 

 

 

150,000

 

 

 

520,329

 

Revolving Funding Facility II

 

 

250,000

 

 

 

195,000

 

 

 

55,000

 

 

 

192,900

 

Total debt

 

$

1,675,000

 

 

$

1,130,000

 

 

$

545,000

 

 

$

1,116,998

 

 

(1)
The amounts available under the Company’s credit facilities do not reflect any limitations related to each borrowing base as of December 31, 2025.
(2)
The carrying value of the Notes, Corporate Credit Facility, Revolving Funding Facility and Revolving Funding Facility II are presented net of deferred financing costs totaling $12,703.
(3)
Net carrying value is inclusive of change in fair market value of effective hedges.
Schedule of Components of Interest Expense

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

 

 

 

For the three months ended

 

 

 

March 31, 2026

 

 

March 31, 2025

 

Interest expense

 

$

17,741

 

 

$

16,203

 

Amortization of debt issuance costs

 

 

1,119

 

 

 

921

 

Total interest expense

 

$

18,860

 

 

$

17,124

 

Average interest rate

 

 

6.7

%

 

 

7.4

%

Average borrowings

 

$

1,125,972

 

 

$

927,772