v3.26.1
BORROWINGS (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Components of Debt and Interest Expense
The following table details the principal amount and carrying amount of the Company’s debt and secured borrowings as of March 31, 2026 and December 31, 2025.
As of
March 31, 2026December 31, 2025
Credit Facility$415,319 $563,660 
2030 Notes300,000 300,000 
2031 Notes300,000 300,000 
2015-1N Debt380,000 380,000 
Total principal amount outstanding1,395,319 1,543,660 
Less: unamortized debt issuance costs(10,716)(11,266)
Effective interest rate swap hedge(5,048)(1,184)
Total carrying value$1,379,555 $1,531,210 
The following table details the Company’s Senior Notes as of March 31, 2026 and December 31, 2025:
As of
March 31, 2026December 31, 2025
2030 Notes$300,000 $300,000 
2031 Notes300,000 300,000 
Total principal amount600,000 600,000 
Less: unamortized debt issuance costs(8,737)(9,240)
Effective interest rate swap hedge(5,048)(1,184)
Total carrying value$586,215 $589,576 
For the three months ended March 31, 2026 and 2025, the components of interest expense and credit facility fees on the Senior Notes were as follows:
 Three Months Ended March 31,
 20262025
Interest expense(1)
$9,704 $6,658 
Amortization of deferred financing costs and debt issuance costs503 453 
Total interest expense and credit facility fees$10,207 $7,111 
Cash paid for interest expense and credit facility fees$18,781 $8,359 
Weighted average debt principal outstanding$600,000 $385,000 
Weighted average interest rate(1)(2)
6.47 %6.92 %
(1)Inclusive of net interest expense related to interest rate swaps, as applicable.
(2)Excludes amortization of deferred financing costs and debt issuance costs.
The following table summarizes the terms of the 2015-1N Debt and the principal amount and carrying value as of March 31, 2026 and December 31, 2025:
As of
2015-1N Debt Tranche (1)
Credit RatingReference RateSpreadMarch 31, 2026December 31, 2025
Class A-1-1-A NotesAAASOFR1.80%$240,000 $240,000 
Class A-L LoansAAASOFR1.80%50,000 50,000 
Class A-1-2-B NotesAAASOFR2.00%20,000 20,000 
Class A-2-RR NotesAASOFR2.15%30,000 30,000 
Class B-R NotesSingle ASOFR2.75%40,000 40,000 
Total Principal Amount Outstanding380,000 380,000 
Less: unamortized debt issuance costs(1,979)(2,026)
Total Carrying Value$378,021 $377,974 
(1)Excludes $30 million of Class C-R notes, which are rated BBB-, accrue interest at SOFR plus spread of 3.75%, and are retained by the Company.
For the three months ended March 31, 2026 and 2025, the components of interest expense and credit facility fees on the Securitizations were as follows:
 Three Months Ended March 31,
 20262025
Interest expense$5,364 $5,980 
Amortization of deferred financing costs and debt issuance costs47 47 
Total interest expense and credit facility fees$5,411 $6,027 
Cash paid for interest expense and credit facility fees$5,674 $8,832 
Weighted average debt principal outstanding$380,000 $380,000 
Weighted average interest rate(1)
5.65 %6.34 %
(1)Includes amortization of deferred financing costs and debt issuance costs.
Schedule of Line of Credit Facilities
Three Months Ended March 31,
20262025
Outstanding borrowings, beginning of period$40,500 $— 
Borrowings— — 
Repayments(40,500)— 
Outstanding borrowings, end of period$— $— 
Three Months Ended March 31,
20262025
Outstanding borrowings, beginning of period$— $189,221 
Borrowings— 29,000 
Repayments— (218,221)
Outstanding borrowings, end of period$— $— 
Three Months Ended March 31,
20262025
Outstanding borrowings, beginning of period$589,000 $— 
Borrowings133,500 430,000 
Repayments(70,000)— 
Outstanding borrowings, end of period$652,500 $430,000 
Three Months Ended March 31,
20262025
Outstanding borrowings, beginning of period$— $— 
Borrowings75,724 — 
Repayments— — 
Outstanding borrowings, end of period$75,724 $— 
Below is a summary of the borrowings and repayments under the credit facilities for the respective periods.
Carlyle US CLO 2026-A, Ltd.
Carlyle US CLO 2026-B, Ltd.
Sixth Street SCP Warehouse 2, Ltd.
Total
Three Months Ended March 31, 2026
Outstanding borrowings, beginning of period$— $— $— $— 
Borrowings200,341 565 119,675 320,581 
Repayments— — — — 
Outstanding borrowings, end of period$200,341 $565 $119,675 $320,581 
Below is a summary of the borrowings and repayments under the Credit Facility for the three months ended March 31, 2026 and 2025, and the outstanding balances under the Credit Facility for the respective periods.
Three Months Ended March 31,
20262025
Outstanding borrowings, beginning of period
$563,660 $213,439 
Borrowings154,651 288,932 
Repayments(299,000)(215,500)
Foreign currency translation(3,992)1,298 
Outstanding borrowings, end of period
$415,319 $288,169 
The Credit Facility consisted of the following as of March 31, 2026 and December 31, 2025:
 Total
Facility		Borrowings
Outstanding
Unused 
Portion (1)
Amount Available (2)
March 31, 2026$960,000 $415,319 $544,681 $544,632 
December 31, 2025$960,000 $563,660 $396,340 $396,340 
(1)The unused portion is the amount upon which commitment fees are based.
(2)The amount available is based on the computation of collateral to support the borrowings and subject to compliance with applicable covenants and financial ratios.
For the three months ended March 31, 2026 and 2025, the components of interest expense and credit facility fees of the Credit Facility were as follows:
 Three Months Ended March 31,
 20262025
Interest expense$5,368 $4,494 
Facility unused commitment fee501 543 
Amortization of deferred financing costs and debt issuance costs283 221 
Total interest expense and credit facility fees$6,152 $5,258 
Cash paid for interest expense and credit facility fees$6,355 $4,544 
Weighted average debt principal outstanding$425,994 $292,057 
Weighted average interest rate(1)
5.04 %6.15 %
(1)Excludes facility unused commitment fee and amortization of deferred financing costs and debt issuance costs.
Below is a summary of the borrowings and repayments under the CSL III SPV Credit Facility for the period from March 27, 2025 through March 31, 2025, and the outstanding balance under the CSL III SPV Credit Facility for the period.
For the period from March 27, 2025 through March 31, 2025
Outstanding borrowings, beginning of period
$— 
CSL III Merger206,000 
Borrowings— 
Repayments— 
Outstanding borrowings, end of period
$206,000 
For the period from March 27, 2025 through March 31, 2025, the components of interest expense and credit facility fees of the CSL III SPV Credit Facility were as follows:
 
For the period from March 27, 2025 through March 31, 2025
Interest expense$205 
Facility unused commitment fee2 
Total interest expense and credit facility fees$207 
Cash paid for interest expense and credit facility fees$— 
Weighted average debt principal outstanding$206,000 
Weighted average interest rate(1)
7.17 %
(1)Excludes facility unused commitment fee and amortization of deferred financing costs and debt issuance costs.
Components of Interest and Credit Facilities Payable As of March 31, 2026 and December 31, 2025, the components of interest and credit facility fees payable of the Credit Facility were as follows:
As of
March 31, 2026December 31, 2025
Interest expense payable$503 $877 
Unused commitment fees payable444 558 
Interest and credit facility fees payable$947 $1,435 
Weighted average interest rate4.98 %5.28 %