v3.26.1
Borrowings
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Borrowings Borrowings
In accordance with the 1940 Act, the Company is allowed to borrow amounts such that its asset coverage, calculated pursuant to the Investment Company Act, is at least 150% after such borrowing, with certain limited exceptions. The Company’s asset coverage requirement applicable to senior securities was reduced from 200% to 150% effective September 23, 2020. As of March 31, 2026, the aggregate principal amount outstanding of the senior securities issued by the Company was $2.3 billion and the Company’s asset coverage was 180%.
JPM Credit Facility
On October 4, 2023, the Company refinanced the MS Credit Facility into a $400.0 million credit facility with FBCC Jupiter Funding, LLC, a wholly-owned, consolidated special purpose financing subsidiary of the Company, as borrower (“Jupiter Funding”), the Adviser, as portfolio manager, the lenders party thereto, U.S. Bank National Association, as securities intermediary, U.S. Bank Trust Company, National Association as collateral administrator and collateral agent, and JPMorgan Chase Bank, National Association, as administrative agent (the “JPM Credit Facility”). The JPM Credit Facility provides for borrowings through October 4, 2026, and any amounts borrowed under the JPM Credit Facility will mature on October 4, 2027. Borrowings under the JPM Credit Facility bore interest at a benchmark rate of SOFR, plus a margin of 2.75% per annum, which was inclusive of an administrative agent fee. Interest is payable quarterly in arrears. Jupiter Funding was subject to a non-usage fee of 0.75%, which was inclusive of the administrative agent fee, to the extent the commitments available under the JPM Credit Facility have not been borrowed. Jupiter Funding paid an upfront fee and incurred other customary costs and expenses in connection with the JPM Credit Facility.
On December 27, 2024, Jupiter Funding entered into the First Amendment to the Loan and Security Agreement (the “First Amendment”), which amends the JPM Credit Facility, by and among Jupiter Funding, as borrower, the Company, as portfolio manager, the lenders party thereto, U.S. Bank Trust Company, National Association, as collateral agent and collateral administrator, U.S. Bank National Association, as securities intermediary, and JPMorgan Chase Bank, National Association, as administrative agent.
The First Amendment, among other things, (i) extends the reinvestment period from October 2026 to October 2028, (ii) increases the commitment increase option from total financing commitments of up to $800.0 million to total financing commitments of up to $1,050.0 million, (iii) increases the facility commitments from $400.0 million to $800.0 million, (iv) extends the scheduled termination date from October 2027 to October 2029, (v) reduces the applicable margin from 2.55% to 2.25%, and (vi) removes the administrative agent fee.

On December 27, 2024, concurrent with the closing of the First Amendment, FBLC 57th Street Funding LLC (formerly known as BDCA 57th Street Funding, LLC, “FBLC JPM Credit Facility”), a wholly-owned subsidiary of the Company, merged with and into Jupiter Funding (the “Credit Facility Merger”) pursuant to an Agreement and Plan of Merger, dated as of December 27, 2024 (the “Merger Agreement”), by and between FBCC Jupiter and FBLC JPM Credit Facility, with Jupiter Funding surviving the Credit Facility Merger.

Upon consummation of the Credit Facility Merger, the Amended and Restated Loan and Security Agreement, dated as of April 21, 2021, as amended, among FBLC JPM Credit Facility, as borrower, the Company, as portfolio manager, the lenders party thereto, U.S. Bank Trust Company, National Association, as collateral agent and collateral administrator, U.S. Bank National Association, as securities intermediary, and JPMorgan Chase Bank, National Association, as administrative agent, was terminated and all outstanding obligations were assumed into Jupiter Facility.

On June 30, 2025, Jupiter Funding entered into the Second Amendment to the Loan and Security Agreement (the “Second Amendment”), which amends the JPM Credit Facility, by and among Jupiter Funding, as borrower, the Company, as portfolio manager, the lenders party thereto, U.S. Bank Trust Company, National Association, as collateral agent and collateral administrator, U.S. Bank National Association, as securities intermediary, and JPMorgan Chase Bank, National Association, as administrative agent.

The Second Amendment, among other things, (i) increases the facility commitments from $800.0 million to $1,050.0 million and (ii) reduces the applicable margin from 2.25% to 2.15%.

On September 9, 2025, Jupiter Funding entered into the Third Amendment to the Loan and Security Agreement (the “Third Amendment”), which amends the JPM Credit Facility, by and among Jupiter Funding, as borrower, the Company, as portfolio manager, the lenders party thereto, U.S. Bank Trust Company, National Association, as collateral agent and collateral administrator, U.S. Bank National Association, as securities intermediary, and JPMorgan Chase Bank, National Association, as administrative agent. The Third Amendment allows for asset-based financing investments within Jupiter Funding.

FBLC JPM Credit Facility

On January 24, 2024, as a result of the consummation of the Mergers, the Company, through a wholly-owned, consolidated special purpose financing subsidiary, 57th Street, became party to a $400.0 million revolving credit facility with JPMorgan, and U.S. Bank Trust Company, National Association, as collateral agent, collateral administrator and securities intermediary (the “FBLC JPM Credit Facility”).
The FBLC JPM Credit Facility provides for borrowings through September 15, 2026, and any amounts borrowed under the FBLC JPM Credit Facility were scheduled to mature on September 15, 2027. The FBLC JPM Credit Facility had an interest rate of SOFR plus 2.80% (subject to further increases consistent with the terms of the FBLC JPM Credit Facility), which was inclusive of an administrative agent fee. The FBLC JPM Credit Facility was subject to a non-usage fee to be 0.75%, inclusive of an administrative agent fee. The non-usage fee of 0.75% (inclusive of an administrative agent fee) applied to the first 20% of the unused balance and increases to 3.00% for any remaining unused balance. FBCC and 57th Street were permitted to submit a commitment increase request to up to $800.0 million.
57th Street’s obligations under the FBLC JPM Credit Facility were secured by a first priority security interest in substantially all of the assets of 57th Street, including its portfolio of investments and FBCC’s equity interest in 57th Street. The obligations of 57th Street under the FBLC JPM Credit Facility were non-recourse to FBCC.
In connection with the FBLC JPM Credit Facility, FBCC and 57th Street have made certain representations and warranties and are required to comply with various covenants and other customary requirements. The FBLC JPM Credit Facility contained customary default provisions pursuant to which the administrative agent and the lenders under the FBLC JPM Credit Facility may terminate FBCC in its capacity as collateral manager/portfolio manager under the FBLC JPM Credit
Facility. Upon the occurrence of an event of default under the FBLC JPM Credit Facility, the administrative agent or the lenders may have declared the outstanding advances and all other obligations under the FBLC JPM Credit Facility immediately due and payable.
On December 27, 2024, FBLC JPM Credit Facility merged with and into Jupiter Funding pursuant to the Merger Agreement by and between FBCC Jupiter and FBLC JPM Credit Facility, with Jupiter Funding surviving the Credit Facility Merger.
JPM Revolver Facility

On January 24, 2024, as a result of the consummation of the Mergers, the Company became party to a $505.0 million revolving credit facility with JPMorgan, as administrative agent and as collateral agent, Sumitomo Mitsui Banking Corporation, and Wells Fargo Bank, National Association as syndication agents, as well as other Lender parties (the “JPM Revolver Facility”).
The JPM Revolver Facility provides for borrowings through December 8, 2027, and any amounts borrowed under the JPM Revolver Facility will mature on December 8, 2028. The JPM Revolver Facility is priced at three-month Term SOFR, plus a spread calculated based upon the composition of loans in the collateral pool, which will not exceed 1.98% per annum. Interest is payable quarterly in arrears. The Company will be subject to a non-usage fee of 0.38% to the extent the commitments available under the JPM Revolver Facility have not been borrowed.
On January 16, 2025, the Company amended and restated the JPM Revolver Facility (the “Second A&R Credit Facility”), with the lenders parties thereto, JPMorgan, as administrative agent and collateral agent, Sumitomo Mitsui Banking Corporation (“Sumitomo”) and Wells Fargo Bank, National Association, as syndication agents, and JPMorgan, Sumitomo and Wells Fargo Securities, LLC as joint bookrunners and joint lead arrangers.
The Second A&R Credit Facility, among other things, increases the aggregate amount of the lenders’ commitments to $780.0 million and includes an accordion provision to permit increases to the aggregate amount to an amount of up to $1.17 billion, extends the period for borrowings under the Second A&R Credit Facility through January 16, 2029 and extends the maturity date for any amounts borrowed under the Second A&R Credit Facility to January 16, 2030. The other material terms were unchanged. The Company agreed to pay administrative agent fees and other customary costs and expenses incurred in connection with the Second A&R Credit Facility.
In connection with the JPM Revolver Facility, FBCC has made certain customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. The JPM Revolver Facility contains customary events of default for similar financing transactions. Upon the occurrence and during the continuation of an event of default, JPMorgan may declare the outstanding advances and all other obligations under the JPM Revolver Facility immediately due and payable.
Wells Fargo Credit Facility
On January 24, 2024, as a result of the consummation of the Mergers, the Company became party to a $300.0 million revolving credit facility with the Company, as collateral manager, Funding I, a wholly owned, consolidated special purpose financing subsidiary, as borrower, the lenders party thereto, Wells Fargo, as administrative agent, and U.S. Bank Trust Company, National Association, as collateral agent and collateral custodian (the “Wells Fargo Credit Facility”).
The Wells Fargo Credit Facility provides for borrowings through August 25, 2026, and any amounts borrowed under the Wells Fargo Credit Facility will mature on August 25, 2028. The Wells Fargo Credit Facility had an interest rate of daily simple SOFR (with a daily simple SOFR floor of zero), plus a spread of 2.75% per annum. Pursuant to an amendment to the loan and servicing agreement entered into on August 30, 2024 (the “Fourth Wells Fargo Credit Facility Amendment”), the spread was reduced to 2.15% per annum from 2.75% per annum. Interest is payable quarterly in arrears. Funding I will be subject to a non-usage fee to the extent the commitments available under the Wells Fargo Credit Facility have not been borrowed. Pursuant to the Fourth Wells Fargo Credit Facility Amendment, the non-usage fee per annum was reduced from 0.50% for the first 25% of the unused balance and increases to 2.00% for any remaining unused balance to 0.50% for the first 70% of the unused balance and increases to 2.00% for any remaining unused balance.
Funding I’s obligations under the Wells Fargo Credit Facility are secured by a first priority security interest in substantially all of the assets of Funding I, including its portfolio of investments and FBCC’s equity interest in Funding I. The obligations of Funding I under the Wells Fargo Credit Facility are non-recourse to FBCC.
In connection with the Wells Fargo Credit Facility, FBCC and Funding I have made certain representations and warranties and are required to comply with various covenants and other customary requirements. The Wells Fargo Credit Facility contains customary default provisions pursuant to which the administrative agent and the lenders under the Wells Fargo Credit Facility may terminate FBCC in its capacity as collateral manager/portfolio manager under the Wells Fargo Credit Facility. Upon the occurrence of an event of default under the Wells Fargo Credit Facility, the administrative agent or the lenders may declare the outstanding advances and all other obligations under the Wells Fargo Credit Facility immediately due and payable.
2024 Notes
On January 24, 2024, as a result of the consummation of the Mergers, the Company became an obligor of $100.0 million aggregate principal amount of 4.85% fixed rate notes due 2024 (the “2024 Notes”), originally issued by FBLC. The 2024 Notes were not registered under the Securities Act and were not offered or sold in the United States absent registration or an applicable exemption from registration. The 2024 Notes were issued pursuant to the Indenture dated as of December 19, 2017 (the “2017 Indenture”) and a Third Supplemental Indenture, dated as of December 5, 2019, with U.S. Bank Trust Company, National Association, as trustee. The 2024 Notes matured on December 15, 2024. The 2024 Notes bore interest at a rate of 4.85% per year payable semi-annually on June 15 and December 15 of each year, commencing on June 15, 2020. The 2024 Notes were generally unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that was expressly subordinated in right of payment to the 2024 Notes. The 2024 Notes ranked equally in right of payment with all of the Company’s existing and future senior liabilities that are not so subordinated, effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and structurally junior to all existing and future indebtedness incurred by the Company’s subsidiaries, financing vehicles, or similar facilities, including credit facilities entered into by the Company’s wholly owned, special purpose financing subsidiaries. The 2017 Indenture contained certain covenants, including covenants requiring the Company to (i) comply with the asset coverage requirements of the 1940 Act, whether or not it is subject to those requirements, and (ii) provide financial information to the holders of the 2024 Notes and U.S. Bank Trust Company, National Association if the Company is no longer subject to the reporting requirements under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These covenants were subject to important limitations and exceptions that are described in the 2017 Indenture. In addition, if a change of control repurchase event, as defined in the 2017 Indenture, occurred prior to maturity, holders of the 2024 Notes would have had the right, at their option, to require the Company to repurchase for cash some or all of the 2024 Notes at a repurchase price equal to 100% of the principal amount of the 2024 Notes being repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date.

The 2024 Notes were paid off upon maturity on December 15, 2024.

2026 Notes
On January 24, 2024, as a result of the consummation of the Mergers, the Company became an obligor of $300.0 million aggregate principal amount of 3.25% fixed rate notes due 2026 (the “Restricted 2026 Notes”), originally issued by FBLC. The Restricted 2026 Notes were issued pursuant to the Indenture dated as of March 29, 2021 (the “2021 Indenture”), and a Supplemental Indenture, dated as of March 29, 2021, with U.S. Bank Trust Company, National Association as trustee. Pursuant to a Registration Statement on Form N-14 (File No. 333-257321), on September 22, 2021, holders of the Restricted 2026 Notes were offered the opportunity to exchange their Restricted 2026 Notes for new registered notes with substantially identical terms (the “Unrestricted 2026 Notes” and, together with the Restricted 2026 Notes, the “2026 Notes”), through which holders representing 99.88% of the outstanding principal of the then Restricted 2026 Notes obtained Unrestricted 2026 Notes. The 2026 Notes matured on March 30, 2026. The 2026 Notes bore interest at a rate of 3.25% per year payable semi-annually on March 30 and September 30 of each year, commencing on September 30, 2021. The 2026 Notes were general unsecured obligations of the Company that ranked senior in right of payment to all of the Company’s existing and future indebtedness that was expressly subordinated in right of payment to the 2026 Notes. The 2026 Notes rank equally in right of payment with all of the Company’s existing and future senior liabilities that were not so subordinated, effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and structurally junior to all existing and future indebtedness incurred by the Company’s subsidiaries, financing vehicles, or similar facilities, including credit facilities entered into by the Company’s wholly owned,
special purpose financing subsidiaries. The 2021 Indenture contained certain covenants, including covenants requiring the Company to (i) comply with the asset coverage requirements of the 1940 Act, whether or not it was subject to those requirements, and (ii) provide financial information to the holders of the 2026 Notes and the Trustee if the Company was no longer subject to the reporting requirements under the Exchange Act. These covenants were subject to important limitations and exceptions that are described in the 2021 Indenture. In addition, if a change of control repurchase event, as defined in the 2021 Indenture, occurred prior to maturity, holders of the 2026 Notes would have had the right, at their option, to require the Company to repurchase for cash some or all of the 2026 Notes at a repurchase price equal to 100% of the principal amount of the 2026 Notes being repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date.

The 2026 Notes were paid off upon maturity on March 30, 2026.

2029 Notes

On May 6, 2024, the Company issued $300.0 million aggregate principal amount of 7.20% notes due 2029 (the “2029 Notes”) in a private offering to qualified institutional buyers in accordance with Rule 144A under the Securities Act, and to non-U.S. persons in transactions outside the United States in reliance on Regulation S under the Securities Act. The 2029 Notes were issued pursuant to the 2021 Indenture, and a Third Supplemental Indenture, dated as of May 6, 2024 (the “Third Supplemental Indenture” and, together with the 2021 Indenture, the “2029 Indenture”), between the Company and U.S. Bank Trust Company, National Association, as trustee. The 2029 Notes will mature on June 15, 2029 unless repurchased or redeemed in accordance with their terms prior to such date. The 2029 Notes bear interest at a rate of 7.20% per year payable semi-annually on June 15 and December 15 of each year, commencing on December 15, 2024. The 2029 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the 2029 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s consolidated and unconsolidated subsidiaries, financing vehicles or similar facilities. The 2029 Indenture contains certain covenants, including covenants requiring the Company to comply with the asset coverage requirements of the 1940 Act, whether or not it is subject to those requirements, and to provide financial information to the holders of the 2029 Notes and the Trustee if the Company is no longer subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the 2029 Indenture. In addition, if a change of control repurchase event, as defined in the 2029 Indenture, occurs prior to maturity, holders of the 2029 Notes will have the right, at their option, to require the Company to repurchase for cash some or all of the 2029 Notes at a repurchase price equal to 100% of the principal amount of the 2029 Notes being repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date. In connection with the offer and sale of the 2029 Notes, the Company entered into a Registration Rights Agreement, dated as of May 6, 2024 (the “Registration Rights Agreement”), with J.P. Morgan Securities LLC, BofA Securities, Inc., SMBC Nikko Securities America, Inc. and Wells Fargo Securities, LLC, as the representatives of the Initial Purchasers. Pursuant to the Registration Rights Agreement, the Company is obligated to file with the SEC a registration statement relating to an offer to exchange the 2029 Notes for new notes issued by the Company that are registered under the Securities Act and otherwise have terms substantially identical to those of the 2029 Notes, and to use its commercially reasonable efforts to cause such registration statement to be declared effective. If the Company is not able to effect the exchange offer, the Company will be obligated to file a shelf registration statement covering the resale of the 2029 Notes and use its commercially reasonable efforts to cause such registration statement to be declared effective. If the Company fails to satisfy its registration obligations by certain dates specified in the Registration Rights Agreement, it will be required to pay additional interest to the holders of the 2029 Notes.

On October 22, 2024, the Company priced an offering of an additional $100.0 million aggregate principal amount of its 7.20% 2029 Notes in a private placement to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act, and to certain non-U.S. persons outside the United States pursuant to Regulation S under the Securities Act. The 7.20% 2029 Notes are an additional issuance of, and form a single series with, the previously issued $300.0 million aggregate principal amount of 7.20% Notes due 2029 on May 6, 2024, increasing the outstanding aggregate principal amount of the series to $400.0 million. The 7.20% 2029 Notes will mature on June 15, 2029, and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the Third Supplemental Indenture. The offering closed on October 29, 2024.
2030 Notes
On October 2, 2025, the Company and U.S. Bank Trust Company, National Association entered into a Fourth Supplemental Indenture (the “Fourth Supplemental Indenture”) to the 2021 Indenture, relating to the Company’s issuance of $300.0 million aggregate principal amount of its 6.00% notes due 2030 (the “2030 Notes”).
The 2030 Notes will mature on October 2, 2030, and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the Fourth Supplemental Indenture. The 2030 Notes bear interest at a rate of 6.00% per year payable semi-annually on April 2 and October 2 of each year, commencing on April 2, 2026. The 2030 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the 2030 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables incurred by the Company’s consolidated and unconsolidated subsidiaries, financing vehicles or similar facilities).
The 2021 Indenture, as supplemented by the Fourth Supplemental Indenture, contains certain covenants, including covenants requiring the Company to comply with the asset coverage requirements of Section 18(a)(1)(A) as modified by Section 61(a) of the 1940 Act, whether or not it is subject to those requirements, and to provide financial information to the holders of the 2030 Notes and U.S. Bank Trust Company, National Association if the Company is no longer subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the Indenture.
In addition, on the occurrence of a “Change of Control Repurchase Event,” as defined in the Fourth Supplemental Indenture, the Company will generally be required to make an offer to purchase the outstanding 2030 Notes at a price equal to 100% of the principal amount of such 2030 Notes plus any accrued and unpaid interest on the 2030 Notes repurchased to, but not including, the date of purchase. In connection with the issuance of the 2030 Notes, the Company entered into a Registration Rights Agreement, dated as of October 2, 2025 (the “Registration Rights Agreement”), with J.P. Morgan Securities LLC, BofA Securities, Inc., SMBC Nikko Securities America, Inc. and Wells Fargo Securities, LLC, as the representatives of the initial purchasers of the 2030 Notes, pursuant to which, the Company is obligated to file with the Securities and Exchange Commission a registration statement relating to an offer to exchange the 2030 Notes for new notes issued by the Company that are registered under the Securities Act and otherwise have terms substantially identical to those of the 2030 Notes, and to use its commercially reasonable efforts to cause such registration statement to be declared effective. If the Company is not able to effect the exchange offer, the Company will be obligated to file a shelf registration statement covering the resale of the 2030 Notes and use its commercially reasonable efforts to cause such registration statement to be declared effective. If the Company fails to satisfy its registration obligations by certain dates specified in the Registration Rights Agreement, it will be required to pay additional interest to the holders of the 2030 Notes.
In connection with the 2030 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s liabilities with the Company’s investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement related to the 2030 Notes, the Company receives a fixed interest rate of 6.00% per annum and pays a floating interest rate of SOFR + 2.515% per annum on $300 million of the 2030 Notes. The Company designated the interest rate swap as the hedging instrument in a qualifying hedge accounting relationship. The carrying value of the 2030 Notes is inclusive of an adjustment for the change in fair value of an effective hedge accounting relationship. Please see Note 6. Derivatives for additional detail.
As of March 31, 2026 and December 31, 2025, the components of the carrying value of the 2030 Notes were as follows:
March 31, 2026December 31, 2025
Principal amount of debt$300,000 $300,000 
Unamortized debt issuance cost(3,643)(3,843)
Original issue discount, net of accretion(3,124)(3,295)
Adjustment for the change in fair value of an effective hedge accounting relationship(2,570)(609)
Carrying value of 2030 Notes$290,663 $292,253 
For the three months ended March 31, 2026, the components of interest expense related to the 2030 Notes, including the impact of the hedge accounting relationship, were as follows:
For the Three Months Ended March 31,
2026
Borrowing interest expense$4,500 
Amortization of debt issuance cost199 
Accretion of original issue discount171 
Interest rate swaps2,094 
Hedged items(1,960)
Total interest and debt financing expenses$5,004 
For the three months ended March 31, 2025, no amounts were recognized.

The following table represents borrowings as of March 31, 2026:
Maturity DateTotal Aggregate Borrowing CapacityTotal Principal OutstandingLess Deferred Financing CostsAmount per Consolidated Statements of Assets and Liabilities
JPM Credit Facility10/4/2029$1,050,000 $902,969 $(3,964)$899,005 
JPM Revolver Facility1/16/2030780,000 307,216 (2,475)304,741 
Wells Fargo Credit Facility8/25/2028300,000 300,000 — 300,000 
2029 Notes6/15/2029400,000 398,848 (3,902)394,946 
2030 Notes (1)
10/2/2030300,000 294,306 (3,643)290,663 
Total$2,830,000 $2,203,339 $(13,984)$2,189,355 
(1) 2030 Notes are inclusive of an adjustment for the change in fair value of an effective hedge accounting relationship.
The following table represents borrowings as of December 31, 2025:
Maturity DateTotal Aggregate Borrowing CapacityTotal Principal OutstandingLess Deferred Financing CostsAmount per Consolidated Statements of Assets and Liabilities
JPM Credit Facility10/4/2029$1,050,000 $962,969 $(4,241)$958,728 
JPM Revolver Facility1/16/2030780,000 2,216 (2,636)(420)
Wells Fargo Credit Facility8/25/2028300,000 300,000 — 300,000 
2026 Notes3/30/2026300,000 300,000 — 300,000 
2029 Notes6/15/2029400,000 398,759 (4,202)394,557 
2030 Notes (1)
10/2/2030300,000 296,096 (3,843)292,253 
Total$3,130,000 $2,260,040 $(14,922)$2,245,118 
(1) 2030 Notes are inclusive of an adjustment for the change in fair value of an effective hedge accounting relationship.
The weighted average annualized interest cost for all facility borrowings and unsecured notes for the three months ended March 31, 2026 and 2025 was 5.83% and 6.21%, respectively. The average daily debt outstanding for facility borrowings and unsecured notes for three months ended March 31, 2026 and 2025 was $2.2 billion and $2.1 billion, respectively. The maximum debt outstanding for facility borrowings and unsecured notes for the three months ended March 31, 2026 and 2025 was $2.6 billion and $2.1 billion, respectively.

Short-Term Borrowings
From time to time, the Company finances the purchase of certain investments through repurchase agreements. In the repurchase agreements, the Company enters into a trade to sell an investment and contemporaneously enter into a trade to buy the same investment back on a specified date in the future with the same counterparty. Investments sold under repurchase agreements are accounted for as collateralized borrowings as the sale of the investment does not qualify for sale accounting under ASC Topic 860—Transfers and Servicing and remains as an investment on the consolidated statements of assets and liabilities. The Company uses repurchase agreements as a short-term financing alternative. As of March 31, 2026 and December 31, 2025, the Company had no short-term borrowings outstanding. For the three months ended March 31, 2026 and 2025, the Company did not incur interest expense in connection with short-term borrowings. For the three months ended March 31, 2026 and 2025, the Company did not have short-term borrowings.
Secured Borrowings

On August 21, 2023, the Company entered into a total return swap (“TRS”) with Nomura. A TRS is a contract in which one party agrees to make periodic payments to another party based on the change in the market value of the assets underlying the TRS, which may include a specified security, basket of securities or securities indices during the specified period, in return for periodic payments based on a fixed or variable interest rate. The Company pays interest to Nomura for each loan at a rate equal to three-month SOFR plus 3.60% per annum. On April 24, 2024, the rate was amended to three-month SOFR plus 2.80% per annum. Upon the termination or repayment of any loan under the TRS, the Company will either receive from Nomura the appreciation in the value of such loan or pay to Nomura any depreciation in the value of such loan. The scheduled termination date for the TRS was February 17, 2025. On February 17, 2025, the Company amended the contract and extended the scheduled termination date to April 21, 2025. On March 18, 2025, the Company terminated the TRS.

As of March 31, 2026 and December 31, 2025, the Company had no total return swaps outstanding. Due to the Company’s continuing involvement in these assets, these assets are not derecognized under ASC Topic 860 -- Transfers and Servicing, and are presented on the consolidated schedules of investments. Financing amounts related to these assets are presented as secured borrowings on the consolidated statement of assets and liabilities. Any margin paid to the counterparty under the terms of the TRS agreement is included in the “Due from broker” on the Company’s consolidated statements of assets and liabilities.
The TRS is subject to the SEC rule related to the use of derivatives, reverse repurchase agreements and certain other transactions by registered investment companies. The rule requires that the Company trade derivatives and other transactions that create future payment or delivery obligations subject to a value-at-risk leverage limit and certain derivatives risk management program and reporting requirements. Generally, these requirements apply unless the Company qualifies as a “limited derivatives user,” as defined in the rule, in which case certain exceptions to these conditions would apply. The Company may qualify as a limited derivatives user if it adopts and implements written policies and procedures reasonably designed to manage the Company's derivatives risk and the Company's derivatives exposure does not exceed 10 percent of the Company's net assets as calculated in accordance with the rule.

As of March 31, 2026 and December 31, 2025, the Company had no secured borrowings outstanding. For the three months ended March 31, 2026, the Company had no interest expense in connection with secured borrowings. For three months ended March 31, 2025, the Company recorded interest expense of $0.4 million in connection with secured borrowings. For the three months ended March 31, 2026, the Company had no outstanding balance of secured borrowings. For the three months ended March 31, 2025, the Company had an average outstanding balance of secured borrowings of $25.5 million and bore interest at a weighted average rate of 5.71%.
The following table represents interest and debt fees for the three months ended March 31, 2026:
Three Months Ended March 31, 2026
Interest RateNon-Usage RateInterest Expense
Deferred Financing Costs (1)
Other Fees (2)
JPM Credit Facility
(3)
(4)
$13,475 $277 $272 
JPM Revolver Facility
(5)
0.38%253 161 738 
Wells Fargo Credit Facility
(6)
(7)
4,361 — 26 
2026 Notes (8)
3.25%n/a2,410 — — 
2029 Notes7.20%n/a7,200 300 89 
2030 Notes
6.00% (9)
n/a4,500 199 305 
  Total$32,199 $937 $1,430 
(1)    Amortization of deferred financing costs.
(2)    Includes non-usage fees, custody fees, amortization of premium/discount on unsecured notes, administrative agent fees, and the impact of the effective hedge through the interest rate swap associated with the 2030 Notes.
(3)    From January 1, 2026 through March 31, 2026 the JPM Credit Facility had an interest rate of three-month Term SOFR, plus a spread of 2.15% per annum.
(4)    From January 1, 2026 through March 31, 2026, the non-usage fee per annum was 0.55%.
(5)    From January 1, 2026 through March 31, 2026, the interest rate was three-month Term SOFR, plus a spread calculated based upon the composition of the loans in the collateral pool, which will not exceed 1.98% per annum.
(6)    From January 1, 2026 through March 31, 2026, the interest rate was amended to be daily simple SOFR, with a daily simple SOFR floor of zero, plus a spread of 2.15% per annum.
(7)    From January 1, 2026 through March 31, 2026, the non-usage fee per annum was 0.50% for the first 70% of the unused balance and increases to 2.00% for any remaining unused balance.
(8)    The 2026 Notes matured on March 30, 2026; therefore, the related interest expense and debt fees reflect activity only through the maturity date.
(9)    The 2030 Notes bear fixed interest at 6.00% per annum. Please refer to the above for information related to the Company’s interest rate swap accounted for as a fair value hedge associated with the 2030 Notes.
The following table represents interest and debt fees for the three months ended March 31, 2025:
Three months ended March 31, 2025
Interest RateNon-Usage RateInterest Expense
Deferred Financing Costs (1)
Other Fees (2)
JPM Credit Facility
(3)
(4)
$10,466 $182 $301 
JPM Revolver Facility
(5)
0.38%7,218 132 285 
Wells Fargo Credit Facility
(6)
(7)
4,867 — 30 
2026 Notes3.25%n/a2,438 — — 
2029 Notes7.20%n/a7,200 285 89 
Secured borrowings
(8)
n/a359 — — 
Total$32,548 $599 $705 
(1)    Amortization of deferred financing costs.
(2)    Includes non-usage fees, custody fees, amortization of premium/discount on unsecured notes, and administrative agent fees.
(3)    For the three months ended March 31, 2025, the interest rate was three-month Term SOFR, plus a spread of 2.25% per annum.
(4) For the three months ended March 31, 2025, the non-usage fee per annum was 0.55%.
(5)    For the three months ended March 31, 2025, the interest rate was three-month Term SOFR, plus a spread calculated based upon the composition of the
loans in the collateral pool, which will not exceed 1.98% per annum.
(6)    For the three months ended March 31, 2025, the interest rate was amended to be daily simple SOFR, with a daily simple SOFR floor of zero, plus a spread
of 2.15% per annum.
(7)    For the three months ended March 31, 2025, the non-usage fee per annum was 0.50% for the first 70% of the unused balance and increases to 2.00% for
any remaining unused balance.
(8)    From January 1, 2025 through March 18, 2025, the interest rate was three-month SOFR plus 2.80% per annum.
The Company is required to disclose the fair value of financial instruments for which it is practicable to estimate fair value. The fair value of short-term financial instruments such as cash and cash equivalents, due to affiliates, accounts payable, short-term borrowings, and secured borrowings approximate their carrying value on the accompanying consolidated statements of assets and liabilities due to their short-term nature.
At March 31, 2026 and December 31, 2025, the Company had no secured borrowings outstanding. The fair values of the Company's debt obligations are determined in accordance with ASC 820, which defines fair value in terms of the price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value of the Company's borrowings is estimated based upon market interest rates for the Company's own borrowings or entities with similar credit risk, adjusted for nonperformance risk, if any. As of March 31, 2026 and December 31, 2025, the Company's borrowings would be deemed to be Level 3, as defined in Note 3 - Fair Value of Financial Instruments.
The fair values of the Company’s remaining financial instruments that are not reported at fair value on the accompanying consolidated statements of assets and liabilities are reported below:
LevelPrincipal Outstanding as of March 31, 2026Fair Value as of March 31, 2026
JPM Credit Facility3$902,969 $902,969 
JPM Revolver Facility3307,216 307,216 
Wells Fargo Credit Facility3300,000 300,000 
2029 Notes3398,848 401,888 
2030 Notes(1)
3294,306 285,687 
  Total$2,203,339 $2,197,760 
(1) 2030 Notes are inclusive of change in fair value of effective hedge.
LevelPrincipal Outstanding as of December 31, 2025Fair Value as of December 31, 2025
JPM Credit Facility3$962,969 $962,969 
JPM Revolver Facility32,216 2,216 
Wells Fargo Credit Facility3300,000 300,000 
2026 Notes3300,000 298,980 
2029 Notes3398,759 412,368 
2030 Notes(1)
3296,096 297,126 
Total$2,260,040 $2,273,659 
(1) 2030 Notes are inclusive of change in fair value of effective hedge.