v3.26.1
Borrowings (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments
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 
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.
Schedule of Components of Interest Expense
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 
Schedule of Facility Borrowings
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.
Schedule of Interest and Debt Fees
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.