Credit Facility |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Debt Disclosure [Abstract] | |
| Credit Facility | Credit Facility Revolving Credit Agreement On April 3, 2024, certain subsidiaries (collectively, the “Borrowers”) of the Company entered into a revolving credit agreement (as amended from time to time, the “Credit Agreement”) with Mizuho Bank, Ltd., as joint lead arranger, administrative agent and collateral agent, KKR Capital Markets LLC, an affiliate of the Company, as joint lead arranger, and the lenders party thereto. On April 3, 2024, the Company remitted $750 to the Dealer-Manager, an affiliate of the Company, for arranger fees related to the Credit Agreement. Under the Credit Agreement, the lenders have agreed to make credit available to the Borrowers in an aggregate initial principal amount of up to $150,000, with an uncommitted accordion feature that would allow the Borrowers to increase the commitment to up to $1,000,000 in the aggregate. The obligations of the Borrowers and guarantors under the Credit Agreement are secured by a pledge of certain accounts of such Borrowers and guarantors. The Credit Agreement matures on April 3, 2028, unless there is an earlier termination or an acceleration following an event of default. On September 30, 2024, the Borrowers entered into a first lender joinder agreement (the “First Joinder”) to the Credit Agreement. Pursuant to the First Joinder, the credit available to the Borrowers was increased by $150,000 to an aggregate principal amount of $300,000. On September 30, 2024, the Company remitted $750 to the Dealer-Manager, an affiliate of the Company, for arranger fees related to the First Joinder. On October 9, 2024, the Borrowers entered into a second lender joinder agreement (the “Second Joinder”) to the Credit Agreement. Pursuant to the Second Joinder, the credit available to the Borrowers was increased by $100,000 to an aggregate principal amount of $400,000. On October 9, 2024, the Company remitted $500 to the Dealer-Manager, an affiliate of the Company, for arranger fees related to the Second Joinder. On March 20, 2025, the Borrowers entered into a third lender joinder agreement (the “Third Joinder”) to the Credit Agreement. Pursuant to the Third Joinder, the credit available to the Borrowers was increased by $150,000 to an aggregate principal amount of $550,000. On March 20, 2025, the Company remitted $750 to the Dealer-Manager, an affiliate of the Company, for arranger fees related to the Third Joinder. On June 16, 2025, the Borrowers entered into the First Amendment (the “First Amendment”) to the Credit Agreement. Pursuant to the First Amendment, certain indirect subsidiaries of the Company were added as borrowers and the uncommitted accordion feature was increased by $1,000,000 to allow the Borrowers to increase the commitment to up to $2,000,000 in the aggregate, guaranteed by certain of the Company’s subsidiaries pursuant to the Credit Agreement. In addition, pursuant to the First Amendment, the maturity date of the Credit Agreement was extended from April 2, 2027 to April 3, 2028, unless there is an earlier termination or an acceleration following an event of default. On June 13, 2025, the Company remitted $550 to the Dealer-Manager, an affiliate of the Company, for arranger fees related to the First Amendment. On July 24, 2025, the Borrowers entered into a fourth lender joinder agreement (the “Fourth Joinder”) to the Credit Agreement. Pursuant to the Fourth Joinder, the credit available to the Borrowers was increased by $200,000 to an aggregate principal amount of $750,000. On July 24, 2025, the Company remitted $1,000 to the Dealer-Manager, an affiliate of the Company, for arranger fees related to the Fourth Joinder. On August 1, 2025, the Borrowers entered into a fifth lender joinder agreement (the “Fifth Joinder”) to the Credit Agreement. Pursuant to the Fifth Joinder, the credit available to the Borrowers was increased by $150,000 to an aggregate principal amount of $900,000. On August 1, 2025, the Company remitted $750 to the Dealer-Manager, an affiliate of the Company, for arranger fees related to the Fifth Joinder. On November 13, 2025, the Borrowers entered into a sixth lender joinder agreement (the “Sixth Joinder”) to the Credit Agreement. Pursuant to the Sixth Joinder, the credit available to the Borrowers was increased by $350,000 to an aggregate principal amount of $1,250,000. On November 13, 2025, the Company remitted $1,750 to the Dealer-Manager, an affiliate of the Company, for arranger fees related to the Sixth Joinder. On January 27, 2026, the Borrowers entered into the Second Amendment (the “Second Amendment”) to the Credit Agreement. The Second Amendment includes certain updates to the Credit Agreement in contemplation of one or more of the Borrowers thereunder being taxed as real estate investment trusts under the Internal Revenue Code of 1986, as amended. On March 25, 2026, the Borrowers entered into a facility upsize agreement (the “Upsize Agreement,” together with the First Joinder, the Second Joinder, the Third Joinder, the Fourth Joinder, the Fifth Joinder, the First Amendment and the Second Amendment, the “Credit Agreement Amendments”) to the Credit Agreement. Pursuant to the Upsize Agreement, the credit available to the Borrowers was increased by $50,000 to an aggregate principal amount of $1,300,000. On March 24, 2026, the Company remitted $250 to the Dealer-Manager, an affiliate of the Company, for arranger fees related to the Upsize Agreement. Advances under the Credit Agreement denominated in U.S. dollars bear interest, at the relevant Borrower’s option, at (i) daily or term SOFR plus a spread of 3.25% per annum or (ii) a reference rate plus a spread of 2.25% per annum. Advances under the Credit Agreement denominated in currencies other than U.S. dollars will bear interest at certain local rates consistent with market standards plus a spread of 3.25% per annum. If the usage under the Credit Agreement is less than 50% of the aggregate commitments under the Credit Agreement, the Borrowers of the Company shall pay an unused fee of 0.50% per annum of the principal obligations. If the usage under the Credit Agreement is equal to or greater than 50% of the aggregate commitments under the Credit Agreement, the Borrowers of the Company shall pay an unused fee of 0.40% per annum of the principal obligations. Under the terms of the Credit Agreement, the Company is subject to customary affirmative and negative covenants. The Company was in compliance with such covenants in all material respects as of March 31, 2026. The Company incurred $34,807 of costs associated with entry into the Credit Agreement and Credit Agreement Amendments. These costs have been capitalized within Deferred financing costs on the Consolidated Statement of Assets and Liabilities. As of March 31, 2026, total remaining unamortized deferring financing costs for the Credit Agreement was $22,525. As of March 31, 2026 and December 31, 2025, the Borrowers did not have an outstanding balance under the Credit Agreement. The carrying amount outstanding under the Credit Agreement approximates its fair value as of March 31, 2026 and December 31, 2025.
|