| Summary of Debt Obligations |
The Company’s outstanding debt obligations were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2026 |
|
|
|
Aggregate
Principal
Committed |
|
|
Outstanding
Principal |
|
|
Carrying
Value (1) |
|
|
Unused
Portion (2) |
|
|
Amount Available (3) |
|
SG Facility |
|
$ |
1,400,000 |
|
|
$ |
1,158,507 |
|
|
$ |
1,158,507 |
|
|
$ |
241,493 |
|
|
$ |
206,765 |
|
Revolving Credit Facility |
|
|
875,000 |
|
|
|
747,463 |
|
|
|
747,463 |
|
|
|
127,537 |
|
|
|
127,360 |
|
2025 Notes |
|
|
500,000 |
|
|
|
500,000 |
|
|
|
494,395 |
|
|
N/A |
|
|
N/A |
|
Total |
|
$ |
2,775,000 |
|
|
$ |
2,405,970 |
|
|
$ |
2,400,365 |
|
|
$ |
369,030 |
|
|
$ |
334,125 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
|
Aggregate
Principal
Committed |
|
|
Outstanding
Principal |
|
|
Carrying
Value (1) |
|
|
Unused
Portion (2) |
|
|
Amount Available (3) |
|
SG Facility |
|
$ |
1,400,000 |
|
|
$ |
1,028,014 |
|
|
$ |
1,028,014 |
|
|
$ |
371,986 |
|
|
$ |
221,110 |
|
Revolving Credit Facility |
|
|
875,000 |
|
|
|
620,378 |
|
|
|
620,378 |
|
|
|
254,622 |
|
|
|
254,622 |
|
2025 Notes |
|
|
500,000 |
|
|
|
500,000 |
|
|
|
497,049 |
|
|
N/A |
|
|
N/A |
|
Total |
|
$ |
2,775,000 |
|
|
$ |
2,148,392 |
|
|
$ |
2,145,441 |
|
|
$ |
626,608 |
|
|
$ |
475,732 |
|
(1)The carrying value of the Company’s debt obligations is used as an approximate to fair value. The fair value of these debt obligations would be categorized as Level 3 under the ASC 820 fair value level hierarchy as of March 31, 2026 and December 31, 2025. Carrying values do not include impact of deferred financing costs. The carrying value for the 2025 Notes as of March 31, 2026 and December 31, 2025 is inclusive of an adjustment for the change in fair value of an effective hedge accounting relationship. See Note 5 for additional information. (2)The unused portion is the amount upon which commitment fees, if any, are based. (3)The amount available reflects any limitations related to the respective facility’s borrowing base.
|
| Schedule of Company's Outstanding Foreign - Denominated Debt Obligations |
The Company’s outstanding foreign-denominated debt obligations were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2026 |
|
|
|
Original Principal Amount (Local) |
|
|
Original Principal Amount (USD) |
|
|
Outstanding Principal |
|
|
Unrealized Gain (Loss) |
|
Canadian Dollar |
|
|
75,500 |
|
|
$ |
54,893 |
|
|
$ |
54,254 |
|
|
$ |
639 |
|
European Euro |
|
|
7,700 |
|
|
|
9,018 |
|
|
|
8,896 |
|
|
|
122 |
|
Great British Pound |
|
|
4,400 |
|
|
|
5,772 |
|
|
|
5,820 |
|
|
|
(48 |
) |
Total |
|
|
|
|
$ |
69,683 |
|
|
$ |
68,970 |
|
|
$ |
713 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
|
Original Principal Amount (Local) |
|
|
Original Principal Amount (USD) |
|
|
Outstanding Principal |
|
|
Unrealized Gain (Loss) |
|
Canadian Dollar |
|
|
74,100 |
|
|
$ |
54,091 |
|
|
$ |
53,993 |
|
|
$ |
98 |
|
European Euro |
|
|
7,700 |
|
|
|
9,027 |
|
|
|
9,044 |
|
|
|
(17 |
) |
Great British Pound |
|
|
6,200 |
|
|
|
8,198 |
|
|
|
8,355 |
|
|
|
(157 |
) |
Total |
|
|
|
|
$ |
71,316 |
|
|
$ |
71,392 |
|
|
$ |
(76 |
) |
|
| Summary of Components of Interest Expense |
The components of interest and debt expenses were as follows:
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
2026 |
|
|
2025 |
|
Stated interest expense |
|
$ |
31,536 |
|
|
$ |
13,797 |
|
Net contractual interest rate swap expense |
|
|
382 |
|
|
|
— |
|
Facility unused fees |
|
|
543 |
|
|
|
564 |
|
Amortization of deferred financing costs |
|
|
1,003 |
|
|
|
605 |
|
Total interest and debt expenses |
|
$ |
33,464 |
|
|
$ |
14,966 |
|
Cash paid for interest expenses |
|
$ |
30,684 |
|
|
$ |
13,370 |
|
SG Facility weighted average interest rate |
|
|
5.47 |
% |
|
|
6.07 |
% |
SG Facility average debt outstanding |
|
$ |
1,086,378 |
|
|
$ |
678,750 |
|
Revolving Credit Facility weighted average interest rate |
|
|
5.44 |
% |
|
|
6.34 |
% |
Revolving Credit Facility average debt outstanding |
|
$ |
696,386 |
|
|
$ |
216,885 |
|
2025 Notes weighted average interest rate |
|
|
6.07 |
% |
|
N/A |
|
2025 Notes average debt outstanding |
|
$ |
500,000 |
|
|
N/A |
|
|