v3.26.1
Debt (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Details of Fund's Borrowings

The following tables present the details of the Fund's borrowings as of March 31, 2026 and December 31, 2025.

 

 

March 31, 2026

Facility

 

Total Principal
Amount
Committed

 

 

Principal
Amount
Outstanding

 

 

Carrying Value

 

 

Fair Value

 

 

Coupon

 

Interest
Rate

 

Maturity
Date

Revolving Credit Facility(1)

 

$

400,000,000

 

 

$

246,800,000

 

 

$

246,800,000

 

 

$

246,800,000

 

 

S+2.05%

 

5.71%

 

7/10/2030

2056 Promissory Notes(2)

 

 

1,500,000

 

 

 

1,500,000

 

 

 

1,392,003

 

 

 

1,486,500

 

 

12.00%

 

12.00%

 

1/29/2056

Total

 

$

401,500,000

 

 

$

248,300,000

 

 

$

248,192,003

 

 

$

248,286,500

 

 

 

 

 

 

 

 

 

 

December 31, 2025

Facility

 

Total Principal
Amount
Committed

 

 

Principal
Amount
Outstanding

 

 

Carrying Value

 

 

Fair Value

 

 

Coupon

 

Interest
Rate

 

Maturity
Date

Revolving Credit Facility(1)

 

$

200,000,000

 

 

$

94,300,000

 

 

$

94,300,000

 

 

$

94,300,000

 

 

S+2.05%

 

6.29%

 

7/10/2030

Total

 

$

200,000,000

 

 

$

94,300,000

 

 

$

94,300,000

 

 

$

94,300,000

 

 

 

 

 

 

 
(1)
Interest rate as of March 31, 2026 and December 31, 2025 was daily SOFR+2.05%, respectively. The base interest rate is subject to daily changes. Interest rate does not include the amortization of upfront fees, facility agent fee, unfunded fees and expenses that were incurred in connection with the Revolving Credit Facility.
(2)
Carrying value represents aggregate principal amount outstanding less unamortized debt issuance costs.
Schedule of Components of the Fund's Interest and Financing Expenses

The components of the Fund's interest and financing expenses for the three months ended March 31, 2026 and March 31, 2025 were as follows:

 

 

 

For the Three Months Ended March 31,

 

 

2026

 

 

2025

 

 

Stated interest expense

 

$

3,028,996

 

 

$

1,224,975

 

 

Unfunded fees

 

 

253,302

 

 

 

—

 

 

Amortization of deferred financing costs and debt issuance costs

 

 

318,329

 

 

 

179,161

 

 

Total interest expense(1)

 

$

3,600,627

 

 

$

1,404,136

 

 

Weighted average interest rate(2)

 

 

6.42

%

 

 

8.92

%

 

Average borrowings(1)

 

$

227,577,806

 

 

$

63,873,107

 

 
(1)
Total interest expense includes amounts related to the sale/buy back financing arrangements, if applicable.
(2)
Annualized.