| Schedule of Borrowings |
The following table shows the Company's borrowings as of June 30, 2026 and December 31, 2025 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Commitment |
|
|
Face Value |
|
|
Unamortized DFC, Discounts and Premiums, net |
|
|
Carrying Value |
|
As of June 30, 2026 |
|
Credit Facility |
|
$ |
|
550,000 |
|
|
$ |
|
350,000 |
|
|
$ |
|
(3,567 |
) |
|
$ |
|
346,433 |
|
SWK 2027 Notes |
|
|
|
32,969 |
|
|
|
|
32,969 |
|
|
|
|
357 |
|
|
|
|
33,326 |
|
July 2027 Notes |
|
|
|
40,250 |
|
|
|
|
40,250 |
|
|
|
|
(285 |
) |
|
|
|
39,965 |
|
April 2028 Notes |
|
|
|
107,000 |
|
|
|
|
107,000 |
|
|
|
|
(250 |
) |
|
|
|
106,750 |
|
December 2029 Notes |
|
|
|
50,000 |
|
|
|
|
50,000 |
|
|
|
|
(1,271 |
) |
|
|
|
48,729 |
|
February 2031 Notes |
|
|
|
103,250 |
|
|
|
|
103,250 |
|
|
|
|
(3,075 |
) |
|
|
|
100,175 |
|
Total |
|
$ |
|
883,469 |
|
|
$ |
|
683,469 |
|
|
$ |
|
(8,091 |
) |
|
$ |
|
675,378 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2025 |
|
Credit Facility |
|
$ |
|
550,000 |
|
|
$ |
|
173,000 |
|
|
$ |
|
(4,217 |
) |
|
$ |
|
168,783 |
|
April 2026 Notes |
|
|
|
25,000 |
|
|
|
|
25,000 |
|
|
|
|
(38 |
) |
|
|
|
24,962 |
|
July 2027 Notes |
|
|
|
80,500 |
|
|
|
|
80,500 |
|
|
|
|
(851 |
) |
|
|
|
79,649 |
|
December 2027 Notes |
|
|
|
51,750 |
|
|
|
|
51,750 |
|
|
|
|
(720 |
) |
|
|
|
51,030 |
|
April 2028 Notes |
|
|
|
107,000 |
|
|
|
|
107,000 |
|
|
|
|
(304 |
) |
|
|
|
106,696 |
|
Total |
|
$ |
|
814,250 |
|
|
$ |
|
437,250 |
|
|
$ |
|
(6,130 |
) |
|
$ |
|
431,120 |
|
|
| Schedule of Components of Interest Expense Net Amortization of Deferred Financing Costs Discounts and Premiums, Unused Fees on Credit Facility and Other Costs |
For the three months ended June 30, 2026 and 2025, the components of interest expense, net amortization of DFC, discounts and premiums, and unused fees on the Credit Facility (as defined below), and any other costs associated with the Company's borrowings were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense |
|
|
Amortization of
DFC, Discounts and Premiums, net |
|
|
Unused Facility and
Other Fees |
|
|
Total Interest and Other Debt Financing Expenses |
|
|
Weighted Average
Cost of Debt |
Three Months Ended June 30, 2026 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Facility |
|
$ |
|
6,584 |
|
|
$ |
|
333 |
|
|
$ |
|
223 |
|
|
$ |
|
7,140 |
|
|
|
7.49 |
|
% |
SWK 2027 Notes |
|
|
|
725 |
|
|
|
|
(144 |
) |
|
|
|
- |
|
|
|
|
581 |
|
|
|
7.48 |
|
|
July 2027 Notes |
|
|
|
755 |
|
|
|
|
69 |
|
|
|
|
- |
|
|
|
|
824 |
|
|
|
8.21 |
|
|
April 2028 Notes |
|
|
|
2,009 |
|
|
|
|
41 |
|
|
|
|
- |
|
|
|
|
2,050 |
|
|
|
7.68 |
|
|
December 2029 Notes |
|
|
|
311 |
|
|
|
|
33 |
|
|
|
|
- |
|
|
|
|
344 |
|
|
|
7.85 |
|
|
February 2031 Notes |
|
|
|
1,871 |
|
|
|
|
191 |
|
|
|
|
- |
|
|
|
|
2,062 |
|
|
|
8.01 |
|
|
Total |
|
$ |
|
12,255 |
|
|
$ |
|
523 |
|
|
$ |
|
223 |
|
|
$ |
|
13,001 |
|
|
|
7.65 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Facility |
|
$ |
|
5,004 |
|
|
$ |
|
326 |
|
|
$ |
|
537 |
|
|
$ |
|
5,867 |
|
|
|
8.77 |
|
% |
April 2026 Notes |
|
|
|
534 |
|
|
|
|
33 |
|
|
|
|
- |
|
|
|
|
567 |
|
|
|
9.08 |
|
|
December 2026 Notes |
|
|
|
58 |
|
|
|
|
214 |
|
|
|
|
- |
|
|
|
|
272 |
|
|
|
20.20 |
|
|
July 2027 Notes |
|
|
|
1,510 |
|
|
|
|
149 |
|
|
|
|
- |
|
|
|
|
1,659 |
|
|
|
8.24 |
|
|
August 2027 Notes |
|
|
|
27 |
|
|
|
|
337 |
|
|
|
|
- |
|
|
|
|
364 |
|
|
|
94.69 |
|
|
December 2027 Notes |
|
|
|
1,035 |
|
|
|
|
99 |
|
|
|
|
- |
|
|
|
|
1,134 |
|
|
|
8.76 |
|
|
April 2028 Notes |
|
|
|
1,875 |
|
|
|
|
26 |
|
|
|
|
- |
|
|
|
|
1,901 |
|
|
|
7.61 |
|
|
Total |
|
$ |
|
10,043 |
|
|
$ |
|
1,184 |
|
|
$ |
|
537 |
|
|
$ |
|
11,764 |
|
|
|
8.85 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense |
|
|
Amortization of
DFC, Discounts and Premiums, net (1) |
|
|
Unused Facility and
Other Fees |
|
|
Total Interest and Other Debt Financing Expenses |
|
|
Weighted Average
Cost of Debt |
Six Months Ended June 30, 2026 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Facility |
|
$ |
|
9,024 |
|
|
$ |
|
663 |
|
|
$ |
|
1,111 |
|
|
$ |
|
10,798 |
|
|
|
9.25 |
|
% |
April 2026 Notes |
|
|
|
119 |
|
|
|
|
38 |
|
|
|
|
- |
|
|
|
|
157 |
|
|
|
11.46 |
|
|
SWK 2027 Notes |
|
|
|
725 |
|
|
|
|
(144 |
) |
|
|
|
- |
|
|
|
|
581 |
|
|
|
7.48 |
|
|
July 2027 Notes |
|
|
|
2,046 |
|
|
|
|
567 |
|
|
|
|
- |
|
|
|
|
2,613 |
|
|
|
9.47 |
|
|
December 2027 Notes |
|
|
|
736 |
|
|
|
|
728 |
|
|
|
|
- |
|
|
|
|
1,464 |
|
|
|
16.39 |
|
|
April 2028 Notes |
|
|
|
4,018 |
|
|
|
|
138 |
|
|
|
|
- |
|
|
|
|
4,156 |
|
|
|
7.83 |
|
|
December 2029 Notes |
|
|
|
311 |
|
|
|
|
33 |
|
|
|
|
- |
|
|
|
|
344 |
|
|
|
7.85 |
|
|
February 2031 Notes |
|
|
|
3,077 |
|
|
|
|
297 |
|
|
|
|
- |
|
|
|
|
3,374 |
|
|
|
8.06 |
|
|
Total |
|
$ |
|
20,056 |
|
|
$ |
|
2,320 |
|
|
$ |
|
1,111 |
|
|
$ |
|
23,487 |
|
|
|
8.80 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Facility |
|
$ |
|
9,731 |
|
|
$ |
|
782 |
|
|
$ |
|
1,093 |
|
|
$ |
|
11,606 |
|
|
|
8.88 |
|
% |
April 2026 Notes |
|
|
|
1,068 |
|
|
|
|
69 |
|
|
|
|
- |
|
|
|
|
1,137 |
|
|
|
9.09 |
|
|
December 2026 Notes |
|
|
|
802 |
|
|
|
|
273 |
|
|
|
|
- |
|
|
|
|
1,075 |
|
|
|
5.73 |
|
|
July 2027 Notes |
|
|
|
3,019 |
|
|
|
|
294 |
|
|
|
|
- |
|
|
|
|
3,313 |
|
|
|
8.23 |
|
|
August 2027 Notes |
|
|
|
377 |
|
|
|
|
372 |
|
|
|
|
- |
|
|
|
|
749 |
|
|
|
13.98 |
|
|
December 2027 Notes |
|
|
|
2,070 |
|
|
|
|
200 |
|
|
|
|
- |
|
|
|
|
2,270 |
|
|
|
8.77 |
|
|
April 2028 Notes |
|
|
|
1,875 |
|
|
|
|
26 |
|
|
|
|
- |
|
|
|
|
1,901 |
|
|
|
7.57 |
|
|
Total |
|
$ |
|
18,942 |
|
|
$ |
|
2,016 |
|
|
$ |
|
1,093 |
|
|
$ |
|
22,051 |
|
|
|
8.53 |
|
% |
(1)Amortization of DFC includes non-recurring acceleration of deferred debt financing costs related to prepayments, resulting in a higher expenses and weighted average cost of debt for the six months ended June 30, 2026 when compared to the six months ended June 30, 2025. Accelerated DFC totaled $38.4 thousand for the April 2026 Notes repaid on January 21, 2026, and $0.4 million and $0.7 million for the July 2027 and December 2027 Notes, respectively, repaid on March 5, 2026. Credit Facility
|