v3.26.1
BORROWINGS
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
BORROWINGS BORROWINGS
The Company and its wholly owned subsidiaries are party to credit facilities or debt obligations as described below. In accordance with the 1940 Act, the Company is currently only allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is maintained at a level of at least 150% after such borrowings. As of June 30, 2026 and December 31, 2025, asset coverage was 177.64% and 178.55%, respectively. Proceeds of the credit facilities or debt obligations are used for general corporate purposes, including the funding of portfolio investments. The Company and its wholly owned subsidiaries were in compliance with all covenants and other requirements of their respective agreements.
Wells Fargo Financing Facility
On December 31, 2019, a wholly owned subsidiary of the Company entered into a credit agreement (the “Wells Fargo Financing Facility” and the agreement relating thereto, as amended on October 28, 2020, March 31, 2022, March 14, 2024 and August 27, 2024, the “Wells Fargo Financing Facility Agreement”), with Wells Fargo Bank, N.A. as lender (“Wells Fargo”) and administrative agent. On March 14, 2024, a separate wholly owned subsidiary of the Company entered into the borrower joinder agreement to become party to the Wells Fargo Financing Facility Agreement and pledged all of its assets to the collateral agent to secure their obligations under the Wells Fargo Financing Facility. The Company made customary representations and warranties and were required to comply with various financial covenants related to liquidity and other maintenance covenants, reporting requirements and other customary requirements for similar facilities.
On January 23, 2025, the Wells Fargo Financing Facility Agreement was terminated in full, including the security interest over the collateral granted to Wells Fargo and the lenders pursuant to the Wells Fargo Financing Facility Agreement. The Wells Fargo Financing Facility Agreement was terminated concurrent with the satisfaction of all obligations and liabilities of the Company to the lenders thereunder, including, without limitation, payments of principal and interest, other fees, breakage costs and other amounts owing to the lenders.
The maximum facility amount available under the Wells Fargo Financing Facility was $225,000. Under the Wells Fargo Financing Facility Agreement, the Company paid a fee on daily undrawn amounts under the Wells Fargo Financing Facility of 0.25% per annum during the period ended June 14, 2024. For the six months following June 14, 2024, the Company paid a fee on daily undrawn amounts under the Wells Fargo Facility of 0.50% per annum, and, thereafter, paid 0.50% per annum on undrawn amounts of up to 40% of the maximum facility amount and 1.50% per annum on undrawn amounts in excess of 40% of the maximum facility amount.
For the three months ended June 30, 2026 and 2025, there were no interest expenses related to the Wells Fargo Financing Facility. For the six months ended June 30, 2026 and 2025, the components of interest expense related to the Wells Fargo Financing Facility were as follows:
Six Months Ended June 30,
2026
2025 (1)
Borrowing interest expense$— $396 
Unused fees— 55 
Amortization of deferred financing costs— 734 
Total interest and debt financing expenses$— $1,185 
______________
(1)Represents the period from January 1, 2025 to January 23, 2025 (date of repayment and termination of the Wells Fargo Financing Facility).
Revolving Credit Facility
On June 23, 2023, the Company entered into a senior secured revolving credit agreement (as amended from time to time, the “Senior Secured Revolving Credit Agreement” and facility thereunder, the “Revolving Credit Facility”) with SMBC as the lender, administrative agent, and one of the lead arrangers along with Wells Fargo. The Revolving Credit Facility is guaranteed by NCDL Equity Holdings and will be guaranteed by certain subsidiaries of the Company that are formed or acquired by the Company in the future (collectively, the “Guarantors”).
The Revolving Credit Facility was amended on April 9, 2024 and October 4, 2024. The most recent amendment on October 4, 2024, among other things: (i) extended the Commitment Termination Date and the Final Maturity Date (each as defined below); (ii) added a term loan tranche; (iii) increased the total committed facility amount from $250,000 to $325,000 and (iv) reduced (a) the applicable margin with respect to SONIA borrowings from 2.125% to 2.00%, (b) the credit spread adjustment from 0.15% to 0.10% for Term SOFR borrowings with a three-month tenor and from 0.25% to 0.10% for Term SOFR borrowings with a six-month tenor and (c) the applicable margin with respect to all other permitted borrowing rates from 1.125% to 1.000%. The Revolving Credit Facility is secured by a perfected first-priority interest in substantially all of the portfolio investments held by the Company and each Guarantor, subject to certain exceptions, and includes a $25,000 limit for swingline loans.
The availability period under the Revolving Credit Facility will terminate on October 4, 2028 (the “Commitment Termination Date”) and will mature on October 4, 2029 (the “Final Maturity Date”). During the period from the Commitment Termination Date to the Final Maturity Date, the Company will be obligated to make mandatory prepayments out of the proceeds of certain asset sales and other recovery events and equity and debt issuances.
The Company may borrow amounts in U.S. dollars or certain other permitted currencies. Amounts drawn in U.S. dollars will bear interest at either Term SOFR plus a margin or the prime rate plus a margin. The Company may elect either the Term SOFR or prime rate at the time of drawdown, and loans denominated in U.S. dollars may be converted from one rate to another at any time at the Company’s option, subject to certain conditions. Amounts drawn in other permitted currencies will bear interest at the relevant rate specified therein plus an applicable margin. The Company also will pay a fee of 0.375% per annum on average daily undrawn amounts. As of June 30, 2026 and December 31, 2025, the Revolving Credit Facility bore interest at one-month SOFR plus 2.00% per annum.
The Senior Secured Revolving Credit Agreement includes customary covenants, including certain limitations on the incurrence by the Company of additional indebtedness and on the Company’s ability to make distributions to its shareholders, or to redeem, repurchase or retire shares of stock upon the occurrence of certain events and certain financial covenants related to asset coverage and minimum shareholders’ equity, as well as customary events of default.
For the three months ended June 30, 2026 and 2025, the components of interest expense related to the Revolving Credit Facility were as follows:
Three Months Ended June 30,
20262025
Borrowing interest expense$1,094 $2,245 
Unused fees239 204 
Amortization of deferred financing costs118 119 
Total interest and debt financing expenses$1,451 $2,568 
For the six months ended June 30, 2026 and 2025, the components of interest expense related to the Revolving Credit Facility were as follows:
Six Months Ended June 30,
20262025
Borrowing interest expense$2,277 $4,302 
Unused fees471 416 
Amortization of deferred financing costs235 235 
Total interest and debt financing expenses$2,983 $4,953 
CLO-I
On May 20, 2022 (the “CLO-I Original Closing Date”), the Company completed a $448,325 term debt securitization (the “2022 Debt Securitization”). Term debt securitization is also known as a collateralized loan obligation and is a form of secured financing incurred by the Company.
The notes offered in the 2022 Debt Securitization (the “2022 Notes”) were issued by CLO-I, a direct, wholly owned, consolidated subsidiary of the Company. The 2022 Notes consisted of $199,000 of AAA Class A-1 2022 Notes, which bore interest at the three-month Term SOFR plus 1.80%; $34,250 of AAA Class A-1F 2022 Notes, which bore interest at 4.42%; $47,250 of AA Class B 2022 Notes, which bore interest at the three-month Term SOFR plus 2.30%; $31,500 of A Class C 2022 Notes, which bore interest at the three-month Term SOFR plus 3.15%; $27,000 of BBB Class D 2022 Notes, which bore interest at the three-month Term SOFR plus 4.15%; and $79,325 of Subordinated 2022 Notes, which do not bear interest. The Company directly owned all of the BBB Class D 2022 Notes and the Subordinated 2022 Notes and, as such, these notes were eliminated in consolidation.
As part of the 2022 Debt Securitization, CLO-I also entered into a loan agreement (the “CLO-I Loan Agreement”) on the CLO-I Original Closing Date, pursuant to which certain lenders (the “CLO-I Lenders”) committed to make $30,000 of AAA Class A-L 2022 Loans to CLO-I (the “2022 Loans” and, together with the 2022 Notes, the “2022 Debt”). The 2022 Loans bore interest at the three-month Term SOFR plus 1.80% and were fully drawn upon the closing of the transactions.
The 2022 Debt was backed by a diversified portfolio of senior secured and second lien loans. The 2022 Debt was the secured obligation of CLO-I, and the indenture and the CLO-I Loan Agreement, as applicable, governing the 2022 Debt included customary covenants and events of default. The 2022 Debt was not registered under the Securities Act, or any state “blue sky” laws.
CLO-I Refinancing
On March 20, 2025 (the “CLO-I Refinancing Date”), the Company completed a $457,975 refinancing of the 2022 Debt Securitization (the "CLO-I Refinancing").
The notes offered in the CLO-I Refinancing (the “2025 Notes”) were issued by CLO-I. The 2025 Notes consist of $1,900 of AAA Class X 2025 Notes, which bear interest at the three-month Term SOFR plus 1.05%; $233,250 of AAA Class A-R 2025 Notes, which bear interest at the three-month Term SOFR plus 1.38%; $56,250 of AA Class B-R 2025 Notes, which bear interest at the three-month Term SOFR plus 1.70%; and $136,575 of Subordinated 2025 Notes, which do not bear interest and of which $79,325 were issued on the CLO-I Original Closing Date and remained outstanding on the CLO-I Refinancing Date. The Company directly retained all of the Subordinated 2025 Notes and, as such, these notes are eliminated in consolidation.

As part of the CLO-I Refinancing, CLO-I also entered into an amended and restated loan agreement (the “Class A-L-R Loan Agreement”), pursuant to which various financial institutions and other persons which are, or may become, parties thereto as lenders (the “Class A-L-R Lenders”) committed to make $30,000 of AAA Class A-L-R 2025 Loans to CLO-I (the “Class A-L-R 2025 Loans” and, together with the 2025 Notes, the “2025 Debt”). The Class A-L-R 2025 Loans bear interest at the three-month Term SOFR plus 1.38% and were fully drawn on the CLO-I Refinancing Date. Any Class A-L-R Lender may elect to convert a portion or all of the Class A-L-R 2025 Loans held by such Class A-L-R Lender into Class A-R 2025 Notes upon written notice to CLO-I in accordance with the Class A-L-R Loan Agreement.

The 2025 Debt is backed by a diversified portfolio of senior secured and second lien loans. Through April 20, 2030, all principal collections received on the underlying collateral may be used by CLO-I to purchase new collateral under the direction of the Company, in its capacity as collateral manager of CLO-I and in accordance with the Company’s investment strategy, allowing the Company to maintain the initial leverage in the CLO-I Refinancing. The 2025 Debt matures on April 20, 2038 and may be optionally redeemed or prepaid on or after April 20, 2027.

The 2025 Debt is the secured obligation of CLO-I, and the supplemental indenture and the Class A-L-R Loan Agreement, as applicable, governing the 2025 Debt include customary covenants and events of default. The 2025 Debt has not been, and will not be, registered under the Securities Act or any state “blue sky” laws and may not be offered or sold in the United States absent registration with the SEC or applicable exemption from registration.

The Company serves as collateral manager to CLO-I under a collateral management agreement and has waived the management fee due to it in consideration for providing these services.
For the three months ended June 30, 2026 and 2025, the components of interest expense related to CLO-I were as follows:
Three Months Ended June 30,
20262025
Borrowing interest expense$4,143 $4,753 
Amortization of debt issuance costs83 82 
Total interest and debt financing expenses$4,226 $4,835 
For the six months ended June 30, 2026 and 2025, the components of interest expense related to CLO-I were as follows:
Six Months Ended June 30,
20262025
Borrowing interest expense$8,275 $9,796 
Amortization of debt issuance costs165 873 
Total interest and debt financing expenses$8,440 $10,669 
CLO-II
On December 7, 2023 (the “CLO-II Original Closing Date”), the Company completed a $298,060 term debt securitization (the “2023 Debt Securitization”).
The notes offered in the 2023 Debt Securitization (the “2023 Notes”) were issued by CLO-II, a direct, wholly owned, consolidated subsidiary of the Company. The 2023 Notes consisted of $2,000 of AAA Class X 2023 Notes, which bore interest at the three-month Term SOFR plus 2.00%, $100,500 of AAA Class A-1 2023 Notes, which bore interest at the three-month Term SOFR plus 2.35%; $37,500 of AA Class B 2023 Notes, which bore interest at three-month Term SOFR plus 3.20% and approximately $83,060 of Subordinated 2023 Notes, which did not bear interest. The Company directly owned all of the Subordinated 2023 Notes and as such, these notes were eliminated in consolidation.
As part of the 2023 Debt Securitization, CLO-II also entered into a loan agreement (the “CLO-II Loan Agreement”) on the CLO-II Original Closing Date, pursuant to which certain lenders (the “CLO-II Lenders”) committed to make $25,000 of AAA Class A-L-A 2023 Loans and $50,000 AAA Class A-L-B 2023 Loans to CLO-II (the “2023 Loans” and, together with the 2023 Notes, the “2023 Debt”). The 2023 Loans bore interest at the three-month Term SOFR plus 2.35% and were fully drawn upon the closing of the transactions.
The 2023 Debt was backed by a diversified portfolio of senior secured and second lien loans. The 2023 Debt was the secured obligation of CLO-II, and the indenture and the CLO-II Loan Agreement, as applicable, governing the 2023 Debt included customary covenants and events of default. The 2023 Debt was not registered under the Securities Act, or any state “blue sky” laws.
CLO-II Refinancing
On February 20, 2026 (the "CLO-II Refinancing Date"), the Company completed a $299,700 refinancing of the 2023 Debt Securitization (the “CLO-II Refinancing”).
The notes offered in the CLO-II Refinancing (the "2026 Notes") were issued by CLO-II. The 2026 Notes consist of $125,500 of AAA Class A-R 2026 Notes, which bear interest at the three-month Term SOFR plus 1.38%; $37,500 of AA Class B-R 2026 Notes, which bear interest at the three-month Term SOFR plus 1.70%; and $86,700 of Subordinated 2026 Notes, which do not bear interest and of which $83,060 were issued on the CLO-II Original Closing Date and remained outstanding on the CLO-II Refinancing Date. The Company directly retained all of the Subordinated 2026 Notes and, as such, these notes are eliminated in consolidation.

In connection with the issuance of the 2026 Notes, CLO-II entered into a note purchase agreement with SG Americas Securities, LLC, as initial purchaser of the 2026 Notes, other than the Subordinated 2026 Notes.

As part of the CLO-II Refinancing, CLO-II also entered into an amended and restated loan agreement (the "Class A-L-R CLO-II Loan Agreement"), pursuant to which various financial institutions and other persons which are, or may become, parties thereto as lenders (the "Class A-L-R CLO-II Lenders") committed to make $50,000 of AAA Class A-L-R 2026 Loans to CLO-II (the "2026 Loans" and, together with the 2026 Notes, the "2026 Debt"). The 2026 Loans bear interest at the three-month Term SOFR plus 1.38% and were fully drawn on the CLO-II Refinancing Date.

The 2026 Debt is backed by a diversified portfolio of senior secured and second lien loans. Through January 20, 2031, all principal collections received on the underlying collateral may be used by CLO-II to purchase new collateral under the direction of the Company, in its capacity as collateral manager of CLO-II and in accordance with the Company's investment strategy and the terms of the indenture, allowing the Company to maintain the initial leverage in the CLO-II Refinancing. The 2026 Debt matures on January 20, 2039 and may be optionally redeemed or prepaid on or after January 20, 2028.

The 2026 Debt is the secured obligation of CLO-II, and the supplemental indenture and the Class A-L-R CLO-II Loan Agreement, as applicable, governing the 2026 Debt include customary covenants and events of default. The 2026 Debt has not been, and will not be, registered under the Securities Act or any state “blue sky” laws and may not be offered or sold in the United States absent registration with the SEC or applicable exemption from registration.
The Company serves as collateral manager to CLO-II under a collateral management agreement and has waived the management fee due to it in consideration for providing these services.
For the three months ended June 30, 2026 and 2025, the components of interest expense related to CLO-II were as follows:
Three Months Ended June 30,
20262025
Borrowing interest expense$2,750 $3,663 
Amortization of debt issuance costs73 104 
Total interest and debt financing expenses$2,823 $3,767 
For the six months ended June 30, 2026 and 2025, the components of interest expense related to CLO-II were as follows:
Six Months Ended June 30,
20262025
Borrowing interest expense$5,814 $7,338 
Amortization of debt issuance costs955 175 
Total interest and debt financing expenses$6,769 $7,513 
CLO-III
On March 14, 2024 (the “CLO-III Closing Date”), the Company completed a $296,970 term debt securitization (the “2024 Debt Securitization”).
The notes offered in the 2024 Debt Securitization (the “2024 Notes”) were issued by CLO-III, a direct, wholly owned, consolidated subsidiary of the Company, pursuant to an indenture (the “CLO-III Indenture”) dated as of the CLO-III Closing Date. The 2024 Notes consist of $2,000 of AAA Class X 2024 Notes, which bear interest at the three-month Term SOFR plus 1.40%; $175,500 of AAA Class A 2024 Notes, which bear interest at the three-month Term SOFR plus 2.00%; $37,500 of AA Class B 2024 Notes, which bear interest at the three-month Term SOFR plus 2.65%; and $81,970 of Subordinated 2024 Notes, which do not bear interest. The Company directly retained all of the Subordinated 2024 Notes, and as such, these notes are eliminated in consolidation.

The 2024 Notes are backed by a diversified portfolio of senior secured and second lien loans. The CLO-III Indenture contains certain conditions pursuant to which loans can be acquired by CLO-III, in accordance with rating agency criteria or as otherwise agreed with certain institutional investors who purchased the 2024 Notes. Through April 20, 2028, all principal collections received on the underlying collateral may be used by CLO-III to purchase new collateral under the direction of the Company, in its capacity as collateral manager of CLO-III and in accordance with the Company’s investment strategy, allowing the Company to maintain the initial leverage in the 2024 Debt Securitization. The 2024 Notes are due on April 20, 2036.

The 2024 Notes are the secured obligation of CLO-III, and the CLO-III Indenture governing the 2024 Notes includes customary covenants and events of default. The 2024 Notes have not been, and will not be, registered under the Securities Act or any state “blue sky” laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or applicable exemption from registration.

The Company serves as collateral manager to CLO-III under a collateral management agreement and has waived the management fee due to it in consideration for providing these services.

Subsequent to quarter ended June 30, 2026, on July 7, 2026, the Company, acting in its capacity as the collateral manager, exercised its optional redemption right pursuant to the CLO-III Indenture. See Note 12, Subsequent Events for more information.

For the three months ended June 30, 2026 and 2025, the components of interest expense related to CLO-III were as follows:
Three Months Ended June 30,
20262025
Borrowing interest expense$3,120 $3,459 
Amortization of debt issuance costs99 99 
Total interest and debt financing expenses$3,219 $3,558 
For the six months ended June 30, 2026 and 2025, the components of interest expense related to CLO-III were as follows:
Six Months Ended June 30,
20262025
Borrowing interest expense$6,232 $6,932 
Amortization of debt issuance costs198 198 
Total interest and debt financing expenses$6,430 $7,130 
Unsecured Notes
On January 22, 2025, the Company issued $300,000 in aggregate principal amount of the Company’s 6.65% Notes due 2030 (the “2030 Notes”). The 2030 Notes bear interest at a rate of 6.65% per year payable semi-annually in arrears on March 15 and September 15 of each year. The 2030 Notes will mature on March 15, 2030, and may be redeemed in whole or in part at the Company’s option at any time prior to February 15, 2030, at par plus a “make-whole” premium plus accrued interest, and thereafter at par. The 2030 Notes are the direct unsecured obligations of the Company and rank pari passu with all existing and future unsubordinated unsecured indebtedness issued by the Company, senior in right of payment to any of the Company’s future indebtedness that is expressly subordinated in right of payment to the 2030 Notes, effectively subordinated to all of the existing and future secured indebtedness issued by the Company (including indebtedness that is initially unsecured in respect of which the Company subsequently grants security), to the extent of the value of the assets securing such indebtedness, and structurally subordinated to all existing and future indebtedness and other obligations of any of the Company’s subsidiaries.

The indenture governing the 2030 Notes contains certain covenants, including certain covenants requiring the Company to comply with Section 18(a)(1)(A) as modified by Section 61(a) of the 1940 Act, or any successor provisions, whether or not the Company continues to be subject to such provisions of the 1940 Act, but giving effect, in either case, to any exemptive relief granted to the Company by the SEC; and to provide financial information to the holders of the 2030 Notes and the trustee if the Company is no longer subject to the reporting requirements under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These covenants are subject to important limitations and exceptions that are described in the indenture.

For the three months ended June 30, 2026 and 2025, the component of interest expense related to the 2030 Notes were as follows:

Three Months Ended June 30,
20262025
Borrowing interest expense$4,641 $5,163 
Accretion of original issue discount 27 28 
Amortization of deferred issuance costs191 189 
Net fair value adjustment for hedging transaction(13)(3)
Total interest and debt financing expenses$4,846 $5,377 

For the six months ended June 30, 2026 and 2025, the component of interest expense related to the 2030 Notes were as follows:

Six Months Ended June 30,
20262025
Borrowing interest expense$9,277 $8,954 
Accretion of original issue discount 55 49 
Amortization of deferred issuance costs379 334 
Net fair value adjustment for hedging transaction(19)(39)
Total interest and debt financing expenses$9,692 $9,298 
On January 22, 2025, in connection with the issuance of the 2030 Notes, the Company entered into an interest rate swap agreement. See Note 4, Derivatives for more information.
Summary of Borrowings
The Company's debt obligations consisted of the following as of June 30, 2026 and December 31, 2025:
June 30, 2026
2030 Notes
CLO-ICLO-IICLO-IIIRevolving Credit FacilityTotal
Total Commitment$300,000 $320,767 $213,000 $213,250 $325,000 $1,372,017 
Amount Outstanding (1)
300,000 320,767 213,000 213,250 46,500 1,093,517 
Unused Portion (2)
— — — — 278,500 278,500 
Amount Available (3)
— — — — 278,500 278,500 
_______________
(1)Amount outstanding on the consolidated statements of assets and liabilities is net of deferred financing, issuance costs, unamortized discount, and hedging adjustment, as applicable.
(2)The unused portion on the Revolving Credit Facility is the amount upon which commitment fees are based.
(3)Available for borrowing on the Revolving Credit Facility based on the computation of collateral to support the borrowings and subject to compliance with applicable covenants and financial ratios.
December 31, 2025
2030 Notes
CLO-I
CLO-II
CLO-III
Revolving Credit Facility
Total
Total Commitment$300,000 $321,083 $213,286 $213,750 $325,000 $1,373,119 
Amount Outstanding (1)
300,000 321,083 213,286 213,750 66,000 1,114,119 
Unused Portion (2)
— — — — 259,000 259,000 
Amount Available (3)
— — — — 259,000 259,000 
______________
(1)Amount outstanding on the consolidated statements of assets and liabilities is net of deferred financing, issuance costs. unamortized discount, and hedging adjustment, as applicable.
(2)The unused portion on the credit facilities is the amount upon which commitment fees are based.
(3)Available for borrowing on the credit facilities based on the computation of collateral to support the borrowings and subject to compliance with applicable covenants and financial ratios.
For the three and six months ended June 30, 2026 and 2025, the components of interest expense and debt financing expenses were as follows:
Three Months Ended June 30,
20262025
Borrowing interest expense$15,748 $19,283 
Unused fees239 204 
Accretion of original issue discount 27 28 
Amortization of deferred financing or issuance costs 564 593 
Net fair value adjustment for hedging transaction(13)(3)
Total interest and debt financing expenses$16,565 $20,105 
Average interest rate (1)
5.72 %6.62 %
Average daily borrowings$1,121,085 $1,180,578 
_______________
(1)Average interest rate includes borrowing interest expense and unused fees.
Six Months Ended June 30,
20262025
Borrowing interest expense$31,875 $37,718 
Unused fees471 471 
Accretion of original issue discount 55 49 
Amortization of deferred financing or issuance costs 1,932 2,549 
Net fair value adjustment for hedging transaction(19)(39)
Total interest and debt financing expenses$34,314 $40,748 
Average interest rate (1)
5.80 %6.59 %
Average daily borrowings$1,124,134 $1,168,419 
_______________
(1)Average interest rate includes borrowing interest expense and unused fees.
Contractual Obligations
The following tables show the contractual maturities of the Company's debt obligations as of June 30, 2026 and December 31, 2025:
Payments Due by Period
As of June 30, 2026
TotalLess than 1 Year1 to 3 years3 to 5 yearsMore than 5 Years
Revolving Credit Facility$46,500 $— $— $46,500 $— 
CLO-I320,767 — — — 320,767 
CLO-II213,000 — — — 213,000 
CLO-III213,250 — — — 213,250 
2030 Notes300,000 — — 300,000 — 
Total debt obligations$1,093,517 $— $— $346,500 $747,017 
Payments Due by Period
As of December 31, 2025
TotalLess than 1 Year1 to 3 years3 to 5 yearsMore than 5 Years
Revolving Credit Facility$66,000 $— $— $66,000 $— 
CLO-I321,083 — — — 321,083 
CLO-II213,286 — — — 213,286 
CLO-III213,750 — — — 213,750 
2030 Notes300,000 $— — 300,000 — 
Total debt obligations$1,114,119 $— $— $366,000 $748,119