v3.26.1
BORROWINGS (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Components of Interest Expense and Debt Financing Expenses and Debt Obligations 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).
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 
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 
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 
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 
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 
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.
Schedule of Contractual Maturities of Debt 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