v3.26.1
Financing Arrangements
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Financing Arrangements Financing Arrangements
Prior to June 14, 2019, in accordance with the 1940 Act, the Company was allowed to borrow amounts such that its asset coverage, calculated pursuant to the 1940 Act, was at least 200% after such borrowing. Effective June 15, 2019, the Company’s asset coverage requirement applicable to senior securities was reduced from 200% to 150%. For purposes of the 1940 Act, “asset coverage” means the ratio of (1) the total assets of a BDC, less all liabilities and indebtedness not represented by senior securities, to (2) the aggregate amount of senior securities representing indebtedness (plus, in the case of senior securities represented by preferred stock, the aggregate involuntary liquidation preference of such BDC’s preferred stock). As of June 30, 2026, the aggregate amount outstanding of the senior securities issued by the Company was $6,641. As of June 30, 2026, our asset coverage on our “senior securities representing indebtedness” was 179% and our asset coverage on our “senior securities that are stock” was 177%.
The following tables present summary information with respect to the Company’s outstanding financing arrangements as of June 30, 2026 and December 31, 2025. For additional information regarding these financing arrangements, see the notes to the Company’s audited consolidated financial statements contained in its annual report on Form 10-K for the year ended December 31, 2025. See Note 9 to the financial statements included in the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 for a description of amendments or other changes to the financing arrangements during the three months ended March 31, 2026. Any significant changes to the Company’s financing arrangements during the three months ended June 30, 2026 are discussed below.
As of June 30, 2026
(Unaudited)
ArrangementType of ArrangementRateAmount
Outstanding		Amount
Available		Maturity Date
Callowhill Credit Facility(2)
Revolving Credit Facility
SOFR+1.75%(1)
$365 $35 June 2, 2030
Senior Secured Revolving Credit Facility(2)
Revolving Credit Facility
SOFR+1.78% - 1.90%(1)(3)
733(4)
3,017(5)
July 16, 2030
2.625% Notes due 2027(6)
Unsecured Notes2.63%400 — January 15, 2027
3.250% Notes due 2027(6)
Unsecured Notes3.25%500 — July 15, 2027
3.125% Notes due 2028(6)
Unsecured Notes3.13%750 — October 12, 2028
7.875% Notes due 2029(6)
Unsecured Notes7.88%400 — January 15, 2029
6.875% Notes due 2029(6)(7)
Unsecured Notes6.88%600 — August 15, 2029
6.125% Notes due 2030(6)(7)
Unsecured Notes6.13%700 — January 15, 2030
6.125% Notes due 2031(6)(7)
Unsecured Notes6.13%400 — January 15, 2031
7.500% Notes due 2031(6)(7)
Unsecured Notes7.50%900 — August 1, 2031
CLO-2 Notes(2)(8)
Collateralized Loan Obligation
SOFR+1.48% - 2.15%(1)
380 — April 15, 2037
CLO-3 Notes(2)(9)
Collateralized Loan Obligation
SOFR+1.47% - 2.10%(1)
363 — January 15, 2038
Convertible Preferred Stock(10)
Preferred Stock5.00%150 — 
Total$6,641 $3,052 
___________
(1)The benchmark rate is subject to a 0% floor.
(2)The carrying amount outstanding under the facility approximates its fair value.
(3)The spread over the benchmark rate is determined by reference to the ratio of the value of the borrowing base to the aggregate amount of certain outstanding indebtedness of the Company. In addition to the spread over the benchmark rate, a credit spread adjustment of 0.10% and 0.0326% is applicable to borrowings in U.S. dollars and pounds sterling, respectively.
(4)Amount includes borrowing in Euros, pounds sterling and Australian dollars. Euro balance outstanding of €348 has been converted to U.S. dollars at an exchange rate of €1.00 to $1.14 as of June 30, 2026 to reflect total amount outstanding in U.S. dollars. Pounds sterling balance outstanding of £73 has been converted to U.S dollars at an exchange rate of £1.00 to $1.33 as of June 30, 2026 to reflect total amount outstanding in U.S. dollars. Australian dollar balance outstanding of AUD6 has been converted to U.S dollars at an exchange rate of AUD1.00 to $0.69 as of June 30, 2026 to reflect total amount outstanding in U.S. dollars.
(5)The amount available for borrowing under the Senior Secured Revolving Credit Facility is reduced by any standby letters of credit issued under the Senior Secured Revolving Credit Facility. As of June 30, 2026, $51 of such letters of credit have been issued.
(6)As of June 30, 2026, the fair value of the 2.625% Notes due 2027, the 3.250% Notes due 2027, the 3.125% Notes due 2028, the 7.875% Notes due 2029, the 6.875% Notes due 2029, the 6.125% Notes due 2030, the 6.125% Notes due 2031 and the 7.500% Notes due 2031 was approximately $393, $487, $706, $411, $612, $718, $400 and $900, respectively. These valuations are considered Level 2 valuations within the fair value hierarchy.
(7)As of June 30, 2026, the carrying values of the 6.875% Notes due 2029, the 6.125% Notes due 2030, the 6.125% Notes due 2031 and the 7.500% Notes due 2031 include a $12, $18, $0 and $0 increase (decrease), respectively, as a result of an effective hedge accounting relationship. See Note 7 for additional information.
(8)As of June 30, 2026, there were $160.0 of Class A-1 Notes outstanding at SOFR+1.48%, $100.0 of Class A-1L Notes outstanding at SOFR+1.48%, $30.0 of Class A-1W Notes outstanding at SOFR+1.48%, $20.0 of Class A-2L Notes outstanding at SOFR+1.60%, $30.0 of Class B Notes outstanding at SOFR+1.75% and $40.0 of Class C Notes outstanding at SOFR+2.15%.
(9)As of June 30, 2026, there were $125.5 of Class A-1 Notes outstanding at SOFR+1.47%, $150.0 of Class A-1 Senior Floating Rate Loans outstanding at SOFR+1.47%, $19.0 of Class A-2 Notes outstanding at SOFR+1.65%, $35.6 of Class B Notes outstanding at SOFR+1.80% and $33.2 of Class C Notes outstanding at SOFR+2.10%.
(10)The Convertible Preferred Stock will pay dividends of 5.00% cash or 7.00% PIK, at the Company’s option, in either case increasing annually by 1.00% per annum beginning on the 5.5-year anniversary of the issue date. See “Note 4. Related Party Transactions” for more information.


As of December 31, 2025
ArrangementType of ArrangementRateAmount
Outstanding		Amount
Available		Maturity Date
Callowhill Credit Facility(2)
Revolving Credit Facility
SOFR+1.75%(1)
$284 $116 June 2, 2030
CCT Tokyo Funding Credit Facility(2)
Revolving Credit Facility
SOFR+1.90% - 2.05%(1)(3)
45 — June 2, 2026
Meadowbrook Run Credit Facility(2)
Revolving Credit Facility
SOFR+1.95%(1)
265 35 November 22, 2028
Senior Secured Revolving Credit Facility(2)
Revolving Credit Facility
SOFR+1.75% - 1.88%(1)(4)
1,533(5)
3,117(6)
July 16, 2030
3.400% Notes due 2026(7)
Unsecured Notes3.40%1,000 — January 15, 2026
2.625% Notes due 2027(7)
Unsecured Notes2.63%400 — January 15, 2027
3.250% Notes due 2027(7)
Unsecured Notes3.25%500 — July 15, 2027
3.125% Notes due 2028(7)
Unsecured Notes3.13%750 — October 12, 2028
7.875% Notes due 2029(7)
Unsecured Notes7.88%400 — January 15, 2029
6.875% Notes due 2029(7)(8)
Unsecured Notes6.88%600 — August 15, 2029
6.125% Notes due 2030(7)(8)
Unsecured Notes6.13%700 — January 15, 2030
6.125% Notes due 2031(7)(8)
Unsecured Notes6.13%400 — January 15, 2031
CLO-2 Notes(2)(9)
Collateralized Loan Obligation
SOFR+1.48% - 2.15%(1)
380 — April 15, 2037
CLO-3 Notes(2)(10)
Collateralized Loan Obligation
SOFR+1.470% - 2.10%(1)
363 — January 15, 2038
Total$7,620 $3,268 
___________
(1)The benchmark rate is subject to a 0% floor.
(2)The carrying amount outstanding under the facility approximates its fair value.
(3)As of December 31, 2025, there was $30 term loan outstanding at SOFR+1.90% and $15 revolving commitment outstanding at SOFR+2.05%.
(4)The spread over the benchmark rate is determined by reference to the ratio of the value of the borrowing base to the aggregate amount of certain outstanding indebtedness of the Company. In addition to the spread over the benchmark rate, a credit spread adjustment of 0.10% and 0.0326% is applicable to borrowings in U.S. dollars and pounds sterling, respectively.
(5)Amount includes borrowing in Euros, pounds sterling and Australian dollars. Euro balance outstanding of €361 has been converted to U.S. dollars at an exchange rate of €1.00 to $1.17 as of December 31, 2025 to reflect total amount outstanding in U.S. dollars. Pounds sterling balance outstanding of £180 has been converted to U.S dollars at an exchange rate of £1.00 to $1.34 as of December 31, 2025 to reflect total amount outstanding in U.S. dollars. Australian dollar balance outstanding of AUD3 has been converted to U.S dollars at an exchange rate of AUD1.00 to $0.67 as of December 31, 2025 to reflect total amount outstanding in U.S. dollars.
(6)The amount available for borrowing under the Senior Secured Revolving Credit Facility is reduced by any standby letters of credit issued under the Senior Secured Revolving Credit Facility. As of December 31, 2025, $50 of such letters of credit have been issued.
(7)As of December 31, 2025, the fair value of the 3.400% Notes due 2026, the 2.625% Notes due 2027, the 3.250% Notes due 2027, the 3.125% Notes due 2028, the 7.875% Notes due 2029, the 6.875% Notes due 2029, the 6.125% Notes due 2030 and the 6.125% Notes due 2031 was approximately $1,000, $389, $483, $692, $414, $624, $732 and $403, respectively. These valuations are considered Level 2 valuations within the fair value hierarchy.
(8)As of December 31, 2025, the carrying values of the 6.875% Notes due 2029, the 6.125% Notes due 2030 and the 6.125% Notes due 2031 include a $24, $32 and $3 increase, respectively, as a result of an effective hedge accounting relationship. See Note 7 for additional information.
(9)As of December 31, 2025, there were $160.0 of Class A-1 Notes outstanding at SOFR+1.48%, $100.0 of Class A-1L Notes outstanding at SOFR+1.48%, $30.0 of Class A-1W Notes outstanding at SOFR+1.48%, $20.0 of Class A-2L Notes outstanding at SOFR+1.60%, $30.0 of Class B Notes outstanding at SOFR+1.75% and $40.0 of Class C Notes outstanding at SOFR+2.15%.
(10)As of December 31, 2025, there were $125.5 of Class A-1 Notes outstanding at SOFR+1.47%, $150.0 of Class A-1 Senior Floating Rate Loans outstanding at SOFR+1.47%, $19.0 of Class A-2 Notes outstanding at SOFR+1.65%, $35.6 of Class B Notes outstanding at SOFR+1.80% and $33.2 of Class C Notes outstanding at SOFR+2.10%.
For the six months ended June 30, 2026 and 2025, the components of total interest expense for the Company’s financing arrangements were as follows:
Six Months Ended June 30,
20262025
Arrangement(1)
Direct Interest ExpenseAmortization of Deferred Financing Costs and Discount / PremiumTotal Interest ExpenseDirect Interest ExpenseAmortization of Deferred Financing Costs and Discount / PremiumTotal Interest Expense
Ambler Credit Facility(2)
$— $— $— $6 0 $6 
Callowhill Credit Facility(2)
9 0 9 2 0 2 
CCT Tokyo Funding Credit Facility(2)
1 0 1 4 0 4 
Darby Creek Credit Facility(2)
— — — 16 1 17 
Meadowbrook Run Credit Facility(2)
8 0 8 8 1 9 
Senior Secured Revolving Credit Facility(2)
59 3 62 69 2 71 
4.125% Notes due 2025
— — — 2 0 2 
4.250% Notes due 2025
— — — 2 (1)1 
8.625% Notes due 2025
— — — 4 1 5 
3.400% Notes due 2026
1 0 1 17 4 21 
2.625% Notes due 2027
5 0 5 5 0 5 
3.250% Notes due 2027
8 1 9 8 0 8 
3.125% Notes due 2028
12 1 13 12 1 13 
7.875% Notes due 2029
16 1 17 16 0 16 
6.875% Notes due 2029(3)
20 2 22 22 2 24 
6.125% Notes due 2030(3)
21 1 22 22 0 22 
6.125% Notes due 2031(3)
13 0 13 — — — 
7.500% Notes due 2031(3)
4 0 4 — — — 
CLO-1 Notes— — — 6 0 6 
CLO-2 Notes10 0 10 6 0 6 
CLO-3 Notes10 0 10 — — — 
Total$197 $9 $206 $227 $11 $238 
______________________
(1)Borrowings of each of the Company’s wholly-owned, special-purpose financing subsidiaries are considered borrowings of the Company for purposes of complying with the asset coverage requirements applicable to BDCs under the 1940 Act.
(2)Direct interest expense includes the effect of non-usage fees.
(3)Direct interest expense includes the impact of interest rate swaps.
The Company’s average borrowings and weighted average interest rate, including the effect of non-usage fees, for the six months ended June 30, 2026 were $7,358 and 5.31%, respectively. As of June 30, 2026, the Company’s weighted average effective interest rate on borrowings, including the effect of non-usage fees, was 5.49%.
The Company’s average borrowings and weighted average interest rate, including the effect of non-usage fees, for the six months ended June 30, 2025 were $8,212 and 5.51%, respectively. As of June 30, 2025, the Company’s weighted average effective interest rate on borrowings, including the effect of non-usage fees, was 5.34%.
Under its financing arrangements, the Company has made certain representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar financing arrangements. The Company was in compliance with all covenants required by its financing arrangements as of June 30, 2026 and December 31, 2025.
Senior Secured Revolving Credit Facility
On May 8, 2026, the Company entered into Amendment No. 1 to Third Amended and Restated Senior Secured Revolving Credit Agreement, or Amendment No. 1, amending that certain Third Amended and Restated Senior Secured Revolving Credit Agreement, originally dated July 16, 2025, by and among the Company, as borrower, each of the lenders party thereto, JPMorgan
Chase Bank, N.A., as administrative agent, and ING Capital LLC, as collateral agent. Amendment No. 1 provides for, among other things, (i) a reduction of the total commitments to approximately $4,051.7 from $4,700.0, (ii) an increase in the applicable margin with respect to lenders other than any non-extending lender with respect to the Company (a) if the Gross Borrowing Base is equal to or greater than 1.60 times the Combined Debt Amount of the Company, (x) with respect to any ABR Loan, to 0.775% per annum from 0.65% per annum, and (y) in the case of any Term Benchmark Loan or RFR Loan, to 1.775% per annum from 1.65% per annum, and (b) if the Gross Borrowing Base of the Company is less than 1.60 times the Covered Debt Amount of the Company, (x) with respect to any ABR Loan, to 0.9% per annum from 0.775% per annum, and (y) in the case of any Term Benchmark Loan or RFR Loan, to 1.9% per annum from 1.775% per annum and (iii) a reset of the minimum Shareholders’ Equity floor to $3,750.0 from approximately $5,048.6.
7.500% Notes due 2031
On June 8, 2026, the Company and U.S. Bank Trust Company, National Association, or the Trustee, entered into a Sixteenth Supplemental Indenture, or the Sixteenth Supplemental Indenture, to the Indenture, dated July 14, 2014, between the Company and the Trustee, or the Base Indenture, and together with the Sixteenth Supplemental Indenture, the Indenture. The Sixteenth Supplemental Indenture relates to the Company’s issuance of $900 aggregate principal amount of its 7.500% Notes due 2031.
The 7.500% Notes due 2031 will mature on August 1, 2031 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the Indenture. The 7.500% Notes due 2031 bear interest at a rate of 7.500% per year payable semi-annually on February 1 and August 1 of each year, commencing on February 1, 2027. The 7.500% Notes due 2031 are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the 7.500% Notes due 2031, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.
The Indenture contains certain covenants, including covenants requiring the Company to comply with the asset coverage requirements of Section 18(a)(1)(A) as modified by Section 61(a)(1) and (2) of the 1940 Act whether or not it is subject to those requirements, and to provide financial information to the holders of the 7.500% Notes due 2031 and the Trustee if the Company is no longer subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the Indenture.
In addition, on the occurrence of a “change of control repurchase event,” as defined in the Indenture, the Company will generally be required to make an offer to purchase the outstanding 7.500% Notes due 2031 at a price equal to 100% of the principal amount of such 7.500% Notes due 2031 plus accrued and unpaid interest to the repurchase date.
In connection with the issuance of the 7.500% Notes due 2031, the Company entered into an interest rate swap agreement that matures on August 1, 2031. See Note 7 for further information on the interest rate swap agreement.
CCT Tokyo Funding Credit Facility
On December 2, 2015, CCT Tokyo Funding LLC, or CCT Tokyo Funding, a wholly owned special purpose financing subsidiary of the Company, entered into a revolving credit facility, or as subsequently amended, the CCT Tokyo Funding Credit Facility, pursuant to a loan and servicing agreement with Sumitomo Mitsui Banking Corporation, or SMBC, as the administrative agent, collateral agent, and lender, and the Company, which succeeded CCT as the servicer and transferor.
On June 29, 2026, Tokyo Funding terminated the committed facility arrangement with SMBC, which resulted in a realized loss on the extinguishment of debt of $0.
Meadowbrook Run Credit Facility
On November 22, 2019, Meadowbrook Run LLC, or Meadowbrook Run, a wholly-owned special-purpose financing subsidiary of the Company, entered into a revolving credit facility, or as subsequently amended, the Meadowbrook Run Credit Facility, with Morgan Stanley Senior Funding, Inc., or Morgan Stanley, as administrative agent, Wells Fargo, as collateral agent, account bank and collateral custodian, and the lenders from time to time party thereto.
On June 29, 2026, Meadowbrook Run terminated the committed facility arrangement with Morgan Stanley, which resulted in a realized loss on the extinguishment of debt of $2.