v3.26.1
BORROWINGS (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Components of Debt and Interest Expense
The following table details the principal amount and carrying amount of the Company’s debt and secured borrowings as of June 30, 2026 and December 31, 2025.
As of
June 30, 2026December 31, 2025
Credit Facility$332,137 $563,660 
2030 Notes300,000 300,000 
2031 Notes300,000 300,000 
2015-1N Debt380,000 380,000 
Total principal amount outstanding1,312,137 1,543,660 
Less: unamortized debt issuance costs(9,887)(11,266)
Effective interest rate swap hedge(11,902)(1,184)
Total carrying value$1,290,348 $1,531,210 
The following table details the Company’s Senior Notes as of June 30, 2026 and December 31, 2025:
As of
June 30, 2026December 31, 2025
2030 Notes$300,000 $300,000 
2031 Notes300,000 300,000 
Total principal amount600,000 600,000 
Less: unamortized debt issuance costs(8,229)(9,240)
Effective interest rate swap hedge(11,902)(1,184)
Total carrying value$579,869 $589,576 
For the three and six months ended June 30, 2026 and 2025, the components of interest expense and credit facility fees on the Senior Notes were as follows:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Interest expense(1)
$9,752 $6,685 $19,456 $13,343 
Amortization of deferred financing costs and debt issuance costs509 461 1,012 914 
Total interest expense and credit facility fees$10,261 $7,146 $20,468 $14,257 
Cash paid for interest expense and credit facility fees$— $1,629 $18,781 $9,988 
Weighted average debt principal outstanding$600,000 $385,000 $600,000 $385,000 
Weighted average interest rate(1)(2)
6.43 %6.87 %6.45 %6.89 %
(1)Inclusive of net interest expense related to interest rate swaps, as applicable.
(2)Excludes amortization of deferred financing costs and debt issuance costs.
The following table summarizes the terms of the 2015-1N Debt and the principal amount and carrying value as of June 30, 2026 and December 31, 2025:
As of
2015-1N Debt Tranche (1)
Credit RatingReference RateSpreadJune 30, 2026December 31, 2025
Class A-1-1-A NotesAAASOFR1.80%$240,000 $240,000 
Class A-L LoansAAASOFR1.80%50,000 50,000 
Class A-1-2-B NotesAAASOFR2.00%20,000 20,000 
Class A-2-RR NotesAASOFR2.15%30,000 30,000 
Class B-R NotesSingle ASOFR2.75%40,000 40,000 
Total Principal Amount Outstanding380,000 380,000 
Less: unamortized debt issuance costs(1,658)(2,026)
Total Carrying Value$378,342 $377,974 
(1)Excludes $30 million of Class C-R notes, which are rated BBB-, accrue interest at SOFR plus spread of 3.75%, and are retained by the Company.
For the three and six months ended June 30, 2026 and 2025, the components of interest expense and credit facility fees on the Securitizations were as follows:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Interest expense$5,390 $5,957 $10,754 $11,937 
Amortization of deferred financing costs and debt issuance costs41 48 88 95 
Total interest expense and credit facility fees$5,431 $6,005 $10,842 $12,032 
Cash paid for interest expense and credit facility fees$5,330 $6,557 $11,004 $15,389 
Weighted average debt principal outstanding$380,000 $380,000 $380,000 $380,000 
Weighted average interest rate(1)
5.65 %6.25 %5.67 %6.30 %
(1)Includes amortization of deferred financing costs and debt issuance costs.
Schedule of Line of Credit Facilities
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Outstanding borrowings, beginning of period$— $— $40,500 $— 
Borrowings— — — — 
Repayments— — (40,500)— 
Outstanding borrowings, end of period$— $— $— $— 
For the period from January 1, 2025 through March 20, 2025
Outstanding borrowings, beginning of period$189,221 
Borrowings29,000 
Repayments(218,221)
Outstanding borrowings, end of period$— 
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Outstanding borrowings, beginning of period$652,500 $430,000 $589,000 $— 
Borrowings293,347 19,000 433,847 449,000 
Repayments(59,000)(47,000)(136,000)(47,000)
Foreign currency translation(62)— (62)— 
Outstanding borrowings, end of period$886,785 $402,000 $886,785 $402,000 
Three Months Ended June 30,Six Months Ended June 30,
20262026
Outstanding borrowings, beginning of period$75,724 $— 
Borrowings40,000 115,724 
Repayments— — 
Outstanding borrowings, end of period$115,724 $115,724 
Below is a summary of the borrowings and repayments under the credit facilities for the respective periods.
Carlyle US CLO 2026-B, Ltd.
Sixth Street SCP Warehouse 3, Ltd.
Sixth Street SCP Warehouse 4, Ltd.
Total
Three Months Ended June 30, 2026
Outstanding borrowings, beginning of period$565 $— $— $565 
Borrowings75,678 68,241 18,547 162,466 
Repayments— — — — 
Outstanding borrowings, end of period$76,243 $68,241 $18,547 $163,031 
Six Months Ended June 30, 2026
Outstanding borrowings, beginning of period$— $— $— $— 
Borrowings76,243 68,241 18,547 163,031 
Repayments— — — — 
Outstanding borrowings, end of period$76,243 $68,241 $18,547 $163,031 
The following tables summarize the terms of the securitizations and principal amount outstanding as of June 30, 2026:
Carlyle US CLO 2026-3, Ltd.
As of
Debt TrancheCredit RatingReference RateSpreadJune 30, 2026
A-1AAASOFR1.16%$441,000 
A-2AAASOFR1.50%21,000 
BAASOFR1.60%68,250 
CASOFR1.80%40,250
DBBBSOFR3.00%45,500
EBBSOFR6.00%26,250
Total Principal Amount Outstanding642,250 
Less: unamortized debt issuance costs(1,903)
Total Carrying Value$640,347 
Sixth Street CLO 32, Ltd.
As of
Debt TrancheCredit RatingReference RateSpreadJune 30, 2026
A-1AAASOFR1.17%$378,000 
A-2AAASOFR1.50%24,000 
BAASOFR1.65%54,000 
CASOFR1.95%36,000
DBBBSOFR3.10%36,000
D-2BBBSOFR4.10%4,500
EBBSOFR6.00%19,500
Total Principal Amount Outstanding552,000 
Less: unamortized debt issuance costs(2,358)
Total Carrying Value$549,642 
Below is a summary of the borrowings and repayments under the Credit Facility for the three and six months ended June 30, 2026 and 2025, and the outstanding balances under the Credit Facility for the respective periods.
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Outstanding borrowings, beginning of period
$415,319 $288,169 $563,660 $213,439 
Borrowings231,589 241,950 386,240 530,882 
Repayments(312,948)(160,926)(611,948)(376,426)
Foreign currency translation(1,823)9,422 (5,815)10,720 
Outstanding borrowings, end of period
$332,137 $378,615 $332,137 $378,615 
The Credit Facility consisted of the following as of June 30, 2026 and December 31, 2025:
Total
Facility		Borrowings
Outstanding
Unused 
Portion (1)
Amount Available (2)
June 30, 2026$875,457 $332,137 $543,320 $543,320 
December 31, 2025$960,000 $563,660 $396,340 $396,340 
(1)The unused portion is the amount upon which commitment fees are based.
(2)The amount available is 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 credit facility fees of the Credit Facility were as follows:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Interest expense$4,801 $4,515 $10,169 $9,009 
Facility unused commitment fee509 579 1,010 1,122 
Amortization of deferred financing costs and debt issuance costs282 261 565 482 
Total interest expense and credit facility fees$5,592 $5,355 $11,744 $10,613 
Cash paid for interest expense and credit facility fees$5,616 $5,141 $11,971 $9,685 
Weighted average debt principal outstanding$386,629 $313,852 $406,203 $303,014 
Weighted average interest rate(1)
4.91 %5.69 %4.98 %5.91 %
(1)Excludes facility unused commitment fee and amortization of deferred financing costs and debt issuance costs.
Below is a summary of the borrowings and repayments under the CSL III SPV Credit Facility for the three months ended June 30, 2025 and for the period from March 27, 2025 through June 30, 2025, and the outstanding balance under the CSL III SPV Credit Facility for the period.
Three Months Ended June 30, 2025
For the period from March 27, 2025 through June 30, 2025
Outstanding borrowings, beginning of period
$206,000 $— 
CSL III Merger— 206,000 
Borrowings— — 
Repayments(31,000)(31,000)
Outstanding borrowings, end of period
$175,000 $175,000 
For the three months ended June 30, 2025 and for the period from March 27, 2025 through June 30, 2025, the components of interest expense and credit facility fees of the CSL III SPV Credit Facility were as follows:
Three Months Ended June 30, 2025
For the period from March 27, 2025 through June 30, 2025
Interest expense$3,164 $3,369 
Facility unused commitment fee57 59 
Total interest expense and credit facility fees$3,221 $3,428 
Cash paid for interest expense and credit facility fees$2,912 $2,912 
Weighted average debt principal outstanding$175,341 $176,938 
Weighted average interest rate(1)
7.14 %7.14 %
(1)Excludes facility unused commitment fee and amortization of deferred financing costs and debt issuance costs.
Components of Interest and Credit Facilities Payable
As of June 30, 2026 and December 31, 2025, the components of interest and credit facility fees payable of the Credit Facility were as follows:
As of
June 30, 2026December 31, 2025
Interest expense payable$306 $877 
Unused commitment fees payable452 558 
Interest and credit facility fees payable$758 $1,435 
Weighted average interest rate4.89 %5.28 %