| Schedule of Subordinated Notes |
The terms of the Debt are summarized in the table below:
|
|
|
|
|
|
Class |
Par Size ($) |
|
Ratings (S&P) |
Coupon |
Class A-L Loans |
|
80,000 |
|
A(sf) |
SOFR + 2.15% |
Class A-1 Notes |
|
7,000 |
|
A(sf) |
SOFR + 2.15% |
Class A-VF Notes |
|
75,000 |
|
A(sf) |
(1) |
Class A-2 Notes |
|
179,350 |
|
A(sf) |
5.49% |
Class B-1 Notes |
|
25,000 |
|
BBB(sf) |
SOFR + 3.90% |
Class B-2 Notes |
|
21,541 |
|
BBB(sf) |
7.24% |
Class C Notes |
|
36,203 |
|
BB(sf) |
SOFR + 7.00% |
Subordinated Notes |
|
93,094 |
|
N/A |
N/A |
(1)The coupon for the Class A-VF Notes will be a per annum rate equal to (a) with respect to a conduit investor, to the extent funded through asset-backed commercial paper, the CP Rate or (b) in any other case, the benchmark, in each case, plus 2.15%. The benchmark with respect to the Class A-VF Notes is determined as set forth in the Class A-VF Purchase Agreement (as defined below).
|
| Schedule of Line of Credit Facilities |
The Company’s debt obligations consisted of the following as of June 30, 2026 and December 31, 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of June 30, 2026 |
|
|
|
Total Facility |
|
|
Borrowings
Outstanding |
|
|
Unused
Portion(1) |
|
|
Amount
Available(2) |
|
ING Credit Facility |
|
$ |
200,000 |
|
|
$ |
87,000 |
|
|
$ |
113,000 |
|
|
$ |
113,000 |
|
DB Credit Facility |
|
|
450,000 |
|
|
|
365,500 |
|
|
|
84,500 |
|
|
|
6,754 |
|
Securitization Debt |
|
|
387,891 |
|
|
|
312,891 |
|
|
|
75,000 |
|
|
|
75,000 |
|
2025 Notes |
|
|
200,000 |
|
|
|
200,000 |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2025 |
|
|
|
Total Facility |
|
|
Borrowings
Outstanding |
|
|
Unused
Portion(1) |
|
|
Amount
Available(2) |
|
ING Credit Facility |
|
$ |
150,000 |
|
|
$ |
- |
|
|
$ |
150,000 |
|
|
$ |
150,000 |
|
DB Credit Facility |
|
|
450,000 |
|
|
|
345,000 |
|
|
|
105,000 |
|
|
|
105,000 |
|
2025 Notes |
|
|
200,000 |
|
|
|
200,000 |
|
|
|
- |
|
|
|
- |
|
(1)The unused portion is the amount upon which commitment fees are based. (2)Available for borrowing 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 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
For the Six Months Ended |
|
|
|
June 30, 2026 |
|
|
June 30, 2025 |
|
|
June 30, 2026 |
|
|
June 30, 2025 |
|
Interest expense |
|
$ |
11,894 |
|
|
$ |
5,286 |
|
|
$ |
21,398 |
|
|
$ |
9,909 |
|
Facility unused commitment fee |
|
|
721 |
|
|
|
265 |
|
|
|
1,345 |
|
|
|
550 |
|
Amortization of deferred financing costs |
|
|
1,043 |
|
|
|
427 |
|
|
|
1,881 |
|
|
|
824 |
|
Total interest expense and credit facility fees |
|
$ |
13,658 |
|
|
$ |
5,978 |
|
|
$ |
24,624 |
|
|
$ |
11,283 |
|
Cash paid for interest expense and credit facility fees |
|
$ |
11,029 |
|
|
$ |
5,795 |
|
|
$ |
15,352 |
|
|
$ |
10,767 |
|
Weighted average contractual interest rate (1) |
|
|
6.16 |
% |
|
|
6.61 |
% |
|
|
6.08 |
% |
|
|
6.68 |
% |
Average principal debt outstanding |
|
$ |
772,803 |
|
|
$ |
319,790 |
|
|
$ |
703,681 |
|
|
$ |
296,687 |
|
(1)Weighted average contractual interest rate for the three and six months ended June 30, 2026 and 2025 is calculated as interest expense (excluding unused commitment fees and amortization of deferred financing costs) divided by weighted average debt outstanding.
|
| Schedule of 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 were as follows:
|
|
|
|
|
|
|
|
|
|
|
As of |
|
|
|
June 30, 2026 |
|
|
December 31, 2025 |
|
Interest expense payable |
|
$ |
17,841 |
|
|
$ |
4,116 |
|
Unused commitment fee payable |
|
|
134 |
|
|
|
190 |
|
Total interest expense and credit facility fees payable |
|
$ |
17,975 |
|
|
$ |
4,306 |
|
|