Debt (Tables)

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Schedule of Debt

Debt consisted of the following (in thousands):


	June 30, 2026																December 31, 2025
	Aggregate Principal Amount Committed				Drawn Amount				Amount Available (1)				Carrying Value(2)(3)				Aggregate Principal Amount Committed				Drawn Amount				Amount Available (1)				Carrying Value (2)(3)
SPV Asset Facility	$	500,000				377,800			$	122,200			$	371,964			$	400,000			$	329,600			$	70,400			$	326,385
SMBC Corporate Revolving Facility		335,000				257,601				77,399				256,242				310,000				138,402				171,598				136,698
Series 2021A Unsecured Notes(4)		—				—				—				—				135,000				135,000				—				134,963
FCRX Unsecured Notes(5)		—				—				—				—				111,600				111,600				—				111,600
Series 2023A Unsecured Notes(6)		—				—				—				—				50,000				50,000				—				49,957
Series 2024A Unsecured Notes - 2028(7)		35,000				35,000				—				34,823				35,000				35,000				—				34,770
Series 2024A Unsecured Notes - 2030(8)		80,000				80,000				—				79,461				80,000				80,000				—				79,388
Series 2025A Unsecured Notes - 2029.1(9)(10)		67,500				67,500				—				65,675				—				—				—				—
Series 2025A Unsecured Notes - 2031(10)(11)		67,500				67,500				—				64,982				—				—				—				—
Series 2025A Unsecured Notes - 2029.2(12)		50,000				50,000				—				49,799				—				—				—				—
Total Debt	$	1,135,000			$	935,401			$	199,599			$	922,945			$	1,121,600			$	879,602			$	241,998			$	873,761

(1)

The amount available is subject to any limitations related to the respective debt facilities’ borrowing bases and foreign currency translation adjustments.

(2)

The amount presented includes netting of deferred financing costs.

(3)

As of June 30, 2026 and December 31, 2025, the carrying amount of the Company’s outstanding debt approximated fair value unless otherwise noted.

(4)

As of December 31, 2025, the fair value of the Series 2021A Unsecured Notes was approximately $134,487.

(5)

As of December 31, 2025, the fair value of the FCRX Unsecured Notes was approximately $111,823.

(6)

As of December 31, 2025, the fair value of the Series 2023A Unsecured Notes was approximately $50,207.

(7)

As of June 30, 2026 and December 31, 2025, the fair value of the Series 2024A Unsecured Notes -2028 was approximately $34,879 and $35,074.

(8)

As of June 30, 2026 and December 31, 2025, the fair value of the Series 2024A Unsecured Notes -2030 was approximately $79,754 and $80,660.

(9)

As of June 30, 2026 the fair value of the Series 2025A Unsecured Notes -2029.1 was approximately $65,675, net the effective portion of the fair value of the interest rate swap.

(10)

Carrying value includes the effective portion of the fair value of the interest rate swaps, as further discussed in Note 7.

(11)

As of June 30, 2026 the fair value of the Series 2025A Unsecured notes - 2031 was approximately $64,982, net the effective portion of the fair value of the interest rate swap.

(12)

As of June 30, 2026 the fair value of the Series 2025A Unsecured Notes -2029.2 was approximately $50,058.

Summary of Interest and Credit Facility Expenses

The borrowing expenses incurred by the Company's credit facilities and unsecured debt were as follows (in thousands):


	For the three months ended June 30,								For the six months ended June 30,
	2026				2025				2026				2025
Borrowing interest expense (1)		13,989			$	13,298			$	26,902			$	27,024
Unused facility fees		193				250				411				539
Amortization of financing costs		681				1,603				1,292				2,224
Interest and other debt financing costs	$	14,863			$	15,151			$	28,605			$	29,787
Weighted average outstanding balance	$	943,502			$	898,893			$	925,685			$	900,619

(1) For the three and six months ended June 30, 2026, borrowing interest expense includes $139 and $(28) of the impact related to the interest rate swaps and hedged items Series 2025A Unsecured Notes - 2029.1 and 2031, respectively. There were no interest rate swaps outstanding for the comparative period.