| Schedule of Debt |
Total debt consisted of the following as of June 30, 2026: | | | | | | | | | | | | | | | | | | | | | | | | | As of June 30, 2026 | | (Amounts in thousands) | Maximum Principal Amount
Committed | Principal Amount Outstanding | Principal Amount Available(1) | Carrying Value(2) | Assets Pledged as Collateral(3) | Fair Value | Fair Value Hierarchy | | ASPV Credit Facility | $ | 500,000 | | $ | 254,000 | | $ | 229,348 | | $ | 254,000 | | $ | 731,610 | | $ | 254,000 | | Level 3 | | MSPV Credit Facility | 500,000 | | 390,000 | | 110,000 | | 390,000 | | 881,286 | | 390,000 | | Level 3 | | SMBC Truist Credit Facility | 975,000 | | 306,000 | | 631,023 | | 306,000 | | 2,625,399 | | 306,000 | | Level 3 | | Series A Tranche A Notes | 90,000 | | 90,000 | | — | | 90,000 | | — | | 90,266 | | Level 3 | | Series A Tranche B Notes | 150,000 | | 150,000 | | — | | 149,411 | | — | | 150,590 | | Level 3 | | Series B Tranche A Notes | 85,000 | | 85,000 | | — | | 84,661 | | — | | 83,824 | | Level 3 | | Series B Tranche B Notes | 25,000 | | 25,000 | | — | | 25,000 | | — | | 24,999 | | Level 3 | | Series B Tranche C Notes | 290,000 | | 290,000 | | — | | 288,496 | | — | | 284,354 | | Level 3 | | Series C Tranche A Notes | 25,000 | | 25,000 | | — | | 23,834 | | — | | 24,854 | | Level 3 | | Series C Tranche B Notes | 75,000 | | 75,000 | | — | | 74,757 | | — | | 74,402 | | Level 3 | | Series D Tranche A Notes | 50,000 | | 50,000 | | — | | 49,944 | | — | | 50,000 | | Level 3 | | Series D Tranche B Notes | 175,000 | | 175,000 | | — | | 175,109 | | — | | 175,000 | | Level 3 | | CLO Transaction | 369,000 | | 369,000 | | — | | 369,000 | | 447,354 | | 369,000 | | Level 3 | | Total | $ | 3,309,000 | | $ | 2,284,000 | | $ | 970,371 | | $ | 2,280,212 | | $ | 4,685,649 | | $ | 2,277,289 | | |
(1)The amount available reflects any limitations related to the facilities borrowing bases. (2)Carrying value is inclusive of adjustments for the change in fair value of the effective hedge relationship, if applicable. (3)Fair market value of the assets held as collateral in the respective credit facility.
Total debt consisted of the following as of December 31, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2025 | | (Amounts in thousands) | Maximum Principal Amount
Committed | Principal Amount Outstanding | Principal Amount Available(1) | Carrying Value | Assets Pledged as Collateral(2) | Fair Value | Fair Value Hierarchy | | ASPV Credit Facility | $ | 500,000 | | $ | 272,600 | | $ | 59,321 | | $ | 272,600 | | $ | 494,373 | | $ | 272,600 | | Level 3 | | MSPV Credit Facility | 500,000 | | 386,400 | | 57,296 | | 386,400 | | 684,938 | | 386,400 | | Level 3 | | Truist Credit Facility | 975,000 | | 256,500 | | 661,179 | | 256,500 | | 2,550,658 | | 256,500 | | Level 3 | | Series A Tranche A Notes | 90,000 | | 90,000 | | — | | 90,406 | | — | | 90,965 | | Level 3 | | Series A Tranche B Notes | 150,000 | | 150,000 | | — | | 151,856 | | — | | 153,212 | | Level 3 | | Series B Tranche A Notes | 85,000 | | 85,000 | | — | | 86,045 | | — | | 84,981 | | Level 3 | | Series B Tranche B Notes | 25,000 | | 25,000 | | — | | 25,000 | | — | | 24,999 | | Level 3 | | Series B Tranche C Notes | 290,000 | | 290,000 | | — | | 293,911 | | — | | 289,100 | | Level 3 | | Series C Tranche A Notes | 25,000 | | 25,000 | | — | | 25,178 | | — | | 25,190 | | Level 3 | | Series C Tranche B Notes | 75,000 | | 75,000 | | — | | 75,092 | | — | | 75,786 | | Level 3 | | CLO Transaction | 369,000 | | 369,000 | | — | | 369,000 | | 444,085 | | 369,000 | | Level 3 | | Total | $ | 3,084,000 | | $ | 2,024,500 | | $ | 777,796 | | $ | 2,031,988 | | $ | 4,174,054 | | $ | 2,028,733 | | |
(1)The amount available reflects any limitations related to the facilities borrowing bases. (2)Fair market value of the assets held as collateral in the respective credit facility.
Average debt outstanding and weighted average interest rates of outstanding debt for the three and six months ended June 30, 2026 and 2025 were as follows: | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2026 | | Three Months Ended June 30, 2025 | | Weighted Average Interest Rate | Average Debt Outstanding (in thousands) | | Weighted Average Interest Rate | Average Debt Outstanding (in thousands) | | ASPV Credit Facility | 5.53% | $ | 254,000 | | | 6.72% | $ | 295,252 | | | MSPV Credit Facility | 5.85% | $ | 402,204 | | | 6.41% | $ | 361,976 | | | SMBC Truist Credit Facility | 5.52% | $ | 246,548 | | | 7.09% | $ | 38,640 | | Series A Tranche A Notes(1) | 7.69% | $ | 90,000 | | | 7.69% | $ | 90,000 | | Series A Tranche B Notes(1) | 7.78% | $ | 150,000 | | | 7.78% | $ | 150,000 | | Series B Tranche A Notes(1) | 6.42% | $ | 85,000 | | | 6.42% | $ | 85,000 | | | Series B Tranche B Notes | 6.95% | $ | 25,000 | | | 7.59% | $ | 25,000 | | Series B Tranche C Notes(1) | 6.52% | $ | 290,000 | | | 6.52% | $ | 290,000 | | Series C Tranche A Notes(1) | 6.05% | $ | 25,000 | | | 6.05% | $ | 275 | | Series C Tranche B Notes(1) | 6.40% | $ | 75,000 | | | 6.40% | $ | 824 | | Series D Tranche A Notes(1) | 6.67% | $ | 14,835 | | | —% | $ | — | | Series D Tranche B Notes(1) | 7.03% | $ | 51,923 | | | —% | $ | — | | | CLO Transaction | 5.95% | $ | 369,000 | | | 6.55% | $ | 369,000 | | | Total Weighted Average | 6.21% | $ | 2,078,510 | | | 6.73% | $ | 1,705,967 | |
(1) The Company has entered into fixed to floating interest rate swaps to more closely align the interest rates of such fixed rate notes with the Company’s investment portfolio, which consists primarily of floating rate loans. See “Note 7. Derivatives” for additional information.
| | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2026 | | Six Months Ended June 30, 2025 | | Weighted Average Interest Rate | Average Debt Outstanding (in thousands) | | Weighted Average Interest Rate | Average Debt Outstanding (in thousands) | | ASPV Credit Facility | 5.55% | $ | 258,419 | | | 6.73% | $ | 296,762 | | | MSPV Credit Facility | 5.86% | $ | 400,510 | | | 6.45% | $ | 336,326 | | | SMBC Truist Credit Facility | 5.56% | $ | 212,825 | | | 6.76% | $ | 64,907 | | | Series A Tranche A Notes | 7.69% | $ | 90,000 | | | 7.69% | $ | 90,000 | | | Series A Tranche B Notes | 7.78% | $ | 150,000 | | | 7.78% | $ | 150,000 | | | Series B Tranche A Notes | 6.42% | $ | 85,000 | | | 6.42% | $ | 85,000 | | | Series B Tranche B Notes | 6.95% | $ | 25,000 | | | 7.59% | $ | 25,000 | | | Series B Tranche C Notes | 6.52% | $ | 290,000 | | | 6.52% | $ | 290,000 | | | Series C Tranche A Notes | 6.05% | $ | 25,000 | | | 6.05% | $ | 138 | | | Series C Tranche B Notes | 6.40% | $ | 75,000 | | | 6.40% | $ | 414 | | | Series D Tranche A Notes | 6.67% | $ | 7,459 | | | —% | $ | — | | | Series D Tranche B Notes | 7.03% | $ | 26,105 | | | —% | $ | — | | | CLO Transaction | 5.97% | $ | 369,000 | | | 6.67% | $ | 369,000 | | | Total Weighted Average | 6.22% | $ | 2,014,318 | | | 6.77% | $ | 1,707,547 | |
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