Debt (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
|---|
| Debt |
|
| Schedule of outstanding borrowings |
The Company’s outstanding borrowings as of June 30, 2026 and December 31, 2025 were as follows:
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As of June 30, 2026 |
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As of December 31, 2025 |
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|
Total Aggregate |
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|
Principal |
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|
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|
Total Aggregate |
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|
Principal |
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|
Principal Amount |
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Amount |
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|
Carrying |
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|
Principal Amount |
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|
Amount |
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|
Carrying |
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Committed |
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Outstanding |
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Value (1) |
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Committed |
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|
Outstanding |
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|
Value (1) |
|
2019-1 Debt |
|
$ |
|
272,000 |
|
|
$ |
|
272,000 |
|
|
$ |
|
270,306 |
|
|
$ |
|
272,000 |
|
|
$ |
|
272,000 |
|
|
$ |
|
270,224 |
|
March 2026 Notes |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
300,000 |
|
|
|
|
300,000 |
|
|
|
|
299,786 |
|
October 2026 Notes |
|
|
|
300,000 |
|
|
|
|
300,000 |
|
|
|
|
299,606 |
|
|
|
|
300,000 |
|
|
|
|
300,000 |
|
|
|
|
298,926 |
|
March 2030 Notes (2) |
|
|
|
350,000 |
|
|
|
|
350,000 |
|
|
|
|
344,564 |
|
|
|
|
350,000 |
|
|
|
|
350,000 |
|
|
|
|
350,860 |
|
March 2031 Notes (2) |
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|
|
350,000 |
|
|
|
|
350,000 |
|
|
|
|
337,653 |
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|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
Sumitomo Credit Facility |
|
|
|
855,000 |
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|
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|
249,000 |
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|
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|
249,000 |
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|
855,000 |
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|
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|
251,000 |
|
|
|
|
251,000 |
|
Total Debt |
|
$ |
|
2,127,000 |
|
|
$ |
|
1,521,000 |
|
|
$ |
|
1,501,129 |
|
|
$ |
|
2,077,000 |
|
|
$ |
|
1,473,000 |
|
|
$ |
|
1,470,796 |
|
(1)Carrying value represents aggregate principal amount outstanding less unamortized debt issuance costs. (2)The carrying value of the March 2030 Notes and March 2031 Notes includes the effective portion of the fair value of the interest rate swap, as further discussed in Note 7, Derivatives, to these Consolidated Financial Statements.
|
| Schedule of contractual maturities of debt obligations |
The following table shows the contractual maturities of our debt obligations as of June 30, 2026:
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Payments Due by Period |
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Less than |
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More than |
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Total |
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1 year |
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1 — 3 years |
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3 — 5 years |
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|
5 years |
|
2019-1 Debt |
|
$ |
|
272,000 |
|
|
$ |
|
— |
|
|
$ |
|
— |
|
|
$ |
|
— |
|
|
$ |
|
272,000 |
|
October 2026 Notes |
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|
|
300,000 |
|
|
|
|
300,000 |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
March 2030 Notes |
|
|
|
350,000 |
|
|
|
|
— |
|
|
|
|
— |
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|
|
|
350,000 |
|
|
|
|
— |
|
March 2031 Notes |
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|
350,000 |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
350,000 |
|
|
|
|
— |
|
Sumitomo Credit Facility |
|
|
|
249,000 |
|
|
|
|
— |
|
|
|
|
249,000 |
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|
|
|
— |
|
|
|
|
— |
|
Total Debt Obligations |
|
$ |
|
1,521,000 |
|
|
$ |
|
300,000 |
|
|
$ |
|
249,000 |
|
|
$ |
|
700,000 |
|
|
$ |
|
272,000 |
|
|
| 2019-1 Notes |
|
| Debt |
|
| Schedule of outstanding borrowings |
The following table presents information on the 2019-1 Debt as of June 30, 2026:
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2019-1 Debt |
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Principal Amount |
|
|
Spread above Index |
|
Interest rate |
|
|
Class A-1-RR Notes |
|
$ |
|
232,000 |
|
|
|
1.45 |
|
% + 3 Month SOFR |
|
|
5.12 |
|
% |
Class A-2-RR Notes |
|
|
|
16,000 |
|
|
|
1.60 |
|
% + 3 Month SOFR |
|
|
5.27 |
|
% |
Class A-3-RR Notes |
|
|
|
24,000 |
|
|
|
1.85 |
|
% + 3 Month SOFR |
|
|
5.52 |
|
% |
Total 2019-1 Debt |
|
$ |
|
272,000 |
|
|
|
|
|
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|
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|
| 2019-1 CLO Reset Notes |
|
| Debt |
|
| Schedule of components of interest expense |
For the three months ended June 30, 2026 and 2025, the components of interest expense related to the 2019‑1 Co-Issuers were as follows:
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|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended June 30, |
|
|
|
2026 |
|
|
2025 |
|
Borrowing interest expense |
|
$ |
|
3,552 |
|
|
$ |
|
5,479 |
|
Unused facility fee |
|
|
|
— |
|
|
|
|
— |
|
Amortization of deferred financing costs and upfront commitment fees |
|
|
|
41 |
|
|
|
|
32 |
|
Total interest and debt financing expenses |
|
$ |
|
3,593 |
|
|
$ |
|
5,511 |
|
For the six months ended June 30, 2026 and 2025, the components of interest expense related to the 2019‑1 Co-Issuers were as follows:
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|
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|
|
|
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|
|
|
For the Six Months Ended June 30, |
|
|
|
2026 |
|
|
2025 |
|
Borrowing interest expense |
|
$ |
|
7,108 |
|
|
$ |
|
10,988 |
|
Unused facility fee |
|
|
|
— |
|
|
|
|
— |
|
Amortization of deferred financing costs and upfront commitment fees |
|
|
|
82 |
|
|
|
|
64 |
|
Total interest and debt financing expenses |
|
$ |
|
7,190 |
|
|
$ |
|
11,052 |
|
|
| March 2026 Notes |
|
| Debt |
|
| Schedule of components of the carrying value |
As of June 30, 2026 and December 31, 2025, the components of the carrying value of the March 2026 Notes were as follows:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2026 |
|
|
December 31, 2025 |
|
Principal amount of debt |
|
$ |
|
— |
|
|
$ |
|
300,000 |
|
Unamortized debt issuance cost |
|
|
|
— |
|
|
|
|
(122 |
) |
Original issue discount, net of accretion |
|
|
|
— |
|
|
|
|
(92 |
) |
Carrying value of March 2026 Notes |
|
$ |
|
— |
|
|
$ |
|
299,786 |
|
|
| Schedule of components of interest expense |
For the three months ended June 30, 2026 and 2025, the components of interest expense related to the March 2026 Notes were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended June 30, |
|
|
|
2026 |
|
|
2025 |
|
Borrowing interest expense |
|
$ |
|
— |
|
|
$ |
|
2,212 |
|
Amortization of debt issuance cost |
|
|
|
— |
|
|
|
|
161 |
|
Accretion of original issue discount |
|
|
|
— |
|
|
|
|
121 |
|
Total interest and debt financing expenses |
|
$ |
|
— |
|
|
$ |
|
2,494 |
|
For the six months ended June 30, 2026 and 2025, the components of interest expense related to the March 2026 Notes were as follows:
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|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended June 30, |
|
|
|
2026 |
|
|
2025 |
|
Borrowing interest expense |
|
$ |
|
1,696 |
|
|
$ |
|
4,425 |
|
Amortization of debt issuance cost |
|
|
|
122 |
|
|
|
|
321 |
|
Accretion of original issue discount |
|
|
|
92 |
|
|
|
|
239 |
|
Total interest and debt financing expenses |
|
$ |
|
1,910 |
|
|
$ |
|
4,985 |
|
|
| October 2026 Notes |
|
| Debt |
|
| Schedule of components of the carrying value |
As of June 30, 2026 and December 31, 2025, the components of the carrying value of the October 2026 Notes were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2026 |
|
|
December 31, 2025 |
|
Principal amount of debt |
|
$ |
|
300,000 |
|
|
$ |
|
300,000 |
|
Unamortized debt issuance cost |
|
|
|
(210 |
) |
|
|
|
(572 |
) |
Original issue discount, net of accretion |
|
|
|
(184 |
) |
|
|
|
(502 |
) |
Carrying value of October 2026 Notes |
|
$ |
|
299,606 |
|
|
$ |
|
298,926 |
|
|
| Schedule of components of interest expense |
For the three months ended June 30, 2026 and 2025, the components of interest expense related to the October 2026 Notes were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended June 30, |
|
|
|
2026 |
|
|
2025 |
|
Borrowing interest expense |
|
$ |
|
1,913 |
|
|
$ |
|
1,912 |
|
Amortization of debt issuance cost |
|
|
|
182 |
|
|
|
|
182 |
|
Accretion of original issue discount |
|
|
|
160 |
|
|
|
|
160 |
|
Total interest and debt financing expenses |
|
$ |
|
2,255 |
|
|
$ |
|
2,254 |
|
For the six months ended June 30, 2026 and 2025, the components of interest expense related to the October 2026 Notes were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended June 30, |
|
|
|
2026 |
|
|
2025 |
|
Borrowing interest expense |
|
$ |
|
3,826 |
|
|
$ |
|
3,825 |
|
Amortization of debt issuance cost |
|
|
|
362 |
|
|
|
|
363 |
|
Accretion of original issue discount |
|
|
|
318 |
|
|
|
|
317 |
|
Total interest and debt financing expenses |
|
$ |
|
4,506 |
|
|
$ |
|
4,505 |
|
|
| Sumitomo Credit Facility |
|
| Debt |
|
| Schedule of components of interest expense |
For the three months ended June 30, 2026 and 2025, the components of interest expense related to the Sumitomo Credit Facility were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended June 30, |
|
|
|
2026 |
|
|
2025 |
|
Borrowing interest expense |
|
$ |
|
2,943 |
|
|
$ |
|
4,804 |
|
Unused facility fee |
|
|
|
618 |
|
|
|
|
525 |
|
Accretion of original issue discount |
|
|
|
262 |
|
|
|
|
262 |
|
Total interest and debt financing expenses |
|
$ |
|
3,823 |
|
|
$ |
|
5,591 |
|
For the six months ended June 30, 2026 and 2025, the components of interest expense related to the Sumitomo Credit Facility were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended June 30, |
|
|
|
2026 |
|
|
2025 |
|
Borrowing interest expense |
|
$ |
|
5,427 |
|
|
$ |
|
9,260 |
|
Unused facility fee |
|
|
|
1,260 |
|
|
|
|
1,069 |
|
Accretion of original issue discount |
|
|
|
521 |
|
|
|
|
520 |
|
Total interest and debt financing expenses |
|
$ |
|
7,208 |
|
|
$ |
|
10,849 |
|
|
| March 2030 Notes |
|
| Debt |
|
| Schedule of components of the carrying value |
As of June 30, 2026 and December 31, 2025, the components of the carrying value of the March 2030 Notes were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2026 |
|
|
December 31, 2025 |
|
Principal amount of debt |
|
$ |
|
350,000 |
|
|
$ |
|
350,000 |
|
Unamortized debt issuance cost |
|
|
|
(3,327 |
) |
|
|
|
(3,773 |
) |
Original issue discount, net of accretion |
|
|
|
(2,887 |
) |
|
|
|
(3,273 |
) |
Effective interest rate swap hedge |
|
|
|
778 |
|
|
|
|
7,906 |
|
Carrying value of March 2030 Notes |
|
$ |
|
344,564 |
|
|
$ |
|
350,860 |
|
|
| Schedule of components of interest expense |
For the three months ended June 30, 2026 and 2025, the components of interest expense related to the March 2030 Notes were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended June 30, |
|
|
|
2026 |
|
|
2025 |
|
Borrowing interest expense |
|
$ |
|
5,207 |
|
|
$ |
|
5,264 |
|
Amortization of debt issuance cost |
|
|
|
225 |
|
|
|
|
224 |
|
Accretion of original issue discount |
|
|
|
194 |
|
|
|
|
194 |
|
Interest rate swaps |
|
|
|
(278 |
) |
|
|
|
273 |
|
Hedged items |
|
|
|
5 |
|
|
|
|
(33 |
) |
Total interest and debt financing expenses |
|
$ |
|
5,353 |
|
|
$ |
|
5,922 |
|
For the six months ended June 30, 2026 and 2025, the components of interest expense related to the March 2030 Notes were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended June 30, |
|
|
|
2026 |
|
|
2025 |
|
Borrowing interest expense |
|
$ |
|
10,413 |
|
|
$ |
|
8,388 |
|
Amortization of debt issuance cost |
|
|
|
446 |
|
|
|
|
354 |
|
Accretion of original issue discount |
|
|
|
386 |
|
|
|
|
307 |
|
Interest rate swaps |
|
|
|
(542 |
) |
|
|
|
347 |
|
Hedged items |
|
|
|
(40 |
) |
|
|
|
(111 |
) |
Total interest and debt financing expenses |
|
$ |
|
10,663 |
|
|
$ |
|
9,285 |
|
|
| March 2031 Notes |
|
| Debt |
|
| Schedule of components of the carrying value |
As of June 30, 2026 and December 31, 2025, the components of the carrying value of the March 2031 Notes were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2026 |
|
|
December 31, 2025 |
|
Principal amount of debt |
|
$ |
|
350,000 |
|
|
$ |
|
— |
|
Unamortized debt issuance cost |
|
|
|
(4,211 |
) |
|
|
|
— |
|
Original issue discount, net of accretion |
|
|
|
(3,422 |
) |
|
|
|
— |
|
Effective interest rate swap hedge |
|
|
|
(4,714 |
) |
|
|
|
— |
|
Carrying value of March 2031 Notes |
|
$ |
|
337,653 |
|
|
$ |
|
— |
|
|
| Schedule of components of interest expense |
For the three months ended June 30, 2026 and 2025, the components of interest expense related to the March 2031 Notes were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended June 30, |
|
|
|
2026 |
|
|
2025 |
|
Borrowing interest expense |
|
$ |
|
5,206 |
|
|
$ |
|
— |
|
Amortization of debt issuance cost |
|
|
|
224 |
|
|
|
|
— |
|
Accretion of original issue discount |
|
|
|
183 |
|
|
|
|
— |
|
Interest rate swaps |
|
|
|
57 |
|
|
|
|
— |
|
Hedged items |
|
|
|
(30 |
) |
|
|
|
— |
|
Total interest and debt financing expenses |
|
$ |
|
5,640 |
|
|
$ |
|
— |
|
For the six months ended June 30, 2026 and 2025, the components of interest expense related to the March 2031 Notes were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended June 30, |
|
|
|
2026 |
|
|
2025 |
|
Borrowing interest expense |
|
$ |
|
8,793 |
|
|
$ |
|
— |
|
Amortization of debt issuance cost |
|
|
|
375 |
|
|
|
|
— |
|
Accretion of original issue discount |
|
|
|
305 |
|
|
|
|
— |
|
Interest rate swaps |
|
|
|
59 |
|
|
|
|
— |
|
Hedged items |
|
|
|
(93 |
) |
|
|
|
— |
|
Total interest and debt financing expenses |
|
$ |
|
9,439 |
|
|
$ |
|
— |
|
|