| Schedule of Long-Term Debt Instruments |
The Company’s outstanding debt obligations were as follows:
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June 30, 2026 |
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|
December 31, 2025 |
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|
Aggregate
Principal
Committed |
|
|
Outstanding
Principal |
|
|
Unused
Portion |
|
|
Aggregate
Principal
Committed |
|
|
Outstanding
Principal |
|
|
Unused
Portion |
|
ING Facility(1) |
$ |
1,350,000 |
|
|
$ |
14,552 |
|
|
$ |
1,334,835 |
|
|
$ |
1,350,000 |
|
|
$ |
254,537 |
|
|
$ |
1,094,850 |
|
Wells Funding Facility |
|
900,000 |
|
|
|
431,250 |
|
|
|
468,750 |
|
|
|
900,000 |
|
|
|
497,250 |
|
|
|
402,750 |
|
CBNA Funding Facility |
|
375,000 |
|
|
|
225,000 |
|
|
|
150,000 |
|
|
|
375,000 |
|
|
|
225,000 |
|
|
|
150,000 |
|
JPM Funding Facility |
|
1,200,000 |
|
|
|
838,072 |
|
|
|
361,928 |
|
|
|
1,200,000 |
|
|
|
744,073 |
|
|
|
455,927 |
|
Series A 2028 Notes(2) |
|
146,000 |
|
|
|
146,000 |
|
|
|
— |
|
|
|
146,000 |
|
|
|
146,000 |
|
|
|
— |
|
Series B 2026 Notes(3) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
107,000 |
|
|
|
107,000 |
|
|
|
— |
|
Series B 2028 Notes(3) |
|
128,000 |
|
|
|
128,000 |
|
|
|
— |
|
|
|
128,000 |
|
|
|
128,000 |
|
|
|
— |
|
Series C 2027 Notes(4) |
|
136,500 |
|
|
|
136,500 |
|
|
|
— |
|
|
|
136,500 |
|
|
|
136,500 |
|
|
|
— |
|
Series C 2029 Notes(4) |
|
163,500 |
|
|
|
163,500 |
|
|
|
— |
|
|
|
163,500 |
|
|
|
163,500 |
|
|
|
— |
|
Series D 2027 Notes(5) |
|
100,000 |
|
|
|
100,000 |
|
|
|
— |
|
|
|
100,000 |
|
|
|
100,000 |
|
|
|
— |
|
Series D 2029 Notes(5) |
|
200,000 |
|
|
|
200,000 |
|
|
|
— |
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|
|
200,000 |
|
|
|
200,000 |
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|
|
— |
|
2030 Notes(6) |
|
300,000 |
|
|
|
300,000 |
|
|
|
— |
|
|
|
300,000 |
|
|
|
300,000 |
|
|
|
— |
|
2028 Notes(7) |
|
300,000 |
|
|
|
300,000 |
|
|
|
— |
|
|
|
300,000 |
|
|
|
300,000 |
|
|
|
— |
|
Total |
$ |
5,299,000 |
|
|
$ |
2,982,874 |
|
|
$ |
2,315,513 |
|
|
$ |
5,406,000 |
|
|
$ |
3,301,860 |
|
|
$ |
2,103,527 |
|
(1)As of June 30, 2026 and December 31, 2025, letters of credit of $613 and $613, respectively, were outstanding, which reduced the unused availability under the ING Facility by the same amount. Under the ING Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. As of June 30, 2026 and December 31, 2025, the Company had borrowings denominated in Euros (EUR) of 6,598 and 12,216. As of June 30, 2026 and December 31, 2025, the Company had borrowings denominated in Canadian dollars (CAD) of 5,800 and 5,800, respectively. As of June 30, 2026 and December 31, 2025, the Company had borrowings denominated in British Pound (GBP) of 2,200 and 2,200, respectively. (2)The carrying value of the Company’s Series A 2028 Notes was presented on the Consolidated Statements of Financial Condition net of unamortized debt issuance costs of $541, as of June 30, 2026 and $849, as of December 31, 2025. (3)The carrying value of the Company’s Series B 2026 Notes and Series B 2028 Notes was presented on the Consolidated Statements of Financial Condition net of unamortized debt issuance costs of $0 and $626, respectively, as of June 30, 2026 and $255 and $773, respectively, as of December 31, 2025. (4)The carrying value of the Company’s Series C 2027 Notes and Series C 2029 Notes was presented on the Consolidated Statements of Financial Condition net of unamortized debt issuance costs of $307 and $919, respectively, as of June 30, 2026 and $534 and $1,075, respectively, as of December 31, 2025. (5)The carrying value of the Company’s Series D 2027 Notes and Series D 2029 Notes was presented on the Consolidated Statements of Financial Condition net of unamortized debt issuance costs of $430 and $1,424, respectively, as of June 30, 2026 and $610 and $1,651, respectively, as of December 31, 2025. (6)The carrying value of the Company’s 2030 Notes was presented net of unamortized debt issuance cost of $2,714, as of June 30, 2026, and $3,080 as of December 31, 2025. The carrying value of the Company’s 2030 Notes was presented net of unamortized original issue discount of $1,830, as of June 30, 2026, and $2,083 as of December 31, 2025. (7)The carrying value of the Company’s 2028 Notes (as defined below) was presented net of unamortized debt issuance costs and unamortized original issue discount of $2,850, and $1,579, respectively, as of June 30, 2026 and $3,488 and $1,930, respectively, as of December 31, 2025.
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For the Three Months Ended |
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|
For the Six Months Ended |
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|
June 30, 2026 |
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|
June 30, 2025 |
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|
June 30, 2026 |
|
|
June 30, 2025 |
|
Combined weighted average interest rate (1) |
|
6.33 |
% |
|
|
7.17 |
% |
|
|
6.35 |
% |
|
|
7.21 |
% |
Combined weighted average effective interest rate(2) |
|
6.82 |
% |
|
|
7.58 |
% |
|
|
6.83 |
% |
|
|
7.63 |
% |
Combined weighted average debt outstanding |
$ |
3,163,437 |
|
|
$ |
3,009,543 |
|
|
$ |
3,206,159 |
|
|
$ |
2,977,479 |
|
(1)Excludes unused commitment fees, amortization of financing costs, accretion of original issue discount and net change in unrealized (appreciation) depreciation on effective interest rate swaps and hedged items. (2)Excludes unused commitment fees. As of June 30, 2026 and December 31, 2025, the Company was in compliance with all covenants and other requirements of each of the credit facilities, debt securitizations and each of the respective unsecured notes. The summary information of the ING Facility is as follows:
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|
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For the Three Months Ended |
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For the Six Months Ended |
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|
June 30, 2026 |
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|
June 30, 2025 |
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|
June 30, 2026 |
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|
June 30, 2025 |
|
Borrowing interest expense |
$ |
228 |
|
|
$ |
3,906 |
|
|
$ |
2,012 |
|
|
$ |
7,435 |
|
Facility unused commitment fees |
|
1,260 |
|
|
|
1,046 |
|
|
|
2,404 |
|
|
|
2,100 |
|
Amortization of deferred financing costs |
|
568 |
|
|
|
524 |
|
|
|
1,093 |
|
|
|
1,040 |
|
Total |
$ |
2,056 |
|
|
$ |
5,476 |
|
|
$ |
5,509 |
|
|
$ |
10,575 |
|
Weighted average interest rate |
|
4.71 |
% |
|
|
6.21 |
% |
|
|
5.43 |
% |
|
|
6.23 |
% |
Weighted average effective interest rate |
|
16.56 |
% |
|
|
7.05 |
% |
|
|
8.37 |
% |
|
|
7.10 |
% |
Weighted average outstanding balance |
$ |
19,015 |
|
|
$ |
248,659 |
|
|
$ |
73,759 |
|
|
$ |
237,539 |
|
The summary information of the Wells Funding Facility is as follows:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
For the Six Months Ended |
|
|
June 30, 2026 |
|
|
June 30, 2025 |
|
|
June 30, 2026 |
|
|
June 30, 2025 |
|
Borrowing interest expense |
$ |
6,996 |
|
|
$ |
6,332 |
|
|
$ |
14,532 |
|
|
$ |
12,612 |
|
Facility unused commitment fees |
|
828 |
|
|
|
1,379 |
|
|
|
1,455 |
|
|
|
2,743 |
|
Amortization of deferred financing costs |
|
584 |
|
|
|
534 |
|
|
|
1,154 |
|
|
|
1,049 |
|
Total |
$ |
8,408 |
|
|
$ |
8,245 |
|
|
$ |
17,141 |
|
|
$ |
16,404 |
|
Weighted average interest rate |
|
5.52 |
% |
|
|
6.57 |
% |
|
|
5.54 |
% |
|
|
6.58 |
% |
Weighted average effective interest rate |
|
5.98 |
% |
|
|
7.12 |
% |
|
|
5.98 |
% |
|
|
7.13 |
% |
Weighted average outstanding balance |
$ |
501,723 |
|
|
$ |
381,250 |
|
|
$ |
521,637 |
|
|
$ |
381,250 |
|
The summary information of the CBNA Funding Facility is as follows:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
For the Six Months Ended |
|
|
June 30, 2026 |
|
|
June 30, 2025 |
|
|
June 30, 2026 |
|
|
June 30, 2025 |
|
Borrowing interest expense |
$ |
3,347 |
|
|
$ |
2,493 |
|
|
$ |
6,682 |
|
|
$ |
4,865 |
|
Facility unused commitment fees |
|
190 |
|
|
|
284 |
|
|
|
377 |
|
|
|
572 |
|
Amortization of deferred financing costs |
|
271 |
|
|
|
276 |
|
|
|
538 |
|
|
|
546 |
|
Total |
$ |
3,808 |
|
|
$ |
3,053 |
|
|
$ |
7,597 |
|
|
$ |
5,983 |
|
Weighted average interest rate |
|
5.90 |
% |
|
|
6.57 |
% |
|
|
5.91 |
% |
|
|
6.57 |
% |
Weighted average effective interest rate |
|
6.37 |
% |
|
|
7.30 |
% |
|
|
6.39 |
% |
|
|
7.31 |
% |
Weighted average outstanding balance |
$ |
225,000 |
|
|
$ |
150,000 |
|
|
$ |
225,000 |
|
|
$ |
147,203 |
|
The summary information of the JPM Funding Facility is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
For the Six Months Ended |
|
|
June 30, 2026 |
|
|
June 30, 2025 |
|
|
June 30, 2026 |
|
|
June 30, 2025 |
|
Borrowing interest expense |
$ |
12,631 |
|
|
$ |
12,304 |
|
|
$ |
23,377 |
|
|
$ |
23,911 |
|
Facility unused commitment fees |
|
585 |
|
|
|
874 |
|
|
|
1,387 |
|
|
|
1,796 |
|
Amortization of deferred financing costs |
|
627 |
|
|
|
630 |
|
|
|
1,247 |
|
|
|
1,253 |
|
Total |
$ |
13,843 |
|
|
$ |
13,808 |
|
|
$ |
26,011 |
|
|
$ |
26,960 |
|
Weighted average interest rate |
|
5.57 |
% |
|
|
6.54 |
% |
|
|
5.57 |
% |
|
|
6.55 |
% |
Weighted average effective interest rate |
|
5.85 |
% |
|
|
6.87 |
% |
|
|
5.87 |
% |
|
|
6.89 |
% |
Weighted average outstanding balance |
$ |
896,666 |
|
|
$ |
744,633 |
|
|
$ |
834,913 |
|
|
$ |
726,487 |
|
The summary information of the Series A 2026 Notes is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
For the Six Months Ended |
|
|
June 30, 2026 |
|
|
June 30, 2025 |
|
|
June 30, 2026 |
|
|
June 30, 2025 |
|
Borrowing interest expense |
$ |
— |
|
|
$ |
4,388 |
|
|
$ |
— |
|
|
$ |
8,856 |
|
Amortization of debt issuance costs |
|
- |
|
|
|
184 |
|
|
|
- |
|
|
|
366 |
|
Net change in unrealized (appreciation) depreciation on effective interest rate swaps and hedged items |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(30 |
) |
Total |
$ |
— |
|
|
$ |
4,572 |
|
|
$ |
— |
|
|
$ |
9,192 |
|
Stated interest rate |
|
— |
% |
|
|
8.10 |
% |
|
|
— |
% |
|
|
8.10 |
% |
Weighted average effective interest rate |
|
— |
% |
|
|
8.96 |
% |
|
|
— |
% |
|
|
9.04 |
% |
The summary information of the Series A 2028 Notes is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
For the Six Months Ended |
|
|
June 30, 2026 |
|
|
June 30, 2025 |
|
|
June 30, 2026 |
|
|
June 30, 2025 |
|
Borrowing interest expense |
$ |
3,157 |
|
|
$ |
3,141 |
|
|
$ |
6,274 |
|
|
$ |
6,346 |
|
Amortization of debt issuance costs |
|
79 |
|
|
|
79 |
|
|
|
308 |
|
|
|
157 |
|
Net change in unrealized (appreciation) depreciation on effective interest rate swaps and hedged items |
|
18 |
|
|
|
15 |
|
|
|
(43 |
) |
|
|
10 |
|
Total |
$ |
3,254 |
|
|
$ |
3,235 |
|
|
$ |
6,539 |
|
|
$ |
6,513 |
|
Stated interest rate |
|
8.13 |
% |
|
|
8.13 |
% |
|
|
8.13 |
% |
|
|
8.13 |
% |
Weighted average effective interest rate |
|
8.91 |
% |
|
|
8.82 |
% |
|
|
8.96 |
% |
|
|
8.91 |
% |
The summary information of the Series B 2026 Notes is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
For the Six Months Ended |
|
|
June 30, 2026 |
|
|
June 30, 2025 |
|
|
June 30, 2026 |
|
|
June 30, 2025 |
|
Borrowing interest expense |
$ |
1,051 |
|
|
$ |
2,491 |
|
|
$ |
3,416 |
|
|
$ |
5,016 |
|
Amortization of debt issuance costs |
|
152 |
|
|
|
103 |
|
|
|
255 |
|
|
|
203 |
|
Net change in unrealized (appreciation) depreciation on effective interest rate swaps and hedged items |
|
131 |
|
|
|
1 |
|
|
|
366 |
|
|
|
(13 |
) |
Total |
$ |
1,334 |
|
|
$ |
2,595 |
|
|
$ |
4,037 |
|
|
$ |
5,206 |
|
Stated interest rate |
|
8.84 |
% |
|
|
8.84 |
% |
|
|
8.84 |
% |
|
|
8.84 |
% |
Weighted average effective interest rate |
|
11.22 |
% |
|
|
9.69 |
% |
|
|
10.45 |
% |
|
|
9.75 |
% |
The summary information of the Series B 2028 Notes is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
For the Six Months Ended |
|
|
June 30, 2026 |
|
|
June 30, 2025 |
|
|
June 30, 2026 |
|
|
June 30, 2025 |
|
Borrowing interest expense |
$ |
2,987 |
|
|
$ |
2,993 |
|
|
$ |
5,938 |
|
|
$ |
6,044 |
|
Amortization of debt issuance costs |
|
74 |
|
|
|
73 |
|
|
|
147 |
|
|
|
145 |
|
Net change in unrealized (appreciation) depreciation on effective interest rate swaps and hedged items |
|
8 |
|
|
|
17 |
|
|
|
-48 |
|
|
|
14 |
|
Total |
$ |
3,069 |
|
|
$ |
3,083 |
|
|
$ |
6,037 |
|
|
$ |
6,203 |
|
Stated interest rate |
|
8.88 |
% |
|
|
8.88 |
% |
|
|
8.88 |
% |
|
|
8.88 |
% |
Weighted average effective interest rate |
|
9.59 |
% |
|
|
9.58 |
% |
|
|
9.43 |
% |
|
|
9.67 |
% |
The summary information of the Series C 2027 Notes is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
For the Six Months Ended |
|
|
June 30, 2026 |
|
|
June 30, 2025 |
|
|
June 30, 2026 |
|
|
June 30, 2025 |
|
Borrowing interest expense |
$ |
2,817 |
|
|
$ |
3,034 |
|
|
$ |
5,612 |
|
|
$ |
6,050 |
|
Amortization of debt issuance costs |
|
114 |
|
|
|
114 |
|
|
|
228 |
|
|
|
226 |
|
Net change in unrealized (appreciation) depreciation on effective interest rate swaps and hedged items |
|
78 |
|
|
|
(15 |
) |
|
|
213 |
|
|
|
(51 |
) |
Total |
$ |
3,009 |
|
|
$ |
3,133 |
|
|
$ |
6,053 |
|
|
$ |
6,225 |
|
Stated interest rate |
|
8.92 |
% |
|
|
8.92 |
% |
|
|
8.92 |
% |
|
|
8.92 |
% |
Weighted average effective interest rate |
|
8.82 |
% |
|
|
9.22 |
% |
|
|
8.87 |
% |
|
|
9.20 |
% |
The summary information of the Series C 2029 Notes is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
For the Six Months Ended |
|
|
June 30, 2026 |
|
|
June 30, 2025 |
|
|
June 30, 2026 |
|
|
June 30, 2025 |
|
Borrowing interest expense |
$ |
3,490 |
|
|
$ |
3,750 |
|
|
$ |
6,952 |
|
|
$ |
7,477 |
|
Amortization of debt issuance costs |
|
86 |
|
|
|
84 |
|
|
|
170 |
|
|
|
167 |
|
Net change in unrealized (appreciation) depreciation on effective interest rate swaps and hedged items |
|
164 |
|
|
|
(106 |
) |
|
|
201 |
|
|
|
(311 |
) |
Total |
$ |
3,740 |
|
|
$ |
3,728 |
|
|
$ |
7,323 |
|
|
$ |
7,333 |
|
Stated interest rate |
|
9.07 |
% |
|
|
9.07 |
% |
|
|
9.07 |
% |
|
|
9.07 |
% |
Weighted average effective interest rate |
|
9.15 |
% |
|
|
9.38 |
% |
|
|
8.96 |
% |
|
|
9.35 |
% |
The summary information of the Series D 2027 Notes is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
For the Six Months Ended |
|
|
June 30, 2026 |
|
|
June 30, 2025 |
|
|
June 30, 2026 |
|
|
June 30, 2025 |
|
Borrowing interest expense |
$ |
1,803 |
|
|
$ |
1,788 |
|
|
$ |
3,563 |
|
|
$ |
3,543 |
|
Amortization of debt issuance costs |
|
98 |
|
|
|
95 |
|
|
|
194 |
|
|
|
189 |
|
Net change in unrealized appreciation (depreciation) on effective interest rate swaps and hedged items |
|
5 |
|
|
|
4 |
|
|
|
8 |
|
|
|
10 |
|
Total |
$ |
1,906 |
|
|
$ |
1,887 |
|
|
$ |
3,765 |
|
|
$ |
3,742 |
|
Stated interest rate |
|
6.84 |
% |
|
|
6.84 |
% |
|
|
6.84 |
% |
|
|
6.84 |
% |
Weighted average effective interest rate |
|
7.62 |
% |
|
|
7.54 |
% |
|
|
7.53 |
% |
|
|
7.47 |
% |
The summary information of the Series D 2029 Notes is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
For the Six Months Ended |
|
|
June 30, 2026 |
|
|
June 30, 2025 |
|
|
June 30, 2026 |
|
|
June 30, 2025 |
|
Borrowing interest expense |
$ |
3,617 |
|
|
$ |
3,637 |
|
|
$ |
7,150 |
|
|
$ |
7,197 |
|
Amortization of debt issuance costs |
|
114 |
|
|
|
114 |
|
|
|
228 |
|
|
|
227 |
|
Net change in unrealized appreciation (depreciation) on effective interest rate swaps and hedged items |
|
(26 |
) |
|
|
36 |
|
|
|
(89 |
) |
|
|
76 |
|
Total |
$ |
3,705 |
|
|
$ |
3,787 |
|
|
$ |
7,289 |
|
|
$ |
7,500 |
|
Stated interest rate |
|
6.91 |
% |
|
|
6.91 |
% |
|
|
6.91 |
% |
|
|
6.91 |
% |
Weighted average effective interest rate |
|
7.41 |
% |
|
|
7.50 |
% |
|
|
7.29 |
% |
|
|
7.42 |
% |
The summary information of the 2030 Notes is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
For the Six Months Ended |
|
|
June 30, 2026 |
|
|
June 30, 2025 |
|
|
June 30, 2026 |
|
|
June 30, 2025 |
|
Borrowing interest expense |
$ |
4,264 |
|
|
$ |
4,313 |
|
|
$ |
8,577 |
|
|
$ |
8,626 |
|
Amortization of debt issuance costs |
|
188 |
|
|
|
186 |
|
|
|
374 |
|
|
|
367 |
|
Accretion of original issuance discount |
|
127 |
|
|
|
127 |
|
|
|
253 |
|
|
|
253 |
|
Net change in unrealized appreciation (depreciation) on effective interest rate swaps and hedged items |
|
(65 |
) |
|
|
— |
|
|
|
(65 |
) |
|
|
— |
|
Total |
$ |
4,514 |
|
|
$ |
4,626 |
|
|
$ |
9,139 |
|
|
$ |
9,246 |
|
Stated interest rate |
|
5.75 |
% |
|
|
5.75 |
% |
|
|
5.75 |
% |
|
|
5.75 |
% |
Weighted average effective interest rate |
|
6.02 |
% |
|
|
6.17 |
% |
|
|
6.09 |
% |
|
|
6.16 |
% |
The summary information of the 2028 Notes is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
For the Six Months Ended |
|
|
June 30, 2026 |
|
|
June 30, 2025 |
|
|
June 30, 2026 |
|
|
June 30, 2025 |
|
Borrowing interest expense |
$ |
4,187 |
|
|
|
— |
|
|
$ |
8,305 |
|
|
|
— |
|
Amortization of debt issuance costs |
|
330 |
|
|
|
— |
|
|
|
655 |
|
|
|
— |
|
Accretion of original issuance discount |
|
176 |
|
|
|
— |
|
|
|
351 |
|
|
|
— |
|
Net change in unrealized appreciation (depreciation) on effective interest rate swaps and hedged items |
|
33 |
|
|
|
— |
|
|
|
39 |
|
|
|
— |
|
Total |
$ |
4,726 |
|
|
|
— |
|
|
$ |
9,350 |
|
|
|
— |
|
Stated interest rate |
|
5.13 |
% |
|
|
— |
|
|
|
5.12 |
% |
|
|
— |
|
Weighted average effective interest rate |
|
6.30 |
% |
|
|
— |
|
|
|
6.23 |
% |
|
|
— |
|
|