Debt |
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| Debt | Note 6. Debt Subscription Credit Facility As of June 30, 2026, the Company has a senior secured revolving credit facility (the “Subscription Credit Facility”), that has a total commitment of $10,000 and a maturity date of February 19, 2027. The Subscription Credit Facility permits the Company to borrow up to $10,000, subject to availability under the borrowing base which is calculated based on the unused capital commitments of the investors meeting various eligibility requirements. Under the terms of the Subscription Credit Facility, the Company has the ability to reduce the total commitment. Once reduced, the total commitment may not be increased. As of June 30, 2026, the interest rate on the Subscription Credit Facility is equal to SOFR plus an applicable spread of 2.25% with no floor. The Company is also required to pay a commitment fee of 0.25% per annum on any unused portion of the Subscription Credit Facility. Debt obligations consisted of the following as of June 30, 2026 and December 31, 2025.
(1) The amounts available under the Company’s credit facility reflect any limitations related to the Subscription Credit Facility’s borrowing base as of June 30, 2026 and December 31, 2025, respectively.
For the six months ended June 30, 2026, there was no borrowing activity. For the six months ended June 30, 2025, the weighted average interest rate of borrowings outstanding was 6.61%.
As of June 30, 2026, the Company did not have any amounts outstanding under the Subscription Credit Facility. As of June 30, 2025, the Company did not have any amounts outstanding under the Subscription Credit Facility. The Company does not routinely use leverage, and there are many days when there are no borrowings outstanding under its Subscription Credit Facility. |
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