v3.26.1
Borrowings (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Instrument [Line Items]  
Schedule of Outstanding Debt

The Company’s outstanding debt as of June 30, 2026 and December 31, 2025 was as follows (dollars in thousands):

 

 

 

As of June 30, 2026

 

 

As of December 31, 2025

 

 

 

Aggregate Principal Amount Available

 

 

Principal Amount Outstanding

 

 

Carrying Value

 

 

Fair Value

 

 

Aggregate Principal Amount Available

 

 

Principal Amount Outstanding

 

 

Carrying Value

 

 

Fair Value

 

SMBC Facility

 

 

195,000

 

 

 

72,100

 

 

 

72,100

 

 

 

72,100

 

 

 

195,000

 

 

 

67,100

 

 

 

67,100

 

 

 

67,100

 

2026 Notes(1)(2)

 

 

25,000

 

 

 

25,000

 

 

 

24,959

 

 

 

25,000

 

 

 

25,000

 

 

 

25,000

 

 

 

24,999

 

 

 

25,000

 

2028 Notes(1)(2)

 

 

25,000

 

 

 

25,000

 

 

 

24,629

 

 

 

25,000

 

 

 

25,000

 

 

 

25,000

 

 

 

24,998

 

 

 

25,000

 

VCC CLO(1)

 

 

377,500

 

 

 

377,500

 

 

 

375,224

 

 

 

377,500

 

 

 

377,500

 

 

 

377,500

 

 

 

375,115

 

 

 

377,500

 

Total borrowings outstanding

 

$

622,500

 

 

$

499,600

 

 

$

496,912

 

 

$

499,600

 

 

$

622,500

 

 

$

494,600

 

 

$

492,212

 

 

$

494,600

 

(1) Carrying value represents aggregate principal amount outstanding less unamortized debt issuance costs.

(2) As of June 30, 2026, the carrying values of the 2026 Notes and the 2028 Notes are presented inclusive of an incremental $(0.0) million and $(0.3) million, each resulting from a hedge accounting relationship. As of December 31, 2025, the carrying value of the 2026 Notes and the 2028 Notes are presented inclusive of an incremental $0.1 million and $0.1 million, respectively, each resulting from a hedge accounting relationship.
S M B C Facility  
Debt Instrument [Line Items]  
Summary of Interest Expense, Unused Fees And Amortization of Debt Issuance Costs

The following table summarizes the interest expense, unused fees and amortization of debt issuance costs incurred on the SMBC Facility for the three and six months ended June 30, 2026 and 2025 (dollars in thousands):

 

 

For the three months ended June 30,

 

 

For the six months ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

SMBC Facility interest

 

$

707

 

 

$

518

 

 

$

1,687

 

 

$

1,326

 

SMBC Facility unused fees

 

 

151

 

 

 

156

 

 

 

278

 

 

 

294

 

Amortization of debt issuance costs

 

 

88

 

 

 

87

 

 

 

174

 

 

 

174

 

Total interest and financing expenses related to the SMBC Facility

 

$

946

 

 

$

761

 

 

$

2,139

 

 

$

1,794

 

Weighted average outstanding debt balance of the SMBC Facility

 

$

46,155

 

 

$

30,756

 

 

$

55,415

 

 

$

39,993

 

Weighted average interest rate of the SMBC Facility (annualized)

 

 

6.1

%

 

 

6.8

%

 

 

6.1

%

 

 

6.7

%
Unsecured Notes  
Debt Instrument [Line Items]  
Summary of Interest Expense, Unused Fees And Amortization of Debt Issuance Costs

The following table summarizes the interest expenses and amortization of debt issuance costs incurred on the Notes for the three and six months ended June 30, 2026 and 2025 (dollars in thousands):

 

 

 

For the three months ended June 30,

 

 

For the six months ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

2026 Notes interest

 

$

569

 

 

$

569

 

 

$

1,138

 

 

$

1,138

 

2028 Notes interest

 

 

575

 

 

 

575

 

 

 

1,150

 

 

 

1,150

 

Amortization of debt issuance costs

 

 

24

 

 

 

24

 

 

 

48

 

 

 

48

 

Effect of interest rate swap

 

 

29

 

 

 

73

 

 

 

47

 

 

 

130

 

Total

 

$

1,197

 

 

$

1,241

 

 

$

2,383

 

 

$

2,466

 

Weighted average stated interest rate, net of effect of interest rate swaps

 

 

9.4

%

 

 

9.8

%

 

 

9.4

%

 

 

9.7

%

Weighted average outstanding balance

 

 

50,000

 

 

 

50,000

 

 

 

50,000

 

 

 

50,000

 
VCC CLO 1, LLC  
Debt Instrument [Line Items]  
Summary of Interest Expense, Unused Fees And Amortization of Debt Issuance Costs

The following table summarizes the interest expense and amortization of debt issuance costs incurred on VCC CLO for the three and six months ended June 30, 2026 and 2025 (dollars in thousands):

 

 

For the three months ended June 30,

 

 

For the six months ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

VCC CLO interest

 

$

5,270

 

 

$

5,881

 

 

$

10,520

 

 

$

11,846

 

Amortization of debt issuance costs

 

 

55

 

 

 

55

 

 

 

109

 

 

 

109

 

Total interest and financing expenses related to VCC CLO

 

$

5,325

 

 

$

5,936

 

 

$

10,629

 

 

$

11,955

 

Weighted average outstanding debt balance of VCC CLO

 

$

377,500

 

 

$

377,500

 

 

$

377,500

 

 

$

377,500

 

Weighted average interest rate of VCC CLO (annualized)

 

 

5.6

%

 

 

6.2

%

 

 

5.6

%

 

 

6.3

%
Schedule Of Debt Securitization

The debt offered in the 2024 Debt Securitization was issued and incurred by VCC CLO, an indirect, wholly-owned and consolidated subsidiary of the Company, and consists of (i) Class A-1 Senior Secured Floating Rate Notes, Class A-2 Senior Secured Floating Rate Loans, Class B Senior Secured Floating Rate Notes, Class B Senior Secured Floating Rate Loans and the Class C Mezzanine Secured Deferrable Floating Rate Notes (collectively, the “Secured Debt”), and (ii) the subordinated notes (the “Subordinated Notes” and, together with the Secured Debt, the “Debt”), the terms of which are summarized in the table below (dollars in thousands):

Class

 

Par Size ($)

 

 

Ratings (S&P)

 

Ratings (Fitch)

 

Coupon

Class A-1 Notes

 

$

280,000

 

 

AAA(sf)

 

AAA(sf)

 

SOFR + 1.71%

Class A-2 Loans

 

 

30,000

 

 

AAA(sf)

 

N/A

 

SOFR + 1.85%

Class B Notes

 

 

7,000

 

 

AA (sf)

 

N/A

 

SOFR + 2.15%

Class B Loans

 

 

23,000

 

 

AA (sf)

 

N/A

 

SOFR + 2.15%

Class C Notes

 

 

37,500

 

 

A (sf)

 

N/A

 

SOFR + 2.65%

Subordinated Notes

 

 

116,270

 

 

N/A

 

N/A

 

N/A