v3.26.1
SECURED BORROWINGS
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
SECURED BORROWINGS SECURED BORROWINGS
The Fund and its wholly owned subsidiaries are parties to credit facilities or debt obligations, including term debt securitizations, as described below. The term debt securitizations are also known as collateralized loan obligations and are a form of secured financing incurred by the Fund. In accordance with the 1940 Act, the Fund is only permitted to borrow amounts such that its asset coverage, as defined in the 1940 Act, is maintained at a level of at least 150% after such borrowing. As of June 30, 2026 and December 31, 2025, the Fund’s asset coverage was 181.71% and 274.50%, respectively. The Fund and its wholly owned subsidiaries were in compliance with all covenants and other requirements of their respective agreements.
Bank of America Credit Facility
On April 19, 2022, a wholly owned subsidiary of the Fund entered into a credit agreement with the lenders from time to time parties thereto, Bank of America, N.A., as administrative agent, the Fund, as servicer, U.S. Bank Trust Company, National Association, as collateral administrator, and U.S. Bank National Association, as collateral custodian (as amended from time to time, the “Bank of America Credit Agreement” and the revolving credit facility thereunder, the “Bank of America Credit Facility”). On July 16, 2024, SPV II entered into the borrower joinder agreement to become party to the Bank of America Credit Agreement and pledged all of its assets to the collateral agent to secure its obligations under the Bank of America Credit Facility.

The most recent amendment on December 19, 2025, among other things: (i) revised the Applicable Rate (as defined in the Bank of America Credit Agreement) calculation for the first three months following the amendment date to the (A) sum of (1) 1.60% multiplied by the lesser of (x) the Adjusted Principal Balance (as defined in the Bank of America Credit Agreement) of all Eligible Collateral Assets (as defined in the Bank of America Credit Agreement) that are Qualifying Syndicated Loans (as defined in the Bank of America Credit Agreement) or (y) 30% of the Adjusted Principal Balance of all Eligible Collateral Assets, plus (2) 1.80% multiplied by (x) the Adjusted Principal Balance of all Eligible Collateral Assets minus the amount determined in clause (II)(i)(a)(y) of the definition of “Applicable Rate” divided by (B) the Aggregate Adjusted Principal Balance (as defined in the Bank of America Credit Agreement); (ii) incorporated an additional Applicable Rate such that, starting after the three-month anniversary of the amendment date, the Applicable Rate will be equal to 1.80% per annum, (iii) extended the availability period from September 19, 2027 to March 19, 2028; (iv) extended the maturity date of the facility from September 19, 2029 to March 19, 2030; and (v) revised the Make-Whole Percentage (as defined in the Bank of America Credit Agreement) from 0.0% to 0.25% for the period from December 19, 2026 through December 19, 2027, and 0.0% thereafter. The maximum amount available under the Bank of America Credit Facility is $350,000.

Borrowings under the Bank of America Credit Facility bear interest based on either (x) an annual rate equal to SOFR determined for any day (“Daily SOFR”) for the relevant interest period, plus an applicable spread, or (y) the highest of (i) the Federal Funds Rate plus an applicable spread, (ii) the Prime Rate in effect for any day and (iii) Daily SOFR plus an applicable spread. Interest is payable monthly in arrears. Advances under the Bank of America Credit Facility are secured by a pool of broadly-syndicated and middle-market loans subject to eligibility criteria and advance rates specified in the Bank of America Credit Agreement. Advances under the Bank of America Credit Facility may be prepaid and reborrowed at any time during the Availability Period (as defined therein), but any termination or reduction of the facility amount is subject to certain conditions. The Fund and SPV II have made customary representations and warranties and are required to comply with various financial covenants related to liquidity and other maintenance covenants, reporting requirements and other customary requirements for similar facilities.

As of June 30, 2026, the Bank of America Credit Facility bore interest at a rate of Daily SOFR plus 1.80% per annum. As of June 30, 2025, the Bank of America Credit Facility bore interest at a rate of Daily SOFR plus 1.89% per annum. Interest is payable monthly in arrears.

For the three months ended June 30, 2026 and 2025, the components of interest expense related to the Bank of America Credit Facility were as follows:
Three Months Ended June 30,
20262025
Borrowing interest expense$3,783 $3,424 
Unused fees113 134 
Amortization of deferred financing costs 188 189 
Total interest and debt financing expenses$4,084 $3,747 
For the six months ended June 30, 2026 and 2025, the components of interest expense related to the Bank of America Credit Facility were as follows:
Six Months Ended June 30,
20262025
Borrowing interest expense$5,027 $7,835 
Unused fees300 201 
Amortization of deferred financing costs 372 318 
Total interest and debt financing expenses$5,699 $8,354 

Citi Credit Facility

On May 11, 2026, the Fund entered into a credit and security agreement (the “Citi Credit Agreement” and the credit facility thereunder, the “Citi Credit Facility”) with its direct wholly-owned subsidiary, SPV V, as borrower, the Fund, as equityholder and collateral manager, the lenders from time to time parties thereto, Citibank, N.A., as administrative agent, U.S. Bank Trust Company, National Association, as collateral agent and collateral administrator, and U.S. Bank National Association, as document custodian. The Fund will serve as collateral manager to SPV V under the Citi Credit Agreement and will waive any management fee that the Fund is due in consideration for providing these services. The Citi Credit Agreement (i) provides an initial facility amount of up to $150,000 and (ii) has a reinvestment period initially ending on November 11, 2026 and a final maturity date on May 10, 2027.

In connection with the Citi Credit Agreement, the Fund, as transferor, and SPV V, as transferee, entered into a Loan Sale and Contribution Agreement, pursuant to which the Fund will transfer to SPV V certain originated or acquired loans and related assets from time to time.

The obligations of SPV V under the Citi Credit Agreement are secured by substantially all of the assets held by SPV V. The interest rate charged on the Citi Credit Facility is based on Term SOFR plus an applicable margin of at least 1.125% per annum. In addition, SPV V is required to pay, among other fees, a commitment fee of 0.25% on any unused portion of the Citi Credit Facility from May 11, 2026 through August 11, 2026. Beginning on August 12, 2026, the commitment fee on any unused portion of the Citi Credit Facility will equal (i) 0.25% per annum if the average utilization rate is greater than or equal to 90.0%, (ii) 0.50% per annum if the average utilization rate is less than 90.0% and greater than or equal to 70.0%, and (iii) the Weighted Average Applicable Margin (as defined in the Administrative Agent Fee Letter) if the average utilization rate is less than 70.0%.

Under the Citi Credit Agreement, the Fund and SPV V, as applicable, have made customary representations and warranties and are required to comply with customary covenants and other requirements for similar facilities. The Citi Credit Agreement includes usual and customary events of default for facilities of this nature.

Proceeds from the Citi Credit Facility will be used to acquire collateral loans during the reinvestment period, fund revolving collateral loans and/or delayed funding loans, pay certain fees and expenses and make permitted distributions.
For the three and six months ended June 30, 2026, the component of interest expense related to the Citi Credit Facility were as follows:
Three Months Ended June 30, 2026
Six Months Ended June 30, 2026
Borrowing interest expense$642 $642 
Unused fees19 19 
Amortization of deferred financing costs 53 53 
Total interest and debt financing expenses$714 $714 
Scotiabank Credit Facility I

On July 19, 2024, a wholly owned subsidiary of NCPCF entered into a credit agreement (as amended from time to time, the “Scotiabank Credit Facility I Agreement” and the credit facility thereunder, the “Scotiabank Credit Facility I”) with the lenders from time to time parties thereto, NCPCF, as servicer, the Bank of Nova Scotia, as administrative agent, U.S. Bank Trust Company, National Association, as collateral agent and collateral administrator, and U.S. Bank National Association, as custodian.
Effective December 11, 2024, as a result of the NCPCF Acquisition, the Fund became a party to the Scotiabank Credit Facility I Agreement as successor in interest to NCPCF and assumed the Scotiabank Credit Facility I. In connection with an amendment on May 22, 2025, SPV III and BSL SPV I were added as new borrowers (collectively, the “New Borrowers”). In addition, the amendment, among other things: (i) adjusted the total revolving commitment available to $150,000 (subject to increases up to $450,000), subject to availability governed by a collateralization test; (ii) amended the applicable margin for the interest rate payable by each New Borrower, and (iii) extended the final maturity date from July 19, 2033 to May 22, 2034.

The total revolving commitment available was increased to $450,000, subject to availability governed by a collateralization test, effective February 22, 2026.
Borrowings under the Scotiabank Credit Facility I are secured by all of the assets held by the New Borrowers and bear interest based on an annual rate equal to SOFR determined for any day (“Daily Simple SOFR”) for the relevant interest period, plus the applicable margin. As of June 30, 2026, the Scotiabank Credit Facility I bore interest at a rate of SOFR, reset daily, plus 2.03% per annum. Interest is payable quarterly. The Fund and the New Borrowers, as applicable, have made customary representations and warranties and are required to comply with customary covenants and other requirements for similar facilities. The Scotiabank Credit Facility I Agreement includes usual and customary events of default for facilities of this nature. Borrowings under the Scotiabank Credit Facility I will be used to acquire collateral loans during the reinvestment period, fund revolving collateral loans and/or delayed funding loans, pay certain fees and expenses and make permitted distributions.
Subsequent to fiscal quarter ended June 30, 2026, on August 6, 2026, the Fund, SPV III and BSL SPV I entered into an amendment to the Scotiabank Credit Facility I Agreement. See Note 11 “Subsequent Events” for more information.
For the three months ended June 30, 2026 and 2025, the components of interest expense related to the Scotiabank Credit Facility I were as follows:
Three Months Ended June 30,
20262025
Borrowing interest expense$2,738 $3,147 
Unused fees329 161 
Amortization of deferred financing costs 76 1,083 
Total interest and debt financing expenses$3,143 $4,391 

For the six months ended June 30, 2026 and 2025, the components of interest expense related to the Scotiabank Credit Facility I were as follows:
Six Months Ended June 30,
20262025
Borrowing interest expense$3,782 $7,589 
Unused fees583 386 
Amortization of deferred financing costs 135 1,121 
Total interest and debt financing expenses$4,500 $9,096 

Scotiabank Credit Facility II

On August 1, 2025, BDC V SPV I, a wholly owned subsidiary of BDC V, entered into a credit agreement (as amended from time to time, the “Scotiabank Credit Facility II Agreement” and the credit facility thereunder, the “Scotiabank Credit Facility II”) with the lenders from time to time parties thereto, BDC V, as servicer, the Bank of Nova Scotia, as administrative agent, U.S. Bank Trust Company, National Association, as collateral agent and collateral administrator, and U.S. Bank National Association, as custodian.

Effective May 1, 2026, as a result of the BDC V Acquisition, the Fund became a party to the Scotiabank Credit Facility II Agreement as successor in interest to BDC V and assumed the Scotiabank Credit Facility II. The Scotiabank Credit Facility II Agreement provides for borrowings in an aggregate amount of up to $550,000.
Borrowings under the Scotiabank Credit Facility II are secured by all of the assets held by BDC V SPV I and bear interest based on an annual rate equal to SOFR determined for any day (“Daily Simple SOFR”) for the relevant interest period, plus the applicable margin. As of June 30, 2026, the Scotiabank Credit Facility II bore interest at a rate of SOFR, reset daily, plus 1.975% per annum. Interest is payable quarterly. Any amounts borrowed under the Scotiabank Credit Facility II will mature on August 1, 2034. The Fund and BDC V SPV I, as applicable, have made customary representations and warranties and are required to comply with customary covenants and other requirements for similar facilities. The Scotiabank Credit Facility II Agreement includes usual and customary events of default for facilities of this nature.
Subsequent to fiscal quarter ended June 30, 2026, on August 6, 2026, in connection with the Fund entering into the Norinchukin Bank Credit Agreement, the Fund terminated the Scotiabank Credit Facility II Agreement. See Note 11 “Subsequent Events” for more information.
For the three and six months ended June 30, 2026, the component of interest expense related to the Scotiabank Credit Facility II were as follows:
Three Months Ended June 30, 2026Six Months Ended June 30, 2026
Borrowing interest expense$4,896 $4,896 
Unused fees35 35 
Amortization of deferred financing costs 20 20 
Total interest and debt financing expenses$4,951 $4,951 
SMBC Revolving Credit Facility
On April 8, 2025, the Fund entered into a Senior Secured Revolving Credit and Term Loan Agreement (the “SMBC Revolving Credit Facility Agreement” and the revolving credit facility thereunder, the “SMBC Revolving Credit Facility”) by and among the Fund, as borrower, the lenders from time to time parties thereto, Sumitomo Mitsui Banking Corporation, as administrative agent, collateral agent, issuing bank, swingline lender, a lender and as lead arranger and sole bookrunner. The SMBC Revolving Credit Facility is guaranteed by certain subsidiaries of the Fund that may be formed or acquired by the Fund in the future (collectively, the “Guarantors”).
The initial maximum principal amount available under the SMBC Revolving Credit Facility was $50,000, subject to availability under the borrowing base, which is based on the Fund’s portfolio investments and other outstanding indebtedness. Maximum capacity under the SMBC Revolving Credit Facility may be increased to $300,000 through the exercise by the Fund of an uncommitted accordion feature, through which existing and new lenders may, at their option, agree to provide additional financing. Effective May 22, 2025, in connection with the closing of the 2025 Debt Securitization (discussed further below), the maximum principal amount increased to $100,000. The SMBC Revolving Credit Facility is secured by a perfected first-priority interest in substantially all of the portfolio investments held by the Fund and each Guarantor, subject to certain exceptions, and includes a $25,000 limit for swingline loans.

The availability period under the SMBC Revolving Credit Facility will terminate on April 8, 2029 (the “Commitment Termination Date”) and the SMBC Revolving Credit Facility will mature on April 8, 2030 (the “Final Maturity Date”). During the period from the Commitment Termination Date to the Final Maturity Date, the Fund will be obligated to make mandatory prepayments under the SMBC Revolving Credit Facility out of the proceeds of certain asset sales and other recovery events and equity and debt issuances.

The Fund may borrow amounts in U.S. dollars or certain other permitted currencies. Amounts drawn under the SMBC Revolving Credit Facility in U.S. dollars will bear interest at either Term SOFR plus a margin, or the Alternate Base Rate (which is the greater of (x) zero and (y) the highest of (a) the Prime Rate, (b) the sum of (i) the weighted average of the rates on overnight federal funds transactions, as published by the Federal Reserve Bank of New York plus (ii) 0.50%, or (c) Term SOFR plus 1.00% per annum) plus a margin. The Fund may elect either the Term SOFR or Alternate Base Rate at the time of drawdown, and loans denominated in U.S. dollars may be converted from one rate to another at any time at the Fund’s option, subject to certain conditions. Amounts drawn under the SMBC Revolving Credit Facility in other permitted currencies will bear interest at the relevant rate specified therein plus an applicable margin. The Fund also will pay a fee of 0.375% per annum on the daily undrawn amounts under the SMBC Revolving Credit Facility. As of June 30, 2026, the SMBC Revolving Credit Facility bore interest at SOFR plus 2.125% per annum.

The SMBC Revolving Credit Facility includes customary covenants, including certain limitations on the incurrence by the Fund of additional indebtedness and on the Fund’s ability to make distributions to its shareholders, or to redeem, repurchase or retire
common shares of beneficial interest upon the occurrence of certain events and certain financial covenants related to asset coverage and minimum shareholders’ equity, as well as customary events of default.

For the three months ended June 30, 2026 and 2025, the components of interest expense related to the SMBC Revolving Credit Facility were as follows:
Three Months Ended June 30,
20262025
Borrowing interest expense$339 $127 
Unused fees74 60 
Amortization of deferred financing costs 114 35 
Total interest and debt financing expenses$527 $222 

For the six months ended June 30, 2026 and 2025, the components of interest expense related to the SMBC Revolving Credit Facility were as follows:
Six Months Ended June 30,
20262025
Borrowing interest expense$826 $127 
Unused fees142 60 
Amortization of deferred financing costs 226 35 
Total interest and debt financing expenses$1,194 $222 

CLO-I
On July 16, 2024, the Fund completed a $398,700 term debt securitization (the “2024 Debt Securitization”).
The notes offered in the 2024 Debt Securitization (the “2024 Notes”) were issued by CLO-I (formerly known as SPV I) (the “2024 Issuer”), a direct, wholly owned, consolidated subsidiary of the Fund, pursuant to an indenture and security agreement, dated as of July 16, 2024 (the “2024 Indenture”). The 2024 Notes consist of $197,000 of AAA-rated Class A 2024 Notes, which bear interest at the three-month Term SOFR plus 1.70%; $48,000 of AA-rated Class B 2024 Notes, which bear interest at the three-month Term SOFR plus 1.95%; $26,000 of A-rated Class C 2024 Notes, which bear interest at the three-month Term SOFR plus 2.55%; and $92,700 of Subordinated 2024 Notes, which do not bear interest. The Fund directly owns all of the Subordinated 2024 Notes and, as such, these notes are eliminated in consolidation.
As part of the 2024 Debt Securitization, CLO-I also entered into a loan agreement, dated July 16, 2024 (the “CLO-I Loan Agreement”), pursuant to which various financial institutions and other persons which are, or may become, parties to the CLO-I Loan Agreement as lenders committed to make $35,000 of AAA Class A-L 2024 Loans to CLO-I (the “2024 Loans” and, together with the 2024 Notes, the “2024 Debt”). The 2024 Loans bear interest at the three-month Term SOFR plus 1.70% (the “2024 Class A-L Loans”) and were fully drawn upon the closing of the transaction. Any lender may elect to convert all of the 2024 Class A-L Loans held by such lenders into Class A 2024 Notes upon written notice to CLO-I in accordance with the CLO-I Loan Agreement.
The 2024 Debt is backed by a diversified portfolio of senior secured and second lien loans. Each of the 2024 Indenture and the CLO-I Loan Agreement contain certain conditions pursuant to which loans can be acquired by the 2024 Issuer, in accordance with rating agency criteria or as otherwise agreed with certain institutional investors who purchased the 2024 Debt. Through July 20, 2028, all principal collections received on the underlying collateral may be used by the 2024 Issuer to purchase new collateral under the direction of the Fund, in its capacity as collateral manager of the 2024 Issuer and in accordance with the Fund’s investment strategy, allowing the Fund to maintain the initial leverage in the 2024 Debt Securitization. The 2024 Notes are due on July 20, 2036 and the 2024 Loans mature on July 20, 2036.
The Fund serves as collateral manager to the 2024 Issuer under a collateral management agreement and waives any management fee due to it in consideration for providing these services.
For the three months ended June 30, 2026 and 2025, the components of interest expense related to CLO-I were as follows:
Three Months Ended June 30,
20262025
Borrowing interest expense$4,243 $4,709 
Amortization of debt issuance costs
113 113 
Total interest and debt financing expenses$4,356 $4,822 

For the six months ended June 30, 2026 and 2025, the components of interest expense related to CLO-I were as follows:
Six Months Ended June 30,
20262025
Borrowing interest expense$8,471 $9,525 
Amortization of debt issuance costs
225 225 
Total interest and debt financing expenses$8,696 $9,750 

CLO-II

On May 22, 2025, the Fund completed a $499,700 term debt securitization (the “2025 Debt Securitization”).

The debt offered in the 2025 Debt Securitization (the “2025 Debt”) was issued by CLO-II (formerly known as SPV IV) (the “2025 Issuer”), a direct, wholly owned, consolidated subsidiary of the Fund, pursuant to an indenture and security agreement (the “2025 Indenture”) and Class A-2L and Class B-L loan agreements (collectively, the “CLO-II Loan Agreements”), each dated as of May 22, 2025. The 2025 Debt consists of (i) $290,000 of AAA-rated Class A-1 Notes, which bear interest at the three-month Term SOFR plus 1.665%; $35,000 of AA-rated Class B Notes, which bear interest at the three-month Term SOFR plus 2.100%; and $144,700 of Subordinated Notes, which do not bear interest (collectively, the “2025 Notes”), and (ii) $20,000 of AAA Class A-2L Loans, which bear interest at the three-month Term SOFR plus 1.850% and $10,000 of AA Class B-L Loans, which bear interest at the three-month Term SOFR plus 2.100% (collectively, the “2025 Loans”). The 2025 Debt also consists of AAA-rated Class A-2 Notes, which were issued with a $0 principal balance. The Fund directly owns all of the Subordinated Notes and, as such, these notes are eliminated in consolidation.
The 2025 Debt is backed by a diversified portfolio of senior secured and second lien loans. The 2025 Indenture contains certain conditions pursuant to which loans can be acquired by the 2025 Issuer, in accordance with rating agency criteria and as otherwise agreed with certain institutional investors who purchased the 2025 Debt. Through May 15, 2029, all principal collections received on the underlying collateral may be used by the 2025 Issuer to purchase new collateral under the direction of the Fund, in its capacity as collateral manager of the 2025 Issuer and in accordance with the Fund’s investment strategy, allowing the Fund to maintain the initial leverage in the 2025 Debt Securitization. The 2025 Notes are due on May 15, 2037 and the 2025 Loans mature on May 15, 2037.
The Fund serves as collateral manager to the 2025 Issuer under a collateral management agreement and waives any management fee due to it in consideration for providing these services.
For the three months ended June 30, 2026 and 2025, the components of interest expense related to CLO-II were as follows:
Three months ended June 30,
20262025
Borrowing interest expense$4,830 $2,391 
Amortization of debt issuance costs
140 60 
Total interest and debt financing expenses$4,970 $2,451 
For the six months ended June 30, 2026 and 2025, the components of interest expense related to CLO-II were as follows:
Six Months Ended June 30,
20262025
Borrowing interest expense$9,701 $2,391 
Amortization of debt issuance costs
279 60 
Total interest and debt financing expenses$9,980 $2,451 

Summary of Secured Borrowings
The Fund’s debt obligations consisted of the following as of June 30, 2026 and December 31, 2025:
June 30, 2026
Bank of America Credit FacilityCiti Credit FacilityScotiabank Credit Facility IScotiabank Credit Facility IISMBC Revolving Credit Facility2024 Debt2025 DebtTotal
Total Commitment$350,000 $150,000 $450,000 $550,000 $100,000 $306,000 $355,000 $2,261,000 
Amount Outstanding (1)
332,500 95,000 209,000 508,500 — 306,000 355,000 1,806,000 
Unused Portion (2)
17,500 55,000 241,000 41,500 100,000 — — 455,000 
Amount Available (3)
16,103 54,828 236,095 40,399 100,000 — — 447,425 
_______________
(1)Amount outstanding on the consolidated statements of assets and liabilities is net of deferred financing and issuance costs.
(2)The unused portion is the amount upon which commitment fees are based.
(3)Available for borrowing based on the computation of collateral to support the borrowings and subject to compliance with applicable covenants and financial ratios.
December 31, 2025
Bank of America Credit Facility
Scotiabank Credit FacilitySMBC Revolving Credit Facility2024 Debt2025 DebtTotal
Total Commitment$350,000 $150,000 $100,000 $306,000 $355,000 $1,261,000 
Amount Outstanding (1)
67,000 46,000 21,500 306,000 355,000 795,500 
Unused Portion (2)
283,000 104,000 78,500 — — 465,500 
Amount Available (3)
278,124 96,982 78,500 — — 453,606 
_______________
(1)Amount outstanding on the consolidated statements of assets and liabilities are net of deferred financing and issuance costs.
(2)The unused portion is the amount upon which commitment fees are based.
(3)Available for borrowing based on the computation of collateral to support the borrowings and subject to compliance with applicable covenants and financial ratios.
For the three and six months ended June 30, 2026 and 2025, the components of interest expense and debt financing expenses were as follows:
Three Months Ended June 30,
20262025
Borrowing interest expense$21,470 $13,798 
Unused fees571 355 
Amortization of deferred financing and debt issuance costs
703 1,480 
Total interest and debt financing expenses$22,744 $15,633 
Average interest rate (1)
5.69 %6.47 %
Average daily borrowings$1,552,544 $877,676 
______________
(1)Average interest rate includes borrowing interest expense and unused fees.
Six Months Ended June 30,
20262025
Borrowing interest expense$33,343 $27,467 
Unused fees1,079 647 
Amortization of deferred financing and debt issuance costs
1,311 1,759 
Total interest and debt financing expenses$35,733 $29,873 
Average interest rate (1)
5.75 %6.53 %
Average daily borrowings$1,206,472 $868,056 

Contractual Obligations
The following tables show the contractual maturities of the Fund’s debt obligations as of June 30, 2026 and December 31, 2025:
Payments Due by Period
As of June 30, 2026
TotalLess than 1 Year1 to 3 years3 to 5 yearsMore than 5 Years
Bank of America Credit Facility$332,500 $— $— $332,500 $— 
Citi Credit Facility95,000 95,000 
Scotiabank Credit Facility I209,000 — — — 209,000 
Scotiabank Credit Facility II508,500 508,500 
SMBC Revolving Credit Facility— — — — — 
2024 Debt306,000 — — — 306,000 
2025 Debt355,000 — — — 355,000 
Total debt obligations$1,806,000 $95,000 $— $332,500 $1,378,500 
Payments Due by Period
As of December 31, 2025
TotalLess than 1 Year1 to 3 years3 to 5 yearsMore than 5 Years
Bank of America Credit Facility$67,000 $— $— $67,000 $— 
Scotiabank Credit Facility I46,000 — — — 46,000 
SMBC Revolving Credit Facility21,500 — — 21,500 — 
2024 Debt306,000 — — — 306,000 
2025 Debt355,000 — — — 355,000 
Total debt obligations$795,500 $— $— $88,500 $707,000