v3.26.1
SECURED BORROWINGS (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Components of Interest Expense and Debt Financing Expenses and Borrowings
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 
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 
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 
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 
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 
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 
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 
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 
Schedule of Contractual Maturities of the Fund Debt 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