v3.26.1
Borrowings
 6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Borrowings Borrowings
In accordance with the 1940 Act, with certain limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. As of June 30, 2026 and December 31, 2025, the Company’s asset coverage was 181.8% and 173.0%, respectively.
The following table presents the Company’s outstanding borrowings as of June 30, 2026 (amounts in thousands):
Aggregated
Principal
Committed		Outstanding
Principal
Unused
Portion (1)
Carrying Value (2)
Maturity Date
Credit Facility$575,000 $480,200 $94,800 $480,200 11/8/2029
Subscription Line51,746 51,065 681 51,065 11/6/2026
Total$626,746 $531,265 $95,481 $531,265 
(1)The unused portion is the amount upon which commitment fees are based, if any.
(2)The carrying value is gross of any deferred financing costs.
The following table presents the Company's outstanding borrowings as of December 31, 2025 (amounts in thousands):
Aggregated
Principal
Committed		Outstanding
Principal
Unused
Portion (1)
Carrying Value (2)
Maturity Date
Credit Facility$575,000 $495,100 $79,900 $495,100 11/8/2029
Subscription Line70,996 36,090 34,906 36,090 11/6/2026
Total$645,996 $531,190 $114,806 $531,190 
(1)The unused portion is the amount upon which commitment fees are based, if any.
(2)The carrying value is gross of any deferred financing costs.
For the three months ended June 30, 2026 and 2025, the Company had total average borrowings of $505.4 million and $386.0 million at a weighted average interest rate of 5.73% and 6.66% respectively. For the six months ended June 30, 2026 and 2025, the Company had total average borrowings of $511.5 million and $359.8 million at a weighted average interest rate of 5.75% and 6.71%, respectively.
Credit Facility
On November 8, 2024, WT Capital Fund – SPV1, LLC (the “Borrower”), a Delaware limited liability company and wholly owned subsidiary of the Company, entered into an Amended and Restated Loan, Security and Collateral Management Agreement with Ally Bank, as administrative agent for a $300.0 million revolving credit facility (the “A&R Credit Facility”). The A&R Credit Facility combined, amended and restated the Prior Onshore Credit Facility and the Prior Offshore Credit Facility each as defined and described below. On February 21, 2025, the Borrower entered into a First Amendment to the A&R Credit Facility, which increased the total commitments thereunder from $300.0 million to $500.0 million. On December 23, 2025, the Company entered into a Second Amendment to the A&R Credit Facility which, among other things, (i) increased the total commitment under the A&R Credit Facility from $500.0 million to $575.0 million, (ii) joined the SPV1 Subsidiary as a new borrower, (iii) reduced applicable spreads, (iv) allow acquisitions of loans in foreign currencies such as EUR and GBP and (v) amend the definition of "Change of Control" and "Material Modification" as defined in the A&R Credit Facility.
Prior to the consummation of the transactions under the Merger Agreements, the Borrower was a wholly owned subsidiary of the Onshore Fund and, prior to the effectiveness of the A&R Credit Facility, the Borrower was the borrower under a $100.0 million revolving credit facility with Ally Bank (“Prior Onshore Credit Facility”). On November 8, 2024, WT Capital Fund (Offshore) – SPV1, LLC (the “Prior Offshore Borrower”), a Delaware limited liability company and wholly owned subsidiary of the Company, merged with the Borrower with the Borrower being the surviving limited liability company. Prior to the consummation of the transactions under the Merger Agreements, the Prior Offshore Borrower was a wholly owned subsidiary of the Offshore Fund and, prior to the effectiveness of the A&R Credit Facility, the Prior
Offshore Borrower was the borrower under a $100.0 million revolving credit facility with Ally Bank (“Prior Offshore Credit Facility”).
The A&R Credit Facility is secured by all of the assets held by the Borrower. Under the A&R Credit Facility, the Borrower has made certain customary representations and warranties, and is required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. The Company acts as the collateral manager and as the transferor under the A&R Credit Facility and the related transaction documents, and, in connection therewith, the Company has made certain customary representations and warranties, and is required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. The A&R Credit Facility includes usual and customary events of default for credit facilities of this nature.
Borrowings under the A&R Credit Facility are considered the Company’s borrowings for purposes of complying with the asset coverage requirements under the Investment Company Act of 1940, as amended.
The A&R Credit Facility matures on November 8, 2029 and bears interest based on either Term SOFR or Daily Simple SOFR plus 2.00% per annum, at the Company's option. Prior to the effectiveness of the Second Amendment to the A&R Credit Facility, borrowings under the facility bore interest at a rate based on either Term SOFR or Daily Simple SOFR plus 2.50% per annum, at the Company's option. The A&R Credit Facility also charges a non-usage fee, which for the first three months following February 21, 2025, was calculated daily based on the product of 0.50% and the unused facility amount. Thereafter, the non-usage fee is the sum of the following:
i.for each day during the accrual period that the advances outstanding on such day are less than or equal to the product of 25.00% multiplied by the facility amount on such day, the sum of the products for each such day during such accrual period of (A) one divided by 360, (B) 1.00% and (C) the unused facility amount as of each such day; plus
ii.for each day during the accrual period that the advances outstanding on such day are greater than the product of 25.00% multiplied by the facility amount on such day, but less than the product of 50.00% multiplied by the facility amount on such day, the sum of the products for each such day during such accrual period of (A) one divided by 360, (B) 0.75% and (C) the unused facility amount as of each such day; plus
iii.for each day during the accrual period that the advances outstanding on such day are greater than the product of 50.00% multiplied by the facility amount on such day, the sum of the products for each such day during such accrual period of (A) one divided by 360, (B) 0.50% and (C) the unused facility amount as of each such day.
As of June 30, 2026 and December 31, 2025, the Company had an aggregate amount of $480.2 million and $495.1 million of debt outstanding, respectively.
For the three and six months ended June 30, 2026 and 2025, the components of interest expense related to the A&R Credit Facility were as follows (amounts in thousands):
For the three months ended June 30,For the six months ended June 30,
2026202520262025
Borrowing interest expense$6,711 $5,402 $13,613 $9,871 
Unused facility fee130 214 239 369 
Amortization of deferred financing costs429 366 854 668 
Total interest and debt financing expense$7,270 $5,982 $14,706 $10,908 
Average borrowings472,514 328,810 479,909 296,634 
Weighted average interest rate 5.70 %6.59 %5.72 %6.71 %
As of June 30, 2026, and December 31, 2025, each of the Company and the Borrower were in compliance with all covenants and other requirements applicable to it under the A&R Credit Facility.
Subscription Line
On November 8, 2024, the Company entered into a $90.0 million revolving credit facility with City National Bank, as administrative agent (the "Subscription Facility"). The Subscription Facility is a replacement of each of the Prior Onshore Subscription Facility and the Prior Offshore Subscription Facility each as defined and described below.
Prior to the consummation of the transactions under the Merger Agreements, and prior to the effectiveness of the Subscription Facility, (a) the Onshore Fund was the borrower under a revolving credit facility with City National Bank as administrative agent (the "Prior Onshore Subscription Facility") and (b) the Offshore Fund was a borrower under a revolving credit facility with City National Bank as administrative agent (the "Prior Offshore Subscription Facility" and, collectively with the Prior Onshore Subscription Facility, the "Prior Subscription Facilities"). In connection with the Mergers and the consummation of the transactions under the Merger Agreements, each of the Prior Subscription Facilities were terminated.
The Subscription Facility is secured by (a) the Company's rights to make capital calls of the capital commitments of each of its investors and all other rights, title, interests, powers and privileges related to, appurtenant to or arising out of the Company's rights to require or demand that such investors make capital contributions to the Company, (b) the Company's rights, titles, interest and privileges in and to the capital commitments, uncalled capital commitments, pending capital calls and capital contributions made by its investors, (c) all of the Company's rights, titles, interests, remedies and privileges under the applicable organizational documents, subscription agreements and side letters (including those in accordance with each of the Onshore Fund's and the Offshore Fund's operating agreements) to make, issue notices with respect to, and enforce capital calls and to receive and enforce the funding of capital contributions; (d) the Company's rights, titles, interests, remedies and privileges under its organizational documents and subscription agreements to issue and enforce capital calls, to receive and enforce capital contributions and relating to issuing, enforcing or receiving capital calls, capital commitments or capital contributions, (e) the Company's deposit accounts at City National Bank (or any substitute account, wherever located) into which capital call proceeds are paid, together with the Company's rights, titles and interests in and to each such account, all sums or other property now or at any time on deposit therein, credited thereto or payable thereof, and all instruments, documents, certificates and other writings evidencing each such account, and (f) all proceeds of the foregoing.
The Subscription Facility includes customary representations and warranties, and is required to comply with various affirmative and negative covenants, reporting requirements and other customary requirements for similar credit facilities and includes usual and customary events of default for credit facilities of this nature.
On November 7, 2025, the Company entered into a First Amendment to the Subscription Facility (the "First Amendment") which among things, (i) extended the maturity date from November 7, 2025 to November 6, 2026 and (ii) amended the definition of "Borrowing Base" from 60% of certain Unfunded Capital Commitments to 70% of such Unfunded Capital Commitments. The Subscription Facility bears interest based on either Term SOFR or Daily Simple SOFR plus 2.50% per annum or Prime Rate plus 1.50% per annum, at the Company's option. The Subscription Facility also charges an unused commitment fee of 0.35% per annum on the unused available commitment during the applicable calendar quarter.
As of June 30, 2026 and December 31, 2025, the Company had an aggregate amount of $51.1 million and $36.1 million of debt outstanding, respectively.
For the three and six months ended June 30, 2026 and 2025, the components of interest expense related to the City National Bank Subscription Facility were as follows (amounts in thousands):
For the three months ended June 30,For the six months ended June 30,
2026202520262025
Borrowing interest expense$512 $1,010 $981 $2,101 
Unused facility fee18 28 52 52 
Amortization of deferred financing costs67 201 134 399 
Total interest and debt financing expense$597 $1,239 $1,167 $2,552 
Average borrowings32,913 57,215 31,603 63,145 
Weighted average interest rate6.24 %7.08 %6.26 %6.71 %
Participation Agreements
Macquarie Bank Limited
In order to finance certain investment transactions, the Company may, from time to time, enter into secured borrowing agreements with Macquarie Bank Limited (“Macquarie”), whereby the Company sells to Macquarie an investment that it holds and concurrently enters into an agreement to repurchase the same investment at an agreed-upon price at a future date, not to exceed 90 days from the date it was sold (the “Macquarie Transaction”). In accordance with ASC Topic 860, Transfers and Servicing, these Macquarie Transactions meet the criteria for secured borrowings.
As of June 30, 2026 and December 31, 2025, the Company did not have any outstanding secured borrowings, as the contractual maturity of such secured borrowing agreement terminated on February 6, 2025.
The components of interest expense related to Macquarie for the three and six months ended June 30, 2026 and 2025 were as follows (amounts in thousands):
For the three months ended June 30,For the six months ended June 30,
2026202520262025
Borrowing interest expense$— $— $— $98 
Unused facility fee— — — — 
Amortization of deferred financing costs— — — — 
Total interest and debt financing expense$— $— $— $98 
Average borrowings— — — — 
Weighted average interest rate— %— %— %— %