Borrowings (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
|---|
| Line of Credit Facility [Line Items] |
|
| Summary of Outstanding Debt Obligations |
The below tables present the Company’s outstanding debt obligations as of the following periods:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2026 |
|
|
|
Aggregate
Principal |
|
|
Outstanding |
|
|
Net Carrying |
|
|
Unused |
|
($ in thousands) |
|
Committed |
|
Principal |
|
Value |
|
Portion(1) |
|
MS Revolving Credit Facility |
|
$ |
300,000 |
|
|
$ |
195,000 |
|
|
$ |
195,000 |
|
|
$ |
105,000 |
|
SMTB Revolving Tranche (2) |
|
|
422,200 |
|
|
|
232,200 |
|
|
|
232,200 |
|
|
|
190,000 |
|
SMTB Term Loan Tranche (3) |
|
|
272,500 |
|
|
|
272,500 |
|
|
|
271,833 |
|
|
|
— |
|
BNP Revolving Credit Facility II |
|
|
400,000 |
|
|
|
146,000 |
|
|
|
146,000 |
|
|
|
254,000 |
|
Total Borrowings |
|
$ |
1,394,700 |
|
|
$ |
845,700 |
|
|
$ |
845,033 |
|
|
$ |
549,000 |
|
(1)The unused portion is the amount upon which unused fees are based, if any. (2)The SMTB Revolving Tranche’s aggregate principal committed balance includes $222,200 drawn on the uncommitted tranche as of June 30, 2026. (3)Carrying value is net of unamortized deferred financing costs of $667.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
|
Aggregate
Principal |
|
|
Outstanding |
|
|
Net Carrying |
|
|
Unused |
|
($ in thousands) |
|
Committed |
|
|
Principal |
|
|
Value |
|
|
Portion(1) |
|
MS Revolving Credit Facility |
|
$ |
300,000 |
|
|
$ |
195,000 |
|
|
$ |
195,000 |
|
|
$ |
105,000 |
|
SMTB Revolving Tranche |
|
|
420,000 |
|
|
|
297,000 |
|
|
|
297,000 |
|
|
|
123,000 |
|
SMTB Term Loan Tranche (2) |
|
|
200,000 |
|
|
|
200,000 |
|
|
|
199,178 |
|
|
|
— |
|
BNP Revolving Credit Facility II |
|
|
400,000 |
|
|
|
139,000 |
|
|
|
139,000 |
|
|
|
261,000 |
|
Total Borrowings |
|
$ |
1,320,000 |
|
|
$ |
831,000 |
|
|
$ |
830,178 |
|
|
$ |
489,000 |
|
(1)The unused portion is the amount upon which unused fees are based, if any. (2)Carrying value is net of unamortized deferred financing costs of $822.
|
| MS Revolving Credit Facility |
|
| Line of Credit Facility [Line Items] |
|
| Schedule of Interest Expense |
The components of interest expense related to the MS Revolving Credit Facility for the three and six months ended June 30, 2026 and June 30, 2025 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three
months ended |
|
|
For the three
months ended |
|
|
For the six
months ended |
|
|
For the six
months ended |
|
|
($ in thousands) |
|
June 30, 2026 |
|
|
June 30, 2025 |
|
|
June 30, 2026 |
|
|
June 30, 2025 |
|
|
Stated interest expense |
|
$ |
2,967 |
|
|
$ |
3,248 |
|
|
$ |
5,900 |
|
|
$ |
7,191 |
|
|
Unused/undrawn fees |
|
|
133 |
|
|
|
133 |
|
|
|
264 |
|
|
|
200 |
|
|
Amortization of deferred financing costs |
|
|
287 |
|
|
|
287 |
|
|
|
572 |
|
|
|
572 |
|
|
Administration fees |
|
|
114 |
|
|
|
114 |
|
|
|
226 |
|
|
|
226 |
|
|
Total interest and debt financing costs |
|
$ |
3,501 |
|
|
$ |
3,782 |
|
|
$ |
6,962 |
|
|
$ |
8,189 |
|
|
Average stated interest rate |
|
|
6.02 |
% |
|
|
6.59 |
% |
|
|
6.02 |
% |
|
|
6.50 |
% |
|
Average borrowings |
|
$ |
195,000 |
|
|
$ |
195,000 |
|
|
$ |
195,000 |
|
|
$ |
220,525 |
|
|
|
| SMTB Revolving Tranche |
|
| Line of Credit Facility [Line Items] |
|
| Schedule of Interest Expense |
The components of interest expense related to the SMTB Revolving Tranche for the three and six months ended June 30, 2026 and June 30, 2025 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three
months ended |
|
|
For the three
months ended |
|
|
For the six
months ended |
|
|
For the six
months ended |
|
|
($ in thousands) |
|
June 30, 2026 |
|
|
June 30, 2025 |
|
|
June 30, 2026 |
|
|
June 30, 2025 |
|
|
Stated interest expense |
|
$ |
3,681 |
|
|
$ |
3,819 |
|
|
$ |
5,243 |
|
|
$ |
4,586 |
|
|
Unused/undrawn fees |
|
|
97 |
|
|
|
36 |
|
|
|
203 |
|
|
|
142 |
|
|
Amortization of deferred financing costs |
|
|
283 |
|
|
|
270 |
|
|
|
461 |
|
|
|
495 |
|
|
Administration fees |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Total interest and debt financing costs |
|
$ |
4,061 |
|
|
$ |
4,125 |
|
|
$ |
5,907 |
|
|
$ |
5,223 |
|
|
Average stated interest rate |
|
|
5.41 |
% |
|
|
6.59 |
% |
|
|
5.42 |
% |
|
|
6.63 |
% |
|
Average borrowings |
|
$ |
267,689 |
|
|
$ |
229,241 |
|
|
$ |
191,593 |
|
|
$ |
137,281 |
|
|
|
| SMTB Term Loan Tranche |
|
| Line of Credit Facility [Line Items] |
|
| Schedule of Interest Expense |
The components of interest expense related to the SMTB Term Loan Tranche for the three and six months ended June 30, 2026 and June 30, 2025 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three
months ended |
|
|
For the three
months ended |
|
|
For the six
months ended |
|
|
For the six
months ended |
|
|
($ in thousands) |
|
June 30, 2026 |
|
|
June 30, 2025 |
|
|
June 30, 2026 |
|
|
June 30, 2025 |
|
|
Stated interest expense |
|
$ |
3,611 |
|
|
$ |
— |
|
|
$ |
7,060 |
|
|
$ |
— |
|
|
Amortization of deferred financing costs |
|
|
200 |
|
|
|
— |
|
|
|
391 |
|
|
|
— |
|
|
Total interest and debt financing costs |
|
$ |
3,811 |
|
|
$ |
— |
|
|
$ |
7,451 |
|
|
$ |
— |
|
|
Average stated interest rate |
|
|
5.24 |
% |
|
N/A |
|
|
|
5.26 |
% |
|
N/A |
|
|
|
| BNP Revolving Credit Facility I |
|
| Line of Credit Facility [Line Items] |
|
| Schedule of Interest Expense |
The components of interest expense related to the BNP Revolving Credit Facility I for the three and six months ended June 30, 2026 and June 30, 2025 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three
months ended |
|
|
For the three
months ended |
|
|
For the six
months ended |
|
|
For the six
months ended |
|
|
($ in thousands) |
|
June 30, 2026 |
|
|
June 30, 2025 |
|
|
June 30, 2026 |
|
|
June 30, 2025 |
|
|
Stated interest expense |
|
$ |
— |
|
|
$ |
2,012 |
|
|
$ |
— |
|
|
$ |
3,123 |
|
|
Unused/undrawn fees |
|
|
— |
|
|
|
267 |
|
|
|
— |
|
|
|
364 |
|
|
Amortization of deferred financing costs |
|
|
— |
|
|
|
144 |
|
|
|
— |
|
|
|
283 |
|
|
Administration fees |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Total interest and debt financing costs |
|
$ |
— |
|
|
$ |
2,423 |
|
|
$ |
— |
|
|
$ |
3,770 |
|
|
Average stated interest rate |
|
N/A |
|
|
|
5.73 |
% |
|
N/A |
|
|
|
5.74 |
% |
|
Average borrowings |
|
$ |
— |
|
|
$ |
139,000 |
|
|
$ |
— |
|
|
$ |
108,828 |
|
|
|
| BNP Revolving Credit Facility II |
|
| Line of Credit Facility [Line Items] |
|
| Schedule of Interest Expense |
The components of interest expense related to the BNP Revolving Credit Facility II for the three and six months ended June 30, 2026 and June 30, 2025 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three
months ended |
|
|
For the three
months ended |
|
|
For the six
months ended |
|
|
For the six
months ended |
|
|
($ in thousands) |
|
June 30, 2026 |
|
|
June 30, 2025 |
|
|
June 30, 2026 |
|
|
June 30, 2025 |
|
|
Stated interest expense |
|
$ |
2,082 |
|
|
$ |
— |
|
|
$ |
3,975 |
|
|
$ |
— |
|
|
Unused/undrawn fees |
|
|
431 |
|
|
|
— |
|
|
|
810 |
|
|
|
— |
|
|
Amortization of deferred financing costs |
|
|
281 |
|
|
|
— |
|
|
|
559 |
|
|
|
— |
|
|
Administration fees |
|
|
6 |
|
|
|
— |
|
|
|
13 |
|
|
|
— |
|
|
Total interest and debt financing costs |
|
$ |
2,800 |
|
|
$ |
— |
|
|
$ |
5,357 |
|
|
|
|
|
Average stated interest rate |
|
|
5.64 |
% |
|
N/A |
|
|
|
5.63 |
% |
|
N/A |
|
|
Average borrowings |
|
$ |
146,000 |
|
|
$ |
— |
|
|
$ |
140,412 |
|
|
$ |
— |
|
|
|