Borrowings (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
|---|
| Line of Credit Facility [Line Items] |
|
| Schedule of debt obligations |
The Company’s debt obligations consisted of the following as of June 30, 2026 and December 31, 2025 (dollar amounts in thousands):
|
|
|
|
|
|
|
|
|
Revolving Credit Facility |
|
June 30, 2026 |
|
|
December 31, 2025 |
|
Total Commitment |
|
$ |
175,000 |
|
|
$ |
175,000 |
|
Amount Outstanding (1) |
|
|
89,850 |
|
|
|
165,750 |
|
Unused Portion (2) |
|
|
85,150 |
|
|
|
9,250 |
|
Amount Available (3) |
|
|
85,150 |
|
|
|
91,061 |
|
|
|
|
|
|
|
|
Asset-Based Lending Facility |
|
June 30, 2026 |
|
|
December 31, 2025 |
|
Total Commitment |
|
$ |
100,000 |
|
|
$ |
— |
|
Amount Outstanding (1) |
|
|
58,000 |
|
|
|
— |
|
Unused Portion (2) |
|
|
42,000 |
|
|
|
— |
|
Amount Available (3) |
|
|
12,651 |
|
|
|
— |
|
(1)Amounts outstanding on the Consolidated Statements of Assets and Liabilities are net of deferred financing costs. (2)The unused portion is the amount upon which commitment fees are based. (3)The amount available reflects any limitations related to the credit facility’s borrowing base.
|
| Schedule of total interest expense |
The components of total interest expense were as follows (dollar amounts in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revolving Credit Facility |
|
For the Three Months Ended |
|
|
For the Six Months Ended |
|
|
|
June 30, 2026 |
|
|
June 30, 2025 |
|
|
June 30, 2026 |
|
|
June 30, 2025 |
|
Borrowings interest expense |
|
$ |
1,745 |
|
|
$ |
1,589 |
|
|
$ |
3,658 |
|
|
$ |
3,150 |
|
Facility unused fee |
|
|
76 |
|
|
|
96 |
|
|
|
141 |
|
|
|
187 |
|
Amortization of financing costs and debt issuance costs |
|
|
67 |
|
|
|
66 |
|
|
|
133 |
|
|
|
131 |
|
Total interest expense |
|
$ |
1,888 |
|
|
$ |
1,751 |
|
|
$ |
3,932 |
|
|
$ |
3,468 |
|
Average debt borrowings |
|
$ |
113,960 |
|
|
$ |
94,028 |
|
|
$ |
119,746 |
|
|
$ |
93,667 |
|
Average interest rates on borrowings |
|
|
6.55 |
% |
|
|
7.37 |
% |
|
|
6.53 |
% |
|
|
7.37 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset-Based Lending Facility |
|
For the Three Months Ended |
|
|
For the Six Months Ended |
|
|
|
June 30, 2026 |
|
|
June 30, 2025 |
|
|
June 30, 2026 |
|
|
June 30, 2025 |
|
Borrowings interest expense |
|
$ |
510 |
|
|
$ |
— |
|
|
$ |
510 |
|
|
$ |
— |
|
Facility unused fee |
|
|
33 |
|
|
|
— |
|
|
|
33 |
|
|
|
— |
|
Amortization of financing costs and debt issuance costs |
|
|
45 |
|
|
|
— |
|
|
|
45 |
|
|
|
— |
|
Total interest expense |
|
$ |
588 |
|
|
$ |
— |
|
|
$ |
588 |
|
|
$ |
— |
|
Average debt borrowings |
|
$ |
58,000 |
|
|
$ |
— |
|
|
$ |
58,000 |
|
|
$ |
— |
|
Average interest rates on borrowings |
|
|
6.41 |
% |
|
|
0.00 |
% |
|
|
6.41 |
% |
|
|
0.00 |
% |
|
| Schedule of company's senior securities |
The following is information about the Company's senior securities as of the dates indicated in the below table (dollar amounts in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class and Year |
|
Total Amount
Outstanding (1) |
|
|
Asset Coverage
per Unit (2) |
|
|
Involuntary
Liquidating
Preference
Per Unit (3) |
|
|
Average Market
Value Per Unit (4) |
Revolving Credit Facility |
|
|
|
|
|
|
|
|
|
|
|
June 30, 2026 |
|
$ |
89,850 |
|
|
|
3 |
|
|
|
— |
|
|
N/A |
March 31, 2026 |
|
|
144,350 |
|
|
|
3 |
|
|
|
— |
|
|
N/A |
December 31, 2025 |
|
|
165,750 |
|
|
|
2 |
|
|
|
— |
|
|
N/A |
Asset-Based Lending Facility |
|
|
|
|
|
|
|
|
|
|
|
June 30, 2026 |
|
$ |
58,000 |
|
|
|
3 |
|
|
|
— |
|
|
N/A |
March 31, 2026 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
N/A |
December 31, 2025 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
N/A |
Promissory Notes Payable |
|
|
|
|
|
|
|
|
|
|
|
June 30, 2026 |
|
|
215 |
|
|
|
3 |
|
|
|
— |
|
|
N/A |
March 31, 2026 |
|
|
214 |
|
|
|
3 |
|
|
|
— |
|
|
N/A |
December 31, 2025 |
|
|
214 |
|
|
|
2 |
|
|
|
— |
|
|
N/A |
(1)Total amount of each class of senior securities outstanding at the end of the period presented. (2)The asset coverage ratio for a class of senior securities representing indebtedness is calculated as our total assets, less all liabilities and indebtedness not represented by senior securities, divided by senior securities representing indebtedness. The asset coverage ratio with respect to indebtedness is multiplied by $1,000 to determine the Asset Coverage Per Unit. (3)The amount to which such class of senior security would be entitled upon the voluntary liquidation of the issuer in preference to any security junior to it. The “—” in this column indicates that the Securities and Exchange Commission (“SEC”) expressly does not require this information to be disclosed for certain types of senior securities. (4)The Company’s senior securities are not registered for public trading.
|
| Promissory Notes |
|
| Line of Credit Facility [Line Items] |
|
| Schedule of total interest expense |
The components of total interest expense were as follows (dollar amounts in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
For the Six Months Ended |
|
|
|
June 30, 2026 |
|
|
June 30, 2025 |
|
|
June 30, 2026 |
|
|
June 30, 2025 |
|
Borrowings interest expense |
|
$ |
6 |
|
|
$ |
— |
|
|
$ |
13 |
|
|
$ |
— |
|
Amortization of discount * |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total interest expense |
|
$ |
6 |
|
|
$ |
— |
|
|
$ |
13 |
|
|
$ |
— |
|
Average debt borrowings |
|
$ |
220 |
|
|
$ |
— |
|
|
$ |
220 |
|
|
$ |
— |
|
Average interest rates on borrowings |
|
|
12.08 |
% |
|
|
0.00 |
% |
|
|
12.10 |
% |
|
|
0.00 |
% |
* Less than $500
|
| Short-Term Borrowings |
|
| Line of Credit Facility [Line Items] |
|
| Schedule of total interest expense |
The components of total interest expense were as follows (dollar amounts in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
For the Six Months Ended |
|
|
|
June 30, 2026 |
|
|
June 30, 2025 |
|
|
June 30, 2026 |
|
|
June 30, 2025 |
|
Borrowings interest expense |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
385 |
|
|
$ |
— |
|
Total interest expense |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
385 |
|
|
$ |
— |
|
Average debt borrowings |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
11,763 |
|
|
$ |
— |
|
Average interest rates on borrowings |
|
|
0.00 |
% |
|
|
0.00 |
% |
|
|
6.60 |
% |
|
|
0.00 |
% |
|