v3.26.1
Borrowings
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [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 243.3% and 234.4%, respectively.

Revolving Credit Facility

On April 8, 2024, the Company, as borrower, entered into a senior secured revolving credit facility (the “Revolving Credit Facility”) pursuant to a Senior Secured Revolving Credit Agreement (the “Revolving Credit Agreement”), with JPMorgan Chase Bank, N.A., as administrative agent and as collateral agent, the lenders party thereto (the “Revolving Credit Facility Lenders”), and JPMorgan Chase Bank, N.A. and Sumitomo Mitsui Banking Corporation, as joint bookrunners and joint lead arrangers. On April 23, 2025, the Company, as borrower, entered into that certain Amendment No. 1 to Senior Secured Revolving Credit Agreement (the “Revolving Credit Agreement Amendment”) with JPMorgan Chase Bank, N.A., as administrative agent and as collateral agent, and the lenders party thereto, amending the Revolving Credit Agreement. The following describes the terms of the Revolving Credit Facility as modified through the Revolving Credit Agreement Amendment.

The Company may borrow amounts in U.S. dollars or certain other permitted currencies under the Revolving Credit Facility. Advances under the Revolving Credit Facility drawn in U.S. dollars will initially bear interest at a per annum rate equal to 0.65% or 0.775% plus an “alternate base rate” in the case of any ABR Loan and 1.65% or 1.775% plus the Adjusted Term SOFR Rate (including any applicable credit adjustment spread) in the case of any other Loan, in each case, depending on the Company’s rate option election and
borrowing base. Advances under the Revolving Credit Facility drawn in currencies other than U.S. dollars will initially bear interest at a per annum rate equal to 1.65% or 1.775%, in each case depending on the Company’s borrowing base, plus any applicable credit spread adjustment, plus certain local rates consistent with market standards. The Company also pays a fee of 0.325% on average daily undrawn amounts under the Revolving Credit Facility.

The maximum principal amount of the Revolving Credit Facility is $1,125 million, subject to availability under the borrowing base, which is based on the Company’s portfolio investments and other outstanding indebtedness, with an accordion provision to permit increases to the total facility amount up to $1,350 million subject to the satisfaction of certain conditions.

The Revolving Credit Facility is guaranteed by certain subsidiaries of the Company, including certain additional domestic subsidiaries (direct or indirect) of the Company that may be formed or acquired in the future (collectively, the “Revolving Credit Facility Guarantors”). Proceeds of the Revolving Credit Facility may be used for general corporate purposes, including, without limitation, repaying outstanding indebtedness, making distributions, contributions and investments, and acquisition and funding of portfolio investments, and such other uses as permitted under the Revolving Credit Agreement.

The Revolving Credit Facility is secured by a perfected first-priority interest in substantially all of the portfolio investments held by the Company and each Revolving Credit Facility Guarantor, subject to certain exceptions, and includes a $150 million limit for swingline loans.

The availability period under the Revolving Credit Facility will terminate on April 23, 2029 (the “Revolving Credit Facility Commitment Termination Date”) and the Revolving Credit Facility will mature on April 23, 2030 (the “Revolving Credit Facility Maturity Date”). During the period from the Revolving Credit Facility Commitment Termination Date to the Revolving Credit Facility Maturity Date, the Company will be obligated to make mandatory prepayments under the Revolving Credit Facility out of the proceeds of certain asset sales, recovery events and/or equity or debt issuances.

Unsecured Notes

The Company issued unsecured notes, as further described below: August 2028 Notes and August 2030 Notes (each as defined below), which are collectively referred to herein as the “Unsecured Notes”.

Interest on the Unsecured Notes will be due semiannually. The interest rates are subject to increase (up to a maximum increase of 2.00% above the stated rate for each of the Unsecured Notes) in the event that, subject to certain exceptions, the Unsecured Notes cease to have an investment grade rating and the Company’s minimum secured debt ratio exceeds certain thresholds. In addition, the Company is obligated to offer to repay the Unsecured Notes at a price equal to 100% of the principal amount, plus accrued and unpaid interest if a certain change in control event occurs. The Unsecured Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured, unsubordinated indebtedness issued by the Company.

August 2028 Notes

On August 13, 2025, the Company entered into a Master Note Purchase Agreement (the “2025 Note Purchase Agreement”) governing the issuance of $150 million in aggregate principal amount of its Series A Senior Notes, Tranche A (the “August 2028 Notes”) to institutional investors in a private placement. The August 2028 Notes have a fixed interest rate of 5.86% per annum and are due on August 13, 2028.

In connection with the August 2028 Notes, the Company entered into interest rate swaps to more closely align the interest rates of the Company’s liabilities with the Company’s investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement related to the August 2028 Notes, the Company receives a fixed interest rate of 5.86% per annum and pays a floating interest rate of SOFR + 2.2735% per annum on $150 million of the August 2028 Notes. The Company designated each interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.

August 2030 Notes

On August 13, 2025, the Company entered into the 2025 Note Purchase Agreement governing the issuance of $200 million in aggregate principal amount of its Series A Senior Notes, Tranche B (the “August 2030 Notes”) to institutional investors in a private placement. The August 2030 Notes have a fixed interest rate of 6.20% per annum and are due on August 13, 2030.
In connection with the August 2030 Notes, the Company entered into interest rate swaps to more closely align the interest rates of the Company’s liabilities with the Company’s investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement related to the August 2030 Notes, the Company receives a fixed interest rate of 6.20% per annum and pays a floating interest rate of SOFR + 2.581% per annum on $200 million of the August 2030 Notes. The Company designated each interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.

As of June 30, 2026 and December 31, 2025, the Company was in compliance with all covenants and other requirements of the Revolving Credit Facility and the Unsecured Notes, as applicable.

The Company’s outstanding debt obligations were as follows:
June 30, 2026
Maximum PrincipalOutstanding
Principal		Carrying
Value
Unused
Portion(1)
Amount
Available(2)
Revolving Credit Facility(3)
$1,125,000 $575,292 $575,292 $549,708 $549,708 
August 2028 Notes(4)
150,000 150,000 147,909 — — 
August 2030 Notes(4)
200,000 200,000 196,258 — — 
Total$1,475,000 $925,292 $919,459 $549,708 $549,708 

December 31, 2025
Maximum PrincipalOutstanding
Principal		Carrying
Value
Unused
Portion(1)
Amount
Available(2)
Revolving Credit Facility(3)
$1,125,000 $578,709 $578,709 $546,291 $546,291 
August 2028 Notes(4)
150,000 150,000 149,589 — — 
August 2030 Notes(4)
200,000 200,000 199,366 — — 
Total$1,475,000 $928,709 $927,664 $546,291 $546,291 

(1)The unused portion is the amount upon which commitment fees, if any, are based.
(2)The amount available reflects any limitations related to the Revolving Credit Facility’s borrowing base.
(3)The Company may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of June 30, 2026 and December 31, 2025, the Company had outstanding borrowings denominated in the following non-USD currencies:

June 30, 2026
Australian Dollars (AUD)Euros (EUR)British Pounds (GBP)
Revolving Credit FacilityA$10,203 €39,421 £9,299 

December 31, 2025
Australian Dollars (AUD)Euros (EUR)British Pounds (GBP)
Revolving Credit FacilityA$10,203 €39,421 £9,299 

(4)As of June 30, 2026 and December 31, 2025, the carrying value of the Company's Unsecured Notes are presented net of unamortized debt issuance costs, in the below table. Additionally, the carrying value of the Company's Unsecured Notes includes the increase (decrease) in the notes carrying value as a result of the qualifying fair value hedge relationship as disclosed in the below table, and as further described above.

June 30, 2026December 31, 2025
Unamortized Debt Issuance CostsCumulative Change in the Notes Carrying Value as a Result of the Qualifying Fair Value Hedge RelationshipUnamortized Debt Issuance CostsCumulative Change in the Notes Carrying Value as a Result of the Qualifying Fair Value Hedge Relationship
August 2028 Notes$(598)$(1,493)$(737)$326 
August 2030 Notes(929)(2,813)(1,041)407 
Total$(1,527)$(4,306)$(1,778)$733 
As of June 30, 2026 and December 31, 2025, $8.5 million and $9.7 million, respectively, of interest expense and $0.5 million and $0.5 million, respectively, of unused commitment fees were included in interest payable.

The following table summarizes the average principal debt outstanding and the weighted average interest rate on all borrowings outstanding for the three and six months ended June 30, 2026 and 2025:

Three Months Ended June 30,
Six Months Ended June 30,
2026202520262025
Average principal debt outstanding$884,128 $521,624 $920,339 $451,086 
Weighted average interest rate(1)
6.2 %6.8 %6.2 %6.9 %

(1)The weighted average interest rate includes unused fees, amortization of deferred financing costs and debt issuance costs, and the net interest on interest rate swaps accounted for as hedges.

The components of interest expense were as follows:

Three Months Ended June 30,
Six Months Ended June 30,
2026202520262025
Borrowing interest expense$12,582 $8,299 $26,140 $14,334 
Facility unused fees474 284 896 577 
Amortization of financing costs341 281 679 501 
Amortization of debt issuance costs126 — 251 — 
Net (gain) loss from interest rate swaps accounted for as hedges and the related hedged items89 — 265 — 
Total interest expense$13,612 $8,864 $28,231 $15,412 
Cash paid for interest expense$8,210 $8,944 $28,466 $15,229