Borrowings (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
|---|
| Debt Instrument [Line Items] |
|
| Schedule of Outstanding Debt Obligations |
The Company's outstanding debt as of June 30, 2026 and December 31, 2025 was as follows:
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Interest Rate
as of |
|
Interest Rate
as of |
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|
|
Outstanding Balance as of |
|
Outstanding Balance as of |
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|
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|
Maturity Date |
|
June 30,
2026 |
|
December 31,
2025 |
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|
June 30,
2026 |
|
December 31,
2025 |
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|
Lines of Credit: |
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|
MassMutual SPV I Facility |
|
March 31, 2033 |
|
N/A |
|
|
7.00 |
% |
|
|
$ |
- |
|
$ |
187,500 |
|
|
BMO SPV II Credit Facility |
|
May 1, 2030 |
|
|
6.08 |
% |
|
6.19 |
% |
|
|
|
71,671 |
|
|
61,670 |
|
|
Wells Fargo SPV III Credit
Facility |
|
February 27, 2030 |
|
|
5.77 |
% |
|
5.81 |
% |
|
|
|
277,500 |
|
|
487,500 |
|
|
JPM SPV V Credit Facility |
|
July 25, 2030 |
|
|
5.52 |
% |
|
5.65 |
% |
|
|
|
143,750 |
|
|
50,000 |
|
|
(Less: Unamortized debt issuance
costs) |
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|
|
|
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|
(8,134 |
) |
|
(12,022 |
) |
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Total Lines of Credit |
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$ |
484,787 |
|
$ |
774,648 |
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Debt Securitizations: |
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Class A 2024 Notes |
|
January 15, 2037 |
|
|
5.37 |
% |
|
5.60 |
% |
|
|
$ |
174,000 |
|
$ |
174,000 |
|
|
Class A 2025 Notes |
|
August 20, 2037 |
|
|
5.32 |
% |
|
5.58 |
% |
|
|
|
174,000 |
|
|
174,000 |
|
|
(Less: Unamortized debt issuance
costs) |
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|
|
|
(2,975 |
) |
|
(3,112 |
) |
|
Total Debt Securitizations |
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|
$ |
345,025 |
|
$ |
344,888 |
|
|
Unsecured Notes: |
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Tranche A Notes due 2028 (1) |
|
December 17, 2028 |
|
|
5.94 |
% |
|
5.94 |
% |
|
|
$ |
73,839 |
|
$ |
74,962 |
|
|
Tranche B Notes due 2029 (1) (2) |
|
March 17, 2029 |
|
|
5.94 |
% |
|
5.94 |
% |
|
|
|
73,713 |
|
|
(56 |
) |
|
Tranche C Notes due 2030 (1) |
|
December 17, 2030 |
|
|
6.32 |
% |
|
6.32 |
% |
|
|
|
73,492 |
|
|
74,905 |
|
|
Tranche D Notes due 2031 (1) (2) |
|
March 17, 2031 |
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|
6.32 |
% |
|
6.32 |
% |
|
|
|
73,429 |
|
|
(111 |
) |
|
(Less: Unamortized debt issuance
costs) |
|
|
|
|
|
|
|
|
|
|
(3,142 |
) |
|
(1,751 |
) |
|
Total Unsecured Notes |
|
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|
|
|
|
|
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|
$ |
291,331 |
|
$ |
147,949 |
|
|
(1) Inclusive of change in fair market value of effective hedge of $5,526 (2) As of December 31, 2025, there was no outstanding debt.
|
| Schedule of Weighted Average Interest Rate |
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Facility |
|
Weighted
Average
Interest Rate
for the Three Months Ended June 30,
2026 |
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|
Weighted
Average
Interest Rate
for the Six Months Ended June 30,
2026 |
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|
Weighted
Average
Interest Rate
for the Three Months Ended June 30,
2025 |
|
|
Weighted
Average
Interest Rate
for the Six Months Ended June 30,
2025 |
|
MassMutual SPV I |
|
|
— |
% |
|
|
6.94 |
% |
|
|
7.56 |
% |
|
|
7.57 |
% |
BMO SPV II |
|
|
6.05 |
% |
|
|
6.04 |
% |
|
|
6.79 |
% |
|
|
6.81 |
% |
Wells Fargo SPV III |
|
|
5.77 |
% |
|
|
5.79 |
% |
|
|
6.47 |
% |
|
|
6.50 |
% |
JPM SPV V |
|
|
5.53 |
% |
|
|
5.52 |
% |
|
N/A |
|
|
N/A |
|
Class A 2024 Notes |
|
|
5.37 |
% |
|
|
5.39 |
% |
|
|
5.96 |
% |
|
|
5.98 |
% |
Class A 2025 Notes |
|
|
5.33 |
% |
|
|
5.40 |
% |
|
N/A |
|
|
N/A |
|
Tranche A Notes due 2028 |
|
|
5.94 |
% |
|
|
5.94 |
% |
|
N/A |
|
|
N/A |
|
Tranche B Notes due 2029 |
|
|
5.94 |
% |
|
|
5.94 |
% |
|
N/A |
|
|
N/A |
|
Tranche C Notes due 2030 |
|
|
6.32 |
% |
|
|
6.32 |
% |
|
N/A |
|
|
N/A |
|
Tranche D Notes due 2031 |
|
|
6.32 |
% |
|
|
6.32 |
% |
|
N/A |
|
|
N/A |
|
Total Borrowings |
|
|
5.74 |
% |
|
|
5.87 |
% |
|
|
6.81 |
% |
|
|
6.86 |
% |
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|
Facility |
|
Daily Average
Amount of
Outstanding
Borrowings for
the Three Months Ended June 30,
2026 |
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|
Daily Average
Amount of
Outstanding
Borrowings for
the Six Months Ended June 30,
2026 |
|
|
Daily Average
Amount of
Outstanding
Borrowings for
the Three Months Ended June 30,
2025 |
|
|
Daily Average
Amount of
Outstanding
Borrowings for
the Six Months Ended June 30,
2025 |
|
MassMutual SPV I |
|
$ |
— |
|
|
$ |
85,981 |
|
|
$ |
187,500 |
|
|
$ |
190,075 |
|
BMO SPV II |
|
|
71,671 |
|
|
|
51,560 |
|
|
|
92,154 |
|
|
|
94,897 |
|
Wells Fargo SPV III |
|
|
375,544 |
|
|
|
399,671 |
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|
|
414,709 |
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|
|
366,135 |
|
JPM SPV V |
|
|
126,442 |
|
|
|
97,548 |
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|
N/A |
|
|
N/A |
|
Class A 2024 Notes |
|
|
174,000 |
|
|
|
174,000 |
|
|
|
174,000 |
|
|
|
174,000 |
|
Class A 2025 Notes |
|
|
174,000 |
|
|
|
174,000 |
|
|
N/A |
|
|
N/A |
|
Tranche A Notes due 2028 |
|
|
75,000 |
|
|
|
75,000 |
|
|
N/A |
|
|
N/A |
|
Tranche B Notes due 2029 |
|
|
75,000 |
|
|
|
75,000 |
|
|
N/A |
|
|
N/A |
|
Tranche C Notes due 2030 |
|
|
75,000 |
|
|
|
75,000 |
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|
N/A |
|
|
N/A |
|
Tranche D Notes due 2031 |
|
|
75,000 |
|
|
|
75,000 |
|
|
N/A |
|
|
N/A |
|
Total Borrowings |
|
|
1,221,657 |
|
|
|
1,220,606 |
|
|
|
868,363 |
|
|
|
811,648 |
|
|
| Summary of the Interest Expense Incurred by The Company |
The following table provides a summary of the interest expense incurred by the Company for the noted period:
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|
Three Months
Ended |
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|
Three Months
Ended |
|
|
Six Months Ended |
|
|
Six Months Ended |
|
|
|
June 30, 2026 |
|
|
June 30, 2025 |
|
|
June 30, 2026 |
|
|
June 30, 2025 |
|
Coupon interest |
|
$ |
19,041 |
|
|
$ |
17,492 |
|
|
$ |
38,368 |
|
|
$ |
28,285 |
|
Amortization of debt issuance costs |
|
|
3,740 |
|
|
|
569 |
|
|
|
4,603 |
|
|
|
1,364 |
|
Net change in unrealized appreciation (depreciation)
on effective interest rate swaps and hedged items |
|
|
6 |
|
|
|
- |
|
|
|
43 |
|
|
|
— |
|
Total |
|
$ |
22,787 |
|
|
$ |
18,061 |
|
|
$ |
43,014 |
|
|
$ |
29,649 |
|
|
| 2024-I CLO [Member] |
|
| Debt Instrument [Line Items] |
|
| Summary of the Subordinated Notes |
The debt offered in the 2024-I CLO was issued and incurred by the 2024-I Issuer and consists of (i) Class A Senior Secured Floating Rate Notes and Class B Senior Secured Floating Rate Notes (collectively, the “2024-I CLO Secured Debt”), and (ii) the subordinated notes (the “2024-I CLO Subordinated Notes” and, together with the 2024-I CLO Secured Debt, the “2024-I CLO Debt”), the terms of which are summarized in the table below:
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|
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|
Class |
|
Par Size ($) |
|
|
Ratings (S&P) |
|
Coupon |
Class A 2024 Notes |
|
$ |
174,000 |
|
|
AAA(sf) |
|
3M SOFR + 1.70% |
Class B 2024 Notes |
|
|
30,000 |
|
|
AA(sf) |
|
3M SOFR + 2.00% |
|
|
|
|
|
|
|
|
|
2024-I CLO Subordinated Notes |
|
|
96,360 |
|
|
N/A |
|
N/A |
|
| 2025-I CLO [Member] |
|
| Debt Instrument [Line Items] |
|
| Summary of the Subordinated Notes |
The debt offered in the 2025-I CLO was issued and incurred by the 2025-I Issuer and consists of (i) Class A Senior Secured Floating Rate Notes and Class B Senior Secured Floating Rate Notes (collectively, the “2025-I CLO Secured Debt”), and (ii) the subordinated notes (the “2025-I CLO Subordinated Notes” and, together with the 2025-I CLO Secured Debt, the “2025-I CLO Debt”), the terms of which are summarized in the table below:
|
|
|
|
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|
|
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|
Class |
|
Par Size ($) |
|
|
Ratings (S&P) |
|
Coupon |
Class A 2025 Notes |
|
$ |
174,000 |
|
|
AAA(sf) |
|
3M SOFR + 1.68% |
Class B 2025 Notes |
|
|
30,000 |
|
|
AA(sf) |
|
3M SOFR + 2.00% |
2025-I CLO Subordinated Notes |
|
|
94,870 |
|
|
N/A |
|
N/A |
|