v3.26.1
Debt
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Debt
5.
Debt

 

The Company’s outstanding debt obligations as of June 30, 2026 were as follows:

 

 

June 30, 2026

 

 

Aggregate Principal Committed

 

Outstanding Principal

 

Carrying Value

 

Fair Value(1)

 

 

Series I

 

Series II

 

Total

 

Series I

 

Series II

 

Total

 

Series I

 

Series II

 

Total

 

Series I

 

Series II

 

Total

 

Credit Facility

$

115,782

 

$

284,218

 

$

400,000

 

$

73,811

 

$

181,189

 

$

255,000

 

$

73,811

 

$

181,189

 

$

255,000

 

$

73,811

 

$

181,189

 

$

255,000

 

Promissory Notes

 

214

 

 

214

 

 

428

 

 

214

 

 

214

 

 

428

 

 

214

 

 

214

 

 

428

 

 

214

 

 

214

 

 

428

 

Total Debt Obligations

$

115,996

 

$

284,432

 

$

400,428

 

$

74,025

 

$

181,403

 

$

255,428

 

$

74,025

 

$

181,403

 

$

255,428

 

$

74,025

 

$

181,403

 

$

255,428

 

 

(1)
The carrying amount outstanding under these debt obligations approximate their fair value as of June 30, 2026.

The Company’s outstanding debt obligations as of December 31, 2025 were as follows:

 

Promissory Notes

 

Series I

 

 

Series II

 

 

Total

 

Aggregate Principal Committed

 

$

214

 

 

$

214

 

 

$

428

 

Outstanding Principal

 

 

214

 

 

 

214

 

 

 

428

 

Unused Portion

 

 

-

 

 

 

-

 

 

 

-

 

Carrying Value

 

 

214

 

 

 

214

 

 

 

428

 

Fair Value(1)

 

$

214

 

 

$

214

 

 

$

428

 

 

(1)
The carrying amount outstanding under these debt obligations approximate their fair value as of December 31, 2025.

Credit Facility

On January 12, 2026, certain indirect subsidiaries of the Company entered into a revolving credit agreement (the “Credit Agreement”) as borrowers (collectively with any future indirect subsidiaries of the Company that may be joined as borrowers from time to time party thereto, the “Borrowers”) or subsidiary guarantors (collectively with any future indirect subsidiaries of the Company that may be joined as subsidiary guarantors from time to time party thereto, the “Subsidiary Guarantors”), as applicable, with Sumitomo Mitsui Banking Corporation, as administrative agent, letter of credit issuer and lead arranger, U.S. Bank Trust Company, National Association, as collateral trustee, and the lenders from time to time party thereto. In January 2026, the Company remitted $1,000 to an affiliate of the Company for arranger fees related to the Credit Agreement.

Under the Credit Agreement, the lenders have agreed to make credit available to the Borrowers in an aggregate initial principal amount of up to $400,000, which amount may be increased from time to time with the consent of the parties thereto. The Credit Agreement matures on January 12, 2029, unless the maturity date is extended in accordance with the terms thereof or there is an earlier termination or an acceleration following an event of default. The obligations of the Borrowers and Subsidiary Guarantors under the Credit Agreement are secured by security interests in certain (i) accounts and credit investments of the Borrowers and the Subsidiary Guarantors and (ii) equity interests of the Borrowers in certain directly held subsidiaries.

Advances under the Credit Agreement denominated in U.S. dollars bear interest, at the relevant Borrower's option, at (i) the term Secured Overnight Financing Rate (SOFR) plus a spread of 2.95% per annum or (ii) a base rate plus a spread of 1.95% per annum. The Borrowers are also obligated to pay an unused fee of 0.50% per annum on undrawn commitments and a minimum utilization fee of 2.95% per annum on the undrawn portion of the Credit Facility.

Under the terms of the Credit Agreement, the Company is subject to customary representations and warranties, events of default, mandatory prepayment triggers and affirmative and negative covenants, including requirements related to maintaining certain borrowing base ratios. The Company is in compliance with all covenants as of June 30, 2026.

As of June 30, 2026, outstanding borrowings under the Credit Facility are presented within Credit Facility on the Company's Consolidated Statement of Assets and Liabilities. As of June 30, 2026, Series I, Series II and the Company have drawn $73,811, $181,189 and $255,000, respectively, from the Credit Facility. For the three months ended June 30, 2026, Series I, Series II and the Company incurred $664, $1,620 and $2,284 of interest expense related to the Credit Facility. For the six months ended June 30, 2026, Series I, Series II and the Company incurred $1,064, $2,570 and $3,634 of interest expense related to the Credit Facility.

 

Series I, Series II and the Company incurred $1,906, $4,661 and $6,567, respectively, in costs related to the closing of the Credit Agreement. These costs have been capitalized within Deferred financing costs on the Consolidated Statement of Assets and Liabilities. For the three months ended June 30, 2026, total amortized deferred financing costs was $160, $388 and $548 for Series I, Series II and the Company, respectively, and are recorded to Interest Expense on the Consolidated Statement of Operations. For the six months ended June 30, 2026, total amortized deferred financing costs was $322, $773 and $1,095 for Series I, Series II and the Company, respectively, and are recorded to Interest Expense on the Consolidated Statement of Operations. As of June 30, 2026, total remaining unamortized deferred financing costs was $1,584, $3,888 and $5,472 for Series I, Series II and the Company, respectively. Series I, Series II and the Company did not enter into or have any outstanding borrowings under a credit facility as of December 31, 2025.

Promissory Notes

 

 

 

Fair Value

 

Legal Maturity Date

 

Series I

 

 

Series II

 

 

Total

 

1/30/2055

 

$

214

 

 

$

214

 

 

$

428

 

The promissory notes are reported at amortized cost and are reflected within notes payable on the Company’s Consolidated Statements of Assets and Liabilities. The promissory notes pay interest on the principal balances at a rate of 12% per annum, payable semi-annually in arrears. However, the Company intends to repay the promissory notes prior to the legal maturity and is currently amortizing upfront costs associated with the promissory notes over a period of three years. Amortized amounts are included within general and administration expenses on the Company’s Consolidated Statements of Operations.