Borrowings (Tables)

6 Months Ended

Jun. 30, 2026

The following tables show the Company’s outstanding debt as of June 30, 2026 and December 31, 2025, respectively:


	June 30, 2026
($ in thousands)	Aggregate Principal Committed		Outstanding Principal		Amount Available (1)		Net Carrying Value (2)
Revolving Credit Facility (3)		850,000		691,066		158,934		685,611
Secured Credit Facility		300,000		284,500		15,500		282,608
2029 Notes		200,000		200,000		—		198,314
Senior Notes		300,000		300,000		—		297,288
Truist Facility		250,000		173,000		77,000		170,701
Total	$	1,900,000	$	1,648,566	$	251,434	$	1,634,522


	December 31, 2025
($ in thousands)	Aggregate Principal Committed		Outstanding Principal		Amount Available (1)		Net Carrying Value (2)
Capital Call Facility	$	65,000	$	31,500	$	33,500	$	31,435
Revolving Credit Facility (3)		850,000		803,524		46,476		797,166
Secured Credit Facility		300,000		223,500		76,500		221,372
2029 Notes		200,000		200,000		—		198,133
Senior Notes		300,000		300,000		—		296,879
Total	$	1,715,000	$	1,558,524	$	156,476	$	1,544,985

(1)

The amount available may be subject to limitations related to the borrowing base under the Company's outstanding debt (collectively the "Financing Facilities"), outstanding letters of credit issued and asset coverage requirements.

(2)

As of June 30, 2026 and December 31, 2025, all of the Company’s outstanding debt was categorized as Level 3 within the fair value hierarchy.

(3)

As of June 30, 2026 and December 31, 2025 the Company recorded $811 and $(20), respectively, of unrealized translation gain/(loss) on borrowings denominated in foreign currency.

Senior Notes

Borrowings

Summary of interest and financing costs

The following table shows additional information about the interest and financing costs related to the Senior Notes for the three and six months ended June 30, 2026 and 2025:


($ in thousands)	Three Months Ended June 30, 2026		Three Months Ended June 30, 2025		Six Months Ended June 30, 2026		Six Months Ended June 30, 2025
Interest expense related to the Senior Notes	$	4,661	$	2,382	$	9,321	$	2,382
Financing expenses related to the Senior Notes		205		102		409		102
Total interest and financing expenses related to the Senior Notes	$	4,866	$	2,484	$	9,730	$	2,484

Capital Call Facility

Borrowings

Summary of interest and financing costs

The following table shows additional information about the interest and financing costs related to the Capital Call Facility for the three and six months ended June 30, 2026 and 2025:


($ in thousands)	Three Months Ended June 30, 2026		Three Months Ended June 30, 2025		Six Months Ended June 30, 2026		Six Months Ended June 30, 2025
Interest expense related to the Capital Call Facility	$	14	$	260	$	503	$	752
Financing expenses related to the Capital Call Facility		13		61		108		122
Total interest and financing expenses related to the Capital Call Facility	$	27	$	321	$	611	$	874

Revolving Credit Facility

Borrowings

Summary of interest and financing costs

The following table shows additional information about the interest and financing costs related to the Revolving Credit Facility for the three and six months ended June 30, 2026 and 2025:


($ in thousands)	Three Months Ended June 30, 2026		Three Months Ended June 30, 2025		Six Months Ended June 30, 2026		Six Months Ended June 30, 2025
Interest expense related to the Revolving Credit Facility	$	10,666	$	11,549	$	22,159	$	23,400
Financing expenses related to the Revolving Credit Facility		454		454		903		903
Total interest and financing expenses related to the Revolving Credit Facility	$	11,120	$	12,003	$	23,062	$	24,303

Secured Credit Facility

Borrowings

Summary of interest and financing costs

The following table shows additional information about the interest and financing costs related to the Secured Credit Facility for the three and six months ended June 30, 2026 and 2025:


($ in thousands)	Three Months Ended June 30, 2026		Three Months Ended June 30, 2025		Six Months Ended June 30, 2026		Six Months Ended June 30, 2025
Interest expense related to the Secured Credit Facility	$	4,109	$	3,886	$	7,774	$	7,663
Financing expenses related to the Secured Credit Facility		125		201		249		400
Total interest and financing expenses related to the Secured Credit Facility	$	4,234	$	4,087	$	8,023	$	8,063

2025 Notes

Borrowings

Summary of interest and financing costs

The following table shows additional information about the interest and financing costs related to the 2025 Notes for the three and six months ended June 30, 2026 and 2025:


($ in thousands)	Three Months Ended June 30, 2026		Three Months Ended June 30, 2025		Six Months Ended June 30, 2026		Six Months Ended June 30, 2025
Interest expense related to the 2025 Notes	$	—	$	1,749	$	—	$	5,028
Financing expenses related to the 2025 Notes		—		128		—		388
Total interest and financing expenses related to the 2025 Notes	$	—	$	1,877	$	—	$	5,416

2029 Notes

Borrowings

Summary of interest and financing costs

The following table shows additional information about the interest and financing costs related to the 2029 Notes for the three and six months ended June 30, 2026 and 2025:


($ in thousands)	Three Months Ended June 30, 2026		Three Months Ended June 30, 2025		Six Months Ended June 30, 2026		Six Months Ended June 30, 2025
Interest expense related to the 2029 Notes	$	3,350	$	3,350	$	6,700	$	6,961
Financing expenses related to the 2029 Notes		150		150		296		272
Total interest and financing expenses related to the 2029 Notes	$	3,500	$	3,500	$	6,996	$	7,233

Truist Facility

Borrowings

Summary of interest and financing costs

The following table shows additional information about the interest and financing costs related to the Truist Facility for the three and six months ended June 30, 2026:


($ in thousands)	Three Months Ended June 30, 2026		Six Months Ended June 30, 2026
Interest expense related to the Truist Facility	$	1,593	$	1,635
Financing expenses related to the Truist Facility		121		132
Total interest and financing expenses related to the Truist Facility	$	1,714	$	1,767