v3.26.1
Borrowings (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Summary of long-term debt instruments
The Company’s Promissory Note and Wells Fargo Credit Facility obligations consisted of the following as of June 30, 2026 and December 31, 2025 (in thousands).
 
    
As of June 30, 2026
  
    
 Total Borrowing 
Amount
     
 Borrowings 

Outstanding
     
Unused

 Portion 
(1)
 
     
Amount

 Available 
(2)
 
  
Promissory Note
    $ 25,000        —      $ 25,000      $ 25,000  
Wells Fargo Credit Facility
    $ 140,000      $ 69,250      $ 70,750      $ 14,074  
    
As of December 31, 2025
  
    
Total Borrowing
Amount
     
Borrowings
Outstanding
     
Unused
Portion 
(1)
     
Amount
Available 
(2)
 
Promissory Note
    $ 55,000      $ 50,000      $ 5,000      $ 5,000  
Wells Fargo Credit Facility
    $    100,000      $    43,750      $    56,250      $    17,869  
(1)
The unused portion is the amount upon which commitment fees are based.
(2)
Available for borrowing based on the computation of collateral to support the borrowings and subject to compliance with applicable covenants and financial ratios.
Summary of interest expense and wells fargo credit facility fees
For the three and six months ended June 30, 2026 and 2025, the components of interest expense and Wells Fargo Credit Facility fees were as follows (in thousands):
 
    
  For the Three Months Ended  
    
  For the Six Months Ended  
  
    
June 30, 2026
    
June 30, 2025
    
June 30, 2026
    
June 30, 2025
  
Interest expense
    $ 934     $ 624     $ 2,435     $ 935  
Unused commitment fee
      100       100       156       232  
Amortization of deferred financing costs
      83       53       163       97  
  
 
 
    
 
 
    
 
 
    
 
 
  
Total interest expense and credit facility fees
    $ 1,117     $ 777     $ 2,754     $ 1,264  
  
 
 
    
 
 
    
 
 
    
 
 
  
Waivers of interest expense
      —       —     $ (708 )      —  
Weighted average contractual interest rate
(1)
      5.77 %      6.95 %      5.78 %      6.72 % 
Average principal debt outstanding
    $ 64,742     $ 35,948     $ 84,267     $ 27,768  
(1)
Weighted average contractual interest rate for the three and six months ended June 30, 2026 and 2025 is calculated as interest expense (excludes unused commitment fees and amortization of deferred financing costs) divided by weighted average debt outstanding.
Summary of accrued interest and credit facility payable
As of June 30, 2026 and December 31, 2025, accrued interest and credit facility fees payable consisted of the following (in thousands):
 
    
As of
    
  June 30, 2026  
  
  December 31, 2025  
Interest expense payable
    $ 261     $ 21  
Unused commitment fee payable
      28       181  
  
 
 
 
  
 
 
 
Total interest payable
    $ 289     $ 202