v3.26.1
Borrowings
 6 Months Ended
Jun. 30, 2026
Borrowings  
Borrowings

Note 6. Borrowings

The Company, pursuant to approval received in August 2023 from the initial Member, is permitted to borrow amounts such that its asset coverage ratio, as defined in the 1940 Act, is at least 150% after such borrowing (if certain requirements are met).  As of June 30, 2026, the Company’s asset coverage ratio based on aggregate borrowings outstanding was 364.96%.  The asset coverage ratio was not applicable for the six months ended June 30, 2025 since there was no debt outstanding for the period.  

As of June 30, 2026 and December 31, 2025, the Company had the following available and outstanding debt:

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

As of

​

​

June 30, 2026

​

​

Total

  ​ ​ ​

Principal

  ​ ​ ​

Carrying

(in thousands)

​

Available (2)

​

Outstanding

​

Value (1)

CIBC Credit Facility

​

$

50,000

​

$

50,000

​

$

50,000

Goldman Sachs Credit Facility

​

​

200,000

​

​

80,000

​

​

80,000

Total

​

$

250,000

​

$

130,000

​

$

130,000

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2025

​

​

Total

  ​ ​ ​

Principal

  ​ ​ ​

Carrying

(in thousands)

​

Available (2)

​

Outstanding

​

Value (1)

CIBC Credit Facility

​

$

50,000

​

$

—

​

$

—

Total

​

$

50,000

​

$

—

​

$

—

(1)All carrying values represent the approximate fair values and represent level 3 assets.
(2)Availability subject to the Company meeting the borrowing base requirements.

​

For the three and six months ended June 30, 2026 and 2025, the components of interest expense and other financing costs were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

Three months

 

Three months

 

  ​ ​ ​

Six months ended

​

Six months ended

 

(In thousands)

​

June 30, 2026

  ​ ​ ​

June 30, 2025

  ​ ​ ​

​

June 30, 2026

​

June 30, 2025

(1)

Interest expense

​

$

1,142

​

$

—

​

​

$

1,427

​

$

—

​

Unused commitment fee

​

 

208

​

​

66

​

​

 

286

​

 

132

​

Utilization fee

​

​

8

​

​

—

​

​

​

58

​

​

—

​

Amortization of deferred financing costs

​

 

168

​

​

83

​

​

 

252

​

 

165

​

Agency fee

​

​

18

​

​

—

​

​

​

22

​

​

—

​

Total interest expense and credit facility fees

​

 

1,544

​

​

149

​

​

 

2,045

​

 

297

​

Average principal debt outstanding

​

$

79,451

​

$

—

​

​

$

49,652

​

$

—

​

Weighted average interest rate

​

 

5.73

%  

​

—

%  

​

 

5.73

%

 

—

%

​

(1)No amounts were drawn during the six months ended June 30, 2025.

​

As of June 30, 2026 and December 31, 2025, the components of interest and other financing costs payable were as follows:

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

As of

​

As of

 

(In thousands)

​

June 30, 2026

​

December 31, 2025

 

Deferred financing cost payable

​

$

—

​

$

213

​

Unused commitment fee payable

​

 

58

​

​

6

​

Utilization fee payable

​

​

—

​

​

—

​

Interest expense payable

​

​

477

​

​

—

​

Agency fee payable

​

​

8

​

​

—

​

Total interest expense and credit facility fees payable

​

$

543

​

$

219

​

​

As of June 30, 2026, the unamortized balance of financing costs of $2.1 million is deferred and included in prepaid expenses and other assets in the accompanying Consolidated Statements of Assets and Liabilities.

CIBC Credit Facility

On December 12, 2025, the Company, through a special purpose wholly owned subsidiary, ACC Financing SPV II, LLC, as borrower, entered into a $50 million revolving credit facility with CIBC Bank USA (the “CIBC Credit Facility”) as administrative agent, and the financial institution as lenders party thereto. The CIBC Credit Facility matures on December 12, 2026, and includes an accordion provision to increase the total facility amount to $150 million, subject to certain customary conditions. The CIBC Credit Facility refinanced the prior $75 million CIBC facility entered into directly by the Company on December 13, 2024 which matured on December 13, 2025. The Company’s obligations under the CIBC Credit Facility are secured by the Company’s ability to draw capital from its investors, the Capital Commitments and Capital Contributions of such investors, the bank accounts into which such capital contributions are funded and any other assets.

Interest rates under the CIBC Credit Facility are determined by the appropriate benchmark rate (SOFR, Prime) as applicable for the type of borrowing plus an applicable margin adjustment which can range from 1.90% to 2.00% per annum for SOFR and 0.90% to 1.00% for Prime subject to certain conditions.  

In connection with the CIBC Credit Facility, the Company has made certain representations and warranties and must comply with various customary covenants and reporting requirements. The CIBC Credit Facility contains events of default customary for facilities of this type. Upon the occurrence of an event of default, the Administrative Agent, at the request of the required lenders, may terminate the commitments and declare the outstanding advances and all other obligations under the CIBC Credit Facility immediately due and payable. The Company was in compliance with all covenants and other requirements under the CIBC Credit Facility as of June 30, 2026 and December 31, 2025.

As of June 30, 2026 and December 31, 2025, under the CIBC Credit Facility, the unused portion and amount available to draw was $0 and $50 million, respectively, subject to certain conditions.

Goldman Sachs Credit Facility

On March 11, 2026, the Company, through a special purpose wholly owned subsidiary, ACC Financing SPV I, LLC, as borrower, entered into a $200 million revolving credit facility with Goldman Sachs Bank USA (the “ GS Credit Facility”), as syndication agent and as calculation agent, the Company as collateral manager, GS ASL LLC as administrative agent, Computershare Trust Company N.A., as collateral agent, collateral custodian and collateral administrator, and the various financial institutions as lender parties. The GS Credit Facility matures on March 10, 2031, and includes an accordion provision to increase the total facility amount, subject to certain customary conditions and facility maximum. Interest rates under the GS Credit Facility are determined by the appropriate benchmark rate (SOFR, Base Rate) as applicable for the type of borrowing plus an applicable margin of 2.15% per annum for SOFR.

In connection with the GS Credit Facility, the Company has made certain representations and warranties and must comply with various covenants and reporting requirements customary for facilities of this type. The GS Credit Facility contains events of default customary for facilities of this type. Upon the occurrence of an event of default, the administrative agent, at the request of the requisite lenders, may terminate the commitments and declare the loans and all other obligations under the GS Credit Facility immediately due and payable. The Company was in compliance with all covenants and other requirements under the GS Credit Facility as of June 30, 2026.

The obligations of ACC Financing SPV I, LLC to the lenders under the GS Credit Facility are secured by a first priority security interest in all of ACC Financing SPV I, LLC’s portfolio investments and other assets.

As of June 30, 2026, the unused portion and amount available to draw under the GS Credit Facility was $120 million, subject to certain conditions.