Borrowings (Tables)

6 Months Ended

Jun. 30, 2026

Borrowings

Schedule of 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.

Schedule of interest expense and other financing costs


		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.

Schedule of interest and other financing costs payable


		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