Borrowings (Tables)

6 Months Ended

Jun. 30, 2026

Summary of the Fund's Outstanding Borrowings Through the Revolving Credit Facilities

The Fund’s outstanding borrowings through the Credit Facilities as of June 30, 2026 were as follows:


	Aggregate Borrowing Amount Committed		Outstanding Borrowing		Amount Available		Carrying Value
HSBC	$	42,000,000	$	15,000,000	$	27,000,000	$	15,000,000
Synovus		150,000,000		150,000,000		—		150,000,000
Natixis		325,000,000		266,250,000		58,750,000		266,250,000
MUFG		200,000,000		150,000,000		50,000,000		150,000,000
NatWest		75,000,000		75,000,000		—		75,000,000
Scotia		100,000,000		60,000,000		40,000,000		60,000,000
Total	$	892,000,000	$	716,250,000	$	175,750,000	$	716,250,000

The Fund’s outstanding borrowings through the Credit Facilities as of December 31, 2025 were as follows:


	Aggregate Borrowing Amount Committed		Outstanding Borrowing		Amount Available		Carrying Value
HSBC	$	42,000,000	$	—	$	42,000,000	$	—
Synovus		200,000,000		190,000,000		10,000,000		190,000,000
Natixis		325,000,000		235,000,000		90,000,000		235,000,000
MUFG		150,000,000		150,000,000		—		150,000,000
NatWest		75,000,000		75,000,000		—		75,000,000
Scotia		50,000,000		30,000,000		20,000,000		30,000,000
Total	$	842,000,000	$	680,000,000	$	162,000,000	$	680,000,000

Summary of Components of Interest and Other Debt Expenses Related to Borrowings

For the three and six months ended June 30, 2026 and 2025, the components of interest and other debt expenses related to the borrowings were as follows:


	For the three months ended June 30,						For the six months ended June 30,
	2026			2025			2026			2025
Interest and borrowing expenses	$	17,076,355		$	17,908,211		$	33,630,037		$	36,075,200
Commitment fees		288,556			212,855			627,596			307,183
Amortization of discount, debt issuance and deferred financing costs		1,129,913			1,157,189			2,093,111			2,449,195
Total		18,494,824			19,278,255			36,350,744			38,831,578
Weighted average interest rate(1)		5.50	%		6.66	%		5.52	%		6.78	%
Average outstanding balance	$	1,245,793,956		$	1,078,403,846		$	1,227,830,110		$	1,072,429,274

Calculated as the amount of the stated interest and borrowing expenses divided by average borrowings during the period.

Collateralized Loan Obligations CLO VI [Member]

Secured Debt [Line Items]

Summary of the Clo Transaction was Executed Through a Private Placement and the Notes Offered (the VI and XIII "Notes") that Remain Outstanding

The CLO VI Transaction was executed through a private placement and the notes offered (the “VI Notes”) that remain outstanding as of June 30, 2026 and December 31, 2025 were as follows:


	June 30, 2026
	Principal Amount		Interest Rate	Carrying Value(1)
Class A-1-RR Senior Secured Floating Rate Note (“Class A-1-RR”)	$	103,000,000	S + 1.40%	$	102,574,062
Class A-1-LR Senior Secured Floating Rate Loan (“Class A-1-LR”)	$	100,000,000	S + 1.40%	$	99,586,467
Class A-2-RR Senior Secured Floating Rate (“Class A-2-RR”)	$	14,000,000	S + 1.60%	$	13,942,105
Class B-RR Senior Secured Floating Rate (“Class B-RR”)	$	21,000,000	S + 1.70%	$	20,913,158
Class C-RR Secured Deferrable Floating Rate Note (“Class C-RR”)	$	28,000,000	S + 2.00%	$	—	*
Subordinated Notes	$	80,300,000	N/A	$	—	*

* Class C-RR and Subordinated Notes are held by the Fund and have been eliminated in consolidation.

(1)

Carrying value is net of unamortized discount and debt issuance costs. Unamortized discount and debt issuance costs associated with the Notes totaled $0 and $984,208, respectively, as of June 30, 2026 and are reflected on the consolidated statements of assets and liabilities.


	December 31, 2025
	Principal Amount		Interest Rate	Carrying Value(1)
Class A-1-RR Senior Secured Floating Rate Note (“Class A-1-RR”)	$	103,000,000	S + 1.40%	$	102,492,220
Class A-1-LR Senior Secured Floating Rate Loan (“Class A-1-LR”)	$	100,000,000	S + 1.40%	$	99,507,009
Class A-2-RR Senior Secured Floating Rate (“Class A-2-RR”)	$	14,000,000	S + 1.60%	$	13,930,982
Class B-RR Senior Secured Floating Rate (“Class B-RR”)	$	21,000,000	S + 1.70%	$	20,896,472
Class C-RR Secured Deferrable Floating Rate Note (“Class C-RR”)	$	28,000,000	S + 2.00%	$	—	*
Subordinated Notes	$	80,300,000	N/A	$	—	*

* Class C-RR and Subordinated Notes are held by the Fund and have been eliminated in consolidation.

Carrying value is net of unamortized discount and debt issuance costs. Unamortized discount and debt issuance costs associated with the Notes totaled $0 and $1,173,317, respectively, as of December 31, 2025 and are reflected on the consolidated statements of assets and liabilities.

Collateralized Loan Obligations CLO XIII [Member]

Secured Debt [Line Items]

Summary of the Clo Transaction was Executed Through a Private Placement and the Notes Offered (the VI and XIII "Notes") that Remain Outstanding

The CLO XIII Transaction was executed through a private placement and the notes offered (the “XIII Notes”) that remain outstanding as of June 30, 2026, and December 31, 2025 were as follows:


	June 30, 2026
	Principal Amount		Interest Rate	Carrying Value(1)
Class A Senior Secured Floating Rate Note (“Class A”)	$	228,000,000	S + 1.45%	$	227,215,076
Class B Senior Secured Floating Rate Note (“Class B”)	$	36,000,000	S + 1.80%	$	35,876,065
Class C Secured Deferrable Floating Rate Note (“Class C”)	$	36,000,000	S + 2.20%	$	35,876,065
Class D Secured Deferrable Floating Rate Note (“Class D”)	$	28,000,000	S + 3.25%	$	—	*
Subordinated Notes	$	67,000,000	N/A	$	—	*

* Class D and Subordinated Notes are held by the Fund and have been eliminated in consolidation.

(1) Carrying value is net of unamortized discount and debt issuance costs. Unamortized discount and debt issuance costs associated with the XIII Notes totaled $0 and $1,032,794 respectively, as of June 30, 2026 and are reflected on the consolidated statements of assets and liabilities.


	December 31, 2025
	Principal Amount		Interest Rate	Carrying Value(1)
Class A Senior Secured Floating Rate Note (“Class A”)	$	228,000,000	S + 1.45%	$	227,098,338
Class B Senior Secured Floating Rate Note (“Class B”)	$	36,000,000	S + 1.80%	$	35,857,632
Class C Secured Deferrable Floating Rate Note (“Class C”)	$	36,000,000	S + 2.20%	$	35,857,632
Class D Secured Deferrable Floating Rate Note (“Class D”)	$	28,000,000	S + 3.25%	$	—	*
Subordinated Notes	$	67,000,000	N/A	$	—	*

* Class D and Subordinated Notes are held by the Fund and have been eliminated in consolidation.

Carrying value is net of unamortized discount and debt issuance costs. Unamortized discount and debt issuance costs associated with the XIII Notes totaled $0 and $1,186,398 respectively, as of December 31, 2025 and are reflected on the consolidated statements of assets and liabilities.