Borrowings (Tables)
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9 Months Ended |
Sep. 30, 2026 |
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| Borrowings [Abstract] |
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| Schedule of Notes issued in the CLO |
Debt obligations under the BoA Credit Facility consisted of the following as of September 30, 2026:
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September 30, 2026 |
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Aggregate
Principal
Committed |
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Outstanding
Principal |
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Amount
Available(1) |
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Net
Carrying
Value(2) |
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BoA Credit Facility |
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$ |
350,000,000 |
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$ |
201,750,677 |
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$ |
148,249,323 |
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$ |
200,781,571 |
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Total debt |
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$ |
350,000,000 |
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$ |
201,750,677 |
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$ |
148,249,323 |
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$ |
200,781,571 |
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(1)The amount available reflects any limitations related to the BoA Credit Facility’s borrowing base. (2)The carrying value of the BoA Credit Facility is presented net of deferred financing costs of $1.0 million and accrued interest of $34.2 thousand. Debt obligations under the BoA Credit Facility consisted of the following as of December 31, 2025:
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December 31, 2025 |
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Aggregate
Principal
Committed |
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Outstanding
Principal |
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Amount
Available(1) |
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Net
Carrying
Value(2) |
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BoA Credit Facility |
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$ |
525,000,000 |
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$ |
262,625,850 |
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$ |
262,374,150 |
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$ |
260,430,340 |
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Total debt |
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$ |
525,000,000 |
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$ |
262,625,850 |
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$ |
262,374,150 |
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$ |
260,430,340 |
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(1)The amount available reflects any limitations related to the BoA Credit Facility’s borrowing base. (2)The carrying value of the BoA Credit Facility is presented net of deferred financing costs of $2.3 million and accrued interest of $121 thousand. Debt obligations under the WF Credit Facility consisted of the following as of September 30, 2026:
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September 30, 2026 |
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Aggregate
Principal
Committed |
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Outstanding
Principal |
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Amount
Available(1) |
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Net
Carrying
Value(2) |
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WF Credit Facility |
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$ |
200,000,000 |
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$ |
155,179,239 |
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$ |
44,820,761 |
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$ |
155,113,116 |
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Total debt |
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$ |
200,000,000 |
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$ |
155,179,239 |
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$ |
44,820,761 |
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$ |
155,113,116 |
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(1)The amount available reflects any limitations related to the WF Credit Facility’s borrowing base. (2)The carrying value of the WF Credit Facility is presented net of deferred financing costs of $2.3 million and accrued interest of $2.2 million. Debt obligations under the WF Credit Facility consisted of the following as of December 31, 2025:
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December 31, 2025 |
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Aggregate
Principal
Committed |
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Outstanding
Principal |
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Amount
Available(1) |
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Net
Carrying
Value(2) |
|
WF Credit Facility |
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$ |
200,000,000 |
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$ |
154,279,239 |
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$ |
45,720,761 |
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$ |
154,008,418 |
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Total debt |
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$ |
200,000,000 |
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$ |
154,279,239 |
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$ |
45,720,761 |
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$ |
154,008,418 |
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(1)The amount available reflects any limitations related to the WF Credit Facility’s borrowing base. (2)The carrying value of the WF Credit Facility is presented net of deferred financing costs of $2.7 million and accrued interest of $2.4 million.
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| Schedule of Interest Expense |
For the three and nine months ended September 30, 2026 and September 30, 2025, the components of interest expense with respect to the BoA Credit Facility were as follows:
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For the Three Months Ended September 30, |
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For the Nine Months Ended September 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Interest expense |
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$ |
3,085,025 |
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$ |
4,979,284 |
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$ |
10,697,775 |
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$ |
15,185,170 |
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Amortization of debt issuance costs |
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775,259 |
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273,621 |
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1,313,579 |
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811,941 |
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Total interest expense |
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$ |
3,860,284 |
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$ |
5,252,905 |
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$ |
12,011,354 |
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$ |
15,997,111 |
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Average interest rate |
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5.09 |
% |
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5.73 |
% |
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5.07 |
% |
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5.73 |
% |
For the three and nine months ended September 30, 2026 and September 30, 2025, the components of interest expense with respect to the WF Credit Facility were as follows:
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For the Three Months Ended September 30, |
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For the Nine Months Ended September 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Interest expense |
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$ |
2,317,734 |
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$ |
2,725,655 |
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$ |
6,855,549 |
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$ |
8,117,999 |
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Amortization of debt issuance costs |
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141,106 |
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125,393 |
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418,715 |
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372,089 |
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Total interest expense |
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$ |
2,458,840 |
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$ |
2,851,048 |
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$ |
7,274,264 |
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$ |
8,490,088 |
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Average interest rate |
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5.60 |
% |
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6.84 |
% |
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5.59 |
% |
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6.83 |
% |
For the three and nine months ended September 30, 2026 and September 30, 2025, the components of interest expense with respect to the Notes and Reset Notes were as follows:
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For the Three Months Ended September 30, |
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For the Nine Months Ended September 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Interest expense |
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$ |
3,971,487 |
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$ |
4,618,404 |
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$ |
12,162,289 |
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$ |
13,712,161 |
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Amortization of debt issuance costs |
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49,618 |
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35,137 |
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118,746 |
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104,265 |
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Total interest expense |
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$ |
4,021,105 |
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$ |
4,653,541 |
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$ |
12,281,035 |
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$ |
13,816,426 |
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Average interest rate |
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5.18 |
% |
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6.03 |
% |
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5.35 |
% |
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6.03 |
% |
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| Schedule of Notes issued in the CLO |
The following table presents information on the Reset Notes issued in the CLO Reset Transaction as of September 30, 2026:
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September 30, 2026 |
Description |
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Type |
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Principal Outstanding |
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Interest Rate |
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Credit Rating |
Class A-R Notes |
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Senior Secured Floating Rate |
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$ |
228,000,000 |
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SOFR + (1.27)% |
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AAA |
Class B-R Notes |
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Senior Secured Floating Rate |
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72,000,000 |
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SOFR + (1.75)% |
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AA |
Total Secured Notes |
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$ |
300,000,000 |
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Subordinated Notes (1) |
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100,500,000 |
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None |
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Not rated |
Total Notes |
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$ |
400,500,000 |
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(1)The Company retained all of the Subordinated Notes issued in the CLO Transaction which are eliminated in consolidation. The following table presents information on the Notes issued in the CLO Transaction as of December 31, 2025:
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December 31, 2025 |
Description |
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Type |
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Principal Outstanding |
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Interest Rate |
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Credit Rating |
Class A Notes |
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Senior Secured Floating Rate |
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$ |
232,000,000 |
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SOFR + (1.60)% |
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AAA |
Class B-1 Notes |
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Senior Secured Floating Rate |
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58,000,000 |
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SOFR + (2.15)% |
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AA |
Class B-2 Notes |
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Senior Secured Fixed Rate |
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10,000,000 |
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(6.33)% |
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AA |
Total Secured Notes |
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$ |
300,000,000 |
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Subordinated Notes (1) |
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100,500,000 |
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None |
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Not rated |
Total Notes |
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$ |
400,500,000 |
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(1)The Company retained all of the Subordinated Notes issued in the CLO Transaction which are eliminated in consolidation.
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