Debt (Tables)
|
9 Months Ended |
Sep. 30, 2026 |
|---|
| Debt [Abstract] |
|
| Schedule of Series of Notes Outstanding |
The table below sets forth a summary of the key terms of each series of Notes outstanding at September 30, 2026.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal |
|
|
|
|
|
Estimated |
|
|
|
|
|
|
|
Outstanding |
|
|
Unamortized |
|
|
Fair Value |
|
|
Fixed |
|
|
|
|
September 30, |
|
|
Issuance |
|
|
September 30, |
|
|
Interest |
|
|
Series |
|
2026 |
|
|
Costs |
|
|
2026 |
|
|
Rate |
|
Maturity |
A |
|
$ |
25,000 |
|
|
$ |
59 |
|
|
$ |
25,833 |
|
|
8.65% |
|
6/30/2027 |
B |
|
|
50,000 |
|
|
|
224 |
|
|
|
52,531 |
|
|
8.74% |
|
6/30/2028 |
C |
|
|
40,000 |
|
|
|
226 |
|
|
|
40,837 |
|
|
SOFR + 2.32% |
|
6/30/2028 |
D |
|
|
60,000 |
|
|
|
339 |
|
|
|
59,871 |
|
|
5.80% (1) |
|
6/30/2028 |
E |
|
|
100,000 |
|
|
|
1,111 |
|
|
|
97,547 |
|
|
6.15% (2) |
|
10/15/2030 |
|
|
$ |
275,000 |
|
|
$ |
1,959 |
|
|
$ |
276,619 |
|
|
|
|
|
(1) The effective interest rate including the effects of the interest rate swap is SOFR + 2.37%. (2) The effective interest rate including the effects of the interest rate swap is SOFR + 2.6565%.
|
| Schedule of interest rate swaps |
The balance sheet impact of fair valuing the interest rate swaps as of September 30, 2026 is presented below. There was no interest rate swap activity for the period ended September 30, 2025.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of September 30, 2026 |
|
|
|
Description |
|
Notional Amount |
|
|
Maturity Date |
|
Gross Amount of Recognized Assets |
|
|
Gross Amount of Recognized Liabilities |
|
|
Balance Sheet Location of Amounts |
Interest rate swap |
|
|
60,000 |
|
|
6/30/2028 |
|
$ |
- |
|
|
$ |
(1,395 |
) |
|
Accrued expenses and other liabilities |
Interest rate swap |
|
|
100,000 |
|
|
10/15/2030 |
|
|
- |
|
|
|
(5,112 |
) |
|
Accrued expenses and other liabilities |
|
|
|
|
|
|
|
$ |
- |
|
|
$ |
(6,507 |
) |
|
|
|
| Schedule of Debt Obligations |
Debt obligations consisted of the following as of September 30, 2026 and December 31, 2025.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2026 |
|
|
|
Aggregate Principal |
|
|
Outstanding |
|
|
Amount |
|
|
Net Carrying |
|
Committed |
|
Principal |
|
Available(1) |
|
Value(2) |
|
Notes(3) |
|
$ |
275,000 |
|
|
$ |
275,000 |
|
|
$ |
- |
|
|
$ |
266,534 |
|
Corporate Credit Facility |
|
|
475,000 |
|
|
|
162,000 |
|
|
|
313,000 |
|
|
|
159,296 |
|
Revolving Funding Facility |
|
|
675,000 |
|
|
|
583,000 |
|
|
|
92,000 |
|
|
|
577,509 |
|
Revolving Funding Facility II |
|
|
250,000 |
|
|
|
192,000 |
|
|
|
58,000 |
|
|
|
190,295 |
|
Total debt |
|
$ |
1,675,000 |
|
|
$ |
1,212,000 |
|
|
$ |
463,000 |
|
|
$ |
1,193,634 |
|
(1)The amounts available under the Company’s credit facilities do not reflect any limitations related to each borrowing base as of September 30, 2026. (2)The carrying value of the Notes, Corporate Credit Facility, Revolving Funding Facility and Revolving Funding Facility II are presented net of deferred financing costs totaling $11,859. (3)Net carrying value is inclusive of change in fair market value of effective hedges.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
|
Aggregate Principal |
|
|
Outstanding |
|
|
Amount |
|
|
Net Carrying |
|
|
|
Committed |
|
|
Principal |
|
|
Available(1) |
|
|
Value(2) |
|
Notes(3) |
|
$ |
275,000 |
|
|
$ |
275,000 |
|
|
$ |
- |
|
|
$ |
272,141 |
|
Corporate Credit Facility |
|
|
475,000 |
|
|
|
135,000 |
|
|
|
340,000 |
|
|
|
131,628 |
|
Revolving Funding Facility |
|
|
675,000 |
|
|
|
525,000 |
|
|
|
150,000 |
|
|
|
520,329 |
|
Revolving Funding Facility II |
|
|
250,000 |
|
|
|
195,000 |
|
|
|
55,000 |
|
|
|
192,900 |
|
Total debt |
|
$ |
1,675,000 |
|
|
$ |
1,130,000 |
|
|
$ |
545,000 |
|
|
$ |
1,116,998 |
|
(1)The amounts available under the Company’s credit facilities do not reflect any limitations related to each borrowing base as of December 31, 2025. (2)The carrying value of the Notes, Corporate Credit Facility, Revolving Funding Facility and Revolving Funding Facility II are presented net of deferred financing costs totaling $12,703. (3)Net carrying value is inclusive of change in fair market value of effective hedges.
|
| Schedule of Components of Interest Expense |
For the three and nine months ended September 30, 2026 and 2025, the components of interest expense were as follows:
|
|
|
|
|
|
|
|
|
|
|
For the three months ended |
|
|
|
September 30, 2026 |
|
|
September 30, 2025 |
|
Interest expense |
|
$ |
19,594 |
|
|
$ |
19,227 |
|
Amortization of debt issuance costs |
|
|
1,130 |
|
|
|
980 |
|
Total interest expense |
|
$ |
20,724 |
|
|
$ |
20,207 |
|
Average interest rate |
|
|
6.5 |
% |
|
|
7.1 |
% |
Average borrowings |
|
$ |
1,240,717 |
|
|
$ |
1,110,174 |
|
|
|
|
|
|
|
|
|
|
|
|
For the nine months ended |
|
|
|
September 30, 2026 |
|
|
September 30, 2025 |
|
Interest expense |
|
$ |
55,826 |
|
|
$ |
52,881 |
|
Amortization of debt issuance costs |
|
|
3,367 |
|
|
|
2,835 |
|
Total interest expense |
|
$ |
59,193 |
|
|
$ |
55,716 |
|
Average interest rate |
|
|
6.6 |
% |
|
|
7.2 |
% |
Average borrowings |
|
$ |
1,185,877 |
|
|
$ |
1,017,821 |
|
|