v3.26.3
Financing Arrangements (Tables)
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Financing Arrangements and Credit Facility
The following table presents summary information with respect to the Company’s outstanding financing arrangements as of September 30, 2026: 
Financing ArrangementType of Financing ArrangementRateAmount OutstandingAmount AvailableMaturity Date
Secured
UBS Credit FacilitySecured Term Loan Credit Facility
SOFR+2.75%
$100,000 $25,000 February 13, 2028
Subtotal Secured100,000 25,000 
Unsecured
2022 Term Loan(1)Unsecured Term Loan Facility
SOFR+3.50%
50,000 — April 27, 2027
2024 Term Loan(1)Unsecured Term Loan Facility
SOFR+3.80%
30,000 — September 30, 2027
Tranche A Floating Rate 2027 Notes(1)Unsecured Notes
SOFR+4.75%
100,000 — November 8, 2027
Tranche B Floating Rate 2027 Notes(1)Unsecured Notes
SOFR+3.90%
100,000 — November 8, 2027
7.41% 2027 Notes(2)
Unsecured Notes
7.41%
47,500 — December 15, 2027
7.50% 2029 Notes(3)(4)
Unsecured Notes7.50%2,000 — September 30, 2029
7.70% 2029 Notes(5)
Unsecured Notes
7.70%
125,000 — December 15, 2029
7.50% Public 2029 Notes(6)
U.S. Unsecured Public Bonds
7.50%
172,500 — December 30, 2029
7.50% Public 2031 Notes(6)
U.S. Unsecured Public Bonds
7.50%
135,000 — March 31, 2031
8.00% 2031 Notes(4)(7)
Unsecured Notes
8.00%
35,000 — July 15, 2031
Subtotal Unsecured797,000 — 
Total$897,000 $25,000 
(1)As of September 30, 2026, the outstanding amount of these debt obligations approximates their fair value. The fair value was estimated based on discounted cash flows using current market interest rates for similar debt with comparable terms and remaining maturities. The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of September 30, 2026.
(2)As of September 30, 2026, the fair value of the 7.41% 2027 Notes was $47,500, which was based on a yield analysis and discount rate commensurate with the market yields for similar types of debt. The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of September 30, 2026.
(3)As of September 30, 2026, the fair value of the 7.50% 2029 Notes was $1,965, which was based on a yield analysis and discount rate commensurate with the market yields for similar types of debt. The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of September 30, 2026.
(4)The Company may issue up to an additional $8,000 of 7.50% 2029 Notes and $15,000 of 8.00% 2031 Notes at subsequent closings on or prior to July 15, 2027, subject to acceptance by the purchasers. Because the purchasers are not obligated to purchase such additional notes, these additional amounts are not included in "amount available" in the table.
(5)As of September 30, 2026, the fair value of the 7.70% 2029 Notes was $125,000, which was based on a yield analysis and discount rate commensurate with the market yields for similar types of debt. The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of September 30, 2026.
(6)As of September 30, 2026, the fair value of the 7.50% Public 2029 Notes was $170,706 and the fair value of the 7.50% Public 2031 Notes was $131,112, which were based on readily observable, transparent prices. The fair value of these debt obligations would be categorized as Level 1 under ASC 820 as of September 30, 2026.
(7)As of September 30, 2026, the fair value of the 8.00% 2031 Notes was $34,125, which was based on a yield analysis and discount rate commensurate with the market yields for similar types of debt. The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of September 30, 2026.
For the three and nine months ended September 30, 2026 and 2025 and for the year ended December 31, 2025, the components of interest expense, average borrowings, and weighted average interest rate for the Third Amended JPM Credit Facility were as follows:
Three Months Ended
September 30,
Nine Months Ended
September 30,
Year Ended December 31,
20262025202620252025
Stated interest expense$1,452 $5,863 $9,443 $17,810 $23,037 
Amortization of deferred financing costs1,950 512 2,959 1,521 2,034 
Non-usage fee— 207 377 575 767 
Total interest expense$3,402 $6,582 $12,779 $19,906 $25,838 
Weighted average interest rate(1)6.43 %7.28 %6.70 %7.33 %7.26 %
Average borrowings$94,708 $324,728 $196,751 $330,256 $322,630 
(1)Includes the stated interest expense and non-usage fee on the unused portion of the Third Amended JPM Credit Facility and is annualized for periods covering less than one year.
For the three and nine months ended September 30, 2026 and 2025 and for the year ended December 31, 2025, the components of interest expense, average borrowings, and weighted average interest rate for the Amended UBS Repurchase Facility were as follows:
Three Months Ended
September 30,		Nine Months Ended
September 30,		Year Ended December 31,
20262025202620252025
Stated interest expense$— $— $— $919 $919 
Non-usage fee— — — 45 45 
Total interest expense$— $— $— $964 $964 
Weighted average interest rate(1)— — — 8.07 %8.07 %
Average borrowings$— $— $— $15,751 $11,781 
(1)Includes the stated interest expense and non-usage fee on the unused portion of the Amended UBS Repurchase Facility and is annualized for periods covering less than one year.
For the three months ended September 30, 2026 and 2025, for the nine months ended September 30, 2026, for the period from February 13, 2025 through September 30, 2025 and for the period from February 13, 2025 through December 31, 2025, the components of interest expense, average borrowings, and weighted average interest rate for the UBS Credit Facility were as follows:
Three Months Ended
September 30,		Nine Months Ended September 30, 2026For the Period from February 13, 2025 Through September 30, 2025For the Period from February 13, 2025 Through December 31, 2025
20262025
Stated interest expense$1,666 $1,790 $4,892 $4,495 $6,192 
Non-usage fee48 48 142 120 168 
Amortization of deferred financing costs102 102 302 253 355 
Total interest expense$1,816 $1,940 $5,336 $4,868 $6,715 
Weighted average interest rate(1)6.70 %7.19 %6.64 %7.22 %7.11 %
Average borrowings$100,000 $100,000 $100,000 $100,000 $100,000 
(1)Includes the stated interest expense and non-usage fee on the unused portion of the UBS Credit Facility and is annualized for periods covering less than one year
For the period from August 25, 2026 through September 30, 2026, the components of interest expense, average borrowings, and weighted average interest rate for the Participation Agreement were as follows:
For the Period from August 25, 2026 Through September 30, 2026
Stated interest expense$372 
Ticking fees236 
Total interest expense$608 
Weighted average interest rate(1)16.21 %
Average borrowings$36,486 
(1)Includes the stated interest expense and ticking fees on the Participation Agreement and is annualized for periods covering less than one year.
For the three and nine months ended September 30, 2026 and 2025 and for the year ended December 31, 2025, the components of interest expense, average borrowings, and weighted average interest rate for the Series A Notes were as follows:
Three Months Ended
September 30,		Nine Months Ended
September 30,		Year Ended December 31,
20262025202620252025
Stated interest expense$1,454 $2,277 $5,873 $7,030 $9,277 
Amortization of deferred financing costs271 402 1,061 1,192 1,594 
Total interest expense$1,725 $2,679 $6,934 $8,222 $10,871 
Weighted average interest rate(1)7.47 %8.11 %7.61 %8.07 %7.97 %
Average borrowings$76,146 $114,844 $101,803 $114,844 $114,844 
(1) Includes the stated interest expense on the Series A Notes and the Additional Series A Notes and is annualized for periods covering less than one year.
For the three and nine months ended September 30, 2026 and 2025 and for the year ended December 31, 2025, the components of interest expense, average borrowings, and weighted average interest rate for the 2022 Term Loan were as follows:
Three Months Ended
September 30,		Nine Months Ended
September 30,		Year Ended December 31,
20262025202620252025
Stated interest expense$924 $996 $2,731 $2,960 $3,918 
Amortization of deferred financing costs51 51 153 153 205 
Total interest expense$975 $1,047 $2,884 $3,113 $4,123 
Weighted average interest rate(1)7.23 %7.80 %7.20 %7.81 %7.73 %
Average borrowings$50,000 $50,000 $50,000 $50,000 $50,000 
(1) Includes the stated interest expense on the 2022 Term Loan and is annualized for periods covering less than one year.
For the three and nine months ended September 30, 2026 and 2025 and for the year ended December 31, 2025, the components of interest expense, average borrowings, and weighted average interest rate for the 2024 Term Loan were as follows:
Three Months Ended
September 30,		Nine Months Ended
September 30,		Year Ended December 31, 2025
2026202520262025
Stated interest expense$598 $620 $1,774 $1,844 $2,442 
Amortization of deferred financing costs64 65 191 207 271 
Total interest expense$662 $685 $1,965 $2,051 $2,713 
Weighted average interest rate(1)7.80 %8.10 %7.80 %8.11 %8.03 %
Average borrowings$30,000 $30,000 $30,000 $30,000 $30,000 
(1) Includes the stated interest expense on the 2024 Term Loan and is annualized for periods covering less than one year.
For the three and nine months ended September 30, 2026 and 2025 and for the year ended December 31, 2025, the components of interest expense, average borrowings, and weighted average interest rate for the Floating Rate 2027 Notes were as follows:
Three Months Ended
September 30,		Nine Months Ended
September 30,		Year Ended December 31,
20262025202620252025
Stated interest expense$4,003 $4,327 $12,034 $13,024 $17,173 
Amortization of deferred financing costs409 409 1,214 1,214 1,623 
Total interest expense$4,412 $4,736 $13,248 $14,238 $18,796 
Weighted average interest rate(1)8.01 %8.65 %8.02 %8.68 %8.59 %
Average borrowings$200,000 $200,000 $200,000 $200,000 $200,000 
(1) Includes the stated interest expense on the Floating Rate 2027 Notes and is annualized for periods covering less than one year.
For the three and nine months ended September 30, 2026 and for the period from December 16, 2025 through December 31, 2025, the components of interest expense, average borrowings, and weighted average interest rate for the 7.41% 2027 Notes and the 7.70% 2029 Notes were as follows:
Three Months Ended
Nine Months Ended
For the Period From December 16, 2025 Through December 31, 2025
September 30, 2026
September 30, 2026
Stated interest expense$3,287 $9,859 $548 
Amortization of deferred financing costs210 622 36 
Total interest expense$3,497 $10,481 $584 
Weighted average interest rate(1)7.62 %7.62 %7.14 %
Average borrowings$172,500 $172,500 $172,500 
(1) Includes the stated interest expense on the 7.70% 2029 Notes and the 7.41% 2027 Notes and is annualized for periods covering less than one year.
For the three and nine months ended September 30, 2026 and 2025 and for the year ended December 31, 2025, the components of interest expense, average borrowings, and weighted average interest rate for the 7.50% Public 2029 Notes were as follows:
Three Months Ended
September 30,
Nine Months Ended
September 30,
Year Ended December 31,
20262025202620252025
Stated interest expense$3,234 $3,234 $9,703 $9,703 $12,937 
Amortization of deferred financing costs207 207 614 604 811 
Total interest expense$3,441 $3,441 $10,317 $10,307 $13,748 
Weighted average interest rate(1)7.50 %7.50 %7.50 %7.50 %7.50 %
Average borrowings$172,500 $172,500 $172,500 $172,500 $172,500 
(1)Includes the stated interest expense on the 7.50% Public 2029 Notes and is annualized for periods covering less than one year.
For the three months ended September 30, 2026 and for the period from February 9, 2026 through September 30, 2026, the components of interest expense, average borrowings, and weighted average interest rate for the 7.50% Public 2031 Notes were as follows:
Three Months Ended
September 30, 2026		For the Period from February 9, 2026 through September 30, 2026
Stated interest expense$2,531 $6,525 
Amortization of deferred financing costs161 402 
Total interest expense$2,692 $6,927 
Weighted average interest rate(1)7.50 %7.50 %
Average borrowings$135,000 $135,000 
(1) Includes the stated interest expense on the 7.50% Public 2031 Notes and is annualized for periods covering less than one year.
For the three and nine months ended September 30, 2026 and 2025 and for the year ended December 31, 2025, the components of interest expense, average borrowings, and weighted average interest rate for the 2026 Notes were as follows:
Three Months Ended
September 30,
Nine Months Ended
September 30,
Year Ended December 31,
2025
2026202520262025
Stated interest expense$— $1,407 $— $4,219 $5,594 
Amortization of deferred financing costs— 135 — 399 594 
Total interest expense$— $1,542 $— $4,618 $6,188 
Weighted average interest rate(1)— 4.50 %— 4.50 %4.50 %
Average borrowings$— $125,000 $— $125,000 $123,973 
(1)Includes the stated interest expense on the 2026 Notes and is annualized for periods covering less than one year.
For the period from July 15, 2026 through September 30, 2026, the components of interest expense, average borrowings, and weighted average interest rate for the 7.50% 2029 Notes and 8.00% 2031 Notes were as follows:
For the Period from July 15, 2026 through September 30, 2026
Stated interest expense$579 
Amortization of deferred financing costs43 
Total interest expense$622 
Weighted average interest rate(1)7.78 %
Average borrowings$34,308 
(1) Includes the stated interest expense on the 7.50% 2029 Notes and 8.00% 2031 Notes and is annualized for periods covering less than one year.