Debt |
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| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt | 6. DEBT In accordance with the Investment Company Act, with certain exceptions, the Company is currently allowed to borrow amounts such that its asset coverage ratio, as defined in the Investment Company Act, is at least 200% after such borrowing (or 150% if certain requirements are met). As of September 30, 2026, $0 in principal amount was outstanding under the term loan facility agreement between the Company and JPMorgan Chase Bank National Association (as amended, restated, supplemented or otherwise modified from time to time (the "JPM Term Loan Facility"). As of December 31, 2025, the Company’s asset coverage ratio based on the aggregate amount outstanding of senior securities was 315%.
The Company’s outstanding debt was as follows:
JPM Term Loan Facility
On December 17, 2024, the Company became party to and assumed all of the Buyer’s obligations under the JPM Term Loan Facility, as amended by Amendment No. 1 and Joinder to the Loan and Security Agreement, dated as of December 17, 2024 (the “JPM Term Loan Facility Amendment”), including borrowings of approximately $293,132 outstanding as of December 17, 2024 (after giving effect to the Merger Advance, as defined below). The JPM Term Loan Facility Amendment, among other things, (i) joined the Company, as the parent and portfolio manager (and released the Buyer as the parent and portfolio manager), (ii) replaced Pantheon Silver LLC with SPV II as borrower, and (iii) joined State Street Bank and Trust Company, as collateral agent, securities intermediary and collateral administrator. In connection with the Merger, the lenders extended an aggregate principal amount of approximately $76,605 to finance a portion of the consideration payable to the Company’s members in the Merger (the “Merger Advance”). On June 9, 2025 (the “Second Amendment Date”), SPV II entered into a second amendment to the JPM Term Loan Facility (“Amendment No. 2”). Amendment No. 2, among other things, provided an increase in the aggregate facility commitments to $290,000, provided a reinvestment period during which SPV II may make and prepay borrowings under the facility, in an amount not to exceed the difference of the aggregate facility commitments and the principal amount of advances drawn and unpaid as of the Second Amendment Date, to fund its obligations with respect to unfunded commitments under specified portfolio investments and added a commitment fee accruing at 0.50% per annum on the average daily unused amount of the facility commitments. Advances under the JPM Term Loan Facility are made in U.S. dollars. The interest charged on the JPM Term Loan Facility is based on 3-month Term SOFR (or, if Term SOFR is not available, a benchmark replacement or a “base rate” (which is the greater of a prime rate and the federal funds rate plus 0.50%), as applicable), plus an applicable margin of 2.40%. Any amounts outstanding under the JPM Term Loan Facility must be repaid by October 25, 2027. Costs of $1,027 were incurred in connection with obtaining and amending the JPM Term Loan Facility, which have been amortized over the life of the JPM Term Loan Facility using the straight-line method. As of September 30, 2026 and December 31, 2025, outstanding deferred financing costs were $0 and $649. On April 29, 2026, the Company prepaid in full the JPM Term Loan Facility in the amount of $149,144 (the “Loan Payoff Amount”) comprised of principal, accrued but unpaid interest and all fees, expenses and other obligations. The JPM Term Loan Facility was terminated effective May 31, 2026, and all related liens were released in accordance with its terms. The table below presents summary information regarding the JPM Term Loan Facility:
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