Borrowings (Tables)
|
9 Months Ended |
Sep. 30, 2026 |
|---|
| Line of Credit Facility [Line Items] |
|
| Summary of Outstanding Debt Obligations |
The below tables present the Company’s outstanding debt obligations as of the following periods:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2026 |
|
|
|
Aggregate
Principal |
|
|
Outstanding |
|
|
Net Carrying |
|
|
Unused |
|
($ in thousands) |
|
Committed |
|
Principal |
|
Value |
|
Portion(1) |
|
MS Revolving Credit Facility |
|
$ |
300,000 |
|
|
$ |
195,000 |
|
|
$ |
195,000 |
|
|
$ |
105,000 |
|
SMTB Revolving Tranche (2) |
|
|
446,200 |
|
|
|
374,200 |
|
|
|
374,200 |
|
|
|
72,000 |
|
SMTB Term Loan Tranche (3) |
|
|
272,500 |
|
|
|
272,500 |
|
|
|
272,035 |
|
|
|
— |
|
BNP Revolving Credit Facility II |
|
|
400,000 |
|
|
|
146,000 |
|
|
|
146,000 |
|
|
|
254,000 |
|
Total Borrowings |
|
$ |
1,418,700 |
|
|
$ |
987,700 |
|
|
$ |
987,235 |
|
|
$ |
431,000 |
|
(1)The unused portion is the amount upon which unused fees are based, if any. (2)The SMTB Revolving Tranche’s aggregate principal committed balance includes $246,200 drawn on the uncommitted tranche as of September 30, 2026. (3)Carrying value is net of unamortized deferred financing costs of $465.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
|
Aggregate
Principal |
|
|
Outstanding |
|
|
Net Carrying |
|
|
Unused |
|
($ in thousands) |
|
Committed |
|
|
Principal |
|
|
Value |
|
|
Portion(1) |
|
MS Revolving Credit Facility |
|
$ |
300,000 |
|
|
$ |
195,000 |
|
|
$ |
195,000 |
|
|
$ |
105,000 |
|
SMTB Revolving Tranche |
|
|
420,000 |
|
|
|
297,000 |
|
|
|
297,000 |
|
|
|
123,000 |
|
SMTB Term Loan Tranche (2) |
|
|
200,000 |
|
|
|
200,000 |
|
|
|
199,178 |
|
|
|
— |
|
BNP Revolving Credit Facility II |
|
|
400,000 |
|
|
|
139,000 |
|
|
|
139,000 |
|
|
|
261,000 |
|
Total Borrowings |
|
$ |
1,320,000 |
|
|
$ |
831,000 |
|
|
$ |
830,178 |
|
|
$ |
489,000 |
|
(1)The unused portion is the amount upon which unused fees are based, if any. (2)Carrying value is net of unamortized deferred financing costs of $822.
|
| MS Revolving Credit Facility |
|
| Line of Credit Facility [Line Items] |
|
| Schedule of Interest Expense |
The components of interest expense related to the MS Revolving Credit Facility for the three and nine months ended September 30, 2026 and September 30, 2025 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three
months ended |
|
|
For the three
months ended |
|
|
For the nine
months ended |
|
|
For the nine
months ended |
|
|
($ in thousands) |
|
September 30, 2026 |
|
|
September 30, 2025 |
|
|
September 30, 2026 |
|
|
September 30, 2025 |
|
|
Stated interest expense |
|
$ |
2,874 |
|
|
$ |
3,265 |
|
|
$ |
8,774 |
|
|
$ |
10,456 |
|
|
Unused/undrawn fees |
|
|
108 |
|
|
|
134 |
|
|
|
372 |
|
|
|
334 |
|
|
Amortization of deferred financing costs |
|
|
223 |
|
|
|
291 |
|
|
|
795 |
|
|
|
862 |
|
|
Administration fees |
|
|
115 |
|
|
|
115 |
|
|
|
341 |
|
|
|
341 |
|
|
Total interest and debt financing costs |
|
$ |
3,320 |
|
|
$ |
3,805 |
|
|
$ |
10,282 |
|
|
$ |
11,993 |
|
|
Average stated interest rate |
|
|
5.77 |
% |
|
|
6.55 |
% |
|
|
5.93 |
% |
|
|
6.52 |
% |
|
Average borrowings |
|
$ |
195,000 |
|
|
$ |
195,000 |
|
|
$ |
195,000 |
|
|
$ |
211,923 |
|
|
|
| SMTB Revolving Tranche |
|
| Line of Credit Facility [Line Items] |
|
| Schedule of Interest Expense |
The components of interest expense related to the SMTB Revolving Tranche for the three and nine months ended September 30, 2026 and September 30, 2025 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three
months ended |
|
|
For the three
months ended |
|
|
For the nine
months ended |
|
|
For the nine
months ended |
|
|
($ in thousands) |
|
September 30, 2026 |
|
|
September 30, 2025 |
|
|
September 30, 2026 |
|
|
September 30, 2025 |
|
|
Stated interest expense |
|
$ |
3,466 |
|
|
$ |
2,891 |
|
|
$ |
8,710 |
|
|
$ |
7,477 |
|
|
Unused/undrawn fees |
|
|
127 |
|
|
|
88 |
|
|
|
330 |
|
|
|
230 |
|
|
Amortization of deferred financing costs |
|
|
290 |
|
|
|
276 |
|
|
|
751 |
|
|
|
771 |
|
|
Administration fees |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Total interest and debt financing costs |
|
$ |
3,883 |
|
|
$ |
3,255 |
|
|
$ |
9,791 |
|
|
$ |
8,478 |
|
|
Average stated interest rate |
|
|
5.45 |
% |
|
|
6.58 |
% |
|
|
5.43 |
% |
|
|
6.61 |
% |
|
Average borrowings |
|
$ |
246,760 |
|
|
$ |
169,972 |
|
|
$ |
210,184 |
|
|
$ |
148,298 |
|
|
|
| SMTB Term Loan Tranche |
|
| Line of Credit Facility [Line Items] |
|
| Schedule of Interest Expense |
The components of interest expense related to the SMTB Term Loan Tranche for the three and nine months ended September 30, 2026 and September 30, 2025 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three
months ended |
|
|
For the three
months ended |
|
|
For the nine
months ended |
|
|
For the nine
months ended |
|
|
($ in thousands) |
|
September 30, 2026 |
|
|
September 30, 2025 |
|
|
September 30, 2026 |
|
|
September 30, 2025 |
|
|
Stated interest expense |
|
$ |
3,678 |
|
|
$ |
1,629 |
|
|
$ |
10,738 |
|
|
$ |
1,629 |
|
|
Amortization of deferred financing costs |
|
|
203 |
|
|
|
95 |
|
|
|
594 |
|
|
|
95 |
|
|
Total interest and debt financing costs |
|
$ |
3,881 |
|
|
$ |
1,724 |
|
|
$ |
11,332 |
|
|
$ |
1,724 |
|
|
Average stated interest rate |
|
|
5.28 |
% |
|
|
6.24 |
% |
|
|
5.27 |
% |
|
|
6.24 |
% |
|
|
| BNP Revolving Credit Facility I |
|
| Line of Credit Facility [Line Items] |
|
| Schedule of Interest Expense |
The components of interest expense related to the BNP Revolving Credit Facility I for the three and nine months ended September 30, 2026 and September 30, 2025 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three
months ended |
|
|
For the three
months ended |
|
|
For the nine
months ended |
|
|
For the nine
months ended |
|
|
($ in thousands) |
|
September 30, 2026 |
|
|
September 30, 2025 |
|
|
September 30, 2026 |
|
|
September 30, 2025 |
|
|
Stated interest expense |
|
$ |
— |
|
|
$ |
2,041 |
|
|
$ |
— |
|
|
$ |
5,164 |
|
|
Unused/undrawn fees |
|
|
— |
|
|
|
58 |
|
|
|
— |
|
|
|
422 |
|
|
Amortization of deferred financing costs |
|
|
— |
|
|
|
140 |
|
|
|
— |
|
|
|
423 |
|
|
Administration fees |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Total interest and debt financing costs |
|
$ |
— |
|
|
$ |
2,239 |
|
|
$ |
— |
|
|
$ |
6,009 |
|
|
Average stated interest rate |
|
N/A |
|
|
|
5.75 |
% |
|
N/A |
|
|
|
5.74 |
% |
|
Average borrowings |
|
$ |
— |
|
|
$ |
139,000 |
|
|
$ |
— |
|
|
$ |
119,033 |
|
|
|
| BNP Revolving Credit Facility II |
|
| Line of Credit Facility [Line Items] |
|
| Schedule of Interest Expense |
The components of interest expense related to the BNP Revolving Credit Facility II for the three and nine months ended September 30, 2026 and September 30, 2025 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three
months ended |
|
|
For the three
months ended |
|
|
For the nine
months ended |
|
|
For the nine
months ended |
|
|
($ in thousands) |
|
September 30, 2026 |
|
|
September 30, 2025 |
|
|
September 30, 2026 |
|
|
September 30, 2025 |
|
|
Stated interest expense |
|
$ |
2,105 |
|
|
$ |
— |
|
|
$ |
6,081 |
|
|
$ |
— |
|
|
Unused/undrawn fees |
|
|
616 |
|
|
|
— |
|
|
|
1,426 |
|
|
|
— |
|
|
Amortization of deferred financing costs |
|
|
284 |
|
|
|
— |
|
|
|
842 |
|
|
|
— |
|
|
Administration fees |
|
|
6 |
|
|
|
— |
|
|
|
19 |
|
|
|
— |
|
|
Total interest and debt financing costs |
|
$ |
3,011 |
|
|
$ |
— |
|
|
$ |
8,368 |
|
|
$ |
— |
|
|
Average stated interest rate |
|
|
5.64 |
% |
|
N/A |
|
|
|
5.63 |
% |
|
N/A |
|
|
Average borrowings |
|
$ |
146,000 |
|
|
$ |
— |
|
|
$ |
142,295 |
|
|
$ |
— |
|
|
|