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| Borrowings | Note 6. Borrowings The Company, pursuant to approval received in August 2023 from the initial Member, is permitted to borrow amounts such that its asset coverage ratio, as defined in the 1940 Act, is at least 150% after such borrowing (if certain requirements are met). As of September 30, 2026 and 2025, the Company’s asset coverage ratio based on aggregate borrowings outstanding was 331.93% and 557.92%, respectively. As of September 30, 2026 and December 31, 2025, the Company had the following available and outstanding debt:
For the three and nine months ended September 30, 2026 and 2025, the components of interest expense and other financing costs were as follows:
As of September 30, 2026 and December 31, 2025, the components of interest and other financing costs payable were as follows:
As of September 30, 2026, the unamortized balance of financing costs of $1.9 million is deferred and included in prepaid expenses and other assets in the accompanying Consolidated Statements of Assets and Liabilities. CIBC Credit Facility On December 12, 2025, the Company, through a special purpose wholly owned subsidiary, ACC Financing SPV II, LLC, as borrower, entered into a $50 million revolving credit facility with CIBC Bank USA (the “CIBC Credit Facility”) as administrative agent, and the financial institution as lenders party thereto. The CIBC Credit Facility matures on December 12, 2026, and includes an accordion provision to increase the total facility amount to $150 million, subject to certain customary conditions. The CIBC Credit Facility refinanced the prior $75 million CIBC facility entered into directly by the Company on December 13, 2024 which matured on December 13, 2025. The Company’s obligations under the CIBC Credit Facility are secured by the Company’s ability to draw capital from its investors, the Capital Commitments and Capital Contributions of such investors, the bank accounts into which such capital contributions are funded and any other assets. Interest rates under the CIBC Credit Facility are determined by the appropriate benchmark rate (SOFR, Prime) as applicable for the type of borrowing plus an applicable margin adjustment which can range from 1.90% to 2.00% per annum for SOFR and 0.90% to 1.00% for Prime subject to certain conditions. In connection with the CIBC Credit Facility, the Company has made certain representations and warranties and must comply with various customary covenants and reporting requirements. The CIBC Credit Facility contains events of default customary for facilities of this type. Upon the occurrence of an event of default, the administrative agent, at the request of the required lenders, may terminate the commitments and declare the outstanding advances and all other obligations under the CIBC Credit Facility immediately due and payable. The Company was in compliance with all covenants and other requirements under the CIBC Credit Facility as of September 30, 2026 and December 31, 2025. As of September 30, 2026 and December 31, 2025, under the CIBC Credit Facility, the unused portion and amount available to draw was $0 and $50 million, respectively, subject to certain conditions. GS Credit Facility On March 11, 2026, the Company, through a special purpose wholly owned subsidiary, ACC Financing SPV I, LLC, as borrower, entered into a $200 million revolving credit facility with Goldman Sachs Bank USA (the “GS Credit Facility”), as syndication agent and as calculation agent, the Company as collateral manager, GS ASL LLC as administrative agent, Computershare Trust Company N.A., as collateral agent, collateral custodian and collateral administrator, and the various financial institutions as lender parties. The GS Credit Facility matures on March 10, 2031. Interest rates under the GS Credit Facility are determined by the appropriate benchmark rate (SOFR, Base Rate) as applicable for the type of borrowing plus an applicable margin of 2.15% per annum for SOFR. In connection with the GS Credit Facility, the Company has made certain representations and warranties and must comply with various covenants and reporting requirements customary for facilities of this type. The GS Credit Facility contains events of default customary for facilities of this type. Upon the occurrence of an event of default, the administrative agent, at the request of the requisite lenders, may terminate the commitments and declare the loans and all other obligations under the GS Credit Facility immediately due and payable. The Company was in compliance with all covenants and other requirements under the GS Credit Facility as of September 30, 2026. The obligations of ACC Financing SPV I, LLC to the lenders under the GS Credit Facility are secured by a first priority security interest in all of ACC Financing SPV I, LLC’s portfolio investments and other assets. As of September 30, 2026, the unused portion and amount available to draw under the GS Credit Facility was $70 million, subject to certain conditions. On November 2, 2026, the Company amended the GS Credit Facility, under which its special purpose wholly owned subsidiary, ACC Financing SPV I, LLC, is the borrower, to increase the maximum commitment to $375 million, effective November 2, 2026, and to $450 million, effective January 31, 2027. |
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