Borrowings (Tables)

9 Months Ended

Sep. 30, 2026

Borrowings

Schedule of available and outstanding debt


		As of
		September 30, 2026
		Total			Principal			Carrying
(in thousands)		Available ⁽²⁾			Outstanding			Value ⁽¹⁾
CIBC Credit Facility		$	50,000		$	50,000		$	50,000
GS Credit Facility			200,000			130,000			130,000
Total		$	250,000		$	180,000		$	180,000

		December 31, 2025
		Total			Principal			Carrying
(in thousands)		Available ⁽²⁾			Outstanding			Value ⁽¹⁾
CIBC Credit Facility		$	50,000		$	—		$	—
Total		$	50,000		$	—		$	—

(1)

All carrying values represent the approximate fair values and represent level 3 liabilities.

(2)

Availability subject to the Company meeting the borrowing base requirements.

Schedule of interest expense and other financing costs


		Three months ended			Three months ended				Nine months ended			Nine months ended
(In thousands)		September 30, 2026			September 30, 2025				September 30, 2026			September 30, 2025
Interest expense		$	2,302		$	105			$	3,729		$	105
Unused commitment fee			118			62				404			194
Utilization fee			—			—				58			—
Amortization of deferred financing costs			169			83				421			248
Agency fee			42			—				64			—
Total interest expense and credit facility fees			2,631			250				4,676			547
Average principal debt outstanding		$	156,609		$	5,859			$	85,696		$	1,974
Weighted average interest rate			5.70	%		7.08	%			5.05	%		7.08	%

Schedule of interest and other financing costs payable



(In thousands)		September 30, 2026			December 31, 2025
Deferred financing cost payable		$	—		$	213
Unused commitment fee payable			44			6
Interest expense payable			639			—
Agency fee payable			13			—
Total interest expense and credit facility fees payable		$	696		$	219