Borrowings (Tables)
|
9 Months Ended |
Sep. 30, 2026 |
|---|
| Debt Instrument [Line Items] |
|
| Schedule of Outstanding Debt Obligations |
The Company's outstanding debt as of September 30, 2026 and December 31, 2025 was as follows:
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Interest Rate
as of |
|
Interest Rate
as of |
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|
Outstanding Balance as of |
|
Outstanding Balance as of |
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|
Maturity Date |
|
September 30,
2026 |
|
December 31,
2025 |
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|
September 30,
2026 |
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December 31,
2025 |
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|
Lines of Credit: |
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|
MassMutual SPV I Facility |
|
March 31, 2033 |
|
N/A |
|
|
7.00 |
% |
|
|
$ |
- |
|
$ |
187,500 |
|
|
BMO SPV II Credit Facility |
|
May 1, 2030 |
|
|
6.08 |
% |
|
6.19 |
% |
|
|
|
71,671 |
|
|
61,670 |
|
|
Wells Fargo SPV III Credit
Facility |
|
February 27, 2030 |
|
|
6.02 |
% |
|
5.81 |
% |
|
|
|
657,500 |
|
|
487,500 |
|
|
JPM SPV V Credit Facility |
|
July 25, 2030 |
|
|
5.73 |
% |
|
5.65 |
% |
|
|
|
243,750 |
|
|
50,000 |
|
|
GS SPV VII Credit Facility |
|
September 14, 2031 |
|
|
5.80 |
% |
N/A |
|
|
|
|
125,000 |
|
|
— |
|
|
(Less: Unamortized debt issuance
costs) |
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(9,868 |
) |
|
(12,022 |
) |
|
Total Lines of Credit |
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|
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|
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|
$ |
1,088,053 |
|
$ |
774,648 |
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Debt Securitizations: |
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Class A 2024 Notes |
|
January 15, 2037 |
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|
5.45 |
% |
|
5.60 |
% |
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|
$ |
174,000 |
|
$ |
174,000 |
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|
Class A 2025 Notes |
|
August 20, 2037 |
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|
5.41 |
% |
|
5.58 |
% |
|
|
|
174,000 |
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|
174,000 |
|
|
(Less: Unamortized debt issuance
costs) |
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|
(2,906 |
) |
|
(3,112 |
) |
|
Total Debt Securitizations |
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$ |
345,094 |
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$ |
344,888 |
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Unsecured Notes: |
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Tranche A Notes due 2028 (1) |
|
December 17, 2028 |
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|
5.94 |
% |
|
5.94 |
% |
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|
$ |
72,786 |
|
$ |
74,962 |
|
|
Tranche B Notes due 2029 (1) (2) |
|
March 17, 2029 |
|
|
5.94 |
% |
|
5.94 |
% |
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|
|
72,499 |
|
|
(56 |
) |
|
Tranche C Notes due 2030 (1) |
|
December 17, 2030 |
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|
6.32 |
% |
|
6.32 |
% |
|
|
|
71,171 |
|
|
74,905 |
|
|
Tranche D Notes due 2031 (1) (2) |
|
March 17, 2031 |
|
|
6.32 |
% |
|
6.32 |
% |
|
|
|
70,975 |
|
|
(111 |
) |
|
(Less: Unamortized debt issuance
costs) |
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|
|
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|
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|
|
|
|
(2,738 |
) |
|
(1,751 |
) |
|
Total Unsecured Notes |
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|
|
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|
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|
$ |
284,693 |
|
$ |
147,949 |
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|
(1) Inclusive of change in fair market value of effective hedge of $12,569 and $300 as of September 30, 2026 and December 31, 2025, respectively. (2) As of December 31, 2025, there was no outstanding debt.
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| Schedule of Weighted Average Interest Rate |
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Facility |
|
Weighted
Average
Interest Rate
for the Three Months Ended September 30,
2026 |
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|
Weighted
Average
Interest Rate
for the Nine
Months Ended
September 30,
2026 |
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|
Weighted
Average
Interest Rate
for the Three Months Ended September 30,
2025 |
|
|
Weighted
Average
Interest Rate
for the Nine
Months Ended
September 30,
2025 |
|
MassMutual SPV I (1) |
|
|
— |
% |
|
|
6.94 |
% |
|
|
7.51 |
% |
|
|
7.55 |
% |
BMO SPV II |
|
|
6.08 |
% |
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|
6.06 |
% |
|
|
6.64 |
% |
|
|
6.75 |
% |
Wells Fargo SPV III |
|
|
5.81 |
% |
|
|
5.80 |
% |
|
|
6.49 |
% |
|
|
6.43 |
% |
JPM SPV V |
|
|
5.60 |
% |
|
|
5.56 |
% |
|
|
6.06 |
% |
|
|
6.06 |
% |
GS SPV VII (2) |
|
|
5.80 |
% |
|
|
5.80 |
% |
|
N/A |
|
|
N/A |
|
Class A 2024 Notes |
|
|
5.44 |
% |
|
|
5.41 |
% |
|
|
6.01 |
% |
|
|
5.99 |
% |
Class A 2025 Notes |
|
|
5.36 |
% |
|
|
5.39 |
% |
|
|
5.58 |
% |
|
|
5.58 |
% |
Tranche A Notes due 2028 |
|
|
5.94 |
% |
|
|
5.94 |
% |
|
N/A |
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|
N/A |
|
Tranche B Notes due 2029 (3) |
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|
5.94 |
% |
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|
5.94 |
% |
|
N/A |
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|
N/A |
|
Tranche C Notes due 2030 |
|
|
6.32 |
% |
|
|
6.32 |
% |
|
N/A |
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|
N/A |
|
Tranche D Notes due 2031 (3) |
|
|
6.32 |
% |
|
|
6.32 |
% |
|
N/A |
|
|
N/A |
|
Total Borrowings |
|
|
5.78 |
% |
|
|
5.84 |
% |
|
|
6.72 |
% |
|
|
6.80 |
% |
(1) MassMutual SPV I terminated on April 6, 2026. The Weighted Average Interest Rate for the Nine Months Ended September 30, 2026 was calculated from the start of the period to termination date on April 6, 2026. (2) GS SPV VII was entered into on September 14, 2026. The Weighted Average Interest Rate for the Three and Nine Months Ended September 30, 2026 was calculated from the closing date of the facility to the end of the period. (3) Tranche B Notes due 2029 and Tranche D Notes due 2031 were delivered and paid on March 17, 2026. The Weighted Average Interest Rate for the Nine Months Ended September 30, 2026 was calculated from the payment date to the end of the period.
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|
Facility |
|
Daily Average
Amount of
Outstanding
Borrowings
for the Three
Months Ended September 30,
2026 |
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|
Daily Average
Amount of
Outstanding
Borrowings
for the Nine
Months Ended September 30,
2026 |
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|
Daily Average
Amount of
Outstanding
Borrowings
for the Three
Months Ended September 30,
2025 |
|
|
Daily Average
Amount of
Outstanding
Borrowings
for the Nine
Months Ended September 30,
2025 |
|
MassMutual SPV I (1) |
|
$ |
— |
|
|
$ |
162,109 |
|
|
$ |
187,500 |
|
|
$ |
189,207 |
|
BMO SPV II |
|
|
71,671 |
|
|
|
58,337 |
|
|
|
97,757 |
|
|
|
95,861 |
|
Wells Fargo SPV III |
|
|
408,261 |
|
|
|
402,566 |
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|
|
499,413 |
|
|
|
412,471 |
|
JPM SPV V |
|
|
173,098 |
|
|
|
123,008 |
|
|
|
72,082 |
|
|
|
72,082 |
|
GS SPV VII (2) |
|
|
87,500 |
|
|
|
87,500 |
|
|
N/A |
|
|
N/A |
|
Class A 2024 Notes |
|
|
174,000 |
|
|
|
174,000 |
|
|
|
174,000 |
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|
174,000 |
|
Class A 2025 Notes |
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|
174,000 |
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|
174,000 |
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|
174,000 |
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|
174,000 |
|
Tranche A Notes due 2028 |
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|
75,000 |
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|
|
75,000 |
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|
N/A |
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|
N/A |
|
Tranche B Notes due 2029 (3) |
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|
75,000 |
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|
75,000 |
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|
N/A |
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|
N/A |
|
Tranche C Notes due 2030 |
|
|
75,000 |
|
|
|
75,000 |
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|
N/A |
|
|
N/A |
|
Tranche D Notes due 2031 (3) |
|
|
75,000 |
|
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|
75,000 |
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|
N/A |
|
|
N/A |
|
Total Borrowings |
|
|
1,306,736 |
|
|
|
1,249,631 |
|
|
|
1,029,025 |
|
|
|
886,325 |
|
(1) MassMutual SPV I terminated on April 6, 2026. The Daily Average Amount of Outstanding Borrowings for the Nine Months Ended September 30, 2026 was calculated from the start of the period to termination date on April 6, 2026. (2) GS SPV VII was entered into on September 14, 2026. The Daily Average Amount of Outstanding Borrowings for the Three and Nine Months Ended September 30, 2026 was calculated from the closing date of the facility to the end of the period. (3) Tranche B Notes due 2029 and Tranche D Notes due 2031 were delivered and paid on March 17, 2026. The Daily Average Amount of Outstanding Borrowings for the Nine Months Ended September 30, 2026 was calculated from the payment date to the end of the period.
|
| Summary of the Interest Expense Incurred by The Company |
The following table provides a summary of the interest expense incurred by the Company for the noted period:
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Three Months
Ended |
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|
Three Months
Ended |
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|
Nine Months Ended |
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|
Nine Months Ended |
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|
September 30, 2026 |
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|
September 30, 2025 |
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|
September 30, 2026 |
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|
September 30, 2025 |
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|
Coupon interest |
|
$ |
20,302 |
|
|
$ |
18,497 |
|
|
$ |
58,670 |
|
|
$ |
46,781 |
|
|
Amortization of debt issuance costs |
|
|
836 |
|
|
|
828 |
|
|
|
5,439 |
|
|
|
2,192 |
|
|
Net change in unrealized appreciation (depreciation)
on effective interest rate swaps and hedged items |
|
|
47 |
|
|
|
- |
|
|
|
90 |
|
|
|
— |
|
|
Total |
|
$ |
21,185 |
|
|
$ |
19,325 |
|
|
$ |
64,199 |
|
|
$ |
48,973 |
|
|
|
| 2024-I CLO [Member] |
|
| Debt Instrument [Line Items] |
|
| Summary of the Subordinated Notes |
The debt offered in the 2024-I CLO was issued and incurred by the 2024-I Issuer and consists of (i) Class A Senior Secured Floating Rate Notes and Class B Senior Secured Floating Rate Notes (collectively, the “2024-I CLO Secured Debt”), and (ii) the subordinated notes (the “2024-I CLO Subordinated Notes” and, together with the 2024-I CLO Secured Debt, the “2024-I CLO Debt”), the terms of which are summarized in the table below:
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|
Class |
|
Par Size ($) |
|
|
Ratings (S&P) |
|
Coupon |
Class A 2024 Notes |
|
$ |
174,000 |
|
|
AAA(sf) |
|
3M SOFR + 1.70% |
Class B 2024 Notes |
|
|
30,000 |
|
|
AA(sf) |
|
3M SOFR + 2.00% |
2024-I CLO Subordinated Notes |
|
|
96,360 |
|
|
N/A |
|
N/A |
|
| 2025-I CLO [Member] |
|
| Debt Instrument [Line Items] |
|
| Summary of the Subordinated Notes |
The debt offered in the 2025-I CLO was issued and incurred by the 2025-I Issuer and consists of (i) Class A Senior Secured Floating Rate Notes and Class B Senior Secured Floating Rate Notes (collectively, the “2025-I CLO Secured Debt”), and (ii) the subordinated notes (the “2025-I CLO Subordinated Notes” and, together with the 2025-I CLO Secured Debt, the “2025-I CLO Debt”), the terms of which are summarized in the table below:
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Class |
|
Par Size ($) |
|
|
Ratings (S&P) |
|
Coupon |
Class A 2025 Notes |
|
$ |
174,000 |
|
|
AAA(sf) |
|
3M SOFR + 1.68% |
Class B 2025 Notes |
|
|
30,000 |
|
|
AA(sf) |
|
3M SOFR + 2.00% |
2025-I CLO Subordinated Notes |
|
|
94,870 |
|
|
N/A |
|
N/A |
|