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v3.26.1

Debt | 3 Months Ended
--- | ---
Mar. 31, 2026
Debt Disclosure [Abstract] |
Debt | 6. DEBT The Company is permitted to borrow amounts such that its asset coverage ratio, as defined in the Investment Company Act, is at least 150% after such borrowing (if certain requirements are met). As of March 31, 2026 and December 31, 2025, the Company’s asset coverage ratio based on the aggregate amount outstanding of senior securities was 171% and 175%. The Company’s outstanding debt was as follows:
|  | As of |
|  | March 31, 2026 |  |  | December 31, 2025 |
|  | Aggregate Borrowing Amount Committed |  |  | Amount Available |  |  | Carrying Value(1) |  |  | Aggregate Borrowing Amount Committed |  |  | Amount Available |  |  | Carrying Value(1) |
Revolving Credit Facility(2) |  | $ | 1,695,000 |  |  | $ | 974,273 |  |  | $ | 720,499 |  |  | $ | 1,695,000 |  |  | $ | 1,109,997 |  |  | $ | 585,750 |
2026 Notes |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 500,000 |  |  |  | — |  |  |  | 499,921 |
2027 Notes |  |  | 400,000 |  |  |  | — |  |  |  | 396,689 |  |  |  | 400,000 |  |  |  | — |  |  |  | 397,333 |
2029 Notes |  |  | 400,000 |  |  |  | — |  |  |  | 391,468 |  |  |  | — |  |  |  | — |  |  |  | — |
2030 Notes |  |  | 400,000 |  |  |  | — |  |  |  | 389,502 |  |  |  | 400,000 |  |  |  | — |  |  |  | 391,616 |
Total Debt |  | $ | 2,895,000 |  |  | $ | 974,273 |  |  | $ | 1,898,158 |  |  | $ | 2,995,000 |  |  | $ | 1,109,997 |  |  | $ | 1,874,620 |
(1) The carrying value is presented net of the unamortized debt issuance costs and includes the cumulative hedging adjustments for those borrowings that are designated in a fair value hedging relationship, as applicable. (2) Provides, under certain circumstances, a total borrowing capacity of $2,542,500. The Company may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of March 31, 2026, the Company had outstanding borrowings denominated in USD of $623,674, in EUR of EUR 13,700, in GBP of GBP 17,450, in CAD of CAD 57,020 and in AUD of AUD 24,500. As of December 31, 2025, the Company had outstanding borrowings denominated in USD of $489,674, in EUR of EUR 13,700, in GBP of GBP 18,950, in CAD of CAD 52,270 and in AUD of AUD 24,500. The combined weighted average interest rate of the aggregate borrowings outstanding for the three months ended March 31, 2026 was 5.75% and for the year ended December 31, 2025 was 5.36%. The combined average debt of the aggregate borrowings outstanding for the three months ended March 31, 2026 was $1,897,534 and for the year ended December 31, 2025 was $1,860,251. Revolving Credit Facility On September 19, 2013, the Company entered into a senior secured revolving credit agreement (as amended, the “Revolving Credit Facility”) with various lenders. Truist Bank serves as administrative agent and Bank of America, N.A. serves as syndication agent under the Revolving Credit Facility. The Company has amended and restated the Revolving Credit Facility on numerous occasions between October 3, 2014 and January 14, 2026. See Note 12 “Subsequent Events.” The aggregate committed borrowing amount under the Revolving Credit Facility is $1,695,000. The Revolving Credit Facility includes an uncommitted accordion feature that allows the Company, under certain circumstances, to increase the borrowing capacity of the Revolving Credit Facility to up to $2,542,500. Borrowings denominated in USD, including amounts drawn in respect of letters of credit, bear interest (at the Company’s election) of either (i) Term SOFR plus a margin of either (x) 2.00%, (y) 1.875% (subject to maintenance of certain long-term corporate debt ratings) or (z) 1.75% (subject to certain gross borrowing base conditions), in each case, plus an additional 0.10% credit adjustment spread or (ii) an alternative base rate, which is the highest of (a) zero, (b) the highest of (i) the Prime Rate in effect on such day, (ii) the Federal Funds Effective Rate for such day plus 1/2 of 1.00% and (iii) the rate per annum equal to (x) the greater of (A) Term SOFR for an interest period of one (1) month and (B) zero plus (y) 1.00%, plus a margin of either (x) 1.00%, (y) 0.875% (subject to maintenance of certain long-term corporate debt ratings) or (z) 0.75% (subject to certain gross borrowing base conditions). Borrowings denominated in non-USD bear interest of the applicable term benchmark rate or the applicable risk-free rate (the “RFR rate”) plus a margin of either 2.00%, 1.875% or 1.75% (subject to the conditions applicable to borrowings denominated in USD that bear interest based on the applicable term benchmark rate or the applicable RFR rate), plus, (i) in the case of borrowings denominated in GBP only, an additional 0.1193% credit adjustment spread, (ii) in the case of borrowings denominated in CHF only, an additional 0.0031% and (iii) in the case of borrowings denominated in CAD only, an additional 0.29547% (one-month interest period) or an additional 0.32138% (three-month interest period) credit adjustment spread. Borrowings from certain lenders, which hold approximately 84% of total lending commitments (the "Extending Lenders"), bear interest at the applicable rates described above less 0.10%. With respect to borrowings denominated in USD, the Company may elect either Term SOFR, or an alternative base rate at the time of borrowing, and such borrowings may be converted from one benchmark to another at any time, subject to certain conditions. Interest is payable in arrears on the applicable interest payment date as specified therein. The Company pays a fee of 0.375% per annum on committed but undrawn amounts under the Revolving Credit Facility, payable quarterly in arrears. Any amounts borrowed under the Revolving Credit Facility with respect to the Extending Lenders, will mature, and all accrued and unpaid interest will be due and payable, on June 24, 2030. Any amounts borrowed under the Revolving Credit Facility, will mature, and all accrued and unpaid interest will be due and payable, with respect to certain remaining lenders, on May 5, 2027, and with respect to other remaining lenders, on October 18, 2028. The Revolving Credit Facility may be guaranteed by certain of the Company’s domestic subsidiaries, including any that are formed or acquired by the Company in the future. Proceeds from borrowings may be used for general corporate purposes, including the funding of portfolio investments. The Company’s obligations to the lenders under the Revolving Credit Facility are secured by a first priority security interest in substantially all of the Company’s portfolio of investments and cash, with certain exceptions. The Revolving Credit Facility contains certain covenants, including: (i) maintaining a minimum stockholder’s equity, (ii) maintaining a minimum asset coverage ratio of at least 150%, (iii) maintaining a minimum asset coverage ratio of 200% with respect to the consolidated assets (with certain limitations on the contribution of equity in financing subsidiaries as specified therein) of the Company and its subsidiary guarantors to the secured debt of the Company and its subsidiary guarantors, and (iv) complying with restrictions on industry concentrations in the Company’s investment portfolio. As of March 31, 2026, the Company was in compliance with these covenants. Costs of $38,116 were incurred in connection with obtaining and amending the Revolving Credit Facility, which have been recorded as deferred financing costs in the Consolidated Statements of Assets and Liabilities and are being amortized over the life of the Revolving Credit Facility using the straight-line method. As of March 31, 2026 and December 31, 2025, the unamortized deferred financing costs were $12,444 and $13,245. The following table presents summary information regarding the Revolving Credit Facility:
|  | For the Three Months Ended |
|  | March 31, 2026 |  |  | March 31, 2025 |
Borrowing interest expense |  | $ | 10,119 |  |  | $ | 14,009 |
Facility fees |  |  | 895 |  |  |  | 753 |
Amortization of financing costs |  |  | 807 |  |  |  | 806 |
Total |  | $ | 11,821 |  |  | $ | 15,568 |
Weighted average interest rate |  |  | 5.55 | % |  |  | 6.37 | %
Average outstanding balance |  | $ | 739,757 |  |  | $ | 891,971 |
2025 Notes On February 10, 2020, the Company closed an offering of $360,000 aggregate principal amount of its 3.750% unsecured notes due 2025 (the “2025 Notes”). The 2025 Notes were issued pursuant to an indenture between the Company and Computershare Trust Company, National Association, as Trustee (as successor to Wells Fargo Bank, National Association (“Wells Fargo”)). The 2025 Notes bore interest at a rate of 3.750% per year, payable semi-annually in arrears on February 10 and August 10 of each year. The 2025 Notes matured and were fully repaid on February 10, 2025, in accordance with their terms, using proceeds from the Revolving Credit Facility. As of March 31, 2026 and December 31, 2025, the carrying value of the 2025 Notes were $0. The following table presents the components of interest and other debt expenses related to the 2025 Notes:
|  | For the Three Months Ended |
|  | March 31, 2026 |  |  | March 31, 2025 |
Borrowing interest expense |  | $ | — |  |  | $ | 1,463 |
Amortization of debt issuance costs |  |  | — |  |  |  | 155 |
Total |  | $ | — |  |  | $ | 1,618 |
2026 Notes On November 24, 2020, the Company closed an offering of $500,000 aggregate principal amount of its 2.875% unsecured notes due 2026 (the “2026 Notes”). The 2026 Notes were issued pursuant to an indenture between the Company and Computershare Trust Company, National Association, as Trustee (as successor to Wells Fargo). The 2026 Notes bore interest at a rate of 2.875% per year, payable semi-annually in arrears on January 15 and July 15 of each year. The 2026 Notes matured and were fully repaid on January 15, 2026, in accordance with their terms, using proceeds from the Revolving Credit Facility. The following table presents the components of the carrying value of the 2026 Notes:
|  | March 31, 2026 |  |  | December 31, 2025 |
Principal amount of debt |  | $ | — |  |  | $ | 500,000 |
Unamortized debt issuance costs |  |  | — |  |  |  | (79 | )
Carrying Value |  | $ | — |  |  | $ | 499,921 |
The following table presents the components of interest and other debt expenses related to the 2026 Notes:
|  | For the Three Months Ended |
|  | March 31, 2026 |  |  | March 31, 2025 |
Borrowing interest expense |  | $ | 559 |  |  | $ | 3,594 |
Amortization of debt issuance costs |  |  | 79 |  |  |  | 472 |
Total |  | $ | 638 |  |  | $ | 4,066 |
2027 Notes On March 11, 2024, the Company closed an offering of $400,000 aggregate principal amount of its 6.375% unsecured notes due 2027 (the “2027 Notes”). The 2027 Notes were issued pursuant to an indenture between the Company and Computershare Trust Company, National Association, as Trustee (as successor to Wells Fargo). The 2027 Notes bear interest at a rate of 6.375% per year, payable semi-annually in arrears on March 11 and September 11 of each year. The 2027 Notes will mature on March 11, 2027 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the indenture. In connection with the 2027 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s fixed rate liabilities with the investment portfolio, which predominately consists of floating rate loans. The cash flows pertaining to the interest rate swap are settled semi-annually. The Company designated this interest rate swap and the 2027 Notes in a qualifying fair value hedging relationship for which it applies hedge accounting. The carrying value of the 2027 Notes is inclusive of the adjustment for the changes in fair value of these notes attributable to the risk being hedged. The following table presents the components of the carrying value of the 2027 Notes:
|  | March 31, 2026 |  |  | December 31, 2025 |
Principal amount of debt |  | $ | 400,000 |  |  | $ | 400,000 |
Unamortized debt issuance costs |  |  | (2,601 | ) |  |  | (3,279 | )
Cumulative hedging adjustments |  |  | (710 | ) |  |  | 612 |
Carrying Value |  | $ | 396,689 |  |  | $ | 397,333 |
The following table presents the components of interest and other debt expenses related to the 2027 Notes:
|  | For the Three Months Ended |
|  | March 31, 2026 |  |  | March 31, 2025 |
Borrowing interest expense |  | $ | 6,511 |  |  | $ | 6,375 |
(Gain) loss from interest rate swap accounted for as hedges and the related hedged items: |  |  |  |  |  |
Interest rate swap |  |  | 1,289 |  |  |  | — |
Hedged item |  |  | (1,322 | ) |  |  | — |
Amortization of debt issuance costs |  |  | 678 |  |  |  | 678 |
Total |  | $ | 7,156 |  |  | $ | 7,053 |
2029 Notes On January 28, 2026, the Company closed an offering of $400,000 aggregate principal amount of its 5.100% unsecured notes due 2029 (the “2029 Notes”). The 2029 Notes were issued pursuant to an indenture between the Company and Computershare Trust Company, National Association, as Trustee (as successor to Wells Fargo). The 2029 Notes bear interest at a rate of 5.100% per year, payable semi-annually in arrears on January 28 and July 28 of each year, commencing on July 28, 2026. The 2029 Notes will mature on January 28, 2029 and may be redeemed in whole or in part at the Company's option at any time or from time to time at the redemption prices set forth in the indenture. In connection with the 2029 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s fixed rate liabilities with the investment portfolio, which predominately consists of floating rate loans. The cash flows pertaining to the interest rate swap are settled semi-annually. The Company designated this interest rate swap and the 2029 Notes in a qualifying fair value hedging relationship for which it applies hedge accounting. The carrying value of the 2029 Notes is inclusive of the adjustment for the changes in fair value of these notes attributable to the risk being hedged. The following table presents the components of the carrying value of the 2029 Notes:
|  | March 31, 2026 |  |  | December 31, 2025 |
Principal amount of debt |  | $ | 400,000 |  |  | $ | — |
Unamortized debt issuance costs |  |  | (7,113 | ) |  |  | — |
Cumulative hedging adjustments |  |  | (1,419 | ) |  |  | — |
Carrying Value |  | $ | 391,468 |  |  | $ | — |
The following table presents the components of interest and other debt expenses related to the 2029 Notes:
|  | For the Three Months Ended |
|  | March 31, 2026 |  |  | March 31, 2025 |
Borrowing interest expense |  | $ | 3,688 |  |  | $ | — |
(Gain) loss from interest rate swap accounted for as hedges and the related hedged items: |  |  |  |  |  |
Interest rate swap |  |  | 1,397 |  |  |  | — |
Hedged item |  |  | (1,419 | ) |  |  | — |
Amortization of debt issuance costs |  |  | 433 |  |  |  | — |
Total |  | $ | 4,099 |  |  | $ | — |
2030 Notes On September 9, 2025, the Company closed an offering of $400,000 aggregate principal amount of its 5.650% unsecured notes due 2030 (the “2030 Notes”). The 2030 Notes were issued pursuant to an indenture between the Company and Computershare Trust Company, National Association, as Trustee (as successor to Wells Fargo). The 2030 Notes bear interest at a rate of 5.650% per year, payable semi-annually in arrears on March 9 and September 9 of each year. The 2030 Notes will mature on September 9, 2030 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the indenture. In connection with the 2030 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s fixed rate liabilities with the investment portfolio, which predominately consists of floating rate loans. The cash flows pertaining to the interest rate swap are settled semi-annually. The Company designated this interest rate swap and the 2030 Notes in a qualifying fair value hedging relationship for which it applies hedge accounting. The carrying value of the 2030 Notes is inclusive of the adjustment for the changes in fair value of these notes attributable to the risk being hedged. The following table presents the components of the carrying value of the 2030 Notes:
|  | March 31, 2026 |  |  | December 31, 2025 |
Principal amount of debt |  | $ | 400,000 |  |  | $ | 400,000 |
Unamortized debt issuance costs |  |  | (4,558 | ) |  |  | (4,811 | )
Cumulative hedging adjustments |  |  | (5,940 | ) |  |  | (3,573 | )
Carrying Value |  | $ | 389,502 |  |  | $ | 391,616 |
The following table presents the components of interest and other debt expenses related to the 2030 Notes:
|  | For the Three Months Ended |
|  | March 31, 2026 |  |  | March 31, 2025 |
Borrowing interest expense |  | $ | 6,091 |  |  | $ | — |
(Gain) loss from interest rate swap accounted for as hedges and the related hedged items: |  |  |  |  |  |
Interest rate swap |  |  | 2,350 |  |  |  | — |
Hedged item |  |  | (2,367 | ) |  |  | — |
Amortization of debt issuance costs |  |  | 253 |  |  |  | — |
Total |  | $ | 6,327 |  |  | $ | — |

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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