v3.25.3

Debt | 9 Months Ended
--- | ---
Sep. 30, 2025
Debt Instruments [Abstract] |
Debt | Note 7. Debt Our debt obligations consisted of the following as of September 30, 2025 and December 31, 2024:
|  | September 30, 2025 |  |  |  | December 31, 2024 |  |
Facility |  | Face Amount |  |  | Carrying Value |  |  |  | Face Amount |  |  | Carrying Value |  |
Credit Facility |  | $ | 498,386 |  |  | $ | 492,182 |  | (1) |  | $ | 482,043 |  |  | $ | 474,715 |  | (1)
SPV Credit Facility |  |  | 165,050 |  |  |  | 163,814 |  | (2) |  |  | 165,050 |  |  |  | 163,335 |  | (2)
2025 Unsecured Notes |  |  | — |  |  |  | — |  |  |  |  | 85,000 |  |  |  | 84,956 |  | (3)
2026 Unsecured Notes |  |  | 75,000 |  |  |  | 74,837 |  | (4) |  |  | 75,000 |  |  |  | 74,741 |  | (4)
2027 Unsecured Notes |  |  | 50,000 |  |  |  | 49,988 |  | (5) |  |  | 50,000 |  |  |  | 49,979 |  | (5)
2027 Series F Unsecured Notes |  |  | 135,000 |  |  |  | 134,992 |  | (6) |  |  | 135,000 |  |  |  | 134,998 |  | (6)
2027 Series G Unsecured Notes |  |  | 49,000 |  |  |  | 48,914 |  | (7) |  |  | 49,000 |  |  |  | 48,970 |  | (7)
2028 Series H Unsecured Notes |  |  | 50,000 |  |  |  | 49,927 |  | (8) |  |  | — |  |  |  | — |  |
2028 Series I Unsecured Notes |  |  | 50,000 |  |  |  | 49,926 |  | (9) |  |  | — |  |  |  | — |  |
2028 Series J Unsecured Notes |  |  | 75,000 |  |  |  | 74,382 |  | (10) |  |  | — |  |  |  | — |  |
|  | $ | 1,147,436 |  |  | $ | 1,138,962 |  |  |  | $ | 1,041,093 |  |  | $ | 1,031,694 |  |
(1) Carrying Value equals the Face Amount net of unamortized debt issuance costs of $6,204 and $7,328 as of September 30, 2025 and December 31, 2024, respectively. (2) Carrying Value equals the Face Amount net of unamortized debt issuance costs/market discount of $1,236 and $1,715 as of September 30, 2025 and December 31, 2024, respectively. (3) Carrying Value equals the Face Amount net of unamortized market discount of $44 as of December 31, 2024. (4) Carrying Value equals the Face Amount net of unamortized market discount of $163 and $259 as of September 30, 2025 and December 31, 2024, respectively. (5) Carrying Value equals the Face Amount net of unamortized market discount of $12 and $21 as of September 30, 2025 and December 31, 2024, respectively. (6) Carrying Value equals the Face Amount net of unamortized debt issuance costs of $8 and $2 as of September 30, 2025 and December 31, 2024, respectively. (7) Carrying Value equals the Face Amount net of unamortized debt issuance costs of $86 and $30 as of September 30, 2025 and December 31, 2024, respectively. (8) Carrying Value equals the Face Amount net of unamortized debt issuance costs of $73 as of September 30, 2025. (9) Carrying Value equals the Face Amount net of unamortized debt issuance costs of $74 as of September 30, 2025. (10) Carrying Value equals the Face Amount net of unamortized debt issuance costs of $618 as of September 30, 2025. Unsecured Notes On August 21, 2025, the Company closed a private offering of $75,000 of unsecured notes due 2028 (the “2028 Series J Unsecured Notes”) with a fixed interest rate of 5.95% and a maturity date of August 21, 2028. Interest on the 2028 Series J Unsecured Notes is due semi-annually on February 21 and August 21. The 2028 Series J Unsecured Notes were issued in a private placement only to qualified institutional buyers. On July 30, 2025, the Company closed a private offering of $50,000 of unsecured notes due 2028 (the “2028 Series I Unsecured Notes”) with a fixed interest rate of 5.96% and a maturity date of July 30, 2028. Interest on the 2028 Series I Unsecured Notes is due semi-annually on January 30 and July 30. The 2028 Series I Unsecured Notes were issued in a private placement only to qualified institutional buyers. On February 18, 2025, the Company closed a private offering of $50,000 of unsecured notes with a fixed interest rate of 6.14% and a maturity date of February 18, 2028 (the “2028 Series H Unsecured Notes”). Interest on the 2028 Series H Unsecured Notes is due semi-annually on February 18 and August 18. The 2028 Series H Unsecured Notes were issued in a private placement only to qualified institutional buyers. On December 16, 2024, the Company closed a private offering of $49,000 of unsecured notes with a fixed interest rate of 6.24% and a maturity date of December 16, 2027 (the “2027 Series G Unsecured Notes”). Interest on the 2027 Series G Unsecured Notes is due semi-annually on June 16 and December 16. The 2027 Series G Unsecured Notes were issued in a private placement only to qualified institutional buyers. On April 1, 2022, the Company entered into an assumption agreement (the “Note Assumption Agreement”), effective as of the closing of the Mergers. The Note Assumption Agreement relates to the Company’s assumption of $85,000 in aggregate principal amount of five-year, 3.90% senior unsecured notes, due March 31, 2025 (the “2025 Unsecured Notes”), and other obligations of SUNS under the Note Purchase Agreement, dated as of March 31, 2020 (the “Note Purchase Agreement”), among SUNS and certain institutional investors. Interest on the 2025 Unsecured Notes was due semi-annually on March 31 and September 30. Pursuant to the Note Assumption Agreement, the Company expressly assumed on behalf of SUNS the due and punctual payment of the principal of (and premium, if any) and interest on all the 2025 Unsecured Notes outstanding and the due and punctual performance and observance of every covenant and every condition of the Note Purchase Agreement to be performed or observed by SUNS. The 2025 Unsecured Notes were repaid in full at maturity on March 31, 2025. On January 6, 2022, the Company closed a private offering of $135,000 of unsecured notes with a fixed interest rate of 3.33% and a maturity date of January 6, 2027 (the “2027 Series F Unsecured Notes”). Interest on the 2027 Series F Unsecured Notes is due semi-annually on January 6 and July 6. The 2027 Series F Unsecured Notes were issued in a private placement only to qualified institutional buyers. On September 14, 2021, the Company closed a private offering of $50,000 of unsecured notes with a fixed interest rate of 2.95% and a maturity date of March 14, 2027 (the “2027 Unsecured Notes”). Interest on the 2027 Unsecured Notes is due semi-annually on March 14 and September 14. The 2027 Unsecured Notes were issued in a private placement only to qualified institutional buyers. On December 18, 2019, the Company closed a private offering of $75,000 of unsecured notes with a fixed interest rate of 4.375% and a maturity date of December 15, 2026 (the “2026 Unsecured Notes”). Interest on the 2026 Unsecured Notes is due semi-annually on June 15 and December 15. The 2026 Unsecured Notes were issued in a private placement only to qualified institutional buyers. Revolving and Term Loan Facilities On August 16, 2024, the Company closed on Amendment No. 3 to its August 28, 2019 senior secured credit agreement (as amended to date, the “Credit Facility”). Following the amendment and several commitment increases between the fourth quarter of 2024 and the quarter ended September 30, 2025, the Credit Facility is now composed of $720,000 of revolving credit and $140,000 of term loans. Borrowings generally bear interest at a rate per annum equal to the base rate plus a range of 1.75%-2.00% or the alternate base rate plus 0.75%-1.00%. The Credit Facility has a 0% floor, matures in August 2029 and includes ratable amortization in the final year. Subsequent to Amendment No. 4 on December 3, 2024, the Credit Facility may be increased up to $900,000 with additional new lenders or an increase in commitments from current lenders. The Credit Facility contains certain customary affirmative and negative covenants and events of default. In addition, the Credit Facility contains certain financial covenants that, among other things, require the Company to maintain a minimum stockholder’s equity and a minimum asset coverage ratio. At September 30, 2025, outstanding USD equivalent borrowings under the Credit Facility totaled $498,386, composed of $358,386 of revolving credit and $140,000 of term loans. On April 1, 2022, the Company entered into an assumption agreement (the “CF Assumption Agreement”), effective as of the closing of the Mergers. The CF Assumption Agreement relates to the Company’s assumption of the Revolving Credit Facility, originally entered into on August 26, 2011 (as amended from time to time, the “SPV Credit Facility”), by and among SUNS SPV LLC (the “SUNS SPV”), a wholly-owned subsidiary of SUNS, acting as borrower, Citibank, N.A., acting as administrative agent and collateral agent, and the other parties thereto. Currently, subsequent to an August 30, 2024 amendment, the commitment under the SPV Credit Facility is $275,000. The stated interest rate on the SPV Credit Facility is SOFR plus 2.25%-2.75% with no SOFR floor requirement and the current final maturity date is August 30, 2028. The SPV Credit Facility is secured by all of the assets held by SUNS SPV. Under the terms of the SPV Credit Facility and related transaction documents, the Company as successor to SUNS, and SUNS SPV, as applicable, have made certain customary representations and warranties and are required to comply with various covenants, including leverage restrictions, reporting requirements and other customary requirements for similar credit facilities. The SPV Credit Facility also includes usual and customary events of default for credit facilities of this nature. At September 30, 2025, outstanding USD equivalent borrowings under the SPV Credit Facility totaled $165,050. Certain covenants on our issued debt may restrict our business activities, including limitations that could hinder our ability to finance additional loans and investments or to make the distributions required to maintain our status as a RIC under Subchapter M of the Code. The average annualized interest cost for all borrowings for the nine months ended September 30, 2025 and the year ended December 31, 2024 was 5.72% and 5.91%, respectively. These costs are exclusive of other credit facility expenses such as unused fees, agency fees and other prepaid expenses related to establishing and/or amending the Credit Facility, the SPV Credit Facility, the 2025 Unsecured Notes, the 2026 Unsecured Notes, the 2027 Unsecured Notes, the 2027 Series F Unsecured Notes, the 2027 Series G Unsecured Notes, the 2028 Series H Unsecured Notes, the 2028 Series I Unsecured Notes and the 2028 Series J Unsecured Notes (collectively the “Debt Instruments”), if any. The maximum amounts borrowed on the Debt Instruments during the nine months ended September 30, 2025 and the year ended December 31, 2024 were $1,223,260 and $1,192,250, respectively.

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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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