Debt (Tables)

9 Months Ended

Sep. 30, 2025

Debt consisted of the following (in thousands):


	September 30, 2025								December 31, 2024
	Aggregate Principal Amount Committed		Drawn Amount		Amount Available (1)		Carrying Value(2)(3)		Aggregate Principal Amount Committed		Drawn Amount		Amount Available (1)		Carrying Value(2)(3)
SPV Asset Facility	$	400,000		326,900	$	73,100	$	326,900	$	500,000	$	344,850	$	155,150	$	344,850
SMBC Corporate Revolving Facility		310,000		143,263		166,737		143,263		310,000		242,601		67,399		242,601
Series 2021A Unsecured Notes(4)		135,000		135,000		—		135,000		135,000		135,000		—		135,000
FCRX Unsecured Notes(5)		111,600		111,600		—		111,600		111,600		111,600		—		111,600
Series 2023A Unsecured Notes(6)		50,000		50,000		—		50,000		50,000		50,000		—		50,000
Series 2024A Unsecured Notes - 2028(7)		35,000		35,000		—		35,000		35,000		—		35,000		—
Series 2024A Unsecured Notes - 2030(8)		80,000		80,000		—		80,000		80,000		—		80,000		—
Total Debt	$	1,121,600	$	881,763	$	239,837	$	881,763	$	1,221,600	$	884,051	$	337,549	$	884,051

(1)

The amount available is subject to any limitations related to the respective debt facilities’ borrowing bases and foreign currency translation adjustments.

(2)

The amount presented excludes netting of deferred financing costs.

(3)

As of September 30, 2025 and December 31, 2024, the carrying amount of the Company’s outstanding debt approximated fair value unless otherwise noted.

(4)

As of September 30, 2025 and December 31, 2024, the fair value of the Series 2021A Unsecured Notes was approximately $133,521 and $133,280, respectively.

(5)

As of September 30, 2025 and December 31, 2024, the fair value of the FCRX Unsecured Notes was approximately $111,645 and $109,680.

(6)

As of September 30, 2025 and December 31, 2024, the fair value of the Series 2023A Unsecured Notes was approximately $50,300 and $52,027.

(7)

As of September 30, 2025, the fair value of the Series 2024A Unsecured Notes -2028 was approximately $35,114.

(8)

As of September 30, 2025, the fair value of the Series 2024A Unsecured Notes -2030 was approximately $80,829.

Summary of Interest and Credit Facility Expenses

The borrowing expenses incurred by the Company's credit facilities and unsecured debt were as follows (in thousands):


	For the three months ended September 30,				For the nine months ended September 30,
	2025		2024		2025		2024
Borrowing interest expense	$	13,014	$	15,238	$	40,039	$	44,810
Unused facility fees		255		318		793		1,141
Amortization of financing costs		607		548		2,831		1,687
Total interest and credit facility expenses	$	13,876	$	16,104	$	43,663	$	47,638
Weighted average outstanding balance	$	883,927	$	897,987	$	894,994	$	878,918