Borrowings (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Debt Instruments

As of December 31, 2025, the Unsecured Notes had the following terms and balances:

Unsecured Notes	Principal		Unamortized Debt Issuance Costs		Stated Interest Rate(1)		Effective Interest Rate(2)		Optional Redemption Date	Maturity Date
Unsecured Notes Due February 2026(3)	$	16,000	$	12	4.75	%	5.44	%	Callable	February 10, 2026
Unsecured Notes Due July 2028	69,000		1,502		7.50	%	8.34	%	July 31, 2026	July 31, 2028
Unsecured Notes Due October 2028	55,000		580		4.95	%	5.32	%	Callable	October 31, 2028
Unsecured Note Due August 2029	25,000		718		8.00	%	8.80	%	Callable	August 8, 2029
Total	$	165,000	$	2,812

(1) The weighted-average fixed cash interest rate on the Unsecured Notes as of December 31, 2025 was 6.46%.

(2) The effective interest rate on the Unsecured Notes includes deferred debt issuance cost amortization.

(3) On February 9, 2026, the Company redeemed the remaining $16,000 in aggregate principal amount of its Unsecured Notes Due February 2026.

For the years ended December 31, 2025, 2024 and 2023, the components of interest expense, cash paid for interest, effective interest rates and average outstanding balances for the Unsecured Notes were as follows:

	Year Ended December 31,
	2025			2024			2023
Stated interest expense	$	10,078		$	8,660		$	8,660
Amortization of debt issuance costs	1,111			979			981
Total interest and debt financing costs	$	11,189		$	9,639		$	9,641
Cash paid for interest expense	$	10,911		$	8,660		$	8,660
Effective interest rate	5.99		%	5.35		%	5.36		%
Average outstanding balance	$	186,929		$	180,000		$	180,000

For the years ended December 31, 2025, 2024, and 2023, the components of interest expense, cash paid for interest, effective interest rates and average outstanding balances for the SBA debentures were as follows:

	Year Ended December 31,
	2025			2024			2023
Stated interest expense	$	—		$	151		$	1,236
Amortization of debt issuance costs	—			20			162
Total interest and debt financing costs	$	—		$	171		$	1,398
Cash paid for interest expense	$	—		$	457		$	1,418
Effective interest rate	—		%	3.26		%	3.25		%
Average outstanding balance	$	—		$	5,233		$	43,046

The average dollar borrowings and average interest rate for all Company debt during the years ended December 31, 2025, 2024 and 2023, were as follows:

Year ended	Average Dollar Borrowings		Weighted-Average Effective Interest Rate
December 31, 2025	$	251,696	6.56	%
December 31, 2024	260,792		6.38
December 31, 2023	324,357		6.01

Schedule of Credit Facilities

For the years ended December 31, 2025, 2024 and 2023, the components of interest expense, cash paid for interest, effective interest rates and average outstanding balances for the Banc of California Credit Facility were as follows:

	Year Ended December 31,
	2025		2024		2023
Stated interest expense(1)	$	114	$	3	$	147
Amortization of debt issuance costs(1)	121		125		5
Total interest and debt financing costs	$	235	$	128	$	152
Cash paid for interest expense	$	111	$	—	$	145
Effective interest rate(2)	n/m		n/m		n/m
Average outstanding balance	$	1,482	$	39	$	1,249

(1) For the year ended December 31, 2023, stated interest expense includes unused fees. Effective December 15, 2023, the 0.50% unused line fee was replaced with an annual commitment fee of 0.50%, which is included in amortization of debt issuance costs for the years ended December 31, 2025 and 2024.

(2) Not meaningful due to a minimal average outstanding balance relative to the size of the total commitment and the amount of unused or commitment fees incurred during the periods.

For the years ended December 31, 2025, 2024 and 2023, the components of interest expense, cash paid for interest, effective interest rates and average outstanding balances for the BNP Facility were as follows:

	Year Ended December 31,
	2025			2024			2023
Stated interest expense(1)	$	4,747		$	6,329		$	7,911
Amortization of debt issuance costs	339			381			380
Total interest and debt financing costs	$	5,086		$	6,710		$	8,291
Cash paid for interest expense	$	4,843		$	6,543		$	7,966
Effective interest rate	8.04		%	8.88		%	8.29		%
Average outstanding balance	$	63,285		$	75,520		$	100,062

(1) Stated interest expense includes unused commitment fees. In connection with the expiration of the reinvestment period, and effective September 30, 2025, the Company is no longer subject to an unused commitment fee on the facility.

Schedule of Scheduled Maturities

The following table shows the scheduled maturities of the principal balances of the Company’s outstanding borrowings as of December 31, 2025:

	Principal Due by Year
Debt liabilities	Total		2026		2027		2028		2029		Thereafter
Banc of California Credit Facility(1)	$	4,500	$	4,500	$	—	$	—	$	—	$	—
BNP Facility(2)	50,950		—		50,950		—		—		—
Unsecured Notes(3)	165,000		16,000		—		124,000		25,000		—
Total	$	220,450	$	20,500	$	50,950	$	124,000	$	25,000	$	—

(1) On January 9, 2026, the Company amended the Banc of California Credit Facility to extend the maturity date from February 28, 2026 to February 28, 2028.

(2) On February 18, 2026, in connection with the closing of the Natixis Facility, OFSCC-FS repaid in full all outstanding obligations due, and terminated all commitments, under the BNP Facility. The Natixis Facility has a maturity date of February 18, 2031, subject to the occurrence of certain other events that result in accelerated maturity under the Natixis Facility.

(3) On February 9, 2026, the Company redeemed the remaining $16,000 in aggregate principal amount of its Unsecured Notes Due February 2026. See “Note 12—Subsequent Events” for additional information.