Debt

12 Months Ended

Dec. 31, 2025

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 December 31, 2025 and December 31, 2024, the Company’s asset coverage ratio based on the aggregate amount outstanding of senior securities was 175% and 181%.

The Company’s outstanding debt was as follows:

	As of
	December 31, 2025						December 31, 2024
	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	$	1,109,997	$	585,750	$	1,695,000	$	1,019,992	$	674,628
2025 Notes		—		—		—		360,000		—		359,845
2026 Notes		500,000		—		499,921		500,000		—		498,010
2027 Notes		400,000		—		397,333		400,000		—		393,969
2030 Notes		400,000		—		391,616		—		—		—
Total Debt	$	2,995,000	$	1,109,997	$	1,874,620	$	2,955,000	$	1,019,992	$	1,926,452

(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 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. As of December 31, 2024, the Company had outstanding borrowings denominated in USD of $626,674, in EUR of EUR 10,500, in GBP of GBP 18,950, in CAD of CAD 8,520 and in AUD of AUD 12,000.

The combined weighted average interest rate of the aggregate borrowings outstanding for the year ended December 31, 2025 was 5.36% and for the year ended December 31, 2024 was 5.28%. The combined average debt of the aggregate borrowings outstanding for the year ended December 31, 2025 was $1,860,251 and for the year ended December 31, 2024 was $1,915,158.

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 December 17, 2025.

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 December 31, 2025, the Company was in compliance with these covenants.

Costs of $38,110 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 December 31, 2025 and December 31, 2024, the unamortized deferred financing costs were $13,245 and $11,897.

The following table presents summary information regarding the Revolving Credit Facility:

	For the Years Ended December 31,
	2025			2024			2023
Borrowing interest expense	$	49,391		$	52,757		$	74,706
Facility fees		3,470			3,725			2,430
Amortization of financing costs		3,264			3,285			2,997
Total	$	56,125		$	59,767		$	80,133
Weighted average interest rate		6.21	%		7.21	%		6.98	%
Average outstanding balance	$	795,868		$	731,661		$	1,070,027

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. The 2025 Notes matured and were fully repaid on February 10, 2025, in accordance with their terms, using proceeds from the Revolving Credit Facility.

The following table presents the components of the carrying value of the 2025 Notes:

	December 31, 2025		December 31, 2024
Principal amount of debt	$	—	$	360,000
Unamortized debt issuance costs		—		(155	)
Carrying Value	$	—	$	359,845

The following table presents the components of interest and other debt expenses related to the 2025 Notes:

	For the Years Ended December 31,
	2025		2024		2023
Borrowing interest expense	$	1,463	$	13,500	$	13,500
Amortization of debt issuance costs		155		1,386		1,383
Total	$	1,618	$	14,886	$	14,883

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. The 2026 Notes matured on January 15, 2026. For further information, see Note 13 “Subsequent Events.”

The following table presents the components of the carrying value of the 2026 Notes:

	December 31, 2025			December 31, 2024
Principal amount of debt	$	500,000		$	500,000
Unamortized debt issuance costs		(79	)		(1,990	)
Carrying Value	$	499,921		$	498,010

The following table presents the components of interest and other debt expenses related to the 2026 Notes:

	For the Years Ended December 31,
	2025		2024		2023
Borrowing interest expense	$	14,375	$	14,375	$	14,375
Amortization of debt issuance costs		1,911		1,916		1,911
Total	$	16,286	$	16,291	$	16,286

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. 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:

	December 31, 2025			December 31, 2024
Principal amount of debt	$	400,000		$	400,000
Unamortized debt issuance costs		(3,279	)		(6,031	)
Cumulative hedging adjustments		612			—
Carrying Value	$	397,333		$	393,969

The following table presents the components of interest and other debt expenses related to the 2027 Notes:

	For the Years Ended December 31,
	2025			2024		2023
Borrowing interest expense	$	26,291		$	20,542	$	—
(Gain) loss from interest rate swap accounted for as hedges and the related hedged items:
Interest rate swap		(607	)		—		—
Hedged item		612			—		—
Amortization of debt issuance costs		2,752			2,232		—
Total	$	29,048		$	22,774	$	—

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, commencing on March 9, 2026. 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:

	December 31, 2025			December 31, 2024
Principal amount of debt	$	400,000		$	—
Unamortized debt issuance costs		(4,811	)		—
Cumulative hedging adjustments		(3,573	)		—
Carrying Value	$	391,616		$	—

The following table presents the components of interest and other debt expenses related to the 2030 Notes:

	For the Years Ended December 31,
	2025			2024		2023
Borrowing interest expense	$	8,164		$	—	$	—
(Gain) loss from interest rate swap accounted for as hedges and the related hedged items:
Interest rate swap		3,570			—		—
Hedged item		(3,573	)		—		—
Amortization of debt issuance costs		320			—		—
Total	$	8,481		$	—	$	—