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Subsequent Events
 6 Months Ended
Jun. 30, 2025
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
The Company has evaluated subsequent events through August 8, 2025, the date on which the consolidated financial statements were issued.
Distributions: On July 3, 2025, the Board declared the following distributions:
Record DatePayment DateAmount Per Share
July 15, 2025September 26, 2025$0.09
August 15, 2025September 26, 20250.09
September 15, 2025September 26, 20250.08
Total distributions declared$0.26
Revolving Credit Facility: On July 9, 2025, the Company increased the Revolving Credit Facility amount pursuant to the accordion feature of the Revolving Credit Agreement from $707,500 to $785,000 of aggregate commitments.
2028 Series E and 2030 Series F Notes: On July 10, 2025, the Company entered into a Note Purchase Agreement (the “Note Purchase Agreement”) governing the issuance of $42,000 aggregate principal amount of Series E Notes, due July 10, 2028, with a fixed interest rate of 6.20% per year (the “2028 Series E Notes”), and $161,000 aggregate principal amount of Series F Notes, due July 10, 2030, with a fixed interest rate of 6.57% per year (the “2030 Series F Notes”), to institutional accredited investors (as defined in Regulation D under the Securities Act) in a private placement. The interest rates on the 2028 Series E and 2030 Series F Notes may be increased in the event a Below Investment Grade Event (as defined in the Note Purchase Agreement) occurs. The 2028 Series E and 2030 Series F Notes are guaranteed by various subsidiaries of the Company.
The 2028 Series E and 2030 Series F Notes may be redeemed in whole or in part at any time or from time to time at the Company’s option, upon notice, in an amount not less than 10% of the aggregate principal amount of 2028 Series E and 2030 Series F Notes then outstanding in the case of a partial prepayment, at 100% of the principal amount so prepaid, and the Prepayment Settlement Amount (as defined in the Note Purchase Agreement) applicable to 2028 Series E and 2030 Series F Notes determined for the prepayment date with respect to such principal amount. In addition, the Company is obligated to offer to prepay 100% of the principal amount of 2028 Series E and 2030 Series F Notes, together with interest on such 2028 Series E and 2030 Series F Notes accrued to, but excluding, the date of prepayment. The 2028 Series E and 2030 Series F Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company.
SPV II Credit Facility: On August 6, 2025, the Company entered into an amendment (the “SPV II Amendment”) to the SPV II Credit Facility. The SPV II Amendment amended the SPV II Credit Facility to, among other things, (i) increase the total facility amount to up to $690,000; (ii) add an unused fee rate of 0.35%; (iii) implement a reinvestment period through August 6, 2027 (the "Reinvestment Period End Date"); (iv) extend the maturity date to August 6, 2028; and (v) reduce the applicable interest rate to SOFR plus 2.05% per annum through the Reinvestment Period End Date and SOFR plus 3.25% per annum during the period from the Reinvestment Period End Date to the maturity date.
Amendments to Articles of Incorporation: On August 4, 2025, the Company’s Board approved an amendment to the Company’s charter to increase the number of shares of common stock the Company is authorized to issue from 300,000,000 to 600,000,000. The Company has filed a copy of the Articles of Amendment (the “Amendment”) with the State Department of Assessments and Taxation of Maryland, in the form filed as Exhibit 3.3 to this quarterly report on Form 10-Q. The Amendment shall become effective upon the conclusion of the review of the Amendment, and acceptance for filing by the State Department of Assessments and Taxation of Maryland.
Asset Purchase Agreement: