Debt (Tables)

6 Months Ended

Jun. 30, 2025

Debt Disclosure [Abstract]

Schedule of Long-Term Debt Instruments

The following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the

Company's total debt for the three and six months ended June 30, 2025 and June 30, 2024:

	For the three months ended June 30, 2025	For the three months ended June 30, 2024	For the six months ended June 30, 2025	For the six months ended June 30, 2024
Interest expense	$6,854	$1,469	$12,453	$2,190
Non-usage fee (1)	(3)	10	44	26
Amortization of deferred financing costs	403	146	772	331
Weighted average stated interest rate	6.06%	7.17%	6.08%	6.93%
Weighted average outstanding balance	$453,411	$82,486	$412,810	$63,612

(1)Non-usage fee includes the portion of the facility agent fee applicable to the undrawn portion of the Subscription

Facility.

The following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the

ING Facility for the three and six months ended June 30, 2025 and June 30, 2024:

	For the three months ended June 30, 2025	For the three months ended June 30, 2024	For the six months ended June 30, 2025	For the six months ended June 30, 2024
Interest expense	$4,327	$215	$7,525	$215
Non-usage fee (1)	(3)	—	44	—
Amortization of financing costs	158	9	296	9
Weighted average stated interest rate	6.95%	8.08%	7.08%	8.08%
Weighted average outstanding balance	$249,702	$10,714	$214,452	$5,357

(1)Non-usage fee includes the portion of the facility agent fee applicable to the undrawn portion of the ING Credit

Facility.

The following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the

Subscription Facility for the three and six months ended June 30, 2025 and June 30, 2024:

	For the three months ended June 30, 2025	For the three months ended June 30, 2024	For the six months ended June 30, 2025	For the six months ended June 30, 2024
Interest expense	$—	$253	$—	$492
Non-usage fee (1)	—	10	—	26
Amortization of financing costs	—	75	—	218
Weighted average stated interest rate	—%	8.07%	—%	7.83%
Weighted average outstanding balance	$—	$12,659	$—	$12,642

(1)Non-usage fee includes the portion of the facility agent fee applicable to the undrawn portion of the Subscription

Facility.

The following table summarizes the interest expense and amortization of financing costs incurred on the SBA-guaranteed

debentures for the three and six months ended June 30, 2025 and June 30, 2024:

	For the three months ended June 30, 2025	For the three months ended June 30, 2024	For the six months ended June 30, 2025	For the six months ended June 30, 2024
Interest expense	$2,526	$611	$4,928	$1,093
Non-usage fee	—	—	—	—
Amortization of financing costs	246	62	476	104
Weighted average stated interest rate	4.98%	5.40%	5.01%	5.67%
Weighted average outstanding balance	$203,709	$45,467	$198,359	$38,790

The following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the

Repurchase Obligations for the three and six months ended June 30, 2025 and June 30, 2024:

	For the three months ended June 30, 2025	For the three months ended June 30, 2024	For the six months ended June 30, 2025	For the six months ended June 30, 2024
Interest expense	$—	$390	$—	$390
Non-usage fee	—	—	—	—
Amortization of financing costs	—	—	—	—
Weighted average stated interest rate	—%	11.50%	—%	11.50%
Weighted average outstanding balance (1)	$—	$13,645	$—	$6,822

Schedule of Line of Credit Facilities

The following table summarizes the Company’s SBA-guaranteed debentures as of June 30, 2025:

Issuance Date	Maturity Date	Debenture Amount	Interest Rate	SBA Annual Charge
September 15, 2023	March 1, 2034	$31,000	5.04%	0.047%
March 15, 2024	September 1, 2034	$5,960	4.38%	0.047%
June 14, 2024	September 1, 2034	$45,540	4.38%	0.129%
September 16, 2024	March 1, 2035	$82,505	4.96%	0.129%
December 12, 2024	March 1, 2035	$27,500	4.96%	0.347%
March 28, 2025	September 1, 2035	$9,995	4.76%	0.347%
June 27, 2025	September 1, 2035	$27,500	4.86%	0.347%

The facilities of the Company consist of the following:

	June 30, 2025			December 31, 2024
	Aggregate Principal Amount Available	Principal Amount Outstanding	Unused Portion	Aggregate Principal Amount Available	Principal Amount Outstanding	Unused Portion
Secured borrowings	$275,000	$254,482	$20,518	$225,000	$208,232	$16,768
SBA-Guaranteed Debentures	230,000	230,000	—	192,505	192,505	—
Total	$505,000	$484,482	$20,518	$417,505	$400,737	$16,768