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Debt
 9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Debt DebtIn accordance with the 1940 Act, with certain limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. As of September 30, 2023, the Company's asset coverage was 228.8%. The following tables present the Company’s outstanding borrowings as of September 30, 2023 and December 31, 2022:
As of September 30, 2023
Total Principal Amount CommittedPrincipal Amount Outstanding
Carrying Value (1)
Fair Value (2)
JPM Credit Facility$475,000$71,100$71,100$71,100
BNP Credit Facility 400,000312,530312,530312,530
Total Debt$875,000$383,630$383,630$383,630

As of December 31, 2022
Total Principal Amount CommittedPrincipal Amount Outstanding
Carrying Value (1)
Fair Value (2)
JPM Credit Facility$50,000$31,000$31,000$31,000
Total Debt$50,000$31,000$31,000$31,000

(1)Carrying value represents principal amount outstanding less unamortized debt issuance costs.
(2)The fair value of these debt obligations would be categorized as Level 2 under ASC 820-10.

For the three months ended September 30, 2023, there was $333.4 million of average borrowings under both credit facilities at a weighted average interest rate of 8.1%.

For the nine months ended September 30, 2023, there was $133.9 million of average borrowings under both credit facilities at a weighted average interest rate of 7.9%.


A summary of contractual maturities of our debt obligations was as follows as of September 30, 2023:

Payments Due by Period
TotalLess than 1 year1-3 years3-5 yearsMore than 5 years
JPM Credit Facility$71,100 $— $— $71,100 $— 
BNP Credit Facility312,530 — — 312,530 — 
Total Debt Obligations$383,630 $— $— $383,630 $— 

JPM Credit Facility

On November 15, 2022, the Company entered into a senior secured revolving credit agreement (the “JPM Credit Agreement” or the “JPM Credit Facility”) as Borrower, with JPMorgan Chase Bank, N.A., as Administrative Agent and Collateral Agent, and the lenders party thereto. The original facility amount under the JPM Credit Agreement was $50.0 million. On August 29, 2023, the Company entered into Amendment No.1 (the “Amendment”) to the JPM Credit Agreement, and the amended facility amount under this Amendment is $475 million. The JPM Credit Facility includes customary affirmative and negative covenants, including certain limitations on the incurrence of additional indebtedness and liens, as well as usual and customary events of default for revolving credit facilities of this nature. As of September 30, 2023, the Company was in compliance with these covenants.
Borrowings under the JPM Credit Facility bear interest at SOFR plus 1.875%. The Company pays an unused commitment fee of 37.5 basis points (0.375%) per annum. The stated maturity date was extended from November 15, 2027 to August 29, 2028 as part of the Amendment.
As of September 30, 2023, there were $71.1 million of borrowings outstanding under the JPM Credit Facility.
For the three and nine months ended September 30, 2023, the components of interest expense related to the JPM Credit Facility were as follows:
For the Three
Months Ended		For the Nine
Months Ended
September 30, 2023September 30, 2023
Borrowing interest expense$858 $1,905 
Unused facility fee150 185 
Amortization of deferred financing costs94 141 
Total interest and debt financing expense$1,102 $2,231 
For the nine months ended September 30, 2023, the weighted average stated interest rate on the aggregate principal amount of indebtedness outstanding was 7.0%.
BNP Credit Facility

On June 30, 2023, the Company entered into an amended and restated revolving credit and security agreement (the “BNP Credit Agreement” or “BNP Credit Facility”) with the Company, as Equityholder, TRP OHA SPV Funding I, LLC, as Borrower, with BNP Paribas (“BNP”), as Administrative Agent, TRP OHA Servicer I, LLC, as Servicer, The Bank of New York Mellon Trust Company, National Association (“BNYM”), as Collateral Agent, and the lenders party thereto. The facility amount under the BNP Credit Agreement is $400.0 million.
Proceeds of the loans under the BNP Credit Agreement may be used to acquire certain qualifying loans and such other uses as permitted under the BNP Credit Agreement. The period from the closing date until June 30, 2026 is referred to as the reinvestment period and during such reinvestment period, the Borrower may request drawdowns under the BNP Credit Agreement. The final maturity date is the earliest of: (a) the business day designated by the Borrower as the final maturity date upon not less than three business days’ prior written notice to the Administrative Agent, the Collateral Agent, the Lenders, the Custodian and the Collateral Administrator, (b) June 30, 2028, and (c) the date on which the Administrative Agent provides notice of the declaration of the final maturity date after the occurrence of an event of default. The Credit Agreement includes customary affirmative and negative covenants, including certain limitations on the incurrence of additional indebtedness and liens, as well as usual and customary events of default for revolving credit facilities of this nature. As of September 30, 2023, the Company was in compliance with these covenants.

Assets that are pledged as collateral for the BNP Credit Facility are not directly available to the creditors of the Company to satisfy any obligations of the Company other than the Company’s obligations under the BNP Revolving Credit Facility.

Borrowings under the BNP Credit Facility bear interest at SOFR plus 3.00%. The Company is to pay an unused commitment fee of 100 basis points (1.00%) per quarter beginning September 30, 2023. The stated maturity date is June 30, 2028.
As of September 30, 2023, there were $312.5 million of borrowings outstanding under the BNP Credit Facility.

For the three and nine months ended September 30, 2023, the components of interest expense related to the BNP Credit Facility were as follows:
For the Three Months EndedFor the Nine Months Ended
September 30, 2023September 30, 2023
Borrowing interest expense$6,065 $6,065 
Unused facility fee$— $— 
Amortization of deferred financing costs$106 $106 
Total interest and debt financing expense$6,171 $6,171 

For the nine months ended September 30, 2023, the weighted average stated interest rate on the aggregate principal amount of indebtedness outstanding was 8.2%.