DEBT

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

DEBT

DEBT

The Company’s outstanding debt obligations were as follows:

	December 31, 2023
	Aggregate Principal Committed		Outstanding Principal		Unused Portion
SMBC Facility	$	100,000	$	11,000	$	89,000
Total	$	100,000	$	11,000	$	89,000

The combined weighted average interest rate (excluding unused fees and financing costs) of the aggregate borrowings outstanding for the year ended December 31, 2023 was 8.62% . The combined weighted average debt of the aggregate borrowings outstanding for the year ended December 31, 2023 was $11,476.

SMBC Facility

On July 19, 2023, the Company entered into a Senior Secured Revolving Credit Agreement (as amended, restated, supplemented or otherwise modified from time to time, the “SMBC Facility”) with the Company, as a borrower, Sumitomo Mitsui Banking Corporation (“SMBC”), as administrative agent, lead arranger, and sole bookrunner, and the lender from time to time party thereto. Pursuant to the SMBC Facility, the lender has agreed to extend credit to the Company in an aggregate principal amount of up to $100,000, subject to availability under a borrowing base, which is based on the Company’s portfolio investments and other outstanding indebtedness. Maximum capacity under the SMBC Facility may be increased to $500,000 through the exercise by us of an uncommitted accordion feature through which existing and new lenders may, at their option, agree to provide additional financing. The availability period of the SMBC Facility will terminate on July 19, 2027 and will mature on July 19, 2028.

The Company may borrow amounts in U.S. dollars or certain other permitted currencies. Borrowings under the SMBC Facility bear interest at a per annum rate equal to, (x) for loans for which the Company elects the base rate option, the “alternate base rate” (which is the greater of (a) zero and (b) the highest of (i) the prime rate as publicly announced by The Wall Street Journal, (ii) the sum of the weighted average of the rates on overnight federal funds transactions, as published by the Federal Reserve Bank of New York plus 0.5%, and (iii) the rate per annum equal to 1% plus (x) the greater of (A) Term SOFR and (B) zero) plus 1.125%, based on certain borrowing base conditions and (y) for loans for which the Company elects the SOFR option, Term SOFR for such interest period, plus

2.125%, depending on certain borrowing base conditions. The Company pays an unused fee of 0.375% per annum on the daily unused amount of the revolver commitments. As of December 31, 2023, the Company was in compliance with all covenants and other requirements of the SMBC Facility.

The summary information of the SMBC Facility is as follows:

	For the Year Ended December 31, 2023
Borrowing interest expense	$	456
Facility unused commitment fees	153
Amortization of deferred financing costs	104
Total	$	713
Weighted average interest rate	8.62		%
Weighted average outstanding balance(1)	$	11,476

(1)    For the year ended December 31, 2023, calculated for the period from July 19, 2023 (SMBC Facility closing date) through December 31, 2023.