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BORROWINGS
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
BORROWINGS BORROWINGS
In 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. On April 1, 2025, the Company's sole initial shareholder approved the adoption of this 150% threshold pursuant to Section 61(a)(2) of the 1940 Act. As of March 31, 2026 and December 31, 2025, the Company's asset coverage was 185% and 191%, respectively.
As of March 31, 2026 and December 31, 2025, the Company was in compliance with all covenants and other requirements of its outstanding credit agreements.
Secured Debt
The following table details the Company's secured debt ($ in thousands):
March 31, 2026December 31, 2025
Secured credit facilities$729,770 $622,925 
Asset-specific debt352,575 197,203 
Total secured debt1,082,345 820,128 
Deferred financing costs(1)
(2,621)(2,618)
Net book value of secured debt$1,079,724 $817,510 
(1)Costs incurred in connection with the Company's secured debt are recorded on the Company's consolidated statement of assets and liabilities when incurred and recognized as a component of interest expense over the life of each related facility.
Secured Credit Facilities
The Company's secured credit facilities are generally in the form of master repurchase agreements and secured by certain of its investments in loans and other notes and debt securities. The following table details the Company's secured credit facilities ($ in thousands):
March 31, 2026
BorrowingsCollateral Pledged
Collateral Type
Weighted Average Rate(1)
Borrowings
Weighted Average Maturity(2)
Number of Positions Pledged
Collateral(3)
Weighted Average Maturity(4)
Investments in loans and other notes
Wells Fargo Bank, N.A.5.0 %$185,030 1/31/20313$271,684 1/23/2031
Barclays Bank PLC5.2 %170,143 10/10/20305247,071 9/28/2030
Canadian Imperial Bank of Commerce5.1 %148,613 11/9/20301198,151 11/9/2030
Morgan Stanley Bank, N.A.5.1 %99,848 6/22/202915135,116 7/3/2029
Subtotal5.1 %603,634 9/3/203024852,022 9/1/2030
Investments in debt securities
Société Generale4.8 %57,845 3/19/20272594,206 2/10/2048
Royal Bank of Canada4.9 %38,148 1/27/20271055,034 5/15/2039
Canadian Imperial Bank of Commerce4.7 %11,729 1/27/2027717,133 1/9/2046
Citigroup Global Markets Inc.4.7 %18,414 2/12/2027920,532 7/13/2049
Subtotal4.8 %126,136 2/22/202751186,905 10/5/2045
Total5.0 %$729,770 1/23/203075$1,038,927 6/3/2033
December 31, 2025
BorrowingsCollateral Pledged
Collateral Type
Weighted Average Rate(1)
Borrowings
Weighted Average Maturity(2)
Number of Positions Pledged
Collateral(3)
Weighted Average Maturity(4)
Investments in loans and other notes
Canadian Imperial Bank of Commerce5.1 %$146,261 11/9/20301$195,556 11/9/2030
Wells Fargo Bank, N.A. 5.1 %126,525 12/9/20302168,700 12/9/2030
Morgan Stanley Bank, N.A.5.1 %113,964 7/13/202916153,221 7/23/2029
Barclays Bank PLC5.3 %86,112 7/15/20304155,947 7/15/2030
Subtotal5.2 %472,862 7/2/203023673,424 7/1/2030
Investments in debt securities
Société Generale5.2 %57,868 12/3/202627104,036 6/8/2048
Citigroup Global Markets Inc.5.2 %40,326 10/27/2026865,526 10/23/2043
Royal Bank of Canada5.1 %36,357 10/29/20261061,087 10/14/2039
Canadian Imperial Bank of Commerce4.9 %15,512 11/6/2026832,992 9/16/2038
Subtotal5.2 %150,063 11/12/202653263,641 2/21/2044
Total5.2 %$622,925 8/16/202976$937,065 5/6/2034
(1)For investments in loans and other notes, the weighted average borrowing rate is determined by reference to a benchmark index rate, primarily one‑month term SOFR. For investments in debt securities, the weighted average borrowing rate is determined by reference to a benchmark index rate, primarily overnight SOFR.
(2)For investments in loans and other notes, the weighted-average maturity of borrowings outstanding is generally calculated based on the maximum maturity date of the collateral pledged, assuming all extension options are exercised by the borrower. In certain instances, the maturity date of the respective secured credit facility is used. For investments in debt securities, the Company's secured debt is generally aligned to a one-year maturity and extended on an as needed basis by the Company.
(3)Represents the fair market value of the collateral pledged.
(4)Weighted average maturity date is based on the fully extended maturity date of the instrument for investments in loans and other notes or rated final distribution date for investments in debt securities; however, investments may be repaid before such date.
The availability of funding under the Company's secured credit facilities is based on the amount of approved collateral, which is proposed by the Company at its discretion and approved by the respective counterparty in its discretion. Certain structural elements of the Company's secured credit facilities, including the limitation on recourse to it and facility economics, are influenced by the specific collateral portfolio construction of each facility, and therefore vary within and among the facilities. The recourse limitation to lenders ranges from 0% to 100%.
The Company's secured credit facilities generally permit it to increase or decrease the amount advanced against the pledged collateral in the Company's discretion within certain maximum/minimum amounts and frequency limitations. As of March 31, 2026 and December 31, 2025, there was an aggregate $71.7 million and $88.1 million, respectively, available to be drawn at the Company's discretion under the Company's secured credit facilities.
Asset-Specific Debt
The Company's asset-specific debt is generally in the form of master loan and security agreements and is secured by certain investments in loans and other notes. The following table details the Company's asset-specific debt ($ in thousands):
March 31, 2026
BorrowingsCollateral Pledged
Collateral Type
Weighted Average Rate(1)
Borrowings
Weighted Average
Maturity(2)
Number of
Positions Pledged
Collateral(3)
Weighted Average
Maturity(4)
Investments in loans and other notes
U.S. Bank, N.A,4.9 %$154,522 4/9/20311$191,208 4/9/2031
Standard Chartered Bank5.0 %150,750 11/9/20301201,000 11/9/2030
HSBC Bank USA, N.A.5.1 %47,303 10/9/2030163,070 10/9/2030
Total5.0 %$352,575 1/10/20313$455,278 1/10/2031
December 31, 2025
BorrowingsCollateral Pledged
Collateral Type
Weighted Average Rate(1)
Borrowings
Weighted Average
Maturity(2)
Number of
Positions Pledged
Collateral(3)
Weighted Average
Maturity(4)
Investments in loans and other notes
Standard Chartered Bank5.1 %$150,750 11/9/20301$201,000 11/9/2030
HSBC Bank USA, N.A. 5.2 %46,453 10/9/2030161,937 10/9/2030
Total5.1 %$197,203 11/1/20302$262,937 11/1/2030
(1)For investments in loans and other notes, the weighted average borrowing rate is determined by reference to a benchmark index rate, primarily one‑month term SOFR.
(2)For investments in loans and other notes, the weighted-average maturity of borrowings outstanding is generally calculated based on the maximum maturity date of the collateral pledged, assuming all extension options are exercised by the borrower. In certain instances, the maturity date of the respective secured credit facility is used.
(3)Represents the fair market value of the collateral pledged.
(4)Weighted average maturity date is based on the fully extended maturity date of the instrument for investments in loans and other notes; however, investments may be repaid before such date.
Components of Interest Expense
The components of interest expense for the Company's secured debt were as follows ($ in thousands):
For the Three Months Ended March 31, 2026
Interest incurred on amounts borrowed$10,295 
Amortization of deferred financing costs515 
Total interest expense$10,810