Subsequent Events

12 Months Ended

Dec. 31, 2023

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

In preparing these financial statements, the Company has evaluated events and transactions for potential recognition or disclosure through the date of issuance. There are no subsequent events to disclose except for the following:

Credit facilities and Unsecured Notes

On January 4, 2024, the Company completed a $390.0 million term debt securitization refinancing in CLO I. As part of the refinancing, the Company (A) issued the following classes of notes (i) $221,400,000 of AAA(sf) Class A-NR Notes, which bear interest at the Benchmark plus 2.40%, (ii) $25,000,000 of AAA(sf) Class A-FR Notes, which bear interest at 6.35%, (iii) $41,600,000 of AA(sf) Class B-R Notes, which bear interest at the Benchmark plus 3.25% and (iv) $52,000,000 of A(sf) Class C Notes, which bear interest at the Benchmark plus 4.25% and (B) the borrowing of $50,000,000 under floating rate Class A-LR loans, which bear interest at the Benchmark plus 2.40%. Concurrently with the issuance of the notes and the borrowing under the Class A-LR Loans, approximately $85.3 million of subordinated securities were redeemed in the form of 120,800 preferred shares at per preferred share CLO I is scheduled to mature on February 20, 2036.

On January 17, 2024, the parties to the ORCC Financing II facility amended certain terms to increase the total revolving commitment amount to $300.0 million and add an additional lender.

On January 22, 2024, the Company issued $600.0 million aggregate principal amount of 5.95% notes due March 15, 2029. In connection with the note issuance, on February 9, 2024 the Company entered into a centrally cleared interest rate swap. The notional amount of the interest rate swap is $600.0 million. The Company will receive fixed rate interest at 5.95% and pay variable rate interest based on one-month SOFR plus 211.75 basis points. The interest rate swaps mature on February 15, 2025.

Dividend

On February 21, 2024, the Board declared a first quarter dividend of $0.37 per share for stockholders of record as of March 29, 2024, payable on or before April 15, 2024 and a fourth quarter supplemental of $0.08 per share for stockholders of record as of March 1, 2024, payable on or before March 15, 2024.