Debt (Tables)

9 Months Ended

Sep. 30, 2024

Debt [Abstract]

Schedule of Series of Notes Outstanding

The table below sets forth a summary of the key terms of each series of Notes outstanding at September 30, 2024.

	Principal				Estimated		Fixed
	Outstanding		Unamortized		Fair Value		Interest
Series	September 30, 2024		Issuance Costs		September 30, 2024		Rate			Maturity
A	$	25,000	$	217	$	27,121		8.65	%	6/30/2027
B		50,000		479		55,445		8.74	%	6/30/2028
	$	75,000	$	696	$	82,566

Schedule of Debt Obligations

Debt obligations consisted of the following as of September 30, 2024 and December 31, 2023.

	September 30, 2024
	Aggregate Principal Committed		Outstanding Principal		Amount Available(1)		Net Carrying Value(2)
Notes	$	75,000	$	75,000	$	-	$	74,304
Corporate Credit Facility		400,000		221,000		179,000		219,873
Revolving Funding Facility		600,000		409,000		191,000		403,723
Revolving Funding Facility II		150,000		83,000		67,000		81,589
Total debt	$	1,225,000	$	788,000	$	437,000	$	779,489

(1) The amounts available under the Company’s credit facilities do not reflect any limitations related to each borrowing base as of September 30, 2024 for the assets held at KABDCF and KABDCF II.

(2) The carrying value of the Notes, Corporate Credit Facility, Revolving Funding Facility and Revolving Funding Facility II are presented net of deferred financing costs totaling $8,511.

	December 31, 2023
	Aggregate Principal Committed		Outstanding Principal		Amount Available(1)		Net Carrying Value(2)
Notes	$	75,000	$	75,000	$	-	$	74,149
Corporate Credit Facility		400,000		234,000		166,000		232,285
Revolving Funding Facility		455,000		306,000		18,536		303,981
Revolving Funding Facility II		150,000		70,000		9,716		68,195
Subscription Credit Agreement		50,000		10,750		39,250		10,709
Total debt	$	1,130,000	$	695,750	$	233,502	$	689,319

(1) The amount available under the Company’s credit facilities reflects the assets held at KABDCF and KABDCF II and any limitations related to each borrowing base as of December 31, 2023.

(2) The carrying value of the Notes, Corporate Credit Facility, Revolving Funding Facility, Revolving Funding Facility II, and Subscription Credit Agreement are presented net of deferred financing costs totaling $6,431.

Schedule of Components of Interest Expense

For the three and nine months ended September 30, 2024 and 2023, the components of interest expense were as follows:

	For the three months ended
	September 30, 2024			September 30, 2023
Interest expense	$	15,122		$	13,119
Amortization of debt issuance costs		947			752
Total interest expense	$	16,069		$	13,871
Average interest rate		8.6	%		8.9	%
Average borrowings	$	731,272		$	617,598

	For the nine months ended
	September 30, 2024			September 30, 2023
Interest expense	$	42,193		$	36,460
Amortization of debt issuance costs		2,771			1,936
Total interest expense	$	44,964		$	38,396
Average interest rate		8.8	%		8.2	%
Average borrowings	$	668,219		$	625,421