Borrowings (Tables)

9 Months Ended

Sep. 30, 2025

Summary of Company's Outstanding Debt Obligations

The Company’s outstanding debt obligations as of September 30, 2025 were as follows (amounts in thousands):


	Aggregated Principal Committed		Outstanding Principal		Carrying Value		Unused Portion (1)		Maturity Date
Asset-Based Facility	$	500,000	$	375,000	$	375,000	$	125,000	10/18/2028
Subscription Facility		450,000		287,890		287,890		162,110	9/4/2026
Total	$	950,000	$	662,890	$	662,890	$	287,110

The Company’s outstanding debt obligations as of December 31, 2024 were as follows (amounts in thousands):


	Aggregated Principal Committed		Outstanding Principal		Carrying Value		Unused Portion (1)		Maturity Date
Asset-Based Facility	$	500,000	$	328,390	$	328,390	$	171,610	10/18/2028
Total	$	500,000	$	328,390	$	328,390	$	171,610

(1)

The unused portion is the amount upon which commitment fees are based, if any.

Summary of Components of Interest and Other Debt Expenses Related to the Borrowings


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Stated interest expense	$	10,681		$	4,437		$	26,988		$	5,524
Unused/undrawn fees		109			146			640			612
Amortization of deferred financing costs		746			216			1,855			645
Total interest expense	$	11,536		$	4,799		$	29,483		$	6,781
Average borrowings	$	637,739		$	216,828		$	537,735		$	90,499
Weighted average interest rate (1)		6.71	%		8.41	%		6.87	%		9.05	%
Amortization of deferred financing costs		0.46	%		0.40	%		0.46	%		0.95	%
Total borrowing costs		7.17	%		8.81	%		7.33	%		10.00	%

(1)

Calculated as the sum of stated interest expense and unused/undrawn fees divided by the average borrowings during the period. This number represents an annualized amount.

26North BDC, Inc. 10-Q