DEBT (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Outstanding Balances and Total Commitments under the Financing Agreements

As of March 31, 2026 and December 31, 2025, the outstanding balances and total commitments under the Financing Agreements consisted of the following ($ in thousands):


	As of March 31, 2026					As of December 31, 2025
	Outstanding Balance		Total Commitment			Outstanding Balance		Total Commitment
Secured Funding Agreements:
Wells Fargo Facility	$	567,904	$	600,000	(1)	$	438,911	$	600,000	(1)
Citibank Facility	389,562		425,000		(2)	269,265		325,000		(2)
CNB Facility	—		75,000		(3)	—		75,000		(3)
Morgan Stanley Facility	224,630		350,000		(4)	150,000		150,000		(4)
Subtotal	$	1,182,096	$	1,450,000		$	858,176	$	1,150,000

Secured Term Loan	$	90,000	$	90,000	(5)	$	90,000	$	90,000	(5)

Total	$	1,272,096	$	1,540,000		$	948,176	$	1,240,000

______________________________

(1)The Carrying Value of collateral pledged to the Wells Fargo Facility (as defined below) was $848.6 million and $657.1 million as of March 31, 2026 and December 31, 2025, respectively.

(2)In March 2026, the Company exercised each of its two $50.0 million accordion options on the Citibank Facility (as defined below) to increase the maximum commitment from $325.0 million to $425.0 million with payment of an upsize fee. The Carrying Value of collateral pledged to the Citibank Facility was $547.9 million and $420.5 million as of March 31, 2026 and December 31, 2025, respectively.

(3)Amount immediately available under the CNB Facility (as defined below) at any given time can fluctuate based on the fair value of the collateral in the borrowing base that secures the CNB Facility. As of March 31, 2026, there was $51.1 million of immediate availability under the CNB Facility based on the fair value of the collateral in the borrowing base at such time. The amount immediately available under the CNB Facility may be increased to up to $75.0 million by the pledge of additional collateral into the borrowing base in accordance with the CNB Facility agreement.

(4)In January 2026, the Company exercised its $100.0 million accordion option on the Morgan Stanley Facility (as defined below) to increase the maximum commitment from $150.0 million to $250.0 million with payment of an upsize fee. Subsequently, in March 2026, the Company amended the Morgan Stanley Facility to, among other things, increase the maximum commitment from $250.0 million to $350.0 million and include an accordion provision such that the maximum commitment may be increased to up to $400.0 million at the Company’s option, subject to the satisfaction of certain conditions, including payment of an upsize fee. The Carrying Value of collateral pledged to the Morgan Stanley Facility was $286.4 million and $308.5 million as of March 31, 2026 and December 31, 2025, respectively.

(5)Equity interests pledged to the Secured Term Loan (as defined below) were $446.8 million and $478.3 million as of March 31, 2026 and December 31, 2025, respectively.