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BORROWINGS (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Debt
The following table details the principal amount and carrying amount of the Company’s debt and secured borrowings as of December 31, 2025 and 2024.
As of
December 31, 2025December 31, 2024
SPV Credit Facility$388,750 $164,732 
SPV2 Credit Facility330,000 55,000 
2024-1 Debt289,000 289,000 
Total principal amount outstanding1,007,750 508,732 
Less: unamortized debt issuance costs(1,916)(2,077)
Total carrying value$1,005,834 $506,655 
The following table summarizes the terms of the 2024-1 Debt and the principal amount and carrying value as of December 31, 2025 and December 31, 2024:
As of
2024-1 Debt Tranche(1)
Credit RatingReference RateSpreadDecember 31, 2025December 31, 2024
Class A-1 NotesAAASOFR1.68%$92,500 $92,500 
Class A-L1 LoansAAASOFR1.68%104,000 104,000 
Class A-L2 LoansAAASOFR1.68%50,000 50,000 
Class A-2 NotesAAASOFR2.00%17,000 17,000 
Class B NotesAASOFR2.13%25,500 25,500 
Total Principal Amount Outstanding$289,000 $289,000 
Less: unamortized debt issuance costs(1,916)(2,077)
Total Carrying Value$287,084 $286,923 
(1)Excludes $59.5 million of Class C and D notes, which are rated A and BBB-, respectively, and accrue interest at SOFR plus spread of 2.20% and 3.50%, respectively, and are retained by the Company.
Schedule of Credit Facilities
Below is a summary of the borrowings and repayments under the SPV Credit Facility for the years ended December 31, 2025, 2024 and 2023 and the outstanding balances under the SPV Credit Facility for the respective periods.
Year Ended December 31,
202520242023
Outstanding borrowings, beginning of year$164,732 $424,447 $622,104 
Borrowings696,167 569,676 133,000 
Repayments(480,644)(829,149)(333,823)
Foreign currency translation8,495 (242)3,166 
Outstanding borrowings, end of year$388,750 $164,732 $424,447 
The SPV Credit Facility consisted of the following as of December 31, 2025 and 2024:
 Total FacilityBorrowings
Outstanding
Unused 
Portion (1)
Amount
Available (2)
December 31, 2025$400,000 $388,750 $11,250 $11,250 
December 31, 2024$300,000 $164,732 $135,268 $135,268 
(1)The unused portion is the amount upon which commitment fees are based.
(2)The amount available is based on the computation of collateral to support the borrowings and subject to compliance with applicable covenants and financial ratios.
For the years ended December 31, 2025, 2024 and 2023, the components of interest expense and credit facility fees of the SPV Credit Facility were as follows:
Year Ended December 31,
202520242023
Interest expense$13,834 $24,586 $39,741 
Facility unused commitment fee697 2,818 1,650 
Amortization of deferred financing costs944 895 976 
Total interest expense and credit facility fees$15,475 $28,299 $42,367 
Cash paid for interest expense and credit facility fees$11,960 $34,803 $42,005 
Weighted average debt principal outstanding $226,794 $319,178 $536,500 
Weighted average interest rate(1)
6.02 %7.70 %7.41 %
(1)Excludes facility unused commitment fee and amortization of deferred financing costs and debt issuance costs.
As of December 31, 2025 and 2024, the components of interest and credit facility fees payable of the SPV Credit Facility were as follows:
As of
December 31, 2025December 31, 2024
Interest expense payable$2,271 $740 
Unused commitment fees payable295 331 
Other credit facility fees payable301 — 
Interest and credit facility fees payable$2,867 $1,071 
Weighted average interest rate
5.50 %6.72 %
Below is a summary of the borrowings and repayments under the SPV2 Credit Facility for the years ended December 31, 2025, 2024 and 2023 the outstanding balances under the SPV2 Credit Facility for the respective periods.
Year Ended December 31,
202520242023
Outstanding borrowings, beginning of year$55,000 $330,300 $360,300 
Borrowings574,000 — 114,000 
Repayments(299,000)(275,300)(144,000)
Outstanding borrowings, end of year$330,000 $55,000 $330,300 
The SPV2 Credit Facility consisted of the following as of December 31, 2025 and 2024:
 Total FacilityBorrowings
Outstanding
Unused 
Portion (1)
Amount
Available (2)
December 31, 2025$550,000 $330,000 $220,000 $220,000 
December 31, 2024$550,000 $55,000 $495,000 $226,179 
(1)The unused portion is the amount upon which commitment fees are based.
(2)The amount available is based on the computation of collateral to support the borrowings and subject to compliance with applicable covenants and financial ratios.
For the years ended December 31, 2025, 2024, and 2023, the components of interest expense and credit facility fees of the SPV2 Credit Facility were as follows:
Year Ended December 31,
202520242023
Interest expense$16,521 $21,736 $25,867 
Facility unused commitment fee957 704 617 
Amortization of deferred financing costs916 895 1,001 
Total interest expense and credit facility fees$18,394 $23,335 $27,485 
Cash paid for interest expense and credit facility fees$14,974 $25,323 $27,807 
Weighted average debt principal outstanding $240,227 $273,886 $335,120 
Weighted average interest rate(1)
6.78 %7.94 %7.72 %
(1)Excludes facility unused commitment fee and amortization of deferred financing costs and debt issuance costs.
As of December 31, 2025 and 2024, the components of interest and credit facility fees payable of the SPV2 Credit Facility were as follows:
As of
December 31, 2025December 31, 2024
Interest expense payable$178 $754 
Unused commitment fees payable5 237 
Other credit facility fees payable194 — 
Interest and credit facility fees payable$377 $991 
Weighted average interest rate
6.49 %7.14 %
Components of Interest and Credit Facilities Payable
For the years ended December 31, 2025 and 2024, the components of interest expense and credit facility fees on the 2024-1 Debt were as follows:
 Year Ended December 31,
 20252024
Interest expense$17,447 $3,262 
Amortization of deferred financing costs and debt issuance costs161 28 
Total interest expense and credit facility fees$17,608 $3,290 
Cash paid for interest expense and credit facility fees$22,097 $— 
Weighted average debt principal outstanding$289,000 $289,000 
Weighted average interest rate(1)
6.01 %6.45 %
(1)Includes amortization of deferred financing costs and debt issuance costs.