SECURED BORROWINGS (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Debt Obligations and Components of Interest Expense and Debt Financing Expenses

For the three months ended June 30, 2024 and 2023, the components of interest expense related to the Subscription Facility were as follows:

	Three Months Ended June 30,
	2024		2023
Borrowing interest expense	$	—	$	260
Unused fees	—		23
Amortization of deferred financing costs	—		42
Total interest and debt financing expenses	$	—	$	325

For the six months ended June 30, 2024 and 2023, the components of interest expense related to the Subscription Facility were as follows:

	Six Months Ended June 30,
	2024		2023
Borrowing interest expense	$	—	$	359
Unused fees	—		50
Amortization of deferred financing costs	—		84
Total interest and debt financing expenses	$	—	$	493

For the three months ended June 30, 2024 and 2023, the components of interest expense related to the Wells Fargo Financing Facility were as follows:

	Three Months Ended June 30,
	2024		2023
Borrowing interest expense	$	758	$	2,636
Unused fees	80		163
Amortization of deferred financing costs	67		120
Total interest and debt financing expenses	$	905	$	2,919

For the six months ended June 30, 2024 and 2023, the components of interest expense related to the Wells Fargo Financing Facility were as follows:

	Six Months Ended June 30,
	2024		2023
Borrowing interest expense	$	3,813	$	4,719
Unused fees	176		359
Amortization of deferred financing costs	868		239
Total interest and debt financing expenses	$	4,857	$	5,317

For the three months ended June 30, 2024 and 2023, the components of interest expense related to the SMBC Financing Facility were as follows:

	Three Months Ended June 30,
	2024		2023
Borrowing interest expense	$	1,541	$	4,899
Unused fees	103		36
Amortization of deferred financing costs	110		128
Total interest and debt financing expenses	$	1,754	$	5,063

For the six months ended June 30, 2024 and 2023, the components of interest expense related to the SMBC Financing Facility were as follows:

	Six Months Ended June 30,
	2024		2023
Borrowing interest expense	$	2,098	$	9,315
Unused fees	169		80
Amortization of deferred financing costs	221		254
Total interest and debt financing expenses	$	2,488	$	9,649

For the three months ended June 30, 2024 and 2023, the components of interest expense related to the Revolving Credit Facility were as follows:

	Three Months Ended June 30,
	2024		2023
Borrowing interest expense	$	1,090	$	—
Unused fees	186		17
Amortization of deferred financing costs	126		9
Total interest and debt financing expenses	$	1,402	$	26

For the six months ended June 30, 2024 and 2023, the components of interest expense related to the Revolving Credit Facility were as follows:

	Six Months Ended June 30,
	2024		2023
Borrowing interest expense	$	1,714	$	—
Unused fees	332		17
Amortization of deferred financing costs	230		9
Total interest and debt financing expenses	$	2,276	$	26

For the three months ended June 30, 2024 and 2023, the components of interest expense related to the CLO-I were as follows:

	Three Months Ended June 30,
	2024		2023
Borrowing interest expense	$	6,086	$	5,815
Unused fees	—		—
Amortization of deferred financing costs	150		150
Total interest and debt financing expenses	$	6,236	$	5,965

For the six months ended June 30, 2024 and 2023, the components of interest expense related to the CLO-I were as follows:

	Six Months Ended June 30,
	2024		2023
Borrowing interest expense	$	12,186	$	11,258
Unused fees	—		—
Amortization of deferred financing costs	300		298
Total interest and debt financing expenses	$	12,486	$	11,556

For the three months ended June 30, 2024 and 2023, the components of interest expense related to the CLO-II were as follows:

	Three Months Ended June 30,
	2024		2023
Borrowing interest expense	$	4,231	$	—
Unused fees	—		—
Amortization of deferred financing costs	111		—
Total interest and debt financing expenses	$	4,342	$	—

For the six months ended June 30, 2024 and 2023, the components of interest expense related to the CLO-II were as follows:

	Six Months Ended June 30,
	2024		2023
Borrowing interest expense	$	8,472	$	—
Unused fees	—		—
Amortization of deferred financing costs	221		—
Total interest and debt financing expenses	$	8,693	$	—

For the three months ended June 30, 2024 and 2023, the components of interest expense related to the CLO-III were as follows:

	Three Months Ended June 30,
	2024		2023
Borrowing interest expense	$	3,983	$	—
Unused fees	—		—
Amortization of deferred financing costs	99		—
Total interest and debt financing expenses	$	4,082	$	—

For the six months ended June 30, 2024 and 2023, the components of interest expense related to the CLO-III were as follows:

	Six Months Ended June 30,
	2024		2023
Borrowing interest expense	$	4,743	$	—
Unused fees	—		—
Amortization of deferred financing costs	119		—
Total interest and debt financing expenses	$	4,862	$	—

The Company's debt obligations consisted of the following as of June 30, 2024 and December 31, 2023:

	June 30, 2024
	Wells Fargo Financing Facility		SMBC Financing Facility		CLO-I		CLO-II		CLO-III		Revolving Credit Facility		Total
Total Commitment	$	150,000	$	150,000	$	342,000	$	215,000	$	215,000	$	250,000	$	1,322,000
Amount Outstanding (1)	69,000		110,500		342,000		215,000		215,000		77,250		1,028,750
Unused Portion (2)	81,000		39,500		—		—		—		172,750		293,250
Amount Available (3)	81,000		36,240		—		—		—		172,750		289,990

_______________

(1)Amount outstanding on the consolidated statements of assets and liabilities is net of deferred financing costs.

(2)The unused portion on the credit facilities is the amount upon which commitment fees are based.

(3)Available for borrowing on the credit facilities based on the computation of collateral to support the borrowings and subject to compliance with applicable covenants and financial ratios.

	December 31, 2023
	Wells Fargo Financing Facility		SMBC Financing Facility		CLO -I		CLO-II		Revolving Credit Facility		Total
Total Commitment	$	275,000	$	150,000	$	342,000	$	215,000	$	185,000	$	1,167,000
Amount Outstanding (1)	231,000		37,377		342,000		215,000		126,500		951,877
Unused Portion (2)	44,000		112,623		—		—		58,500		215,123
Amount Available (3)	43,837		112,623		—		—		58,500		214,960

_______________

(1)Amount outstanding on the consolidated statements of assets and liabilities is net of deferred financing costs.

(2)The unused portion on the credit facilities is the amount upon which commitment fees are based.

(3)Available for borrowing on the credit facilities based on the computation of collateral to support the borrowings and subject to compliance with applicable covenants and financial ratios.

For the three and six months ended June 30, 2024 and 2023, the components of interest expense and debt financing expenses were as follows:

	Three Months Ended June 30,
	2024			2023
Interest expense	$	17,689		$	13,610
Unused fees	368			239
Amortization of deferred financing costs	664			449
Total interest and debt financing expenses	$	18,721		$	14,298
Average interest rate (1)	7.73		%	7.17		%
Average daily borrowings	$	939,025		$	774,356

	Six Months Ended June 30,
	2024			2023
Interest expense	$	33,026		$	25,651
Unused fees	676			506
Amortization of deferred financing costs	1,960			884
Total interest and debt financing expenses	$	35,662		$	27,041
Average interest rate (1)	7.71		%	6.97		%
Average daily borrowings	$	879,476		$	756,313

_______________

(1)Average interest rate includes borrowing interest expense and unused fees.

Schedule of Contractual Maturities of Debt Obligations

The following tables show the contractual maturities of the Company's debt obligations as of June 30, 2024 and December 31, 2023:

	Payments Due by Period
As of June 30, 2024	Total		Less than 1 Year		1 to 3 years		3 to 5 years		More than 5 Years
Wells Fargo Financing Facility	$	69,000	$	—	$	69,000	$	—	$	—
SMBC Financing Facility	110,500		—		110,500		—		—
Revolving Credit Facility	77,250		—		—		77,250		—
CLO-I	342,000		—		—		—		342,000
CLO-II	215,000		—		—		—		215,000
CLO-III	215,000		—		—		—		215,000
Total debt obligations	$	1,028,750	$	—	$	179,500	$	77,250	$	772,000

	Payments Due by Period
As of December 31, 2023	Total		Less than 1 Year		1 to 3 years		3 to 5 years		More than 5 Years
Wells Fargo Financing Facility	$	231,000	$	—	$	—	$	231,000	$	—
SMBC Financing Facility	37,377		—		37,377		—		—
Revolving Credit Facility	126,500		—		—		126,500		—
CLO-I	342,000		—		—		—		342,000
CLO-II	215,000		—		—		—		215,000
Total debt obligations	$	951,877	$	—	$	37,377	$	357,500	$	557,000