SECURED BORROWINGS (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

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

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

	Three Months Ended September 30,
	2024		2023
Borrowing interest expense	$	—	$	252
Unused fees	—		14
Amortization of deferred financing costs	—		25
Total interest and debt financing expenses	$	—	$	291

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

	Nine Months Ended September 30,
	2024		2023
Borrowing interest expense	$	—	$	611
Unused fees	—		64
Amortization of deferred financing costs	—		108
Total interest and debt financing expenses	$	—	$	783

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

	Three Months Ended September 30,
	2024		2023
Borrowing interest expense	$	1,783	$	3,207
Unused fees	109		135
Amortization of deferred financing costs	73		122
Total interest and debt financing expenses	$	1,965	$	3,464

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

	Nine Months Ended September 30,
	2024		2023
Borrowing interest expense	$	5,596	$	7,926
Unused fees	285		494
Amortization of deferred financing costs	941		361
Total interest and debt financing expenses	$	6,822	$	8,781

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

	Three Months Ended September 30,
	2024		2023
Borrowing interest expense	$	3,582	$	5,322
Unused fees	18		24
Amortization of deferred financing costs	112		129
Total interest and debt financing expenses	$	3,712	$	5,475

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

	Nine Months Ended September 30,
	2024		2023
Borrowing interest expense	$	5,680	$	14,636
Unused fees	187		105
Amortization of deferred financing costs	333		383
Total interest and debt financing expenses	$	6,200	$	15,124

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

	Three Months Ended September 30,
	2024		2023
Borrowing interest expense	$	2,377	$	279
Unused fees	105		169
Amortization of deferred financing costs	130		113
Total interest and debt financing expenses	$	2,612	$	561

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

	Nine Months Ended September 30,
	2024		2023
Borrowing interest expense	$	4,091	$	279
Unused fees	437		186
Amortization of deferred financing costs	360		123
Total interest and debt financing expenses	$	4,888	$	588

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

	Three Months Ended September 30,
	2024		2023
Borrowing interest expense	$	6,204	$	6,106
Unused fees	—		—
Amortization of deferred financing costs	152		151
Total interest and debt financing expenses	$	6,356	$	6,257

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

	Nine Months Ended September 30,
	2024		2023
Borrowing interest expense	$	18,390	$	17,364
Unused fees	—		—
Amortization of deferred financing costs	452		449
Total interest and debt financing expenses	$	18,842	$	17,813

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

	Three Months Ended September 30,
	2024		2023
Borrowing interest expense	$	4,280	$	—
Unused fees	—		—
Amortization of deferred financing costs	111		—
Total interest and debt financing expenses	$	4,391	$	—

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

	Nine Months Ended September 30,
	2024		2023
Borrowing interest expense	$	12,752	$	—
Unused fees	—		—
Amortization of deferred financing costs	332		—
Total interest and debt financing expenses	$	13,084	$	—

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

	Three Months Ended September 30,
	2024		2023
Borrowing interest expense	$	4,061	$	—
Unused fees	—		—
Amortization of deferred financing costs	101		—
Total interest and debt financing expenses	$	4,162	$	—

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

	Nine Months Ended September 30,
	2024		2023
Borrowing interest expense	$	8,804	$	—
Unused fees	—		—
Amortization of deferred financing costs	220		—
Total interest and debt financing expenses	$	9,024	$	—

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

	September 30, 2024
	Wells Fargo Financing Facility		SMBC Financing Facility		CLO-I		CLO-II		CLO-III		Revolving Credit Facility		Total
Total Commitment	$	225,000	$	150,000	$	342,000	$	214,714	$	215,000	$	250,000	$	1,396,714
Amount Outstanding (1)	95,000		122,500		342,000		214,714		215,000		112,750		1,101,964
Unused Portion (2)	130,000		27,500		—		—		—		137,250		294,750
Amount Available (3)	130,000		24,240		—		—		—		137,250		291,490

_______________

(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 nine months ended September 30, 2024 and 2023, the components of interest expense and debt financing expenses were as follows:

	Three Months Ended September 30,
	2024			2023
Interest expense	$	22,287		$	15,166
Unused fees	232			342
Amortization of deferred financing costs	679			540
Total interest and debt financing expenses	$	23,198		$	16,048
Average interest rate (1)	7.74		%	7.51		%
Average daily borrowings	$	1,156,703		$	819,047

	Nine Months Ended September 30,
	2024			2023
Interest expense	$	55,313		$	40,816
Unused fees	909			849
Amortization of deferred financing costs	2,638			1,424
Total interest and debt financing expenses	$	58,860		$	43,089
Average interest rate (1)	7.70		%	7.17		%
Average daily borrowings	$	974,676		$	777,454

_______________

(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 September 30, 2024 and December 31, 2023:

	Payments Due by Period
As of September 30, 2024	Total		Less than 1 Year		1 to 3 years		3 to 5 years		More than 5 Years
Wells Fargo Financing Facility	$	95,000	$	—	$	95,000	$	—	$	—
SMBC Financing Facility	122,500		—		122,500		—		—
Revolving Credit Facility	112,750		—		—		112,750		—
CLO-I	342,000		—		—		—		342,000
CLO-II	214,714		—		—		—		214,714
CLO-III	215,000		—		—		—		215,000
Total debt obligations	$	1,101,964	$	—	$	217,500	$	112,750	$	771,714

	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