BORROWINGS (Tables)

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

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

For the three months ended September 30, 2025 and 2024, the components of interest expense related to the Wells Fargo Financing Facility were as follows:

	Three Months Ended September 30,
	2025 (1)		2024
Borrowing interest expense	$	—	$	1,783
Unused fees	—		109
Amortization of deferred financing costs	—		73
Total interest and debt financing expenses	$	—	$	1,965

______________

(1)The Wells Fargo Financing Facility was repaid and terminated on January 23, 2025.

For the nine months ended September 30, 2025 and 2024, the components of interest expense related to the Wells Fargo Financing Facility were as follows:

	Nine Months Ended September 30,
	2025 (1)		2024
Borrowing interest expense	$	396	$	5,596
Unused fees	55		285
Amortization of deferred financing costs	734		941
Total interest and debt financing expenses	$	1,185	$	6,822

_______________

(1)Represents the period from January 1, 2025 to January 23, 2025 (date of repayment and termination of the Wells Fargo Financing Facility).

For the three months ended September 30, 2025 and 2024, the components of interest expense related to the SMBC Financing Facility were as follows:

	Three Months Ended September 30,
	2025		2024
Borrowing interest expense	$	—	$	3,582
Unused fees	—		18
Amortization of deferred financing costs	—		112
Total interest and debt financing expenses	$	—	$	3,712

For the nine months ended September 30, 2025 and 2024, the components of interest expense related to the SMBC Financing Facility were as follows:

	Nine Months Ended September 30,
	2025		2024
Borrowing interest expense	$	—	$	5,680
Unused fees	—		187
Amortization of deferred financing costs	—		333
Total interest and debt financing expenses	$	—	$	6,200

For the three months ended September 30, 2025 and 2024, the components of interest expense related to the Revolving Credit Facility were as follows:

	Three Months Ended September 30,
	2025		2024
Borrowing interest expense	$	1,015	$	2,377
Unused fees	230		105
Amortization of deferred financing costs	120		130
Total interest and debt financing expenses	$	1,365	$	2,612

For the nine months ended September 30, 2025 and 2024, the components of interest expense related to the Revolving Credit Facility were as follows:

	Nine Months Ended September 30,
	2025		2024
Borrowing interest expense	$	5,317	$	4,091
Unused fees	646		437
Amortization of deferred financing costs	355		360
Total interest and debt financing expenses	$	6,318	$	4,888

For the three months ended September 30, 2025 and 2024, the components of interest expense related to the CLO-I were as follows:

	Three Months Ended September 30,
	2025		2024
Borrowing interest expense	$	4,769	$	6,204
Amortization of deferred financing costs	84		152
Total interest and debt financing expenses	$	4,853	$	6,356

For the nine months ended September 30, 2025 and 2024, the components of interest expense related to the CLO-I were as follows:

	Nine Months Ended September 30,
	2025		2024
Borrowing interest expense	$	14,565	$	18,390
Amortization of deferred financing costs	957		452
Total interest and debt financing expenses	$	15,522	$	18,842

For the three months ended September 30, 2025 and 2024, the components of interest expense related to the CLO-II were as follows:

	Three Months Ended September 30,
	2025		2024
Borrowing interest expense	$	3,718	$	4,280
Amortization of deferred financing costs	104		111
Total interest and debt financing expenses	$	3,822	$	4,391

For the nine months ended September 30, 2025 and 2024, the components of interest expense related to the CLO-II were as follows:

	Nine Months Ended September 30,
	2025		2024
Borrowing interest expense	$	11,056	$	12,752
Amortization of deferred financing costs	279		332
Total interest and debt financing expenses	$	11,335	$	13,084

For the three months ended September 30, 2025 and 2024, the components of interest expense related to the CLO-III were as follows:

	Three Months Ended September 30,
	2025		2024
Borrowing interest expense	$	3,514	$	4,061
Amortization of deferred financing costs	101		101
Total interest and debt financing expenses	$	3,615	$	4,162

For the nine months ended September 30, 2025 and 2024, the components of interest expense related to the CLO-III were as follows:

	Nine Months Ended September 30,
	2025		2024
Borrowing interest expense	$	10,446	$	8,804
Amortization of deferred financing costs	299		220
Total interest and debt financing expenses	$	10,745	$	9,024

For the three months ended September 30, 2025 and 2024, the component of interest expense related to the 2030 Notes were as follows:

	Three Months Ended September 30,
	2025		2024
Borrowing interest expense	$	5,337	$	—
Accretion of original issue discount	28		—
Amortization of deferred issuance costs	192		—
Net fair value adjustment for hedging transaction	(6)		—
Total interest and debt financing expenses	$	5,551	$	—

For the nine months ended September 30, 2025 and 2024, the component of interest expense related to the 2030 Notes were as follows:

	Nine Months Ended September 30,
	2025		2024
Borrowing interest expense	$	14,291	$	—
Accretion of original issue discount	77		—
Amortization of deferred issuance costs	526		—
Net fair value adjustment for hedging transaction	(45)		—
Total interest and debt financing expenses	$	14,849	$	—

The Company's debt obligations consisted of the following as of September 30, 2025 and December 31, 2024:

	September 30, 2025
	2030 Notes		CLO-I		CLO-II		CLO-III		Revolving Credit Facility		Total
Total Commitment	$	300,000	$	321,242	$	213,572	$	214,000	$	325,000	$	1,373,814
Amount Outstanding (1)	300,000		321,242		213,572		214,000		55,500		1,104,314
Unused Portion (2)	—		—		—		—		269,500		269,500
Amount Available (3)	—		—		—		—		269,500		269,500

_______________

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

(2)The unused portion on the Revolving Credit Facility is the amount upon which commitment fees are based.

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

	December 31, 2024
	Wells Fargo Financing Facility		CLO-I		CLO-II		CLO-III		Revolving Credit Facility		Total
Total Commitment	$	225,000	$	342,000	$	214,429	$	214,750	$	325,000	$	1,321,179
Amount Outstanding (1)	106,000		342,000		214,429		214,750		237,750		1,114,929
Unused Portion (2)	119,000		—		—		—		87,250		206,250
Amount Available (3)	119,000		—		—		—		87,250		206,250

_______________

(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, 2025 and 2024, the components of interest expense and debt financing expenses were as follows:

	Three Months Ended September 30,
	2025			2024
Interest expense	$	18,353		$	22,287
Unused fees	230			232
Accretion of original issue discount	28			—
Amortization of deferred financing or issuance costs	601			679
Net fair value adjustment for hedging transaction	(6)			—
Total interest and debt financing expenses	$	19,206		$	23,198
Average interest rate (1)	6.64		%	7.74		%
Average daily borrowings	$	1,109,586		$	1,156,703

_______________

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

	Nine Months Ended September 30,
	2025			2024
Interest expense	$	56,071		$	55,313
Unused fees	701			909
Accretion of original issue discount	77			—
Amortization of deferred financing or issuance costs	3,150			2,638
Net fair value adjustment for hedging transaction	(45)			—
Total interest and debt financing expenses	$	59,954		$	58,860
Average interest rate (1)	6.61		%	7.70		%
Average daily borrowings	$	1,148,593		$	974,676

_______________

(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, 2025 and December 31, 2024:

	Payments Due by Period
As of September 30, 2025	Total		Less than 1 Year		1 to 3 years		3 to 5 years		More than 5 Years
Revolving Credit Facility	$	55,500	$	—	$	—	$	55,500	$	—
CLO-I	321,242		—		—		—		321,242
CLO-II	213,572		—		—		—		213,572
CLO-III	214,000		—		—		—		214,000
2030 Notes	300,000		—		—		300,000		—
Total debt obligations	$	1,104,314	$	—	$	—	$	355,500	$	748,814

	Payments Due by Period
As of December 31, 2024	Total		Less than 1 Year		1 to 3 years		3 to 5 years		More than 5 Years
Wells Fargo Financing Facility	$	106,000	$	—	$	106,000	$	—	$	—
Revolving Credit Facility	237,750		—		—		237,750		—
CLO-I	342,000		—		—		—		342,000
CLO-II	214,429		—		—		—		214,429
CLO-III	214,750		$	—	—		—		214,750
Total debt obligations	$	1,114,929	$	—	$	106,000	$	237,750	$	771,179