Borrowings (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Borrowings Outstanding

The Company had the following borrowings outstanding as of December 31, 2024 and 2023: 

Issuance Date ($ in thousands)	Maturity Date	Interest Rate as of December 31, 2024	December 31, 2024		December 31, 2023
Credit Facilities:
Revolving Credit Facility - May 11, 2021	May 11, 2029	6.746%	$	456,482	$	410,967
SMBC Credit Facility - March 6, 2023	March 6, 2028	6.535%	137,875		124,500
Total Credit Facilities			$	594,357	$	535,467
Debt Securitization:
August 23, 2023 - Class A-1 Notes	N/A	N/A	$	—	$	300,000
August 23, 2023 - Class A-2 Notes	N/A	N/A	—		35,000
August 23, 2023 - Class A-2 Loans	N/A	N/A	—		20,000
August 23, 2023 - Class B Notes	N/A	N/A	—		25,000
August 23, 2023 - Class C Notes	N/A	N/A	—		22,500
September 17, 2024 - Class A-1AR Notes	October 15, 2036	6.286%	110,000		—
September 17, 2024 - Class A-1A Loans	October 15, 2036	6.286%	115,000		—
September 17, 2024 - Class A-1AS Loans	October 15, 2036	6.286%	50,000		—
September 17, 2024 - Class A-1BR Notes	October 15, 2036	6.556%	35,000		—
September 17, 2024 - Class A-2R Notes	October 15, 2036	6.656%	30,000		—
September 17, 2024 - Class B-R Notes	October 15, 2036	7.156%	40,000		—
September 17, 2024 - Class C-R Notes	October 15, 2036	9.156%	30,000		—
(Less: Deferred financing fees)			(3,980)		(2,406)
Total Debt Securitization			$	406,020	$	400,094
Notes:
July 29, 2021 - Series A Notes	July 29, 2026	3.500%	$	75,000	$	75,000
September 15, 2021 - Series B Notes	July 29, 2026	3.500%	38,000		38,000
October 28, 2021 - Series C Notes	July 29, 2026	3.500%	37,000		37,000
May 10, 2022 - Series D Notes (1)	May 10, 2027	6.000%	96,822		96,729
July 26, 2022 - Series E Notes (1)	May 10, 2027	6.000%	53,071		52,951
(Less: Deferred financing fees)			(291)		(474)
Total Notes			$	299,602	$	299,206

(1)Inclusive of change in fair market value of effective hedge.

The Company’s summary information of its borrowings were as follows:

	Year Ended December 31,
($ in thousands)	2024			2023
Combined weighted average interest rate(1)	7.184		%	6.976		%
Combined weighted average debt outstanding	$	1,162,443		$	1,224,885

(1) Excludes unused commitment fees and amortization of financing costs. Inclusive of effective interest rate swaps and hedged items.