BORROWINGS (Tables)

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Schedule of Borrowings Outstanding

The Company had the following borrowings outstanding as of March 31, 2025 and December 31, 2024: 

Issuance Date ($ in thousands)	Maturity Date	Interest Rate as of March 31, 2025	March 31, 2025		December 31, 2024
Credit Facilities:
Revolving Credit Facility – May 11, 2021	May 11, 2029	6.455%	$	482,253	$	456,482
SMBC Credit Facility – March 6, 2023	March 6, 2028	6.989%	189,281		137,875
Total Credit Facilities			$	671,534	$	594,357
Debt Securitization:
September 17, 2024 - Class A-1AR Notes	October 15, 2036	5.932%	$	110,000	$	110,000
September 17, 2024 - Class A-1A Loans	October 15, 2036	5.932%	115,000		115,000
September 17, 2024 - Class A-1AS Loans	October 15, 2036	5.932%	50,000		50,000
September 17, 2024 - Class A-1BR Notes	October 15, 2036	6.202%	35,000		35,000
September 17, 2024 - Class A-2R Notes	October 15, 2036	6.302%	30,000		30,000
September 17, 2024 - Class B-R Notes	October 15, 2036	6.802%	40,000		40,000
September 17, 2024 - Class C-R Notes	October 15, 2036	8.802%	30,000		30,000
(Less: Deferred financing fees)			(3,896)		(3,980)
Total Debt Securitization			$	406,104	$	406,020
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%	99,362		96,822
July 26, 2022 – Series E Notes (1)	May 10, 2027	6.000%	54,484		53,071
(Less: Deferred financing fees)			(250)		(291)
Total Notes			$	303,596	$	299,602

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

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

	Three Months Ended
($ in thousands)	March 31, 2025			March 31, 2024
Combined weighted average interest rate(1)	6.317		%	7.407		%
Combined weighted average debt outstanding	$	1,262,235		$	1,251,202

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