BORROWINGS (Tables)

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Schedule of Borrowings Outstanding

The Company had the following borrowings outstanding as of September 30, 2025 and December 31, 2024: 

Issuance Date ($ in thousands)	Maturity Date	Interest Rate as of September 30, 2025	September 30, 2025		December 31, 2024
Credit Facilities:
Revolving Credit Facility – May 11, 2021	May 11, 2029	6.363%	$	543,404	$	456,482
SMBC Credit Facility – March 6, 2023	March 6, 2028	6.416%	148,200		137,875
BANA SPV Credit Facility – August, 1, 2025	August 1, 2030	5.871%	135,000		—
Total Credit Facilities			$	826,604	$	594,357
Debt Securitization:
September 17, 2024 - Class A-1AR Notes	October 15, 2036	5.948%	$	110,000	$	110,000
September 17, 2024 - Class A-1A Loans	October 15, 2036	5.948%	115,000		115,000
September 17, 2024 - Class A-1AS Loans	October 15, 2036	5.948%	50,000		50,000
September 17, 2024 - Class A-1BR Notes	October 15, 2036	6.218%	35,000		35,000
September 17, 2024 - Class A-2R Notes	October 15, 2036	6.318%	30,000		30,000
September 17, 2024 - Class B-R Notes	October 15, 2036	6.818%	40,000		40,000
September 17, 2024 - Class C-R Notes	October 15, 2036	8.818%	30,000		30,000
(Less: Deferred financing fees)			(3,728)		(3,980)
Total Debt Securitization			$	406,272	$	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%	100,208		96,822
July 26, 2022 – Series E Notes (1)	May 10, 2027	6.000%	54,985		53,071
June 11, 2025 - June 2030 Notes (1)	June 11, 2030	6.150%	402,630		—
(Less: Deferred financing fees)			(9,325)		(291)
Total Notes			$	698,498	$	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			Three Months Ended			Nine Months  Ended			Nine Months  Ended
($ in thousands)	September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
Combined weighted average interest rate(1)	6.340		%	7.316		%	6.312		%	7.369		%
Combined weighted average debt outstanding	$	1,852,282		$	1,065,372		$	1,565,124		$	1,131,754

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