Borrowings (Tables)

3 Months Ended

Mar. 31, 2025

Borrowings [Abstract]

Schedule of Notes issued in the CLO

Debt obligations under the BoA Credit Facility consisted of the following as of March 31, 2025:


		March 31, 2025
		Aggregate Principal Committed				Outstanding Principal				Amount Available(1)				Net Carrying Value(2)
BoA Credit Facility		$	525,000,000			$	319,125,850			$	205,874,150			$	317,283,464
Total debt		$	525,000,000			$	319,125,850			$	205,874,150			$	317,283,464

(1)

The amount available reflects any limitations related to the BoA Credit Facility’s borrowing base.

(2)

The carrying value of the BoA Credit Facility is presented net of deferred financing costs of $3.1 million and accrued interest of $1.3 million.

Debt obligations under the BoA Credit Facility consisted of the following as of December 31, 2024:


		December 31, 2024
		Aggregate Principal Committed				Outstanding Principal				Amount Available(1)				Net Carrying Value(2)
BoA Credit Facility		$	525,000,000			$	352,325,850			$	172,674,150			$	350,123,183
Total debt		$	525,000,000			$	352,325,850			$	172,674,150			$	350,123,183

(1)

The amount available reflects any limitations related to the BoA Credit Facility’s borrowing base.

(2)

The carrying value of the BoA Credit Facility is presented net of deferred financing costs of $3.4 million and accrued interest of $1.2 million.

Debt obligations under the WF Credit Facility consisted of the following as of March 31, 2025:


		March 31, 2025
		Aggregate Principal Committed				Outstanding Principal				Amount Available(1)				Net Carrying Value(2)
WF Credit Facility		$	175,000,000			$	154,279,239			$	20,720,761			$	155,041,748
Total debt		$	175,000,000			$	154,279,239			$	20,720,761			$	155,041,748

(1)

The amount available reflects any limitations related to the WF Credit Facility’s borrowing base.

(2)

The carrying value of the WF Credit Facility is presented net of deferred financing costs of $1.9 million and accrued interest of $2.6 million.

Debt obligations under the WF Credit Facility consisted of the following as of December 31, 2024:


		December 31, 2024
		Aggregate Principal Committed				Outstanding Principal				Amount Available(1)				Net Carrying Value(2)
WF Credit Facility		$	175,000,000			$	150,779,239			$	24,220,761			$	151,527,419
Total debt		$	175,000,000			$	150,779,239			$	24,220,761			$	151,527,419

(1)

The amount available reflects any limitations related to the WF Credit Facility’s borrowing base.

(2)

The carrying value of the WF Credit Facility is presented net of deferred financing costs of $2.0 million and accrued interest of $2.7 million.

Schedule of Interest Expense

For the three months ended March 31, 2025 and March 31, 2024 the components of interest expense with respect to the BoA Credit Facility were as follows:


		For the Three Months Ended March 31,
		2025				2024
Interest expense		$	5,288,279			$	10,106,950
Amortization of debt issuance costs			267,673				165,600
Total interest expense		$	5,555,952			$	10,272,550
Average interest rate			5.73	%			6.74	%

the components of interest expense with respect to the WF Credit Facility were as follows:


		For the Three Months Ended March 31,
		2025				2024
Interest expense		$	2,699,915			$	2,782,250
Amortization of debt issuance costs			122,667				124,030
Total interest expense		$	2,822,582			$	2,906,280
Average interest rate			6.84	%			7.82	%

the components of interest expense with respect to the Notes were as follows:


		For the Three Months Ended March 31,
		2025				2024
Interest expense		$	4,556,850			$	—
Amortization of debt issuance costs			34,373				—
Total interest expense		$	4,591,223			$	—
Average interest rate			6.08	%			—

Schedule of Notes issued in the CLO

The following table presents information on the Notes issued in the CLO Transaction as of March 31, 2025:


				March 31, 2025
Description		Type		Principal Outstanding				Interest Rate		Credit Rating
Class A Notes		Senior Secured Floating Rate		$	232,000,000			SOFR + (1.60)%		AAA
Class B-1 Notes		Senior Secured Floating Rate			58,000,000			SOFR + (2.15)%		AA
Class B-2 Notes		Senior Secured Fixed Rate			10,000,000			(6.33)%		AA
Total Secured Notes				$	300,000,000
Subordinated Notes (1)					100,500,000			None		Not rated
Total Notes				$	400,500,000

(1)

The Company retained all of the Subordinated Notes issued in the CLO Transaction which are eliminated in consolidation.

The following table presents information on the Notes issued in the CLO Transaction as of December 31, 2024:


				December 31, 2024
Description		Type		Principal Outstanding				Interest Rate		Credit Rating
Class A Notes		Senior Secured Floating Rate		$	232,000,000			SOFR + (1.60)%		AAA
Class B-1 Notes		Senior Secured Floating Rate			58,000,000			SOFR + (2.15)%		AA
Class B-2 Notes		Senior Secured Fixed Rate			10,000,000			(6.33)%		AA
Total Secured Notes				$	300,000,000
Subordinated Notes (1)					100,500,000			None		Not rated
Total Notes				$	400,500,000

(1)

The Company retained all of the Subordinated Notes issued in the CLO Transaction which are eliminated in consolidation.