DERIVATIVE INSTRUMENTS |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DERIVATIVE INSTRUMENTS | DERIVATIVE INSTRUMENTS The Fund used derivative instruments to manage its exposure to interest rates on expected borrowings under its debt facility (see Note 6), as the Fund originates fixed rate loans. The Fund entered into interest rate collar contracts which mitigated the Fund's exposure to interest rate fluctuations on variable rate index of the debt facility. The collar established a range where the Fund paid the counterparty when the SOFR rate fell below the established floor rate, and the counterparty paid the Fund when the SOFR rate exceeded the established cap rate. The interest rate collar settled monthly. The Fund terminated all of its derivative contracts as of December 31, 2024. The following table shows the effect of the Fund's derivative instruments on the Fund's Condensed Statements of Operations for the three months ended March 31, 2025 and 2024.
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