LOAN RECEIVABLE HELD AT CARRYING VALUE |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| LOAN RECEIVABLE HELD AT CARRYING VALUE | LOAN RECEIVABLE HELD AT CARRYING VALUE As of June 30, 2025 and December 31, 2024, the Company’s portfolio included zero and one loan receivable held at carrying value. The originated commitment under this loan was $4.0 million and outstanding principal was zero and $1.9 million as of June 30, 2025 and December 31, 2024, respectively. During the six months ended June 30, 2025, the Company received $0.1 million of principal repayments of loan receivable held at carrying value. The following table presents changes in loans receivable as of and for the six months ended June 30, 2025:
Effective October 1, 2022, the Company placed Public Company A equipment loan receivable on nonaccrual status. During the three and six months ended June 30, 2025, the Company recognized no interest income related to this loan. Payments received were accounted for under the cost recovery method and applied as a reduction to the amortized cost of the Public Company A equipment loan. Prior to the write-off, in June 2025, the equipment loan with Public Company A had an outstanding principal balance of approximately $1.8 million and amortized cost of approximately $1.8 million. Based on discussions with the collateral agent, the Company does not expect future proceeds and deemed the remaining balance on the loan with Public Company A to be uncollectible. Prior to the write-off, the loan receivable had a CECL Reserve that was fully reserved for. In the second quarter of 2025, the Company wrote off $1.8 million, which was equal to the carrying value of the loan receivable, excluding the CECL Reserve at the time the loan was written off.
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