DEBT - Schedule of Long-Term Debt (Details) - USD ($)
$ in Thousands |
12 Months Ended |
|
|
|
|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Sep. 25, 2025 |
Oct. 01, 2024 |
Aug. 10, 2023 |
Mar. 16, 2023 |
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Amortization of deferred financing costs |
|
$ 7,910
|
|
$ 5,506
|
|
$ 2,768
|
|
|
|
|
| Net change in unrealized (appreciation) depreciation on effective interest rate swaps and hedged items |
|
$ 3,132
|
|
$ 882
|
|
$ (1,009)
|
|
|
|
|
| Weighted average interest rate |
[1] |
6.94%
|
|
8.04%
|
|
7.72%
|
|
|
|
|
| Weighted average effective interest rate |
[2] |
7.44%
|
|
8.51%
|
|
8.19%
|
|
|
|
|
| Weighted average debt outstanding |
|
$ 3,079,014
|
|
$ 1,811,974
|
|
$ 844,373
|
|
|
|
|
| ING Facility | Line of Credit |
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Borrowing interest expense |
|
13,022
|
|
9,706
|
|
10,612
|
|
|
|
|
| Facility unused commitment fees |
|
4,338
|
|
3,769
|
|
2,901
|
|
|
|
|
| Amortization of deferred financing costs |
|
2,111
|
|
1,666
|
|
1,208
|
|
|
|
|
| Total |
|
$ 19,471
|
|
$ 15,141
|
|
$ 14,721
|
|
|
|
|
| Weighted average interest rate |
|
6.11%
|
|
7.05%
|
|
6.46%
|
|
|
|
|
| Weighted average effective interest rate |
|
7.10%
|
|
8.25%
|
|
7.19%
|
|
|
|
|
| Weighted average outstanding balance |
|
$ 210,136
|
|
$ 135,437
|
|
$ 162,063
|
|
|
|
|
| Wells Funding Facility | Line of Credit |
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Borrowing interest expense |
|
23,270
|
|
19,958
|
|
21,912
|
|
|
|
|
| Facility unused commitment fees |
|
4,769
|
|
6,093
|
|
3,035
|
|
|
|
|
| Amortization of deferred financing costs |
|
2,178
|
|
1,768
|
|
1,346
|
|
|
|
|
| Total |
|
$ 30,217
|
|
$ 27,819
|
|
$ 26,293
|
|
|
|
|
| Weighted average interest rate |
|
6.42%
|
|
7.41%
|
|
7.68%
|
|
|
|
|
| Weighted average effective interest rate |
|
7.02%
|
|
8.07%
|
|
8.15%
|
|
|
|
|
| Weighted average outstanding balance |
|
$ 357,450
|
|
$ 264,803
|
|
$ 281,406
|
|
|
|
|
| CBNA Funding Facility | Line of Credit |
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Borrowing interest expense |
|
12,113
|
|
5,238
|
|
304
|
|
|
|
|
| Facility unused commitment fees |
|
965
|
|
1,419
|
|
668
|
|
|
|
|
| Amortization of deferred financing costs |
|
1,096
|
|
900
|
|
214
|
|
|
|
|
| Total |
|
$ 14,174
|
|
$ 7,557
|
|
$ 1,186
|
|
|
|
|
| Weighted average interest rate |
|
6.47%
|
|
7.53%
|
|
8.18%
|
|
|
|
|
| Weighted average effective interest rate |
|
7.06%
|
|
8.82%
|
|
9.16%
|
|
|
|
|
| Weighted average outstanding balance |
|
$ 184,572
|
|
$ 68,428
|
|
$ 12,070
|
|
|
|
|
| JPM Funding Facility | Line of Credit |
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Borrowing interest expense |
|
49,625
|
|
19,039
|
[3] |
|
|
|
|
|
| Facility unused commitment fees |
|
3,283
|
|
2,262
|
[3] |
|
|
|
|
|
| Amortization of deferred financing costs |
|
2,524
|
|
1,178
|
[3] |
|
|
|
|
|
| Total |
|
$ 55,432
|
|
$ 22,479
|
[3] |
|
|
|
|
|
| Stated interest rate |
|
6.36%
|
|
7.18%
|
[3] |
|
|
|
|
|
| Weighted average effective interest rate |
|
6.68%
|
|
7.63%
|
[3] |
|
|
|
|
|
| Weighted average outstanding balance |
|
$ 769,692
|
|
$ 561,414
|
[3] |
|
|
|
|
|
| Series A 2026 Notes | Senior Notes |
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Borrowing interest expense |
|
16,053
|
|
17,282
|
|
13,082
|
|
|
|
|
| Amortization of debt issuance costs |
|
736
|
|
739
|
|
593
|
|
|
|
|
| Net change in unrealized (appreciation) depreciation on effective interest rate swaps and hedged items |
|
1,110
|
|
(15)
|
|
|
|
|
|
|
| Total |
|
$ 17,899
|
|
$ 18,006
|
|
$ 13,675
|
|
|
|
|
| Stated interest rate |
|
|
|
|
|
|
|
|
|
8.10%
|
| Stated interest rate |
|
8.10%
|
|
8.10%
|
|
8.10%
|
|
|
|
|
| Weighted average effective interest rate |
|
9.13%
|
|
8.47%
|
|
8.10%
|
|
|
|
|
| Series A 2028 Notes | Senior Notes |
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Borrowing interest expense |
|
$ 12,020
|
|
$ 12,493
|
|
$ 9,397
|
|
|
|
|
| Amortization of debt issuance costs |
|
316
|
|
318
|
|
260
|
|
|
|
|
| Net change in unrealized (appreciation) depreciation on effective interest rate swaps and hedged items |
|
639
|
|
6
|
|
|
|
|
|
|
| Total |
|
$ 12,975
|
|
$ 12,817
|
|
$ 9,657
|
|
|
|
|
| Stated interest rate |
|
|
|
|
|
|
|
|
|
8.13%
|
| Stated interest rate |
|
8.13%
|
|
8.13%
|
|
8.13%
|
|
|
|
|
| Weighted average effective interest rate |
|
8.89%
|
|
8.56%
|
|
8.13%
|
|
|
|
|
| Series B 2026 Notes | Senior Notes |
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Borrowing interest expense |
|
$ 9,557
|
|
$ 9,878
|
|
$ 3,705
|
|
|
|
|
| Amortization of debt issuance costs |
|
414
|
|
409
|
|
155
|
|
|
|
|
| Net change in unrealized (appreciation) depreciation on effective interest rate swaps and hedged items |
|
311
|
|
(3)
|
|
|
|
|
|
|
| Total |
|
$ 10,282
|
|
$ 10,284
|
|
$ 3,860
|
|
|
|
|
| Stated interest rate |
|
|
|
|
|
|
|
|
8.84%
|
|
| Stated interest rate |
|
8.84%
|
|
8.84%
|
|
8.84%
|
|
|
|
|
| Weighted average effective interest rate |
|
9.61%
|
|
9.23%
|
|
8.84%
|
|
|
|
|
| Series B 2028 Notes | Senior Notes |
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Borrowing interest expense |
|
$ 11,501
|
|
$ 11,917
|
|
$ 4,452
|
|
|
|
|
| Amortization of debt issuance costs |
|
294
|
|
293
|
|
111
|
|
|
|
|
| Net change in unrealized (appreciation) depreciation on effective interest rate swaps and hedged items |
|
580
|
|
11
|
|
|
|
|
|
|
| Total |
|
$ 12,375
|
|
$ 12,221
|
|
$ 4,563
|
|
|
|
|
| Stated interest rate |
|
|
|
|
|
|
|
|
8.88%
|
|
| Stated interest rate |
|
8.88%
|
|
8.88%
|
|
8.88%
|
|
|
|
|
| Weighted average effective interest rate |
|
9.67%
|
|
9.31%
|
|
8.88%
|
|
|
|
|
| Series C 2027 Notes | Senior Notes |
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Borrowing interest expense |
|
$ 12,055
|
|
$ 13,419
|
|
$ 1,193
|
|
|
|
|
| Amortization of debt issuance costs |
|
458
|
|
458
|
|
37
|
|
|
|
|
| Net change in unrealized (appreciation) depreciation on effective interest rate swaps and hedged items |
|
(289)
|
|
205
|
|
(260)
|
|
|
|
|
| Total |
|
$ 12,224
|
|
$ 14,082
|
|
$ 970
|
|
|
|
|
| Stated interest rate |
|
8.92%
|
|
8.92%
|
|
8.92%
|
|
|
|
|
| Weighted average effective interest rate |
|
8.96%
|
|
9.83%
|
|
8.92%
|
|
|
|
|
| Series C 2029 Notes | Senior Notes |
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Borrowing interest expense |
|
$ 14,904
|
|
$ 16,539
|
|
$ 1,470
|
|
|
|
|
| Amortization of debt issuance costs |
|
339
|
|
340
|
|
27
|
|
|
|
|
| Net change in unrealized (appreciation) depreciation on effective interest rate swaps and hedged items |
|
(321)
|
|
647
|
|
(749)
|
|
|
|
|
| Total |
|
$ 14,922
|
|
$ 17,526
|
|
$ 748
|
|
|
|
|
| Stated interest rate |
|
9.07%
|
|
9.07%
|
|
9.07%
|
|
|
|
|
| Weighted average effective interest rate |
|
9.13%
|
|
10.12%
|
|
9.07%
|
|
|
|
|
| Series D 2027 | Senior Notes |
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Borrowing interest expense |
|
$ 6,840
|
|
$ 2,774
|
|
|
|
|
|
|
| Amortization of debt issuance costs |
|
383
|
|
156
|
|
|
|
|
|
|
| Net change in unrealized (appreciation) depreciation on effective interest rate swaps and hedged items |
|
269
|
|
6
|
|
|
|
|
|
|
| Total |
|
$ 7,492
|
|
$ 2,936
|
|
|
|
|
|
|
| Stated interest rate |
|
6.84%
|
|
6.84%
|
|
|
|
|
|
|
| Weighted average effective interest rate |
|
7.49%
|
|
6.84%
|
|
|
|
|
|
|
| Series D 2029 | Senior Notes |
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Borrowing interest expense |
|
$ 13,820
|
|
$ 5,605
|
|
|
|
|
|
|
| Amortization of debt issuance costs |
|
459
|
|
187
|
|
|
|
|
|
|
| Net change in unrealized (appreciation) depreciation on effective interest rate swaps and hedged items |
|
834
|
|
24
|
|
|
|
|
|
|
| Total |
|
$ 15,113
|
|
$ 5,816
|
|
|
|
|
|
|
| Stated interest rate |
|
6.91%
|
|
6.91%
|
|
|
|
|
|
|
| Weighted average effective interest rate |
|
7.56%
|
|
6.91%
|
|
|
|
|
|
|
| 2030 Notes | Senior Notes |
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Borrowing interest expense |
|
$ 17,250
|
|
$ 4,313
|
|
|
|
|
|
|
| Amortization of debt issuance costs |
|
747
|
|
184
|
|
|
|
|
|
|
| Accretion of original issuance discount |
|
510
|
|
128
|
|
|
|
|
|
|
| Total |
|
$ 18,507
|
|
$ 4,625
|
|
|
|
|
|
|
| Stated interest rate |
|
5.75%
|
|
5.75%
|
|
|
|
5.75%
|
|
|
| Weighted average effective interest rate |
|
6.17%
|
|
5.75%
|
|
|
|
|
|
|
| 2028 Notes | Senior Notes |
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Borrowing interest expense |
[4] |
$ 4,726
|
|
|
|
|
|
|
|
|
| Amortization of debt issuance costs |
[4] |
362
|
|
|
|
|
|
|
|
|
| Accretion of original issuance discount |
[4] |
188
|
|
|
|
|
|
|
|
|
| Net change in unrealized (appreciation) depreciation on effective interest rate swaps and hedged items |
[4] |
12
|
|
|
|
|
|
|
|
|
| Total |
[4] |
$ 5,288
|
|
|
|
|
|
|
|
|
| Stated interest rate |
|
5.13%
|
[4] |
|
|
|
5.125%
|
|
|
|
| Weighted average effective interest rate |
[4] |
6.61%
|
|
|
|
|
|
|
|
|
|
|