BORROWINGS (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Debt Instrument [Line Items] |
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| Schedule of borrowings outstanding and available |
Total borrowings outstanding and available as of December 31, 2025, were as follows: | | | | | | | | | | | | | | | | Maturity | | Rate | | Principal Amount Outstanding | | Amortized Cost | | Available | Credit Facility(1) | | 1/17/2030 | | S+2.250 | % | $ | — | | $ | (1,342) | | $ | 100,000 | 2025 CLO Notes(2) | | 5/25/2037 | | S+1.700 | % | | 174,000 | | | 171,973 | | | — | 5.375% 2026 Notes | | 12/4/2026 | | 5.375 | % | | 10,000 | | | 9,973 | | | — | 4.000% 2026 Notes | | 12/15/2026 | | 4.000 | % | | 75,000 | | | 74,673 | | | — | 5.625% 2027 Notes | | 12/4/2027 | | 5.625 | % | | 10,000 | | | 9,952 | | | — | 4.250% 2028 Notes | | 12/6/2028 | | 4.250 | % | | 25,000 | | | 24,848 | | | — | 7.875% 2028 Notes | | 9/15/2028 | | 7.875 | % | | 34,500 | | | 33,757 | | | — | Total debt | | | | | | $ | 328,500 | | $ | 323,834 | | $ | 100,000 |
| (1) | All foreign denominated principal borrowings have been converted to USD using the exchange rates as of the applicable reporting date. |
| (2) | Amounts presented represent outstanding amounts held by external parties (i.e., not eliminated in consolidation) on an aggregate basis with the interest rate representing the weighted-average stated coupon rate based on principal amounts outstanding; refer to “2025 CLO Securitization” within this Note 6 for further details. |
Total borrowings outstanding and available as of December 31, 2024, were as follows: | | | | | | | | | | | | | | | | Maturity | | Rate | | Principal Amount Outstanding | | Amortized Cost | | Available | Credit Facility(1) | | 11/22/2025 | | S+2.500 | % | $ | 161,493 | | $ | 160,745 | | $ | 173,507 | 5.375% 2025 Notes | | 10/20/2025 | | 5.375 | % | | 40,000 | | | 39,892 | | | — | 5.375% 2026 Notes | | 12/4/2026 | | 5.375 | % | | 10,000 | | | 9,943 | | | — | 4.000% 2026 Notes | | 12/15/2026 | | 4.000 | % | | 75,000 | | | 74,332 | | | — | 5.625% 2027 Notes | | 12/4/2027 | | 5.625 | % | | 10,000 | | | 9,926 | | | — | 4.250% 2028 Notes | | 12/6/2028 | | 4.250 | % | | 25,000 | | | 24,796 | | | — | 7.875% 2028 Notes | | 9/15/2028 | | 7.875 | % | | 34,500 | | | 33,483 | | | — | Total debt | | | | | | $ | 355,993 | | $ | 353,117 | | $ | 173,507 |
| (1) | All foreign denominated principal borrowings have been converted to USD using the exchange rates as of the applicable reporting date. |
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| JPM Credit Facility |
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| Debt Instrument [Line Items] |
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| Schedule of average stated interest expense and average outstanding balances |
| | | | | | | | | | | | | | | | Year ended December 31, | Credit Facility Interest Expense ($ in thousands) | | | 2025 | | 2024 | | | 2023 | Stated Interest Expense | | | $ | 6,619 | | $ | 16,182 | | | $ | 18,960 | | Amortization of debt issuance costs | | | | 354 | | | 836 | | | | 818 | | Total interest and other debt financing costs | | | $ | 6,973 | | $ | 17,018 | | | $ | 19,778 | | Capital paid for interest expense | | | $ | 7,555 | | $ | 16,430 | | | $ | 19,063 | | Annualized average stated interest rate | | | | 6.5 | % | | 7.7 | % | | | 7.6 | % | Average outstanding balance | | | $ | 77,300 | | $ | 182,014 | | | $ | 236,969 | |
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| 2025 CLO Notes |
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| Debt Instrument [Line Items] |
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| Schedule of borrowings outstanding and available |
| | | | | | | | | | | | December 31, 2025 | CLO Note Tranches ($ in thousands) | | Maturity | | Principal | | | Interest Rate | Class A Notes | | 5/25/2037 | | $ | 174,000 | | | SOFR (3M) + 1.70% | Class B Notes(1) | | 5/25/2037 | | | 30,000 | | | SOFR (3M) + 2.15% | Class C Notes(1) | | 5/25/2037 | | | 24,000 | | | SOFR (3M) + 2.80% | 2025 Subordinated CLO Notes(1) | | 5/25/2037 | | | 70,150 | | | None | Total Notes | | | | $ | 298,150 | | | |
| (1) | The Company retained the Class B Notes, Class C Notes and Subordinated Notes issued in the CLO Transaction, which are eliminated in consolidation. |
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| Schedule of average stated interest expense and average outstanding balances |
| | | | | | | | | | | | | | | | Year ended December 31, | 2025 CLO Notes Interest Expense ($ in thousands) | | | 2025 | | 2024 | | 2023 | Stated Interest Expense | | | $ | 5,753 | | $ | — | | | $ | — | | Amortization of debt issuance costs | | | | 99 | | | — | | | | — | | Total interest and other debt financing costs | | | $ | 5,852 | | $ | — | | | $ | — | | Capital paid for interest expense | | | $ | 4,828 | | $ | — | | | $ | — | | Annualized average stated interest rate | | | | 5.9 | % | | — | % | | | — | % | Average outstanding balance | | | $ | 97,726 | | $ | — | | | $ | — | |
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| 7.875% 2028 Notes |
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| Debt Instrument [Line Items] |
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| Schedule of average stated interest expense and average outstanding balances |
| | | | | | | | | | | | | | | | Year ended December 31, | Senior Unsecured Notes Interest Expense ($ in thousands) | | | 2025 | | 2024 | | | 2023 | Stated Interest Expense | | | $ | 9,486 | | $ | 10,029 | | | $ | 9,356 | | Amortization of debt issuance costs | | | | 828 | | | 852 | | | | 782 | | Total interest and other debt financing costs | | | $ | 10,314 | | $ | 10,881 | | | $ | 10,138 | | Capital paid for interest expense | | | $ | 9,904 | | $ | 10,029 | | | $ | 9,958 | | Annualized average stated interest rate | | | | 5.1 | % | | 5.2 | % | | | 4.9 | % | Average outstanding balance | | | $ | 184,199 | | $ | 194,500 | | | $ | 190,205 | |
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