Borrowings (Tables)

3 Months Ended

Mar. 31, 2026

Borrowings [Abstract]

Schedule of Notes issued in the CLO

Debt obligations under the BoA Credit Facility consisted of the following as of March 31, 2026:


		March 31, 2026
		Aggregate Principal Committed				Outstanding Principal				Amount Available(1)				Net Carrying Value(2)
BoA Credit Facility		$	525,000,000			$	246,875,850			$	278,124,150			$	246,574,681
Total debt		$	525,000,000			$	246,875,850			$	278,124,150			$	246,574,681

(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 $2.0 million and accrued interest of $1.7 million.

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


		December 31, 2025
		Aggregate Principal Committed				Outstanding Principal				Amount Available(1)				Net Carrying Value(2)
BoA Credit Facility		$	525,000,000			$	262,625,850			$	262,374,150			$	260,430,340
Total debt		$	525,000,000			$	262,625,850			$	262,374,150			$	260,430,340

(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 $2.3 million and accrued interest of $121 thousand.

Debt obligations under the WF Credit Facility consisted of the following as of March 31, 2026:


		March 31, 2026
		Aggregate Principal Committed				Outstanding Principal				Amount Available(1)				Net Carrying Value(2)
WF Credit Facility		$	200,000,000			$	154,279,239			$	45,720,761			$	153,869,030
Total debt		$	200,000,000			$	154,279,239			$	45,720,761			$	153,869,030

(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 $2.6 million and accrued interest of $2.2 million.

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


		December 31, 2025
		Aggregate Principal Committed				Outstanding Principal				Amount Available(1)				Net Carrying Value(2)
WF Credit Facility		$	200,000,000			$	154,279,239			$	45,720,761			$	154,008,418
Total debt		$	200,000,000			$	154,279,239			$	45,720,761			$	154,008,418

(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 $2.7 million and accrued interest of $2.4 million.

Schedule of Interest Expense

For the three months ended March 31, 2026 and March 31, 2025, the components of interest expense with respect to the BoA Credit Facility were as follows:


		For the Three Months Ended March 31,
		2026				2025
Interest expense		$	3,816,589			$	5,288,279
Amortization of debt issuance costs			267,673				267,673
Total interest expense		$	4,084,262			$	5,555,952
Average interest rate			5.09	%			5.73	%

For the three months ended March 31, 2026 and March 31, 2025, the components of interest expense with respect to the WF Credit Facility were as follows:


		For the Three Months Ended March 31,
		2026				2025
Interest expense		$	2,239,602			$	2,699,915
Amortization of debt issuance costs			138,038				122,667
Total interest expense		$	2,377,640			$	2,822,582
Average interest rate			5.61	%			6.84	%

For the three months ended March 31, 2026 and March 31, 2025, the components of interest expense with respect to the Notes were as follows:


		For the Three Months Ended March 31,
		2026				2025
Interest expense		$	4,086,542			$	4,556,850
Amortization of debt issuance costs			34,373				34,373
Total interest expense		$	4,120,915			$	4,591,223
Average interest rate			5.45	%			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, 2026:


				March 31, 2026
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, 2025:


				December 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.