BORROWINGS (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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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 June 30, 2026, were as follows: | | | | | | | | | | | | | | | | Maturity | | Rate | | Principal Amount Outstanding | | Amortized Cost | | Available | Credit Facility | | 1/17/2030 | | S+2.250 | % | $ | — | | $ | (1,175) | | $ | 50,000 | 2025 CLO Notes(1) | | 5/25/2037 | | S+1.700 | % | | 174,000 | | | 172,062 | | | — | 5.375% 2026 Notes | | 12/4/2026 | | 5.375 | % | | 10,000 | | | 9,987 | | | — | 4.000% 2026 Notes | | 12/15/2026 | | 4.000 | % | | 75,000 | | | 74,843 | | | — | 5.625% 2027 Notes | | 12/4/2027 | | 5.625 | % | | 10,000 | | | 9,964 | | | — | 4.250% 2028 Notes | | 12/6/2028 | | 4.250 | % | | 25,000 | | | 24,874 | | | — | 7.875% 2028 Notes | | 9/15/2028 | | 7.875 | % | | 34,500 | | | 33,894 | | | — | Total debt | | | | | | $ | 328,500 | | $ | 324,449 | | $ | 50,000 |
| (1) | 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, 2025, were as follows: | | | | | | | | | | | | | | | | Maturity | | Rate | | Principal Amount Outstanding | | Amortized Cost | | Available | Credit Facility | | 1/17/2030 | | S+2.250 | % | $ | — | | $ | (1,342) | | $ | 100,000 | 2025 CLO Notes(1) | | 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 |
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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 |
| | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | | | | Six Months Ended June 30, | Credit Facility Interest Expense ($ in thousands) | | | 2026 | | | 2025 | | | | | 2026 | | 2025 | | Stated Interest Expense | | $ | 177 | | $ | 2,717 | | | | | $ | 489 | | $ | 6,077 | | Amortization of debt issuance costs | | | 83 | | | 83 | | | | | | 166 | | | 188 | | Total interest and other debt financing costs | | $ | 260 | | $ | 2,800 | | | | | $ | 655 | | $ | 6,265 | | Capital paid for interest expense | | $ | 189 | | $ | 3,527 | | | | | $ | 517 | | $ | 7,014 | | Annualized average stated interest rate | | | — | % | | 6.4 | % | | | | | — | % | | 6.5 | % | Average outstanding balance | | $ | — | | $ | 136,630 | | | | | $ | — | | $ | 155,881 | |
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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 |
| | | | | | | | | | | | June 30, 2026 | 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 |
| | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | | | | Six Months Ended June 30, | 2025 CLO Notes Interest Expense ($ in thousands) | | | 2026 | | | 2025 | | | | | 2026 | | 2025 | | Stated Interest Expense | | $ | 2,356 | | $ | 611 | | | | | $ | 4,767 | | $ | 611 | | Amortization of debt issuance costs | | | 44 | | | 10 | | | | | | 89 | | | 10 | | Total interest and other debt financing costs | | $ | 2,400 | | $ | 621 | | | | | $ | 4,856 | | $ | 621 | | Capital paid for interest expense | | $ | 2,336 | | $ | — | | | | | $ | 4,816 | | $ | — | | Annualized average stated interest rate | | | 5.4 | % | | 6.0 | % | | | | | 5.4 | % | | 6.0 | % | Average outstanding balance | | $ | 174,000 | | $ | 40,154 | | | | | $ | 174,000 | | $ | 20,188 | |
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| Senior Unsecured Notes |
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| Debt Instrument [Line Items] |
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| Schedule of average stated interest expense and average outstanding balances |
| | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | | | | Six Months Ended June 30, | Senior Unsecured Notes Interest Expense ($ in thousands) | | | 2026 | | | 2025 | | | | | 2026 | | 2025 | | Stated Interest Expense | | $ | 1,970 | | $ | 2,507 | | | | | $ | 3,940 | | $ | 5,015 | | Amortization of debt issuance costs | | | 180 | | | 213 | | | | | | 360 | | | 426 | | Total interest and other debt financing costs | | $ | 2,150 | | $ | 2,720 | | | | | $ | 4,300 | | $ | 5,441 | | Capital paid for interest expense | | $ | 3,260 | | $ | 4,335 | | | | | $ | 3,940 | | $ | 5,015 | | Annualized average stated interest rate | | | 5.10 | % | | 5.16 | % | | | | | 5.10 | % | | 5.16 | % | Average outstanding balance | | $ | 154,500 | | $ | 194,500 | | | | | $ | 154,500 | | $ | 194,500 | |
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