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SEGMENTS
 6 Months Ended
Jun. 30, 2025
SEGMENTS [Abstract]  
SEGMENTS

NOTE 21 – SEGMENTS

We conduct our operations and report financial results as one business segment. The presentation of financial results as one reportable segment is consistent with the way we operate our business and is consistent with the manner in which our Chief Operating Decision Maker (“CODM”), our Chief Executive Officer, evaluates performance and makes resource and operating decisions for the business.

The CODM evaluates performance and makes resource and operating decisions for the business based on net income that is reported on the Consolidated Statements of Operations. The measure of segment assets is reported on the Consolidated Balance Sheets as total assets. The CODM uses net income to evaluate whether to make new investments, borrow or pay-off debt and/or issue or repurchase equity. The Company’s CODM periodically reviews interest expense and treats it as a significant segment expense. Interest expense is the largest recurring cash expense of the Company because debt is one of our primary sources of funds for new investments. Dependent on market conditions, our CODM seeks to mitigate the effects of fluctuations in interest rates by matching the terms of new investments with long-term fixed rate borrowings to the extent possible. Additionally, the CODM also utilizes hedging instruments as discussed in Note 16 – Derivatives and Hedging, to help manage interest rate risk and limit significant fluctuations in interest expense for variable rate borrowings. Interest expense related to the Company’s reportable segment is as follows:

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Three Months Ended June 30, 

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Six Months Ended June 30, 

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2025

    

2024

​

2025

    

2024

​

(in thousands)

​

(in thousands)

Interest expense

$

51,881

  

$

50,604

​

$

102,781

  

$

104,748

Interest – amortization of deferred financing costs (1)

 

1,016

  

​

3,362

​

 

2,396

  

​

7,038

Interest expense – net

$

52,897

​

$

53,966

​

$

105,177

​

$

111,786

(1)Includes amortization of deferred financing costs, discounts and premiums.