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Borrowings (Tables) | 6 Months Ended
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Jun. 30, 2024
Borrowings [Abstract] |
Schedule of Notes issued in the CLO | Debt obligations under the BoA Credit Facility consisted of the following as of June 30, 2024:
|  | June 30, 2024 |
|  | Aggregate Principal Committed |  |  | Outstanding Principal |  |  | Amount Available(1) |  |  | Net Carrying Value(2) |
BoA Credit Facility |  | $ | 525,000,000 |  |  | $ | 386,580,940 |  |  | $ | 138,419,060 |  |  | $ | 383,148,268 |
Total debt |  | $ | 525,000,000 |  |  | $ | 386,580,940 |  |  | $ | 138,419,060 |  |  | $ | 383,148,268 |
(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 $3.9 million and accrued interest of $517 thousand.
Debt obligations under the BoA Credit Facility consisted of the following as of December 31, 2023:
|  | December 31, 2023 |
|  | Aggregate Principal Committed |  |  | Outstanding Principal |  |  | Amount Available(1) |  |  | Net Carrying Value(2) |
BoA Credit Facility |  | $ | 725,000,000 |  |  | $ | 504,000,000 |  |  | $ | 221,000,000 |  |  | $ | 505,417,357 |
Total debt |  | $ | 725,000,000 |  |  | $ | 504,000,000 |  |  | $ | 221,000,000 |  |  | $ | 505,417,357 |
| (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 $739 thousand and accrued interest of $2.2 million.
Debt obligations under the WF Credit Facility consisted of the following as of June 30, 2024:
|  | June 30, 2024 |
|  | Aggregate Principal Committed |  |  | Outstanding Principal |  |  | Amount Available(1) |  |  | Net Carrying Value(2) |
WF Credit Facility |  | $ | 175,000,000 |  |  | $ | 136,250,000 |  |  | $ | 38,750,000 |  |  | $ | 136,717,785 |
Total debt |  | $ | 175,000,000 |  |  | $ | 136,250,000 |  |  | $ | 38,750,000 |  |  | $ | 136,717,785 |
| (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 $2.2 million and accrued interest of $2.7 million.
Debt obligations under the WF Credit Facility consisted of the following as of December 31, 2023:
|  | December 31, 2023 |
|  | Aggregate Principal Committed |  |  | Outstanding Principal |  |  | Amount Available(1) |  |  | Net Carrying Value(2) |
WF Credit Facility |  | $ | 175,000,000 |  |  | $ | 136,250,000 |  |  | $ | 38,750,000 |  |  | $ | 136,411,448 |
Total debt |  | $ | 175,000,000 |  |  | $ | 136,250,000 |  |  | $ | 38,750,000 |  |  | $ | 136,411,448 |
(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 $2.5 million and accrued interest of $2.6 million.
Schedule of Interest Expense | For the three and six months ended June 30, 2024 and June 30, 2023, the components of interest expense with respect to the BoA Credit Facility were as follows:
|  | For the Three Months Ended June 30 |  |  | For the Six Months Ended June 30 |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Interest expense |  | $ | 9,554,544 |  |  | $ | 8,257,485 |  |  | $ | 19,685,201 |  |  | $ | 16,110,649 |
Amortization of debt issuance costs |  |  | 270,636 |  |  |  | 161,353 |  |  |  | 436,236 |  |  |  | 319,296 |
Total interest expense |  | $ | 9,825,180 |  |  | $ | 8,418,838 |  |  | $ | 20,121,437 |  |  | $ | 16,429,945 |
Average interest rate |  |  | 6.72 | % |  |  | 6.40 | % |  |  | 6.73 | % |  |  | 6.14 | %
For the three and six months ended June 30, 2024 and June 30, 2023, the components of interest expense with respect to the WF Credit Facility were as follows:
|  | For the Three Months Ended June 30 |  |  | For the Six Months Ended June 30 |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Interest expense |  | $ | 2,754,510 |  |  | $ | 2,368,060 |  |  | $ | 5,513,053 |  |  | $ | 4,592,062 |
Amortization of debt issuance costs |  |  | 124,029 |  |  |  | 87,986 |  |  |  | 248,059 |  |  |  | 175,006 |
Total interest expense |  | $ | 2,878,539 |  |  | $ | 2,456,046 |  |  | $ | 5,761,112 |  |  | $ | 4,767,068 |
Average interest rate |  |  | 7.82 | % |  |  | 7.15 | % |  |  | 7.82 | % |  |  | 6.92 | %
For the three and six months ended June 30, 2024, the components of interest expense with respect to the Notes were as follows:
|  | For the Three Months Ended |  |  | For the Six Months Ended |
|  | June 30, 2024 |  |  | June 30, 2024 |
Interest expense |  | $ | 2,278,665 |  |  | $ | 2,278,665 |
Amortization of debt issuance costs |  |  | 14,644 |  |  |  | 14,644 |
Total interest expense |  | $ | 2,293,309 |  |  | $ | 2,293,309 |
Average interest rate |  |  | 7.01 | % |  |  | 7.01 | %
Schedule of Notes issued in the CLO | The following table presents information on the Notes issued in the CLO Transaction:
|  |  |  | June 30, 2024
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.

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- Definition Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)(b)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(19)(b)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 + Details
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