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Borrowings (Tables)

6 Months Ended

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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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

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-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

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