XML 44 R32.htm IDEA: XBRL DOCUMENT
v3.25.1

DEBT (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2025
Debt Disclosure [Abstract] |
Schedule of Outstanding Balances and Total Commitments Under Financing Agreements | As of March 31, 2025 and December 31, 2024, the outstanding balances and total commitments under the Financing Agreements consisted of the following ($ in thousands):
|  | As of March 31, 2025 |  | As of December 31, 2024 |
|  | Outstanding Balance |  | Total Commitment |  | Outstanding Balance |  | Total Commitment |
Secured Funding Agreements: |  |  |  |  |  |  |  |  |
Wells Fargo Facility |  | $ | 230,385 |  |  | $ | 450,000 |  | (1) | $ | 210,216 |  |  | $ | 450,000 |  | (1)
Citibank Facility |  | 294,495 |  |  | 325,000 |  | (2) | 228,727 |  |  | 325,000 |  | (2)
CNB Facility |  | — |  |  | 75,000 |  | (3) | — |  |  | 75,000 |  | (3)
Morgan Stanley Facility |  | 149,525 |  |  | 250,000 |  |  | 149,525 |  |  | 250,000 |  |
Subtotal |  | $ | 674,405 |  |  | $ | 1,100,000 |  |  | $ | 588,468 |  |  | $ | 1,100,000 |  |
Secured Term Loan |  | $ | 120,000 |  |  | $ | 120,000 |  | (4) | $ | 130,000 |  |  | $ | 130,000 |  |
Total |  | $ | 794,405 |  |  | $ | 1,220,000 |  |  | $ | 718,468 |  |  | $ | 1,230,000 |  |
______________________________ (1)The maximum commitment for the Wells Fargo Facility (as defined below) may be increased to up to $500.0 million at the Company’s option, subject to the satisfaction of certain conditions, including payment of an upsize fee. (2)The maximum commitment for the Citibank Facility (as defined below) may be increased to up to $425.0 million by up to two increments of $50.0 million with the consent of Citibank (defined below), subject to the satisfaction of certain conditions, including payment of an upsize fee. (3)Amount immediately available under the CNB Facility at any given time can fluctuate based on the fair value of the collateral in the borrowing base that secures the CNB Facility. As of March 31, 2025, there was no immediate availability under the CNB Facility based on the fair value of the collateral in the borrowing base at such time. The amount immediately available under the CNB Facility may be increased to up to $75.0 million by the pledge of additional collateral into the borrowing base in accordance with the CNB Facility agreement. (4)In January 2025, the Company elected to repay $10.0 million of outstanding principal on the Secured Term Loan at par prior to the scheduled maturity as permitted by the contractual terms of the Secured Term Loan. As of March 31, 2025, the Secured Term Loan has a total commitment of $120.0 million.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfLineOfCreditFacilitiesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration