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Secured Financing Agreements (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Secured Financing Agreements

The table below summarizes our Secured Financing Facilities as of December 31, 2024 and 2023:

						Debt Obligation
																								Weighted Average																					Collateral
						Maximum Facility Size						Principal Balance						Carrying Value						Coupon Rate (1)						Remaining Maturity (years) (2)						Maturity Date									Principal Balance
December 31, 2024:
UBS Master Repurchase Facility						$	250,000					$	181,989					$	181,566					6.85		%				0.7						2/18/2026									$	267,084
Citibank Master Repurchase Facility						215,000						93,314						92,700						6.57		%				1.5						9/27/2026									145,520
BMO Facility						150,000						103,855						103,622						6.39		%				0.9						Various									145,234
Wells Fargo Master Repurchase Facility						125,000						40,464						39,908						6.31		%				0.6						3/11/2026									52,973
Total/weighted average						$	740,000					$	419,622					$	417,796					6.62		%				0.9															$	610,811

December 31, 2023
Citibank Master Repurchase Facility						$	215,000					$	91,115					$	90,811					7.47		%				0.7						3/15/2025						$	142,465
UBS Master Repurchase Facility						205,000						181,381						181,162						7.72		%				0.8						2/18/2025						241,887
BMO Facility						150,000						87,767						87,451						7.29		%				1.3						Various						118,471
Wells Fargo Master Repurchase Facility						125,000						95,551						94,998						7.44		%				1.1						3/11/2025						127,069
Total/weighted average						$	695,000					$	455,814					$	454,422					7.53		%				0.9												$	629,892

(1)The weighted average coupon rate is determined using SOFR plus a spread ranging from 1.83% to 2.95%, as applicable, for the respective borrowings under our Secured Financing Facilities as of the applicable date.

(2)The weighted average remaining maturity of our Master Repurchase Facilities is determined using the earlier of the underlying loan investment maturity date and the respective repurchase agreement maturity date. The weighted average remaining maturity of the BMO Facility is determined using the underlying loan investment maturity date.

Schedule of Maturities of Long-term Debt

As of December 31, 2024, our outstanding borrowings under our Secured Financing Facilities had the following remaining maturities:

Maturity Year						Principal Payments on Secured Financing Facilities
2025						$	255,765
2026						147,769
2027						16,088
2028 and thereafter						—
						$	419,622

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Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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