DERIVATIVE INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of breakdown of the derivatives outstanding

The following is a breakdown of the derivatives outstanding as of December 31, 2022 and December 31, 2021 ($ in thousands):

December 31, 2022

			Fair Value				Remaining Maturity (years)
Contract Type	Notional		Asset(1)		Liability(1)
Caps
1 Month Term SOFR	$	90,000	$	1,804	$	—	1.68
Futures
5-year Treasury-Note Futures	44,200		$	51	$	—	0.25
10-year Treasury-Note Futures	61,400		71		—		0.25
Total futures	105,600		122		—
Options
Options	9,100		112		—		0.20
Total derivatives	$	204,700	$	2,038	$	—

(1)Shown as derivative instruments, at fair value, in the accompanying consolidated balance sheets.

December 31, 2021

			Fair Value				Remaining Maturity (years)
Contract Type	Notional		Asset(1)		Liability(1)
Caps
1 Month LIBOR	$	84,621	$	60	$	—	0.57
Futures
5-year Swap	6,500		76		—		0.25
10-year Swap	23,000		266		—		0.25
Total futures	29,500		342		—
Total derivatives	$	114,121	$	402	$	—

(1)Shown as derivative instruments, at fair value, in the accompanying consolidated balance sheets.

Schedule of net realized gains/(losses) and unrealized appreciation/(depreciation) on derivatives

The following table indicates the net realized gains (losses) and unrealized appreciation (depreciation) on derivatives, by primary underlying risk exposure, as included in net result from derivatives transactions in the consolidated statements of income for the years ended December 31, 2022, 2021, and 2020 ($ in thousands):

	Year Ended December 31, 2022
Contract Type	Unrealized Gain/(Loss)		Realized Gain/(Loss)		Net Result from Derivative Transactions
Caps	$	984	$	648	$	1,632
Futures	(219)		11,078		10,859
Options	(131)		—		(131)
Total	$	634	$	11,726	$	12,360

	Year Ended December 31, 2021
Contract Type	Unrealized Gain/(Loss)		Realized Gain/(Loss)		Net Result from Derivative Transactions
Caps	$	(8)	$	—	$	(8)
Futures	42		1,715		1,757
Total	$	34	$	1,715	$	1,749

	Year Ended December 31, 2020
Contract Type	Unrealized Gain/(Loss)		Realized Gain/(Loss)		Net Result from Derivative Transactions
Futures	$	(379)	$	(15,113)	$	(15,492)
Credit Derivatives	111		111		222
Total	$	(268)	$	(15,002)	$	(15,270)