Borrowings (Tables)

9 Months Ended

Sep. 30, 2024

Borrowings [Abstract]

Schedule of Notes issued in the CLO

Debt obligations under the BoA Credit Facility consisted of the following as of September 30, 2024:

	September 30, 2024
	Aggregate Principal Committed		Outstanding Principal		Amount Available(1)		Net Carrying Value(2)
BoA Credit Facility	$	525,000,000	$	376,645,850	$	148,354,150	$	373,747,807
Total debt	$	525,000,000	$	376,645,850	$	148,354,150	$	373,747,807

(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 $3.7 million and accrued interest of $778.0 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 September 30, 2024:

	September 30, 2024
	Aggregate Principal Committed		Outstanding Principal		Amount Available(1)		Net Carrying Value(2)
WF Credit Facility	$	175,000,000	$	144,079,239	$	30,920,761	$	144,735,652
Total debt	$	175,000,000	$	144,079,239	$	30,920,761	$	144,735,652

(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 $2.1 million and accrued interest of $2.8 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 nine months ended September 30, 2024 and September 30, 2023, the components of interest expense with respect to the BoA Credit Facility were as follows:

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2024			2023			2024			2023
Interest expense	$	7,062,804		$	8,697,298		$	26,748,007		$	24,807,947
Amortization of debt issuance costs		273,621			163,593			709,857			482,890
Total interest expense	$	7,336,425		$	8,860,891		$	27,457,864		$	25,290,837
Average interest rate		6.71	%		6.65	%		6.73	%		6.31	%

For the three and nine months ended September 30, 2024 and September 30, 2023, the components of interest expense with respect to the WF Credit Facility were as follows:

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2024			2023			2024			2023
Interest expense	$	2,798,160		$	2,550,415		$	8,311,213		$	7,142,477
Amortization of debt issuance costs		125,392			89,198			373,451			264,203
Total interest expense	$	2,923,552		$	2,639,613		$	8,684,664		$	7,406,680
Average interest rate		7.81	%		7.39	%		7.81	%		7.08	%

For the three and nine months ended September 30, 2024, the components of interest expense with respect to the Notes were as follows:

	For the Three Months Ended September 30,			For the Nine Months Ended September 30,
	2024			2024
Interest expense	$	5,375,313		$	7,653,978
Amortization of debt issuance costs		35,346			49,990
Total interest expense	$	5,410,659		$	7,703,968
Average interest rate		6.99	%		7.00	%

Schedule of Notes issued in the CLO

The following table presents information on the Notes issued in the CLO Transaction:

		September 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.