v3.25.2
INTEREST RATE SWAP DERIVATIVES (Tables)
6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of the Notional Amount and Other Information Related to Interest Rate Swaps
The following table summarizes the notional amount and other information related to the Company’s derivative instruments as of June 30, 2025 (dollars in thousands). There were no derivative instruments as of December 31, 2024.
Interest Rate Derivative InstrumentsNumber of
Instruments
Notional AmountReference
Rate
Weighted
Average
Fixed Pay Rate
Weighted
Average
Remaining
Term
Interest Rate Swap2$250,000 USD - SOFR 4.250 %0.5 years
Schedule of the Fair Value of Derivative Instruments and Their Classification
The following table sets forth the fair value of the Company’s derivative instruments under Level 2 measurement, as well as their classification in the accompanying unaudited condensed consolidated balance sheets as of June 30, 2025 and December 31, 2024 (dollars in thousands):
June 30, 2025December 31, 2024
Derivative InstrumentsBalance Sheet LocationNumber of
Instruments
Fair ValueNumber of
Instruments
Fair Value
Interest Rate SwapAsset - Interest rate swap derivative, at fair value 2$2,103 — $— 
Schedule Of Investments In And Advances To Affiliates Reconciliation Of Premium Paid
The following is a reconciliation of the premium paid for the two swaps in January 2025 to the derivative balance as of June 30, 2025 (in thousands):
Premiums paid for off-market interest rate derivatives$4,200 
Less: accrued interest from December 31, 2024 to respective swap execution date(291)
Investments in off-market interest rate derivatives, net of accrued interest3,909 
Change in fair value (1,806)
Interest rate swap derivatives$2,103