What does it mean when you are more than just friends with benefits but less then a relationship?

Basically, I have this really amazing guy friend. He kissed me one night a few months back and things have progressed since then. We are really very close. We talk to each other about everything. We share our secrets and our hopes and plans for the future with each other. He is always there for me when I need him. I honestly couldn't ask for a better friend. The thing is we are clearly more then friends now. We both care about each other and we say "I love you" and stuff like that. We do have a sexual relationship. He calls me his "babe" or his "lover." I am not his girlfriend & I don't think he is ready for a serious relationship yet. There are a lot of reasons for that... but I am just sort of confused about what's going on and more importantly why it's going on. I don't really know how to define our relationship. I've talked to him about it but he can't give me an answer. I don't really think he understands either... help?
What does it mean when you are more than just friends with benefits but less then a relationship?
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