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Borrowings (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Schedule of SBA debentures outstanding
The Company’s outstanding debt as of December 31, 2023 and 2022 was as follows:
As of December 31,
20232022
Total Aggregate Principal Amount Committed/ Outstanding (1)
Principal Amount OutstandingCarrying Value
Total Aggregate Principal Amount Committed/ Outstanding (1)
Principal Amount OutstandingCarrying Value
SPV Credit Facility$450,000 $179,000 $178,098 
(2)
$450,000 $357,400 $354,904 
(2)
Term Loan120,288 120,288 119,240 
(3)
100,000 100,000 98,953 
(3)
2022 ABS306,000 
(4)
306,000 300,810 
(5)
306,000 
(4)
306,000 297,629 
(5)
2023 ABS185,850 
(6)
185,850 183,840 
(7)
— — — 
Revolving Credit Facility325,000 256,808 253,579 
(8)
— — — 
2028 Notes200,000 200,000 197,767 
(9)
— — — 
Total$1,587,138 $1,247,946 $1,233,334 $856,000 $763,400 $751,486 
_____________________________________________________
(1)Represents the total aggregate amount committed or outstanding, as applicable, under such instrument.
(2)Represents the aggregate principal amount outstanding of the SPV Credit Facility (as defined below), less unamortized debt issuance costs. As of December 31, 2023 and 2022, the total unamortized debt issuance costs were $902 and $2,496, respectively.
(3)Represents the aggregate principal amount outstanding of the Term Loan (as defined below), less unamortized debt issuance costs. As of December 31, 2023 and 2022, the total unamortized debt issuance costs were $1,048 and $1,047, respectively.
(4)As of both December 31, 2023 and 2022, the 2022 Class C Notes and 2022 Subordinated Notes (as defined below) totaling $36,125 and $82,875, respectively, are excluded from the total aggregate principal amount committed/outstanding amount as these notes are eliminated in consolidation.
(5)Represents the aggregate principal amount outstanding of the 2022 ABS (as defined below), less unamortized debt issuance costs. As of December 31, 2023 and 2022, the total unamortized debt issuance costs were $5,190 and $8,371, respectively.
(6)As of December 31, 2023, the 2023 Subordinated Notes (as defined below) totaling $65,319, are excluded from the total aggregate principal amount committed/outstanding amount as these notes are eliminated in consolidation.
(7)Represents the aggregate principal amount outstanding of the 2023 ABS (as defined below), less unamortized debt issuance costs. As of December 31, 2023, the total unamortized debt issuance costs were $2,010.
(8)Represents the aggregate principal amount outstanding of the Revolving Credit Facility (as defined below), less unamortized debt issuance costs. As of December 31, 2023, the total unamortized debt issuance costs were $3,229.
(9)Represents the aggregate principal amount outstanding of the 2028 Notes (as defined below), less unamortized debt issuance costs. As of December 31, 2023, the total unamortized debt issuance costs were $2,233.
Schedule of components of the Company's interest expense and other debt financing expenses, average debt outstanding balances and average stated interest rates
Components of Interest Expense: The components of the Company’s interest and other debt financing expenses and average debt outstanding and average stated interest rate (i.e. the rate in effect plus spread) were as follows:
For the years ended December 31,
202320222021
Interest expense – SPV Credit Facility$21,101 $9,799 $5,129 
Interest expense – Term Loan11,040 224 — 
Interest expense – 2022 ABS12,884 9,448 — 
Interest expense – 2023 ABS5,111 — — 
Interest expense – 2028 Notes1,675 — — 
Interest expense – Revolving Credit Facility2,153 — — 
Interest expense – Short-Term Borrowings2,223 — — 
Amortization of deferred financing costs5,741 2,263 907 
Total interest and other debt financing expenses$61,928 $21,734 $6,036 
Average debt outstanding828,682 409,913 140,127 
Average stated interest rate6.8 %4.7 %3.6 %