Borrowings (Tables)

3 Months Ended

Mar. 31, 2024

The Company’s outstanding debt as of March 31, 2024 and December 31, 2023 was as follows:


	As of March 31, 2024									As of December 31, 2023
	Total Aggregate Principal Amount Committed/ Outstanding (1)			Principal Amount Outstanding		Carrying Value (2)		Unamortized Debt Issuance Costs		Total Aggregate Principal Amount Committed/ Outstanding (1)			Principal Amount Outstanding		Carrying Value (2)		Unamortized Debt Issuance Costs
SPV Credit Facility	$	450,000		$	205,600	$	205,112	$	488	$	450,000		$	179,000	$	178,098	$	902
Term Loan	119,489			119,489		118,570		919		120,288			120,288		119,240		1,048
2022 ABS	306,000		(3)	306,000		301,798		4,202		306,000		(3)	306,000		300,810		5,190
2023 ABS	185,850		(4)	185,850		184,019		1,831		185,850		(4)	185,850		183,840		2,010
Revolving Credit Facility	350,000			231,331		227,974		3,357		325,000			256,808		253,579		3,229
2028 Notes	200,000			200,000		197,881		2,119		200,000			200,000		197,767		2,233
Total	$	1,611,339		$	1,248,270	$	1,235,354	$	12,916	$	1,587,138		$	1,247,946	$	1,233,334	$	14,612

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(1)Represents the total aggregate amount committed or outstanding, as applicable, under such instrument.

(2)Represents the principal amount outstanding, less unamortized debt issuance costs.

(3)As of March 31, 2024 and December 31, 2023, 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.

(4)As of both March 31, 2024 and 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.

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:


	Three months ended March 31,
	2024			2023
Interest expense - SPV Credit Facility	$	5,073		$	5,798
Interest expense - Term Loan	2,342			2,340
Interest expense - 2022 ABS	3,221			3,221
Interest expense - 2023 ABS	4,293			—
Interest expense - 2028 Notes	4,710			—
Interest expense - Revolving Credit Facility	5,582			—
Amortization of deferred financing costs	1,999			730
Total interest and other debt financing expenses	$	27,220		$	12,089
Average debt outstanding	$	1,313,104		$	750,495
Average stated interest rate	7.7		%	6.1		%