XML 44 R32.htm IDEA: XBRL DOCUMENT v3.25.1
Borrowings (Tables)
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Schedule of SBA Debentures Outstanding
The Company’s outstanding debt as of March 31, 2025 was as follows:
March 31, 2025
Aggregate
Principal
Amount
Committed (1)
Principal
Amount
Outstanding
Carrying Value (2)
Unamortized Debt Issuance Costs
Revolving Credit Facility (3)
$682,500 $542,660 $536,587 $6,073 
SPV Credit Facility450,000160,000156,8273,173
SPV II Credit Facility176,527176,527175,4651,062
SPV III Credit Facility
200,000121,000119,1291,871
SPV IV Credit Facility350,000315,000311,8233,177
SPV V Credit Facility250,00037,70035,1242,576
2022 ABS (4)
283,269283,269283,030239
2023 ABS (5)
209,100209,100206,5602,540
2028 Notes200,000200,000198,2941,706
2029 Notes204,000204,000202,3881,612
Total$3,005,396 $2,249,256 $2,225,227 $24,029 
_________________________________________
(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)Principal amount outstanding includes borrowings denominated in foreign currencies converted at the period end exchange rate.
(4)As of March 31, 2025, the 2022 Class C Notes and 2022 Subordinated Notes (each as defined below) totaling $33,442 and $82,875, respectively, are excluded from the total aggregate principal amount committed/outstanding amount as these notes are eliminated in consolidation.
(5)As of March 31, 2025, the 2023 Subordinated Notes (as defined below) totaling $45,900 are excluded from the total aggregate principal amount committed/outstanding amount as these notes are eliminated in consolidation.
The Company’s outstanding debt as of December 31, 2024 was as follows:
December 31, 2024
Aggregate
Principal
Amount
Committed (1)
Principal
Amount
Outstanding
Carrying Value (2)
Unamortized Debt Issuance Costs
Revolving Credit Facility (3)
$652,500 $481,106 $474,756 $6,350 
SPV Credit Facility450,000243,300239,8893,411
SPV II Credit Facility195,998195,998194,5741,424
SPV III Credit Facility
100,00075,00073,7221,278
SPV IV Credit Facility350,000248,600245,1853,415
2022 ABS (4)
294,609294,609293,3931,216
2023 ABS (5)
209,100209,100206,3692,731
2028 Notes200,000200,000198,1781,822
2029 Notes204,000204,000202,2961,704
Total$2,656,207 $2,151,713 $2,128,362 $23,351 
_________________________________________
(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)Principal amount outstanding includes borrowings denominated in foreign currencies converted at the period end exchange rate.
(4)As of December 31, 2024, the 2022 Class C Notes and 2022 Subordinated Notes (each as defined below) totaling $34,780 and $82,875, respectively, are excluded from the total aggregate principal amount committed/outstanding amount as these notes are eliminated in consolidation.
(5)As of December 31, 2024, the 2023 Subordinated Notes (as defined below) totaling $45,900 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
The components of the Company’s interest and other debt financing expenses, average debt outstanding and average stated interest rate (i.e., the rate in effect plus spread) for the three months ended March 31, 2025 and 2024 were as follows:
Three months ended March 31,
20252024
Interest expense - Revolving Credit Facility$7,596$5,582
Interest expense - SPV Credit Facility3,9155,073
Interest expense - SPV II Credit Facility3,1182,342
Interest expense - SPV III Credit Facility1,563—
Interest expense - SPV IV Credit Facility4,743—
Interest expense - SPV V Credit Facility362—
Interest expense - 2022 ABS3,0103,221
Interest expense - 2023 ABS3,9134,293
Interest expense - 2028 Notes4,7104,710
Interest expense - 2029 Notes3,810—
Amortization of debt issuance costs
2,8531,999
Total interest and other debt financing expenses$39,593$27,220
Average debt outstanding$2,128,049$1,313,104
Average stated interest rate7.0%7.7%