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Borrowings (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of SBA Debentures Outstanding
The Company’s outstanding debt as of June 30, 2025 was as follows:
June 30, 2025
Aggregate
Principal
Amount
Committed (1)
Principal
Amount
Outstanding
Carrying Value (2)
Unamortized Debt Issuance Costs
Revolving Credit Facility (3)
$707,500 $629,540 $623,715 $5,825 
SPV Credit Facility450,000 306,800 303,867 2,933 
SPV II Credit Facility164,294 164,294 163,598 696 
SPV III Credit Facility
200,000 200,000 198,283 1,717 
SPV IV Credit Facility350,000 350,000 347,065 2,935 
SPV V Credit Facility250,000 231,600 229,185 2,415 
2022 ABS (4)
248,237 248,237 248,237 — 
2023 ABS (5)
209,100 209,100 206,799 2,301 
2028 Notes200,000 200,000 198,411 1,589 
2029 Notes204,000 204,000 202,479 1,521 
Total$2,983,131 $2,743,571 $2,721,639 $21,932 
_________________________________________
(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 June 30, 2025, the 2022 Class C Notes and 2022 Subordinated Notes (each as defined below) totaling $29,306 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 June 30, 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 Facility450,000 243,300 239,889 3,411 
SPV II Credit Facility195,998 195,998 194,574 1,424 
SPV III Credit Facility
100,000 75,000 73,722 1,278 
SPV IV Credit Facility350,000 248,600 245,185 3,415 
2022 ABS (4)
294,609 294,609 293,393 1,216 
2023 ABS (5)
209,100 209,100 206,369 2,731 
2028 Notes200,000 200,000 198,178 1,822 
2029 Notes204,000 204,000 202,296 1,704 
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 and six months ended June 30, 2025 and 2024 were as follows:
Three months ended June 30,
20252024
Interest expense - Revolving Credit Facility$9,408$5,549
Interest expense - SPV Credit Facility4,2325,603
Interest expense - SPV II Credit Facility2,9083,790
Interest expense - SPV III Credit Facility2,774988
Interest expense - SPV IV Credit Facility5,194—
Interest expense - SPV V Credit Facility2,343—
Interest expense - 2022 ABS2,6993,221
Interest expense - 2023 ABS3,9054,285
Interest expense - 2028 Notes4,7104,710
Interest expense - 2029 Notes3,810—
Amortization of debt issuance costs
2,2892,226
Total interest and other debt financing expenses$44,272$30,372
Average debt outstanding$2,448,090$1,459,289
Average stated interest rate6.9%7.8%
Six months ended June 30,
20252024
Interest expense - Revolving Credit Facility$17,004$11,131
Interest expense - SPV Credit Facility8,14710,676
Interest expense - SPV II Credit Facility6,0266,132
Interest expense - SPV III Credit Facility4,337988
Interest expense - SPV IV Credit Facility9,937—
Interest expense - SPV V Credit Facility2,705—
Interest expense - 2022 ABS5,7096,442
Interest expense - 2023 ABS7,8188,578
Interest expense - 2028 Notes9,4209,420
Interest expense - 2029 Notes7,620—
Amortization of debt issuance costs
5,1424,225
Total interest and other debt financing expenses$83,865$57,592
Average debt outstanding$2,288,822$1,386,197
Average stated interest rate6.9%7.7%