Debt (Tables)

6 Months Ended

Jun. 30, 2025

Line Of Credit Facility [Line Items]

Schedule of Total Debt Outstanding and Available

Total debt outstanding and available at June 30, 2025 was as follows:


Debt, net of unamortized issuance costs	Maturity	Rate		Carrying Value (1)			Available		Total Capacity
Operating Facility	2029	SOFR+2.00%	(2)	$	202,000,000		$	98,000,000	$	300,000,000	(3)
Funding Facility II	2027	SOFR+2.05%	(4)		100,000,000			100,000,000		200,000,000	(5)
Merger Sub Facility(6)	2028	SOFR+2.00%	(7)		18,000,000			247,000,000		265,000,000	(8)
SBA Debentures	2025−2031	2.45%	(9)		122,000,000			10,000,000		132,000,000
2025 Notes ($92 million par)(6)	2025	Fixed/Variable	(10)		92,000,000			—		92,000,000
2026 Notes ($325 million par)	2026	2.85%			325,198,700			—		325,198,700
2029 Notes ($325 million par)	2029	6.95%			322,065,294			—		322,065,294
Total leverage					1,181,263,994		$	455,000,000	$	1,636,263,994
Unamortized issuance costs					(6,623,403	)
Debt, net of unamortized issuance costs				$	1,174,640,591

(1)

Except for the 2026 Notes and 2029 Notes all carrying values are the same as the principal amounts outstanding.

(2)

The outstanding amount was subject to a SOFR credit adjustment of 0.10%.

(3)

Operating Facility includes a $100.0 million accordion which allows for expansion of the facility to up to $400.0 million subject to consent from the lender and other customary conditions.

(4)

Subject to certain funding requirements and a SOFR credit adjustment of 0.15%.

(5)

Funding Facility II includes a $50.0 million accordion which allows for expansion of the facility to up to $250.0 million subject to consent from the lender and other customary conditions.

(6)

Debt assumed by the Company as a result of the Merger with BCIC.

(7)

The applicable margin for SOFR-based borrowings could be either 1.75% or 2.00% depending on a ratio of the borrowing base to certain committed indebtedness, and is also subject to a credit spread adjustment of 0.10%. If Merger Sub elects to borrow based on the alternate base rate, the applicable margin could be either 0.75% or 1.00% depending on a ratio of the borrowing base to certain committed indebtedness.

(8)

Merger Sub Facility includes a $60.0 million accordion which allows for expansion of the facility to up to $325.0 million subject to consent from the lender and other customary conditions.

(9)

Weighted-average interest rate, excluding fees of 0.35% or 0.36%.

(10)

The 2025 Notes consist of two tranches: $35.0 million aggregate principal amount with a fixed interest rate of 6.85% and $57.0 million aggregate principal amount bearing interest at a rate equal to SOFR plus 3.14%.

Total debt outstanding and available at December 31, 2024 was as follows:


Debt, net of unamortized issuance costs	Maturity	Rate		Carrying Value (1)			Available		Total Capacity
Operating Facility	2029	SOFR+2.00%	(2)	$	120,670,788		$	179,329,212	$	300,000,000	(3)
Funding Facility II	2027	SOFR+2.05%	(4)		75,000,000			125,000,000		200,000,000	(5)
Merger Sub Facility(6)	2028	SOFR+2.00%	(7)		60,000,000			205,000,000		265,000,000	(8)
SBA Debentures	2025−2031	2.45%	(9)		131,500,000			10,000,000		141,500,000
2025 Notes ($92 million par)(6)	2025	Fixed/Variable	(10)		92,000,000			—		92,000,000
2026 Notes ($325 million par)	2026	2.85%			325,398,402			—		325,398,402
2029 Notes ($325 million par)	2029	6.95%			321,745,636			—		321,745,636
Total leverage					1,126,314,826		$	519,329,212	$	1,645,644,038
Unamortized issuance costs					(7,974,601	)
Debt, net of unamortized issuance costs				$	1,118,340,225

(1)

Except for the 2026 Notes and the 2029 Notes, all carrying values are the same as the principal amounts outstanding.

(2)

As of December 31, 2024, $113.0 million of the outstanding amount was subject to a SOFR credit adjustment of 0.10%. $7.7 million of the outstanding amount bore interest at a rate of EURIBOR + 2.00%.

4. Debt — (continued)

(3)

Operating Facility includes a $100.0 million accordion which allows for expansion of the facility to up to $400.0 million subject to consent from the lender and other customary conditions.

(4)

Subject to certain funding requirements and a SOFR credit adjustment of 0.15%.

(5)

Funding Facility II includes a $50.0 million accordion which allows for expansion of the facility to up to $250.0 million subject to consent from the lender and other customary conditions.

(6)

Debt assumed by the Company as a result of the Merger with BCIC.

(7)

(8)

Merger Sub Facility includes a $60.0 million accordion which allows for expansion of the facility to up to $325.0 million subject to consent from the lender and other customary conditions.

(9)

Weighted-average interest rate, excluding fees of 0.35% or 0.36%.

(10)

Total Expense Related to Debt

Total expenses related to debt included the following:


	Six Months Ended June 30,
	2025		2024
Interest expense	$	30,651,094	$	30,421,062
Amortization of deferred debt issuance costs		2,618,207		2,017,896
Commitment fees		903,165		518,095
Total	$	34,172,466	$	32,957,053

Schedule of SBA Debenture Outstanding

SBA Debentures outstanding as of June 30, 2025 were as follows:


Issuance Date	Maturity	Debenture Amount		Fixed Interest Rate				SBA Annual Charge
September 23, 2015	September 1, 2025		10,800,000		2.83	%			0.36	%
March 23, 2016	March 1, 2026		4,000,000		2.51	%			0.36	%
September 21, 2016	September 1, 2026		18,200,000		2.05	%			0.36	%
September 20, 2017	September 1, 2027		14,000,000		2.52	%			0.36	%
March 21, 2018	March 1, 2028		8,000,000		3.19	%			0.35	%
September 19, 2018	September 1, 2028		15,000,000		3.55	%			0.35	%
September 25, 2019	September 1, 2029		40,000,000		2.28	%			0.35	%
September 22, 2021	September 1, 2031		12,000,000		1.30	%			0.35	%
		$	122,000,000		2.45	%	*

* Weighted-average interest rate

SBA Debentures outstanding as of December 31, 2024 were as follows:


Issuance Date	Maturity	Debenture Amount		Fixed Interest Rate				SBA Annual Charge
March 25, 2015	March 1, 2025	$	9,500,000		2.52	%			0.36	%
September 23, 2015	September 1, 2025		10,800,000		2.83	%			0.36	%
March 23, 2016	March 1, 2026		4,000,000		2.51	%			0.36	%
September 21, 2016	September 1, 2026		18,200,000		2.05	%			0.36	%
September 20, 2017	September 1, 2027		14,000,000		2.52	%			0.36	%
March 21, 2018	March 1, 2028		8,000,000		3.19	%			0.35	%
September 19, 2018	September 1, 2028		15,000,000		3.55	%			0.35	%
September 25, 2019	September 1, 2029		40,000,000		2.28	%			0.35	%
September 22, 2021	September 1, 2031		12,000,000		1.30	%			0.35	%
		$	131,500,000		2.45	%	*

* Weighted-average interest rate

2024 Notes

Line Of Credit Facility [Line Items]

Schedule of Component of Carrying Value and Interest Expense of Debt

As of June 30, 2025 and December 31, 2024, the components of the carrying value of 2025 Notes, 2026 Notes and 2029 Notes were as follows:


	June 30, 2025							December 31, 2024
	2025 Notes		2026 Notes		2029 Notes			2025 Notes		2026 Notes		2029 Notes
Principal amount of debt	$	92,000,000	$	325,000,000	$	325,000,000		$	92,000,000	$	325,000,000	$	325,000,000
Original issue (discount)/ premium, net of accretion		—		198,700		(2,934,706	)		—		398,402		(3,254,364	)
Carrying value of debt	$	92,000,000	$	325,198,700	$	322,065,294		$	92,000,000	$	325,398,402	$	321,745,636

For the six months ended June 30, 2025 and 2024, the components of interest expense for the 2024 Notes, 2025 Notes, 2026 Notes and 2029 Notes were as follows:


	Six Months Ended June 30,
	2025							2024
	2025 Notes		2026 Notes			2029 Notes		2024 Notes		2025 Notes		2026 Notes			2029 Notes
Stated interest expense	$	3,346,539	$	4,631,250		$	11,293,750	$	4,875,000	$	2,128,377	$	4,631,250		$	1,882,292
Amortization of original issue discount/ (premium)		—		(199,703	)		319,659		312,662		—		(195,182	)		51,113
Total interest expense	$	3,346,539	$	4,431,547		$	11,613,409	$	5,187,662	$	2,128,377	$	4,436,068		$	1,933,405

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details