v3.25.4
Borrowings (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of SBA Debentures Outstanding
The Company’s outstanding debt as of December 31, 2025 was as follows:
December 31, 2025
Aggregate
Principal
Amount
Committed (1)
Principal
Amount
Outstanding (2)
Carrying Value (3)
Unamortized Debt Issuance Costs
Revolving Credit Facility (4)
$845,000 $634,666 $627,266 $7,400 
SPV Credit Facility450,000 100,000 97,515 2,485 
SPV II Credit Facility690,000 573,000 568,316 4,684 
SPV III Credit Facility
200,000 150,000 148,568 1,432 
SPV IV Credit Facility350,000 175,200 172,753 2,447 
SPV V Credit Facility250,000 125,500 123,361 2,139 
2022 ABS (5)
234,697 234,697 234,697 — 
2023 ABS (6)
209,100 209,100 207,239 1,861 
2025 ABS (7)
415,000 415,000 411,711 3,289 
July 2028 Notes42,000 42,000 41,476 524 
November 2028 Notes100,000 100,000 99,324 676 
December 2028 Notes100,000 100,000 99,324 676 
July 2029 Notes156,000 156,000 154,981 1,019 
September 2029 Notes48,000 48,000 47,686 314 
July 2030 Notes161,000 161,000 159,290 1,710 
Total$4,250,797 $3,224,163 $3,193,507 $30,656 
_________________________________________
(1)Represents the total aggregate amount committed or outstanding, as applicable, under such instrument.
(2)As of December 31, 2025, the Company had unused availability across all borrowing facilities totaling $441,843.
(3)Represents the principal amount outstanding, less unamortized debt issuance costs.
(4)Principal amount outstanding includes borrowings denominated in foreign currencies converted at the period end exchange rate.
(5)As of December 31, 2025, the 2022 Class C Notes and 2022 Subordinated Notes (each as defined below) totaling $27,707 and $82,875, respectively, are excluded from the total aggregate principal amount committed/outstanding amount as these notes are eliminated in consolidation.
(6)As of December 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.
(7)As of December 31, 2025, the 2025 Subordinated Notes (as defined below) totaling $85,000 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 (2)
Carrying Value (3)
Unamortized Debt Issuance Costs
Revolving Credit Facility (4)
$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 (5)
294,609 294,609 293,393 1,216 
2023 ABS (6)
209,100 209,100 206,369 2,731 
November 2028 Notes100,000 100,000 99,089 911 
December 2028 Notes100,000 100,000 99,089 911 
July 2029 Notes156,000 156,000 154,697 1,303 
September 2029 Notes48,000 48,000 47,599 401 
Total2,656,207 2,151,713 2,128,362 23,351 
_________________________________________
(1)Represents the total aggregate amount committed or outstanding, as applicable, under such instrument.
(2)As of December 31, 2024, the Company had unused availability across all borrowing facilities totaling $428,329.
(3)Represents the principal amount outstanding, less unamortized debt issuance costs.
(4)Principal amount outstanding includes borrowings denominated in foreign currencies converted at the period end exchange rate.
(5)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.
(6)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 years ended December 31, 2025, 2024 and 2023 were as follows:
For the Years Ended December 31,
202520242023
Interest expense - Revolving Credit Facility$33,008$20,761$2,153
Interest expense - SPV Credit Facility13,90223,10621,101
Interest expense - SPV II Credit Facility20,65014,33411,040
Interest expense - SPV III Credit Facility10,4283,824—
Interest expense - SPV IV Credit Facility19,3596,060—
Interest expense - SPV V Credit Facility9,461——
Interest expense - 2022 ABS10,73212,79212,884
Interest expense - 2023 ABS15,57516,9905,111
Interest expense - 2025 ABS1,041——
Interest expense - July 2028 Notes1,237——
Interest expense - November 2028 Notes9,4209,420838
Interest expense - December 2028 Notes9,4209,420837
Interest expense - July 2029 Notes11,6564,671—
Interest expense - September 2029 Notes3,5841,437—
Interest expense - July 2030 Notes5,024——
Interest expense - Short-Term Borrowings——2,223
Amortization of debt issuance costs
9,7449,4295,741
Total interest and other debt financing expenses$184,241$132,244$61,928
Average debt outstanding$2,554,159$1,623,935$828,682
Average stated interest rate6.8%7.6%6.8%