v3.25.4
Borrowings - Schedule of Components of the Company's Interest Expense and Other Debt Financing Expenses, Average Debt Outstanding Balances and Average Stated Interest Rates (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Borrowings      
Amortization of debt issuance costs $ 9,744 $ 9,429 $ 5,741
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 rate 6.80% 7.60% 6.80%
Revolving Credit Facility      
Borrowings      
Interest expense $ 33,008 $ 20,761 $ 2,153
SPV Credit Facility      
Borrowings      
Interest expense 13,902 23,106 21,101
SPV II Credit Facility      
Borrowings      
Interest expense 20,650 14,334 11,040
SPV III Credit Facility      
Borrowings      
Interest expense 10,428 3,824 0
SPV IV Credit Facility      
Borrowings      
Interest expense 19,359 6,060 0
SPV V Credit Facility      
Borrowings      
Interest expense 9,461 0 0
2022 ABS      
Borrowings      
Interest expense 10,732 12,792 12,884
2023 ABS      
Borrowings      
Interest expense 15,575 16,990 5,111
Interest expense - 2025 ABS      
Borrowings      
Interest expense 1,041 0 0
July 2028 Notes      
Borrowings      
Interest expense 1,237 0 0
Interest expense - November 2028 Notes      
Borrowings      
Interest expense 9,420 9,420 838
Interest expense - December 2028 Notes      
Borrowings      
Interest expense 9,420 9,420 837
Interest expense - July 2029 Notes      
Borrowings      
Interest expense 11,656 4,671 0
Interest expense - September 2029 Notes      
Borrowings      
Interest expense 3,584 1,437 0
July 2030 Notes      
Borrowings      
Interest expense 5,024 0 0
Short-Term Borrowings      
Borrowings      
Interest expense $ 0 $ 0 $ 2,223