v3.26.1
Borrowings (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of SBA Debentures Outstanding
The Company’s outstanding debt as of March 31, 2026 was as follows:
March 31, 2026
Aggregate
Principal
Amount
Committed (1)
Principal
Amount
Outstanding (2)
Carrying Value (3)
Unamortized Debt Issuance Costs
Revolving Credit Facility (4)
$845,000 $314,751 $307,720 $7,031 
SPV Credit Facility575,000 275,000 269,996 5,004 
SPV II Credit Facility690,000 690,000 685,760 4,240 
SPV III Credit Facility
200,000 160,000 158,724 1,276 
SPV IV Credit Facility400,000 210,200 205,440 4,760 
SPV V Credit Facility400,000 200,500 196,083 4,417 
2022 ABS (5)
214,884 214,884 214,884 — 
2023 ABS (6)
209,100 209,100 207,481 1,619 
2025 ABS (7)
415,000 415,000 411,974 3,026 
July 2028 Notes42,000 42,000 41,524 476 
November 2028 Notes100,000 100,000 99,382 618 
December 2028 Notes100,000 100,000 99,382 618 
July 2029 Notes156,000 156,000 155,051 949 
September 2029 Notes48,000 48,000 47,708 292 
July 2030 Notes161,000 161,000 159,382 1,618 
Total$4,555,984 $3,296,435 $3,260,491 $35,944 
_________________________________________
(1)Represents the total aggregate amount committed or outstanding, as applicable, under such instrument.
(2)As of March 31, 2026, the Company had unused availability across all borrowing facilities totaling $581,098.
(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 March 31, 2026, the 2022 Class C Notes and 2022 Subordinated Notes (each as defined below) totaling $25,368 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 March 31, 2026, 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 March 31, 2026, 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, 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 
Total4,250,797 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.
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, 2026 and 2025 were as follows:
Three months ended March 31,
20262025
Interest expense - Revolving Credit Facility$6,186$7,596
Interest expense - SPV Credit Facility3,1553,915
Interest expense - SPV II Credit Facility9,3133,118
Interest expense - SPV III Credit Facility2,3081,563
Interest expense - SPV IV Credit Facility2,8984,743
Interest expense - SPV V Credit Facility2,240362
Interest expense - 2022 ABS2,3113,010
Interest expense - 2023 ABS3,6453,913
Interest expense - 2025 ABS6,689—
Interest expense - July 2028 Notes651—
Interest expense - November 2028 Notes2,3552,355
Interest expense - December 2028 Notes2,3552,355
Interest expense - July 2029 Notes2,9132,914
Interest expense - September 2029 Notes896896
Interest expense - July 2030 Notes2,644—
Amortization of debt issuance costs
2,4382,853
Total interest and other debt financing expenses$52,997$39,593
Average debt outstanding$3,194,128$2,128,049
Average stated interest rate6.4%7.0%