v3.26.1
Borrowings (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of SBA Debentures Outstanding
The Company’s outstanding debt as of June 30, 2026 was as follows:
June 30, 2026
Aggregate
Principal
Amount
Committed (1)
Principal
Amount
Outstanding (2)
Carrying Value (3)
Unamortized Debt Issuance Costs
Revolving Credit Facility (4)
$845,000 $357,365 $350,710 $6,655 
SPV Credit Facility575,000 333,200 328,503 4,697 
SPV II Credit Facility690,000 690,000 686,210 3,790 
SPV III Credit Facility
200,000 161,000 159,882 1,118 
SPV IV Credit Facility400,000 256,700 252,234 4,466 
SPV V Credit Facility400,000 228,400 224,260 4,140 
2022 ABS (5)
196,224 196,224 196,224 — 
2023 ABS (6)
209,100 209,100 207,725 1,375 
2025 ABS (7)
415,000 415,000 412,251 2,749 
July 2028 Notes42,000 42,000 41,565 435 
November 2028 Notes100,000 100,000 99,440 560 
December 2028 Notes100,000 100,000 99,440 560 
July 2029 Notes156,000 156,000 155,123 877 
September 2029 Notes48,000 48,000 47,730 270 
July 2030 Notes161,000 161,000 159,459 1,541 
Total$4,537,324 $3,453,989 $3,420,756 $33,233 
_________________________________________
(1)Represents the total aggregate amount committed or outstanding, as applicable, under such instrument.
(2)As of June 30, 2026, the Company had unused availability across all borrowing facilities totaling $404,106.
(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 June 30, 2026, the 2022 Class C Notes and 2022 Subordinated Notes (each as defined below) totaling $23,165 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 June 30, 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 June 30, 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 and six months ended June 30, 2026 and 2025 were as follows:
Three months ended June 30,
20262025
Interest expense - Revolving Credit Facility$4,638$9,408
Interest expense - SPV Credit Facility4,7754,232
Interest expense - SPV II Credit Facility9,9362,908
Interest expense - SPV III Credit Facility2,5562,774
Interest expense - SPV IV Credit Facility3,4765,194
Interest expense - SPV V Credit Facility3,4602,343
Interest expense - 2022 ABS2,1112,699
Interest expense - 2023 ABS3,6523,905
Interest expense - 2025 ABS6,734—
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 Notes2,657—
Amortization of debt issuance costs
2,7642,289
Total interest and other debt financing expenses$55,929$44,272
Average debt outstanding$3,384,066$2,448,090
Average stated interest rate6.3%6.9%
Six months ended June 30,
20262025
Interest expense - Revolving Credit Facility$10,824$17,004
Interest expense - SPV Credit Facility7,9308,147
Interest expense - SPV II Credit Facility19,2496,026
Interest expense - SPV III Credit Facility4,8644,337
Interest expense - SPV IV Credit Facility6,3749,937
Interest expense - SPV V Credit Facility5,7002,705
Interest expense - 2022 ABS4,4225,709
Interest expense - 2023 ABS7,2977,818
Interest expense - 2025 ABS13,423—
Interest expense - July 2028 Notes1,302—
Interest expense - November 2028 Notes4,7104,710
Interest expense - December 2028 Notes4,7104,710
Interest expense - July 2029 Notes5,8265,828
Interest expense - September 2029 Notes1,7921,792
Interest expense - July 2030 Notes5,301—
Amortization of debt issuance costs
5,2025,142
Total interest and other debt financing expenses$108,926$83,865
Average debt outstanding$3,289,589$2,288,822
Average stated interest rate6.4%6.9%