v3.26.3
Debt (Tables)
 9 Months Ended
Sep. 30, 2026
Line Of Credit Facility [Line Items]  
Schedule of Total Debt Outstanding and Available

Total debt outstanding and available at September 30, 2026 was as follows:

 

 

 

Maturity

 

Rate

 

 

Carrying
Value (1)

 

 

Available

 

 

Total
Capacity

 

 

Merger Sub Facility(2)

 

2028

 

SOFR+2.00%

(3)

 

$

6,893,706

 

 

$

258,106,294

 

 

$

265,000,000

 

(4)

2029 Notes ($325 million par)

 

2029

 

6.95%

 

 

 

322,916,348

 

 

 

—

 

 

 

322,916,348

 

 

Total leverage

 

 

 

 

 

 

 

329,810,054

 

 

$

258,106,294

 

 

$

587,916,348

 

 

Unamortized issuance costs

 

 

 

 

 

 

 

(3,431,843

)

 

 

 

 

 

 

 

Debt, net of unamortized issuance costs

 

 

 

 

 

 

$

326,378,211

 

 

 

 

 

 

 

 

 

 

(1)
Except for the 2029 Notes, all carrying values are the same as the principal amounts outstanding.
(2)
Debt assumed by the Company as a result of the Merger with BCIC.
(3)
The applicable margin for SOFR-based borrowings, EURIBOR-based borrowings and CORRA-based borrowings could be either 1.75% or 2.00% depending on a ratio of the borrowing base to certain committed indebtedness. 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. As of September 30, 2026, $0 million of the outstanding amount was subject to a SOFR credit adjustment of 0.10%. $2.9 million of the outstanding amount bore interest at a rate of EURIBOR + 2.00%. $4.0 million of the outstanding amount bore interest at a rate of CORRA + 2.00% with a credit adjustment of 0.30%.
(4)
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.

 

 

 

 

 

4. Debt — (continued)

Total debt outstanding and available at December 31, 2025 was as follows:

 

 

 

Maturity

 

Rate

 

 

Carrying
Value (1)

 

 

Available

 

 

Total
Capacity

 

 

Operating Facility

 

2029

 

SOFR+2.00%

(2)

 

$

146,213,186

 

 

$

153,786,814

 

 

$

300,000,000

 

(3)

Funding Facility II

 

2029

 

SOFR+2.00%

 

 

 

100,000,000

 

 

 

100,000,000

 

 

 

200,000,000

 

(4)

Merger Sub Facility(5)

 

2028

 

SOFR+2.00%

(6)

 

 

36,000,000

 

 

 

229,000,000

 

 

 

265,000,000

 

(7)

SBA Debentures

 

2026−2031

 

2.41%

(8)

 

 

111,200,000

 

 

 

—

 

 

 

111,200,000

 

 

2026 Notes ($325 million par)

 

2026

 

2.85%

 

 

 

325,033,026

 

 

 

—

 

 

 

325,033,026

 

 

2029 Notes ($325 million par)

 

2029

 

6.95%

 

 

 

322,396,491

 

 

 

—

 

 

 

322,396,491

 

 

Total leverage

 

 

 

 

 

 

 

1,040,842,703

 

 

 

482,786,814

 

 

 

1,523,629,517

 

 

Unamortized issuance costs

 

 

 

 

 

 

 

(5,299,866

)

 

 

 

 

 

 

 

Debt, net of unamortized issuance costs

 

 

 

 

 

 

$

1,035,542,837

 

 

 

 

 

 

 

 

 

 

(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, 2025, $140.0 million of the outstanding amount was subject to a SOFR credit adjustment of 0.10%. $2.9 million of the outstanding amount bore interest at a rate of EURIBOR + 2.00%. $3.3 million of the outstanding amount bore interest at a rate of CORRA + 2.00% with a credit adjustment of 0.30%.
(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)
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.
(5)
Debt assumed by the Company as a result of the Merger with BCIC.
(6)
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.
(7)
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.
(8)
Weighted-average interest rate, excluding fees of 0.35% or 0.36%.
Total Expense Related to Debt

Total expenses related to debt included the following:

 

 

 

Nine Months Ended September 30,

 

 

 

2026

 

 

2025

 

Interest expense

 

$

37,158,645

 

 

$

45,679,648

 

Amortization of deferred debt issuance costs

 

 

2,426,425

 

 

 

3,994,405

 

Commitment fees

 

 

863,853

 

 

 

1,315,360

 

Total

 

$

40,448,923

 

 

$

50,989,413

 
Schedule of SBA Debenture Outstanding

SBA Debentures outstanding as of December 31, 2025 were as follows:

Issuance Date

 

Maturity

 

Debenture
Amount

 

 

Fixed
Interest
Rate

 

 

SBA
Annual
Charge

 

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

%

 

 

 

 

$

111,200,000

 

 

 

2.41

%

*

 

 

 

* 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 September 30, 2026 and December 31, 2025, the components of the carrying value of 2026 Notes and 2029 Notes were as follows:

 

 

 

September 30, 2026

 

 

December 31, 2025

 

 

 

2026 Notes

 

2029 Notes

 

 

2026 Notes

 

 

2029 Notes

 

Principal amount of debt

 

N/A

 

$

325,000,000

 

 

$

325,000,000

 

 

$

325,000,000

 

Original issue (discount)/ premium, net of accretion

 

N/A

 

 

(2,083,652

)

 

 

33,026

 

 

 

(2,603,509

)

Carrying value of debt

 

N/A

 

$

322,916,348

 

 

$

325,033,026

 

 

$

322,396,491

 

 

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

 

 

 

Nine Months Ended September 30,

 

 

 

2026

 

 

2025

 

 

2025 Notes

 

2026 Notes

 

 

2029 Notes

 

 

2025 Notes

 

 

2026 Notes

 

 

2029 Notes

 

Stated interest expense

 

N/A

 

$

977,708

 

 

$

16,940,625

 

 

$

3,932,362

 

 

$

6,946,875

 

 

$

16,940,625

 

Amortization of original issue discount/ (premium)

 

N/A

 

 

(33,026

)

 

 

519,857

 

 

 

—

 

 

 

(287,157

)

 

 

484,267

 

Total interest expense

 

N/A

 

$

944,682

 

 

$

17,460,482

 

 

$

3,932,362

 

 

$

6,659,718

 

 

$

17,424,892

 

For the nine months ended September 30, 2026 and 2025, the components of interest expense for the Secured Notes were as follows:

 

 

 

Nine Months Ended September 30,

 

 

2026

 

 

2025

Stated interest expense

 

$

3,992,563

 

 

N/A

Amortization of original issue discount/ (premium)

 

 

10,636

 

 

N/A

Total interest expense

 

$

4,003,199

 

 

N/A