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Commitments and Contingencies - Schedule of Contractual Obligations (Details) - USD ($) $ in Thousands | Mar. 31, 2025 | Dec. 31, 2024
--- | --- | ---
Debt |  |  |
Total |  | $ 1,976,623 | $ 1,768,955
Lease and License Obligations |  |  |
Total |  | 23,214 |
Lease and license obligations, less than 1 year |  | 3,179 |
Contractual Obligations, Total |  |  |
Total |  | 2,022,751 | 1,807,241
Less than 1 year |  | 223,287 | 173,246
1 - 3 years |  | 786,710 | 897,640
3 - 5 years |  | 553,124 | 289,379
After 5 years |  | 459,630 | 446,976
Principal Outstanding |  | 1,999,351 | 1,783,265
SBA Debentures |  |  |
Debt |  |  |
Total | [1] | 287,049 | 271,371
Contractual Obligations, Total |  |  |
Principal Outstanding | [1] | 295,000 | 279,000
February 2025 Notes |  |  |
Debt |  |  |
Total |  | 0 | 49,981
Contractual Obligations, Total |  |  |
Principal Outstanding |  | 0 | 50,000
June 2025 Notes |  |  |
Debt |  |  |
Total |  | 69,960 | 69,919
Contractual Obligations, Total |  |  |
Principal Outstanding |  | 70,000 | 70,000
June 2025 3-Year Notes |  |  |
Debt |  |  |
Total |  | 49,965 | 49,926
Contractual Obligations, Total |  |  |
Principal Outstanding |  | 50,000 | 50,000
March 2026 A Notes |  |  |
Debt |  |  |
Total |  | 49,913 | 49,889
Contractual Obligations, Total |  |  |
Principal Outstanding |  | 50,000 | 50,000
March 2026 B Notes |  |  |
Debt |  |  |
Total |  | 49,905 | 49,880
Contractual Obligations, Total |  |  |
Principal Outstanding |  | 50,000 | 50,000
2031 Asset-Backed Notes |  |  |
Debt |  |  |
Total |  | 116,272 | 118,769
Contractual Obligations, Total |  |  |
Principal Outstanding |  | 116,845 | 119,475
2033 Notes |  |  |
Debt |  |  |
Total |  | 39,070 | 39,043
Contractual Obligations, Total |  |  |
Principal Outstanding |  | 40,000 | 40,000
September 2026 Notes |  |  |
Debt |  |  |
Total |  | 323,566 | 323,321
Contractual Obligations, Total |  |  |
Principal Outstanding |  | 325,000 | 325,000
January 2027 Notes |  |  |
Debt |  |  |
Total |  | 347,598 | 347,265
Contractual Obligations, Total |  |  |
Principal Outstanding |  | 350,000 | 350,000
2028 Convertible Notes |  |  |
Debt |  |  |
Total |  | 278,503 | 0
Contractual Obligations, Total |  |  |
Principal Outstanding |  | 287,500 | 0
SMBC Facility |  |  |
Debt |  |  |
Total | [2],[3] | 259,822 | 283,591
Contractual Obligations, Total |  |  |
Principal Outstanding | [2],[3] | 260,006 | 283,790
MUFG Bank Facility |  |  |
Debt |  |  |
Total |  | 105,000 | 116,000
Contractual Obligations, Total |  |  |
Principal Outstanding |  | 105,000 | 116,000
Debt investments |  |  |
Debt |  |  |
Total |  | 1,999,351 | 1,783,265
Debt, less than 1 year |  | 220,000 | 170,000
Debt, 1-3 years |  | 780,000 | 891,000
Debt, 3-5 years |  | 547,506 | 283,790
Debt, after 5 years |  | 451,845 | 438,475
Lease and License Obligations |  |  |
Lease and License Obligations |  |  |
Total |  | 23,400 | 23,976
Lease and license obligations, less than 1 year |  | 3,287 | 3,246
Lease and license obligations, 1-3 years |  | 6,710 | 6,640
Lease and license obligations, 3-5 years |  | 5,618 | 5,589
Lease and license obligations, after 5 years |  | $ 7,785 | $ 8,501
[1] | As of March 31, 2025 and December 31, 2024, the total available debt under the SBA Debentures was $350.0 million, of which $175.0 million was available to HC IV and $175.0 million was available to SBIC V. (5)In November 2024, the Company amended its SMBC Facility and converted a portion of the existing revolver facility into a term loan facility in connection therewith. As of March 31, 2025, the term loan portion of the SMBC Facility for total available, outstanding principal, and carrying value was $25.0 million, $25.0 million, and $24.8 million respectively. As of December 31, 2024, the term loan portion of the SMBC Facility for total available, outstanding principal, and carrying value was $25.0 million, $25.0 million, and $24.8 million respectively.
[2] | In November 2024, the Company amended its SMBC Facility and converted a portion of the existing revolver facility into a term loan facility in connection therewith. As of March 31, 2025, the term loan portion of the SMBC Facility for total available, outstanding principal, and carrying value was $25.0 million, $25.0 million, and $24.8 million respectively. As of December 31, 2024, the term loan portion of the SMBC Facility for total available, outstanding principal, and carrying value was $25.0 million, $25.0 million, and $24.8 million respectively.
[3] | “Total Available” includes $175.0 million of available commitment through the letter of credit facility as of March 31, 2025 and December 31, 2024.

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