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v3.25.2

Debt (Tables) | 6 Months Ended
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Jun. 30, 2025
Line Of Credit Facility [Line Items] |
Schedule of Total Debt Outstanding and Available | Total debt outstanding and available at June 30, 2025 was as follows:
Debt, net of unamortized issuance costs |  | Maturity |  | Rate |  |  | Carrying Value (1) |  |  | Available |  |  | Total Capacity |  |
Operating Facility |  | 2029 |  | SOFR+2.00% | (2) |  | $ | 202,000,000 |  |  | $ | 98,000,000 |  |  | $ | 300,000,000 |  | (3)
Funding Facility II |  | 2027 |  | SOFR+2.05% | (4) |  |  | 100,000,000 |  |  |  | 100,000,000 |  |  |  | 200,000,000 |  | (5)
Merger Sub Facility(6) |  | 2028 |  | SOFR+2.00% | (7) |  |  | 18,000,000 |  |  |  | 247,000,000 |  |  |  | 265,000,000 |  | (8)
SBA Debentures |  | 2025−2031 |  | 2.45% | (9) |  |  | 122,000,000 |  |  |  | 10,000,000 |  |  |  | 132,000,000 |  |
2025 Notes ($92 million par)(6) |  | 2025 |  | Fixed/Variable | (10) |  |  | 92,000,000 |  |  |  | — |  |  |  | 92,000,000 |  |
2026 Notes ($325 million par) |  | 2026 |  | 2.85% |  |  |  | 325,198,700 |  |  |  | — |  |  |  | 325,198,700 |  |
2029 Notes ($325 million par) |  | 2029 |  | 6.95% |  |  |  | 322,065,294 |  |  |  | — |  |  |  | 322,065,294 |  |
Total leverage |  |  |  |  |  |  |  | 1,181,263,994 |  |  | $ | 455,000,000 |  |  | $ | 1,636,263,994 |  |
Unamortized issuance costs |  |  |  |  |  |  |  | (6,623,403 | ) |  |  |  |  |  |  |
Debt, net of unamortized issuance costs |  |  |  |  |  |  | $ | 1,174,640,591 |  |  |  |  |  |  |  |
(1) Except for the 2026 Notes and 2029 Notes all carrying values are the same as the principal amounts outstanding. (2) The outstanding amount was subject to a SOFR credit adjustment of 0.10%. (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) Subject to certain funding requirements and a SOFR credit adjustment of 0.15%. (5) 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. (6) Debt assumed by the Company as a result of the Merger with BCIC. (7) 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. (8) 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. (9) Weighted-average interest rate, excluding fees of 0.35% or 0.36%. (10) The 2025 Notes consist of two tranches: $35.0 million aggregate principal amount with a fixed interest rate of 6.85% and $57.0 million aggregate principal amount bearing interest at a rate equal to SOFR plus 3.14%. Total debt outstanding and available at December 31, 2024 was as follows:
Debt, net of unamortized issuance costs |  | Maturity |  | Rate |  |  | Carrying Value (1) |  |  | Available |  |  | Total Capacity |  |
Operating Facility |  | 2029 |  | SOFR+2.00% | (2) |  | $ | 120,670,788 |  |  | $ | 179,329,212 |  |  | $ | 300,000,000 |  | (3)
Funding Facility II |  | 2027 |  | SOFR+2.05% | (4) |  |  | 75,000,000 |  |  |  | 125,000,000 |  |  |  | 200,000,000 |  | (5)
Merger Sub Facility(6) |  | 2028 |  | SOFR+2.00% | (7) |  |  | 60,000,000 |  |  |  | 205,000,000 |  |  |  | 265,000,000 |  | (8)
SBA Debentures |  | 2025−2031 |  | 2.45% | (9) |  |  | 131,500,000 |  |  |  | 10,000,000 |  |  |  | 141,500,000 |  |
2025 Notes ($92 million par)(6) |  | 2025 |  | Fixed/Variable | (10) |  |  | 92,000,000 |  |  |  | — |  |  |  | 92,000,000 |  |
2026 Notes ($325 million par) |  | 2026 |  | 2.85% |  |  |  | 325,398,402 |  |  |  | — |  |  |  | 325,398,402 |  |
2029 Notes ($325 million par) |  | 2029 |  | 6.95% |  |  |  | 321,745,636 |  |  |  | — |  |  |  | 321,745,636 |  |
Total leverage |  |  |  |  |  |  |  | 1,126,314,826 |  |  | $ | 519,329,212 |  |  | $ | 1,645,644,038 |  |
Unamortized issuance costs |  |  |  |  |  |  |  | (7,974,601 | ) |  |  |  |  |  |  |
Debt, net of unamortized issuance costs |  |  |  |  |  |  | $ | 1,118,340,225 |  |  |  |  |  |  |  |
(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, 2024, $113.0 million of the outstanding amount was subject to a SOFR credit adjustment of 0.10%. $7.7 million of the outstanding amount bore interest at a rate of EURIBOR + 2.00%. 4. Debt — (continued) (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) Subject to certain funding requirements and a SOFR credit adjustment of 0.15%. (5) 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. (6) Debt assumed by the Company as a result of the Merger with BCIC. (7) 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. (8) 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. (9) Weighted-average interest rate, excluding fees of 0.35% or 0.36%. (10) The 2025 Notes consist of two tranches: $35.0 million aggregate principal amount with a fixed interest rate of 6.85% and $57.0 million aggregate principal amount bearing interest at a rate equal to SOFR plus 3.14%
Total Expense Related to Debt | Total expenses related to debt included the following:
|  | Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |
Interest expense |  | $ | 30,651,094 |  |  | $ | 30,421,062 |
Amortization of deferred debt issuance costs |  |  | 2,618,207 |  |  |  | 2,017,896 |
Commitment fees |  |  | 903,165 |  |  |  | 518,095 |
Total |  | $ | 34,172,466 |  |  | $ | 32,957,053 |
Schedule of SBA Debenture Outstanding | SBA Debentures outstanding as of June 30, 2025 were as follows:
Issuance Date |  | Maturity |  | Debenture Amount |  |  | Fixed Interest Rate |  |  | SBA Annual Charge |
September 23, 2015 |  | September 1, 2025 |  |  | 10,800,000 |  |  |  | 2.83 | % |  |  | 0.36 | %
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 | %
|  |  |  | $ | 122,000,000 |  |  |  | 2.45 | % | * |  |
* Weighted-average interest rate SBA Debentures outstanding as of December 31, 2024 were as follows:
Issuance Date |  | Maturity |  | Debenture Amount |  |  | Fixed Interest Rate |  |  | SBA Annual Charge |
March 25, 2015 |  | March 1, 2025 |  | $ | 9,500,000 |  |  |  | 2.52 | % |  |  | 0.36 | %
September 23, 2015 |  | September 1, 2025 |  |  | 10,800,000 |  |  |  | 2.83 | % |  |  | 0.36 | %
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 | %
|  |  |  | $ | 131,500,000 |  |  |  | 2.45 | % | * |  |
* 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 June 30, 2025 and December 31, 2024, the components of the carrying value of 2025 Notes, 2026 Notes and 2029 Notes were as follows:
|  | June 30, 2025 |  |  | December 31, 2024 |
|  | 2025 Notes |  |  | 2026 Notes |  |  | 2029 Notes |  |  | 2025 Notes |  |  | 2026 Notes |  |  | 2029 Notes |
Principal amount of debt |  | $ | 92,000,000 |  |  | $ | 325,000,000 |  |  | $ | 325,000,000 |  |  | $ | 92,000,000 |  |  | $ | 325,000,000 |  |  | $ | 325,000,000 |
Original issue (discount)/ premium, net of accretion |  |  | — |  |  |  | 198,700 |  |  |  | (2,934,706 | ) |  |  | — |  |  |  | 398,402 |  |  |  | (3,254,364 | )
Carrying value of debt |  | $ | 92,000,000 |  |  | $ | 325,198,700 |  |  | $ | 322,065,294 |  |  | $ | 92,000,000 |  |  | $ | 325,398,402 |  |  | $ | 321,745,636 |
For the six months ended June 30, 2025 and 2024, the components of interest expense for the 2024 Notes, 2025 Notes, 2026 Notes and 2029 Notes were as follows:
|  | Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |
|  | 2025 Notes |  |  | 2026 Notes |  |  | 2029 Notes |  |  | 2024 Notes |  |  | 2025 Notes |  |  | 2026 Notes |  |  | 2029 Notes |
Stated interest expense |  | $ | 3,346,539 |  |  | $ | 4,631,250 |  |  | $ | 11,293,750 |  |  | $ | 4,875,000 |  |  | $ | 2,128,377 |  |  | $ | 4,631,250 |  |  | $ | 1,882,292 |
Amortization of original issue discount/ (premium) |  |  | — |  |  |  | (199,703 | ) |  |  | 319,659 |  |  |  | 312,662 |  |  |  | — |  |  |  | (195,182 | ) |  |  | 51,113 |
Total interest expense |  | $ | 3,346,539 |  |  | $ | 4,431,547 |  |  | $ | 11,613,409 |  |  | $ | 5,187,662 |  |  | $ | 2,128,377 |  |  | $ | 4,436,068 |  |  | $ | 1,933,405 |

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