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Debt (Tables) | 12 Months Ended
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Dec. 31, 2025
Line Of Credit Facility [Line Items] |
Schedule of Total Debt Outstanding and Available | Total debt outstanding and available at December 31, 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) |  | $ | 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 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 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%. (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:
|  | Year Ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Interest expense |  | $ | 59,155,519 |  |  | $ | 66,160,351 |  |  | $ | 43,953,502 |
Amortization of deferred debt issuance costs |  |  | 5,170,292 |  |  |  | 4,678,811 |  |  |  | 3,037,427 |
Commitment fees |  |  | 1,765,336 |  |  |  | 1,324,880 |  |  |  | 819,811 |
Total |  | $ | 66,091,147 |  |  | $ | 72,164,042 |  |  | $ | 47,810,740 |
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 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 December 31, 2025 and December 31, 2024, the components of the carrying value of 2025 Notes, 2026 Notes and 2029 Notes were as follows:
|  | December 31, 2025 |  |  | December 31, 2024 |
|  | 2025 Notes |  | 2026 Notes |  |  | 2029 Notes |  |  | 2025 Notes |  |  | 2026 Notes |  |  | 2029 Notes |
Principal amount of debt |  | N/A |  | $ | 325,000,000 |  |  | $ | 325,000,000 |  |  | $ | 92,000,000 |  |  | $ | 325,000,000 |  |  | $ | 325,000,000 |
Original issue (discount)/ premium, net of accretion |  | N/A |  |  | 33,026 |  |  |  | (2,603,509 | ) |  |  | — |  |  |  | 398,402 |  |  |  | (3,254,364 | )
Carrying value of debt |  | N/A |  | $ | 325,033,026 |  |  | $ | 322,396,491 |  |  | $ | 92,000,000 |  |  | $ | 325,398,402 |  |  | $ | 321,745,636 |
For the years ended December 31, 2025, 2024 and 2023, the components of interest expense for the 2024 Notes, 2025 Notes, 2026 Notes and 2029 Notes were as follows:
|  | Year Ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
|  | 2025 Notes |  |  | 2026 Notes |  |  | 2029 Notes |  |  | 2024 Notes |  |  | 2025 Notes |  |  | 2026 Notes |  |  | 2029 Notes |  |  | 2024 Notes |  |  | 2026 Notes |
Stated interest expense |  | $ | 3,932,362 |  |  | $ | 9,262,500 |  |  | $ | 22,587,500 |  |  | $ | 6,283,333 |  |  | $ | 5,695,845 |  |  | $ | 9,262,500 |  |  | $ | 13,176,042 |  |  | $ | 9,750,000 |  |  | $ | 9,262,500 |
Amortization of original issue discount/ (premium) |  |  | — |  |  |  | (365,376 | ) |  |  | 650,856 |  |  |  | 403,991 |  |  |  | — |  |  |  | (392,611 | ) |  |  | 359,636 |  |  |  | 598,483 |  |  |  | (383,721 | )
Total interest expense |  | $ | 3,932,362 |  |  | $ | 8,897,124 |  |  | $ | 23,238,356 |  |  | $ | 6,687,324 |  |  | $ | 5,695,845 |  |  | $ | 8,869,889 |  |  | $ | 13,535,678 |  |  | $ | 10,348,483 |  |  | $ | 8,878,779 |

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